Global Trade This Week – Episode 133
What’s going on in Global Trade this Week? Today Trade Geek Pete Mento & Doug Draper of Inland Star Distribution cover:
2:51 -UPS Lays Off 12,000
8:20 -Are We on the Brink of WWIII?
12:56 -Halftime
22:37 -China’s Evergrande Forced to Liquidate
27:10 -Technology Driven Logistics Firms Continue to Slash Jobs
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Pete Mento 0:00
Hello, everyone, and welcome to another edition of global trade this week. I'm Pete Mento, and with me is the indefatigable, intrepid Draper. How you doing, buddy?
Doug Draper 0:20
Hey, I'm doing great. I didn't really understand the definition of that first word, but I'm gonna take it as a compliment. So I
Pete Mento 0:27
do a great, catecholamines. undefeatable, my friend. Oh, cool.
Doug Draper 0:32
Thank you. Yeah. All right, the show could be over now. Because we've learned something
Pete Mento 0:37
that well, you've learned something, you know, or something as you speak. So you're in Colorado today, and I am still in New Hampshire, unfortunately, moving. So I have a bit of a setback because of the weather, but nothing on the walls anymore, as you can see, and just about everything packed up and gone. So yeah, still in the Granite State for one more addition?
Doug Draper 0:58
Yeah, great. Yeah. Well, I was spending weekends up in Steamboat, right. I'll be moving up there officially trying to, you go to a resort town and you end up working on your house, like I was painting and doing stuff. And I'm looking outside and there's this beautiful ski hill. So we did get a little skein and but the thing we were talking earlier, Pete, the thing that freaks me out is when we stay up there on Sunday night, we leave at 330 in the morning, in order to get down to Denver in time to do the things that we need to do and driving over rabbit ears pass at 4am when it's cold. And snowpack is scary, because there is nobody on that road, and you go off the side or you ditch it. You're you're kind of stuck for a period of time because there is nobody driving on that road at 4am. So I experienced that yesterday and was a little freaked out.
Pete Mento 1:52
We're gonna get you like a Humvee. Doug. We gotta we have to get you an automobile. It's going to keep you safe. We can't do the show without you. So yeah, it might be time to get you a bigger, heavier vehicle. Yeah,
Doug Draper 2:04
well, we're. Yeah, we'll work on that one. But so before we jump into this, when do you officially take residency down in Washington DC? already
Pete Mento 2:14
have? So you know, this was just like I said, a snafu with weather. So still working it out up here. Yeah. Cool. But you know, I'll be leaving for Mardi Gras. Next week, I had to push my plans off a little bit because of work. But I'll be coming back from Mardi Gras. And then hopefully, getting my life back in the swing of things getting back into a flow. It's been moving is very disruptive. As you know, Doug,
Doug Draper 2:41
very distressed. Yes, it is for sure. All
Pete Mento 2:44
right. Well, I open the show, which means you open with the first topic. So we got to say, hey, here's this week, Doug.
Doug Draper 2:51
Yeah, this is gonna be a good show. I am confident of it right. So we've, we have themes and predictions from our show. And as things continue to materialize, I like to go back and say, Hey, we spoke about that, you know, six, six months ago, two months ago, it was on our 2024 prediction show. And something happened this morning. This was not going to be my top pick Pete But I saw UPS is laying off 12,000 workers across their entire global workforce, right. So I love these terminologies. So they are going to align, realign their resources, which basically means they're chicken and 12,000. People, they haven't defined exactly what those roles are, where geographically they're located. And I think there's like 500,000 employees that ups that is incorrect. Somebody make comments when we post this, but big picture, pretty small percentage. But a couple of different things that struck my attention on this one is number one just happened after they negotiated a new labor deal, right? So not sure if that's going to burn bridges on the next negotiation or how that's going to be reactive at the time of this taping, Pete It's really just news that transpired five hours ago. So we'll have to see what Sean O'Brien has to say about that. So that's one piece is the timing is a little suspect, or at least the union will feel that way. Secondly, in the press release, they said they're thinking about selling coyote logistics the brokerage arm, if they printed it, it's going to happen. So in my opinion, they're going to be selling that thing off and who knows where there is a buyer in this economic conditions of what we're going to talk about here on one of your topics. And then I think this is basically just UPS doubling down on their core business right when push comes to shove and there's challenges in the economy. Everybody retracts and figures out what are they best at? We saw that with LTL shedding. As you know, as a sorial ancillary business This is and Tomi, who is the CEO of UPS, I hope I'm pronouncing that correctly. This was this was cool this morning is and I'm going to read it, we are going to fit our organization to our strategy and align our resources against what we're what's wildly important, but Wildly Important is moving parcels through a system and being laser focused on on parcel delivery. So anyway, this the whole reason for all this, Pete is that we saw FedEx do this public realignment in 2023. Here UPS is starting to make those type of changes in 2024. My point is, it validates that if you are a high volume parcel shipper in this day and age, the world is your oyster in 2024, because of your products in line with what they're trying to accomplish, you are going to win favor, and you're going to have some exceptional rates that you're going to be able to manage with. So this one caught my attention. We spoke about the year a parcel for 2024. And I thought it was very timely and had to talk about it today.
Pete Mento 6:05
Yeah, but it's, you know, it's a really difficult topic to talk about, because talking about people losing their jobs. And when I read the article today, because on CNN, the one I read, it said that it's mostly going to be people in management, and contractors that they're going to be going after. And that's we're getting up there, Doug, you know, the idea of having a career for this long with a company and being in management and then saying, well, you're just not valuable right now, that's pretty tough, particularly in an environment where, on my LinkedIn, at least, I have more people asking me to help them get in with companies than I do with companies asking me to find people. So it's a tough employment environment. On top of all that, as well. You know, you talked about what's important, what we're focusing on with these companies profit, we don't, we don't do this for funsies. This is not, this is not some college experiment. This is about finding shareholder value, and delivering that in the best way possible. So for guys, like you and I, that are directly involved in business development, I mean, singing for your supper and making yourself valuable. But when you're in operations, there's only so much you can do, you know, give the best possible customer service, deliver on the promises that you've made, and hope that that keeps you valuable to your clients. When it's a company like UPS and FedEx or any of these big companies. During the pandemic, we saw this massive hiring spree. And this is the back end of that, you know, when the crisis is over with, they do a reduction in force force realignment, and all these great consultative words for they're gonna get rid of a lot of people, it's just, it's a sweet way of saying a lot of people are gonna have to go home to their families and tell them, I need to find a new job. So I have a lot I can say about this from an economic perspective, but I think you did a pretty good job with it. I think, all of us, all of us that are working right now, we definitely feel it for those of you that are losing your jobs and bright times will come Don't I went through two layoffs man in 12 months. So you know, to different companies. So it's, it's rough, and it's gonna get better. And, you know, just keep your hope alive inside you, as well. Let's leave that with Doug tough.
Doug Draper 8:14
It's gonna get better, which is a perfect entree into the crazy topics that you have today. So just let it rip? Yeah,
Pete Mento 8:20
well, maybe it's gonna get better for you individually. But I think the world is kind of on the precipice of something pretty scary this morning, not only in the news, but on a lot of, I would say very well informed Twitter feeds X feeds, whatever we're calling it these days, there was a direct discussion about America's likely response to what happened in Syria to our people in Syria just a few days ago. And that response is, as they like to say, kinetic, we're going to, we're going to bomb some Iranian assets outside of Iran, and apparently, some inside of Iran. And we're also going to use cyber attacks to help dismantle and to devalue their nuclear capability, you know, their ability to project power electronically, and in punch back. It's a it's a difficult situation to be in. What scares me is, you know, what I do, Doug, I look at the way the dominoes are lined up. You have a conflict in Europe, between Ukraine and Russia, where Iran is aligned with China and Russia, you have conflicts happening in the Middle East where India and Iran are aligned. In the same interest as China there's there's a lot of moving parts here. Diplomacy takes a long time because we need it to so that we don't offend people and spark something off. But there's also a part of diplomacy where there's levels of escalation. Everybody knows them. And we are escalating very quickly right now in a tinderbox in a part of the world where it won't take very much for this to turn into something ugly, very ugly and very quickly dug so I expect by the time that everyone's watching this, you know, by tomorrow RL, there will have been some sort of an attack. And I am, I'm now believing more likely than not we're probably looking at it full scale, full scale, kinetic event that's going to last for quite some time I believe the United States is on the precipice of war.
Doug Draper 10:18
Well, that's pretty. It's one of the heavier things that you've said in quite a while. I don't it's let's see a couple things. Number one is that, as we've seen post COVID, things move so fast, and they pivot so quickly, right, you and I were talking about the roaring 20s in 1920 was a decade in 2020. It was like 18 months, and then everything is pivoting and things happen so fast. I'm not saying that the war is going to happen fast. I'm just saying that the definition of war is going to be different than what we're used to. Right. There's no shock and awe that transpired. After 911, where we just went in and start blasting things, I think it's going to be a little bit more calculated, I think it's going to be insert ourselves, do something pullback and see what's going to transpire. But there is tension, it's going to be very interesting to see who aligns on what side. But as far as the whole shock and awe to use that term, again, that we're just bombarding people is, in my opinion, not going to happen. But that doesn't mean that the world is not in a really challenging place right now. It's
Pete Mento 11:31
scary to you know, the middle of the night, a bunch of American troops were attacked. A lot of injuries, some deaths, and you've got a command and control situation with Iran, that appears to be influencing the way the rest of the world is working. And for those of us in logistics, it's a two edged sword, a big part of our business is moving, you know, not only recovery and disaster stuff, but also the implements that will will do this war, you have a part of the world now where it looks unlikely for some time, we're going to be putting ships through it, it's going to increase the length of time that it takes ships to go go around the horn. And it's, you know, it's a lagging indicator, but figured three, four months from now it's going to affect the cost of goods, which means increased inflation. So this is it's a scary place to be, it's a very, very scary place to be. And as logistics professionals were going to be called upon, regardless of the chaos around the world, to support the economies of the world and to you know, support the desires of our governments. So it's I don't think I've ever been this scared of what's going to happen next, you're talking about some some pretty terrifying parts of the world. People who run them and have made it very clear they're not big fans of the good old US of A so we'll watch this closely. But I have a feeling that next week we'll be talking about this again. Yeah. Interesting.
Doug Draper 12:56
Well, that brings us that lovely topic transitions into our halftime which is brought to us by CAP logistics. We can't thank them enough for allowing us to have this discussion and banter so visit cap logistics.com When you can but this is the entertaining the fun part of our show Pete so we need to pivot here real quickly. So yours has to go second so i Even though I did the intro here I'm just going to jump into mine because it'll be super quick. And then we can end on a on a good note for you but I just saw that Amelia Earhart's plane may have been found. Right? There's a guy named Tony. Romeo, Rome. Oh, I believe he's a US Air Force guy. And then he made a ton of money doing real estate investing. Commercial Real Estate. This guy spent like 11 million bucks and a team of 16 members and he did all this sonar tracking and like 5000 square miles out in the CBD. I think it's between Australia and in Hawaii, but he thinks that they saw or he thinks he's located Amelia Earhart's plane. And I was like, Okay, I need another cup of coffee. Right? So I get it. It's one of those mysteries that haven't been you know, unsolved mysteries. People love that stuff. You know, 2020 and, and prime, whatever other shows on Friday night always have some mystery thing going on. So people love a mystery and finding conclusion is important. But what just happened like 80 years ago or so you found the plane? What? What? What, what is that going to do? In the big picture? So is it cool? Yeah, I guess so. It's a it's a headline at the end of the end of the newscast that does something but I don't know. I mean, I don't really have anything to say about it. The reason I bring it up is it's funny that this always pops up because it is still an unsolved mystery and If this turns out not to be your plane, then there'll be some other dynamic headline sometime in the future that says, We have found it. So I don't know, what's your take on? Pleasing closure on, on on mysteries. Pete? Is there anything that you pined for to find closure on? And I'm not talking your life? That's yeah.
Pete Mento 15:24
You know, we're kind of pretty close to the same age, you can a little bit older than you. But we grew up with Indiana Jones baby, right. So all those cool relics that he went after. So the immediate thing I would say is that I would love for them to find the the Holy Grail, of course, I think that would be pretty cool, depending on how you wanted to find the Holy Grail. But for me, there is something that I would be fascinated for them to find. And that is a supposedly lost play of William Shakespeare. So there is a long standing mythology at Harvard University, that hidden somewhere in the Harvard Yard on the campus is a never performed play, written by William Shakespeare. And there's actually a lot of history behind this. John Harvard, was a close friend of William Shakespeare's father. And he he would provide for them financially in times of need. William Shakespeare, his father was was a butcher, he was a meat purveyor. And he was, again a very close friend of John Harvard. And there is supposedly, as a thank you for the things that John Harvard did. He was given this this, this treat as he was given this play. And it was originally in the original stacks of the university was seen to be so valuable that it was it was hidden. And that over time, over periods of time, it's been rewritten, to keep it from being found and sold. I mean, it would be an incredible thing to read. I love Shakespeare, it would be amazing to find something that he had done that I have not read yet, and maybe learn more about the man through that writing. Plus, it would be one hell of a story. There been a number of books that have been written about it, fiction and nonfiction, and it's something that I've always wondered about, but I mean, if you're gonna ask me to truly geek out that will be one of them. And something else. Speaking of finding, I do collect memorabilia from sports, and I'm a big comic book guy. There are a number of comic books and sports cards and baseballs and the such that have just disappeared. And it would be cool for them to be found. Everyone believes they were all stolen. And that it's someone's private collection right like the ball from the Immaculate Reception and you know, things like that that have never been recovered. It be kind of cool to find that kind of stuff. But yeah, I don't really care about Amelia Earhart's plane. I can't believe someone spent that much money trying to find that.
Doug Draper 17:47
Yeah, well, the fact that he spent that much money means he's probably a pretty successful individual in his professional career. True. I am still trying to find the left sock that I lost in my dryer before I moved out of my house. I think that was gone forever. That
Pete Mento 18:04
the washing machine in my house broke. And the guy came over to fix it. And when he took it apart, he said, your belts broken? Because you had a number of T shirts and socks and underwear that wrapped around? What now? He said yeah. So you know, washers do in fact eat clothes. And he took it apart. And there there were there were like seven or eight individual socks, a pair of boxer shorts and a T shirt. That my washing machine. I had always thought that was just some ridiculous notion. But no, yeah, no, your washing machine will eat your clothes, man. So keep that in mind.
Doug Draper 18:35
We'll have minds completely enclosed. So you sent me a picture of how your washing machine must be a top loader and agitating.
Pete Mento 18:42
It was it was an older top loader that agitated Yeah, it was crazy. Crazy. I
Doug Draper 18:48
brought it let roll roll with your
Pete Mento 18:51
woman, you know, Lizzie Labonte over there. It's time for the big one time for me to head down to the Big Easy for my annual pilgrimage to New Orleans and Mardi Gras. So if you've never been, you probably have some pretty strange notions about what Mardi Gras is really like. It's not what you think it is. It is very much a family event. It's kids and families that really is 99% of it. 99% of Mardi Gras are people with their children out on the streets, catching throws from the cruise as they go by? It's a big, big reunion for people. You know, we have we have Christmas and Thanksgiving all over the country. But do you have a regional holiday that lasts for weeks where people come from all over the world to come home to just be there for a while. So to be able to see people you haven't seen it forever, and to get to meet up with them again, in a city that I absolutely positively love. So for those of you that think that it's just all half naked people run around being drunk. It is nothing. It's New Orleans every day. But the you know, the Mardi Gras is very much a celebration of charity. It's very much a celebration of the human spirit and its app salutely Wonderful. I do hope that you will all join me someday this year at the ball. We have sting and flow writer. I am a huge stink fan. I'm a massive police fan. So I have not seen him in quite some time. I'm very excited to hear sting played our ball. And yeah, it's just gonna be another great Mardi Gras. And I'm just looking forward to a few days of letting it all hang out, man.
Doug Draper 20:24
Nice, very good thing about March Mardi Gras. And you and I talked about this last week, because it's so unpredictable, right? For the July Thanksgiving, Christmas. I didn't even know it was happening so quickly this year. And then I looked and next year, it's like the seventh of March. And then the next year, it's like, February 7. totally unpredictable, which makes it a little bit difficult to
Pete Mento 20:50
meet the calendar, buddy, you know, yeah. What I'm wondering is, so next year, it's that it's in March, like you said, but we also have the Super Bowl in New Orleans next year. So you know, the beginnings of Mardi Gras will be around the same time, because it'll be the early parts of it. So it's going to be bedlam. I will be nowhere near that time. Because, you know, first of all, my saints will probably come in dead last again, because we suck on ice. But you know, you can never tell do you care about the of course you do your chiefs fan?
Doug Draper 21:23
Well, aren't you you know, here's the funny thing is that I got a whole bunch of friends that are chiefs fans. And I like to poke the bear right? I'll just, you know, with our with our college group tax, I'll just throw something out there. You know, you know, when Kelsey did the heart sign to at the touchdown last game, not this game. But anyway, I just go in there and rip them up and just get tortured by all my college buddies, which is exactly the point you just kind of roll a little hand grenade into this conversation and see what happens. Yeah. But
Pete Mento 21:58
I'd like to party with those two. With the Kelsey brothers, I think that would be a good time to I think that would be a really good time. But the whole Taylor Swift thing has just gotten me so I'm so fed up with it all. I don't believe in any of it. I've had about enough. Thanks very much. But I think this is going to be an excellent Super Bowl. And you know, we can talk about it when the time comes. But I think we're, I think that we're in for one hell of the Super Bowl, buddy. Yeah, should be a good one. All right. That was halftime, brought to us by our good friends at CAP logistics to learn more, check them out on their website, Cap logistics.com. And, Doug, what's your next topic? You got another good one, buddy?
Doug Draper 22:38
Yeah, thanks. Yeah, this was kind of along your lines related to global trade. And we've talked about this in the past. But there was a forced liquidation from a Hong Kong court for a real estate group that we spoke about in the past called China Evergrande, e v, E, R, gra N D E, you've probably seen, I know you have and our listeners probably have seen these massive columns, it looks like a forest of concrete of residential developments that are not being lived in. And this company owes $300 billion. It's the world's most heavily indebted real estate developer in the entire world. And apparently, they've been trying to say you need to restructure, you need to refinance, you need to kind of get your house in order. And there hasn't been a genuine, at least from the perspective of the courts of Hong Kong, there's not been a genuine effort. And so essentially, they came down and said, Hey, time to liquidate and gigs up, you haven't really shown any due diligence with with helping yourself out. So a lack of progress for a viable restructuring, I think was the actual term. But this isn't the only one. I think there's several others, maybe dozens of real estate development groups in China that have just faltered. And you've heard about how that is just pulling down the economy. So the interesting thing, oh, and the last, not the last thing, but the one common is the chairman of this company, not the CEO, but the chairman, apparently in September was being investigated for illegal crimes. This whole thing is turned into a soap opera. But the question, the two questions I had Pete, I'm going to pose to you is number one is This is Hong Kong court, right? In 90% of the holdings of Evergrande is in mainland China. So it's anything really going to happen. It's like Hong Kong saying, hey, you need to liquidate but all of their their their holdings are in China. Is the Chinese government going to enforce anything?
Pete Mento 24:48
Hell, yes.
Doug Draper 24:49
And then the second piece is, is this going to do anything for the global economy related to international investments into into real estate that is unreal. ate it to China. So I would disagree with you and say that I don't think anything's gonna happen. I think Evergrande as it looks tomorrow is going to look very similar to what it was like yesterday, meaning there's not going to be a lot of change, but you have a comment on it. So let it rip. Yeah, thank
Pete Mento 25:16
you, Ron. Here's my comment. Okay. The Hong Kong from when I was a child, pre 1997, which felt like it was, you know, one of the last great offsprings of the Great British Empire is gone. Hong Kong is China, period. And when you go there now, there's not only a tremendous amount of pride in that by some people, but a lot of fear and trepidation by the others. Because people can't even flee to Hong Kong now, in the hopes of avoiding prosecution for certain things. The Chinese government will 100% Absolutely enforce what happens in China, it is a vassal state as a independent nation under the same laws and expectations of the central Communist Party. This is going down the second half to answer your question there. Will it affect the global economy Oh, Most assuredly, it will affect the global economy. When you when you begin to see a housing market tumble, you have to think about all the other associated parts of the economy that go with that builders, trades people being paid, you know, furniture, energy consumption, all of it. So that is that is a terrible pockmark on that economy and the Chinese saw it coming. So they're trying to find ways to bring more product liquidity into the market, right, by dumping all this cash by managing and creating all this cash to go into that market. This is going to have a positively devastating effect on the global economy as it continues to unravel. This was the first I told you guys, February 2024, is when the first shoe drops, or the first shoe dropped earlier in America than I thought it would. And now this is going to start to unravel as well, this year, does this is going to be bad.
Doug Draper 26:53
We'll wait and see. All right, I like the last few.
Pete Mento 26:58
Is that what you want to wait and see how wrong you were? Is that what you're gonna
Doug Draper 27:03
wait and see? We'll wait and see. All right, I like your last topic. So rip it up? Yeah,
Pete Mento 27:11
philosophical debate here, right. So these larger tech firms, there were there were a lot of businesses, even before the pandemic that were being deeply invested in, by big money, you know, big Silicon Valley money. And now 2020 For many of these companies are failing. They're failing, the the premise of the technology is failing. And adoption of the technology is failing, for a couple of reasons. One, we are flooded with logistics, technology solutions, whether it's how to manage your Dre, you know, whether it's how to manage your container flows, whether it's how to deal with God knows what when it comes to international trade, there seems to be 50 solutions, all saying that they're special doing pretty much the exact same thing. And there's hope and desire to truly disrupt the logistics market by being a small actor that can come in there and change everything. It's just not happening. Add to that something that everyone has been saying for a long time, there are massive global forwarding companies, I work for one of them, that invest so much money into technology, so much money to technology, more than most of these companies could possibly dream to have inserted into their businesses that are already doing much of this, exploring much of it and actively looking for better ways to do it. I don't really know that the market was there to begin with. So now we're seeing the layoffs happen, we're seeing a real desire for people to walk away from investing in them, you know, getting the creeps about putting more money into these things. So it asks a philosophical question. Do we need this technology? Is it the idea? Or is it the market that's affecting it? Is the fact that market is so soft? You know, the profit margins are so thin on transportation right now? Or is it that the idea in and of itself, many of these ideas were simply not applicable to the industry? Could be both, but I think it has a lot more to do with the fact that the idea was unnecessary, or possibly wasn't going to work out in the first place, Doug?
Doug Draper 29:11
Yeah. Well, you know, during COVID, right, here's the bottom line on this one, Pete. You sprinkle in a charismatic leader, to pitch some tech firms that are looking to invest in the next big thing, the next unicorn, and when supply chain and logistics was hot during COVID, during COVID, there was winners and losers and our industry definitely was a winner. In in that situation, you got charismatic individual pitching this new concept. You got money out there that's looking to find the next big thing and valuation skyrocket. And maybe they're not savvy enough to a meeting the investors as far as what technology can overlay, but if you got a good pitch man, and a good spokesman that can spin it up the net then then I think that's what we saw with a lot of these, you know, digital, digitally native, you know, orders. But the bottom line is, you need people to clear the clutter of all the supply chain touchpoints that we've spoken about. And it boils down to creating a relationship with people and communicating accurately and effectively. And AI can't do that right now, chat GPT can't do that. And so it's flushing and calling out a charismatic leader that pitch the technology to a lot of extra money that want to do invest in the next big thing. And when I was thinking about this, Pete, Adam Newman from WeWork, did this exact same thing with SoftBank. And that guy walked away with $480 million, when he sold a stake in his company, when the when the when the thing started to implode, Adam Newman was the charismatic leader that pitch this to SoftBank. And all of these are just a mini version of when we work in my opinion.
Pete Mento 31:00
You know, Doug, your your description sounded strangely close to that of being a cult leader. Right. And and many of these digital digitally native logistics firms have that feeling of being cultish. You know, people that are just radicalized behind the idea, do or die, we're going to change the world because so and so says so. But the market is the defining determinant. And the market just isn't buying a lot of this stuff. So you know, any of the CEOs of any of these digital native logistics firms, we're inviting you on right now to come on and talk with us about why you think you're going to weather the storm and why your solution is better. We'd love to have you. There's one in particular who can't stand. feeling is mutual. So you know, it'd be interesting to see how that went. But the the charismatic leader pulling up off money, that's, that's a startup, right? That's, that's what you need. You need someone who can convince people to give you money for a great idea. I'm just wondering if the idea was really great to begin with.
Doug Draper 31:58
Yeah, I would agree. I would agree. So we'll pick that brings us to the end, a good show. Usually, we agree with each other. So we got a couple of things that time will tell the scheduler how bad things are that you're protecting them to be or how bad things are that you're saying they're going to be. So we got Mardi Gras tucked in the middle. So that's important. I want to thank you for that. And I want to thank our listeners for joining us today. It's always fun to come on, and be part of this show and talk to all of you, we always encourage your feedback. So please give us your thoughts on our topics. We can handle it if you think we're nuts, and are completely off topic or off point with our topics. So please give us your we'll be wrong to what's that.
Pete Mento 32:41
There'll be wrong to if they feel that way. So, exactly.
Doug Draper 32:45
There you go. And thanks to cap for CAP logistics for bringing this to the forefront and allowing us to talk so Peter, I think that's it. So we have one more way. Yeah, we got one more week before or two more shows before Mardi Gras. So we'll have some good topics next week. And I think that's it maybe it'll be down in DC so we'll chat with you later.
Pete Mento 33:07
Peace, everybody. Have a great week.
Doug Draper 33:09
Take care
Transcribed by https://otter.ai