Global Trade This Week – Episode 124
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Keenan Brugh 0:00
You're watching Global Trade This Week with Pete Mento and Doug Draper.
Doug Draper 0:10
Good day, it is a Monday, another edition of global trade this week is about to drop in your lap. And we are excited to have you with us. My co host and partner in crime is on assignment. Not really sure what that means.
He's not available, right? So we bring in the ringer, you know, the designated hitter, if you will, when, when, when one of us is gone. And that is Keenan with CAP logistics, Ken, how you doing today? Doing? Well, thank you and always happy to warm up and join in on the fun here with you guys.
Keenan Brugh 0:48
Let's go ahead and just dive right in. I think some of the biggest news some stuff over the weekend has to do with pending US government shutdown. And the new approach that the House Speaker Mike Johnson is proposing.
Supposed to be kind of like this ladder to tiered approach to extend us funding to try to stop the shutdown from happening, which would be scheduled for this Friday. So coming up very quickly here. You know, he was put in after a whole rigmarole of a lot of people pretty far on the right side of politics, putting him in there. And he's kind of known for fiscal conservatism and different things like that. So I guess people who are a fan of it and saying that this is like a new approach is not a continuing resolution. But other critics I'm reading say that it is basically a continuing resolution just with another name and a little bit more complicated and different things. So we'll see he might not still have some of his farther right fans after this, where it seems like it is a way of keeping the government open, and not doing the pull back on spending, which is their goal. So even though that's kind of why he got in there, and his his maybe intention, it seems to be people are thinking that it's not really and that we're going to have another $2 trillion added to the deficit by spring. And this is just kind of maybe placating the people who want to slow down spending, but it's not really going to slow down spending. So that's kind of a latest people, some people seem concerned that this new format might have a little bit more complications and might not get passed in time because of the extra steps. And it's coming up very quickly here. But other people, including Bloomberg, seem to think that this, although it seems complicated, will be supported by Democrats in the Senate, because it's sort of a no strings attached, keep on spending and increasing. So it remains to be seen, you know, I'm not an expert on House politics and politics. But it seems like you will be seeing headlines about impending government shutdown, but other people, both on the far right, or analysts like at Bloomberg seem to think the government's not going to shut down and that spending will continue to grow. Yeah.
Doug Draper 3:09
Well, I would say tomato tomahto. Potato Potato. Right. It's, it's just another another angle for the same exact thing, right? I don't know. And I think the conversation of government shutdown. I think the vast majority of Americans have just tuned it out. Right. And maybe it's naive of me to say that I probably put myself in that category is like, yeah, that's kind of interesting. But you know what, they're gonna fund it some way. And now I'm gonna go about and fill my gas tank and go about my day. Right? It's just been talked about so much. And so my
Keenan Brugh 3:51
new normal, right like this has been going on for presidency after presidency. And so what started off as kind of a hit the head sort of like, come to a point type of deal. Now it's brinksmanship. And yeah, there's a new technique here being employed, but it ultimately is kind of business as usual. Usual. So I agree with you. I haven't been hearing a lot of colleagues or friends talk too much about it. I'm sure we will see headlines just because headlines need to be made. But yeah, it seems pretty normal, which is kind of a weird scenario to be in just like it's always coming to this head. And yeah, you feel for people who are on government agencies and payroll and do they just have to make sure they have a decent enough nest egg or spending just in case it does shut down. But I don't think people really fear that the government is going to shut down too much. And it seems like even though it's a new process, people don't really seem to expect that this is going to either shut down or curb spending. I think it's just more business as usual as as I'm reading the internet here.
Doug Draper 4:58
Yeah, yeah. Well, I love that term brinksmanship. I've never heard that before. So excellent. You're you're bringing new vocabulary words to the show. I know our listeners will appreciate that. I'll have to google that when we're done. But I can figure out what it means in context for sure. So cool. All right. Well, I'm gonna jump into my first one. Keenan. And we've talked a little bit about this in the past, but the cargo? Well, the airline industry Well, I mean, the cargo airline industry, not passenger, just seems to be retracting, correcting itself. And there's just all kinds of changes where post COVID A post COVID, reset, maybe. But every day, there's headlines that come through related to the industry, asset based service providers, all the things that are related to air, freight and air cargo are just pulling back right, just this weekend, I'm going to give you four different headlines that transpired in the last like 72 hours. A cargo airline halted the conversion of some passenger aircraft a cargo so they shut that down. You've probably seen this one where FedEx is suggesting or telling pilots, that if they're not making the hours, the minimum hours that they're right, bumping up against, they should go to American Airlines. And American has this special access point where they can jump to the head of the line when they're looking for new or new pilots. That's a whole nother thing that I've heard Keenan is that you know, I think they call it cargo to commercial. But I think a lot of the the lanes that would be flown are regional, you know where these guys are used to big planes, big cargo, big markets. And now they're saying well, you can work with American but you're kind of gonna run this Bombardier plane with some propellers and head into McCook, Nebraska type of places. So that's kind of the gist of what I'm hearing about it. But my point there is that FedEx is saying, we don't have enough cargo to move, we gotta get a pilot's UPS did a buyout of close to 200 pilots and said, you know, we're just there's not enough freight to be moved. And then cargo jet, which is based up in Canada, they're going to sell off their freighters. So they can reduce their capital expenses. And they're gonna stop purchasing airlines, or excuse me aircraft. So lots of different levels there, you know, you got the integrators like FedEx and UPS that are doing their things. And then you have, you know, asset base owners that are selling their services that are starting to pull back. So anyway, I'm like, Hey, man, what's the deal with that? And so here's the simplified version, from my perspective. Number one, it's still part of the post pandemic hangover. Where, you know, the buying spree and the things everybody knows about during during COVID, that starting to chill a little bit. There was a lot of inventories that were in the United States that did not need to be expedited over because somebody needed, you know, something that they didn't perceived need when they didn't want it, like a pair of Lululemon pants or something. And then there's been a real conservative approach to forecasting. You know, part of the reason we're in this stuff is everybody was just consuming, consuming consuming during the roaring 20s. And then consumers went from purchasing goods, to enjoying services when COVID broke, right. So everybody was just bringing in inventories to some support, consumer buying habits. And so people are being a lot more conservative, and on the same commentary is that consumer buying habits change, so dramatic and so quickly? Everybody's just a little conservative. So yeah, you add all those things up. And air freight is not needed, not desired and not being used to any extent that it has during COVID. So here's the good news, I guess. Well, let me rephrase that. The interesting thing with air freight is things happen quickly, and in big chunks, because you're dealing with planes, right? Not trucks that you could put off to the side and you know, and use them in the future. But it's interesting that these this correction in the airline industry is fast and big chunks so it just seems like it's never hasn't right size quite yet keen and I don't know what's your take on all that?
Keenan Brugh 9:35
I absolutely agree with you. I think your read is very right on where there were a lot more planes put into freight only flight operations during parts of the pandemic and more companies invested in grew that type of cargo capacity. And now, you know, I just heard a friend was talking about the American buying have It's, they've sort of pulled from future spending. So, you know, while there were economic downturns, obviously, that was sort of buffered by, you know, cheaper deals on things and people trying to catch up on their spending, and they actually pulled ahead from future spending. And it kind of seems to me matches what we've been seeing UMP talking about the ocean market, as well as trucks, those things are kind of pulling back in macro overall, it's been pulling back, just a little bit of a counterpoint perspective. We had cap logistics are busy. And we're seeing a lot of air freight. Though we don't serve the map, the vast majority, we keep businesses up and running. So there is still a need for air freight. But it's not the same as it was recently where they just needed to move things as fast as they could. And so maybe some companies are planning their supply chains a little better, maybe a little more conservatively, planning on cheaper, slower routes of getting things places. And so yeah, I mean, we still see air freight demand, but we're in a niche of keeping businesses up and running, as opposed to the just general shipping market out there. So definitely fascinating to watch. And maybe that means a little better deals for some of our customers out there. But yeah, it's definitely pulling back.
Doug Draper 11:21
Yeah, yeah. Well, the niche market that you had mentioned, I think that will always be there. So interesting stuff. Keenan, I don't think we've ever hit a halftime and under 12 minutes show.
Keenan Brugh 11:34
We forgot to talk about the weather.
Doug Draper 11:38
I know there's usually like five minutes and banter between Pete and I. But you get him out of the equation. And we're just cranking out with some business. So we are
Keenan Brugh 11:47
already there at halftime and caffeinated straight to the poet. Yeah,
Doug Draper 11:51
exactly. Exactly. So I told Keenan that I would hype cap because he works for that company. But the Kenan I've said multiple times. It wasn't for you. It wasn't for cap, we wouldn't be here it is greatly appreciated. So our listeners out there visit, Cap logistics.com See what they have to offer for you. So our halftimes kind of Jive together, Keynes. So I'm gonna go and start because mine's more macro level. And then you kind of get into some fun stuff on that. But my question is like, what's the deal with tipping? Right. And tipping became big and COVID? Right, because people were struggling for work. And it was, let's take care of, you know, the service workers and and restaurants were were closed and services in general, you tip on the service industry, right. But it's not going away. Like it's not reverting, it's still out there. It's prevalent, and there's always this two sides of the of the coin. Right. Do you tip Do you not tip? And it's interesting that the tipping mentality is not waned post COVID. So here's the here's the, you know, is it a choice? Or is an obligation? Are you obliged to make a tip? So here's, I got a couple of tipping options for you. Keenan, you got to answer for me. Right? Right. So this is either yes. You need to tip this is your personal opinion. Yes, you should tip. No, you should not tip. And if it is a yes. Ballpark, that percentage that you think is is acceptable for for tipping. So standard dining, where you sit at a table, you have a waiter that comes over and takes your drinks and your meal and everything else. Is that art Do you tip in those scenarios?
Keenan Brugh 13:37
Yes, I do. As an American, I think it's a different culture. Even before the pandemic, Europeans always made fun of American tipping culture and making fun of businesses for just not paying their employees and leaving it up to customers to do that voluntarily. Sometimes, maybe the tipping side. So yes, if I go to a restaurant, that's a tipping situation, it does, I guess, reflect the level of service but 20%
Doug Draper 14:06
Okay, cool. I'm going to ask, I'm going to do one. Anyway, I had one I was going to ask, but I'm going to do at last because it dovetails nicely into yours. So rideshare, Uber, Lyft. Those type of things do you tip or not yet?
Keenan Brugh 14:21
I do. I don't know. If I calculate on percentages. They I don't even Uber all that often. And I guess that kind of goes to some of these things. A lot of these places where tipping is creeped in. I try not to use those services very much. But if I take an Uber somewhere and they do a nice job then yes, I tip.
Doug Draper 14:39
Yeah. Yeah, I would agree as well. And I don't even know what the percentages
Keenan Brugh 14:43
mean, either. I think it's just built into the UI and like they do it in dollar amounts. I'm not sure what the percentages They even offer are. Yeah,
Doug Draper 14:51
yeah. So tipping creep there. All right, coffee, you're just ordering a coffee. You walk up you're doing a lot of the work. They're making the drink but you can had to go up and pick up your drink and order your drink and stuff like that. So what's your take on tipping for coffee service,
Keenan Brugh 15:05
that one doesn't quite feel as good as going to a restaurant. It's not a normal thing historically, as much. So it is kind of a new tip creep, as you're describing. I do though, when I get coffee, it's usually near cap at prodigy. And so it's sort of a nonprofit venture helping at risk youth. And so I feel a lot better about tipping in that scenario. And even though there may be people working at Starbucks in need, I probably wouldn't feel as inclined to tip at Starbucks, even if they are kind of depending on that. But again, I don't really go to Starbucks, I usually make my own coffee. So I do, but it's only because I appreciate the the nonprofit venture, I buy my coffee from when I when I get a cold brew, because it's kind of a weird thing. You buy a cold brew, it's already made, they just pour it and you're just going to tip on top of that. It just feels off. Yeah,
Doug Draper 15:58
yeah. Well, you tip at bars, and all they're doing is pouring drinks, too. So that's true. That's true. Yeah. But you know, so that for our Colorado listeners in Denver, more specifically, I 70. In Colorado Boulevard is where prodigy car coffee isn't. I've been there multiple times. And you're right. And I chip there every single time because of the things that you just mentioned. All right. So here's the last one. I was going to do haircuts, do you tip on your haircut, but Kenan, speaking from my inner Pete mento, you've probably never had a haircut. So I don't even want to go down that direction.
Keenan Brugh 16:34
I do occasionally like right before a wedding or something when I need to get cleaned up. And yes, I do. Tip Okay, yeah. Well, I just don't get my hair cut very often. So it's easier for me to justify. Yeah,
Doug Draper 16:45
nice. Alright, so here's the last one. And I'm gonna just this is I'm hitting the volleyball over the net to you. So this one was food delivery services. Right? So I would say I'm going to answer my own question because you got a good take on this. Food delivery services. I don't even use them. I literally have never had somebody bring me food to my house. Maybe I'm too cheap. They don't want to get out of the house. Maybe I want to go pick it up. But I don't have a take on that one. Because I don't use food delivery services. But what's your take on this one? I'm
Keenan Brugh 17:15
right there with you. I think I've used GrubHub or DoorDash. Like, can definitely count it on one hand, like three times in my life, maybe when they were brand new just to experience it. I did tip I don't know what the percentage is, but probably tipped more than I would have if you went to that restaurant, you know, fast food type of place in person and got it there. So I think yes, but yeah, to your volleyball point, I saw recently something related DoorDash, which I think is the largest of these services, has recently put out a test screen. I was reading about this in the New York Times where they're now indicating if you don't tip, or based on your tip is how fast you'll get your food. So I guess a lot of people who use these services, and quite a few people apparently do use this on quite a regular basis. A lot of people work tipping. And so now they're going to be punished by waiting and maybe getting cold food or who knows. Having people spitting it. I don't know that people would do that. I'm not making any allegations or anything. But yes, I think it is something where those people are probably pinched and being worked pretty hard. And so they're going to prioritize where their money's coming from, it makes sense to me, if you're driving, you're probably going to serve the people who leave you a tip. So that's a new thing. It's also just kind of surprising, even though DoorDash being one of those tech companies, I don't think they've made a profit, they have six and a half billion dollars in revenue as of last year 2022. And that was a 34% increase on the previous year. And so like we've talked about with other things, technology, and then also COVID type experiences have accelerated these trends. And apparently, a lot of people just don't want to leave the house, they get the stuff delivered to them. That apparently isn't you or me. We don't do that too often or ever. I think I even have a gift card for DoorDash. And it doesn't even cross my mind to use it. But also kind of expanding going into my halftime topic based on that. A lot of those places there, at least as far as I've seen are local, you know, one off type places there are a lot more like fast food restaurants and something that I don't eat all that often. I don't think it's all that healthy. There was a interesting study done recently, a nonprofit did some extensive testing on the top 20 fast food brands in America. And quite a few of them are not very healthy, high amounts of glyphosate which there has been some record headline lawsuits last year's $2 billion. I think they ended up working it down in the millions and then another one just a week or two ago. Milk The million dollars like to individual people who have cancer from Roundup is the is the scenario. And so you really have to worry about that type of bread product with it. And from my understanding, it's, it's not even so much the roundup ready at the beginning of the year like they do on corn right where you like Roundup ready and then you spray the the worst exposure levels come from wheat when in addition to using roundup to kill off weeds and you know, have a field full of the crop you're attending to grow, they spray it on at the end of the year at harvest time as a desiccant Because apparently, if you just cover it and glyphosate, it'll dry it out. And so you can dry out the product and harvest it more on a controlled schedule, which I understand why farmers and the economics of having the ability to harvest on time or before rain or anything like that. But it seems kind of gross that some chemical that is questionable. There's lots of lawsuits going around with cancer and and or other mental health, you know, depression and anxiety add whatever, autism definitely more speculative and controversial, but there are things around that just to spray it on there to dry it out. There's a lot of contamination in there. And so just a real quick update, I'll probably throw this screen on here as well. Some of the surprising findings from this study were that the highest levels of exposure were found in Panera where you kind of think of Panera as like a bistro kind of healthier food options compared to other fast food options. And that was off the charts compared to these other ones like like, way more than something like a Pizza Hut and Pizza Hut might not be that healthy for you, but a lot of exposure in Panera. So check that out. Something I found interesting for people who do like fast food but want to also be on the healthier side of things. What a burger In and Out Burger and Culvers seem to have the lowest contamination of glyphosate. So if you are going to eat burgers, maybe consider an in and out. I know that's a new addition here in Colorado that people now have the option four people seem to love it, though most of them probably don't realize that it has a lot less glyphosate than something like Panera,
Doug Draper 22:13
right? Ah, well, I'll still go get my chicken front take a sandwich at Panera that's the only thing there but it was interesting on the on the burger, burger selection. So yeah. Cool. All right, well, let's jump into the second half of the show. I'll jump in, then you can bring us home. But it seems like we always talk about we've referenced this in the show. But there's one crisis going on, that just doesn't make the news, which is starting to have implications in other parts of the world. And that's the Panama Canal crisis. And, and the drought down there and the regulation of vessels moving through the locks. And how that is slowing things down. It certainly doesn't get the press that the LA port situation did during COVID. And had you know, close to 100 plus or minus vessels out there waiting to get unloaded. The Panama Canal is just not getting the the recognition is not the right word. So the note notoriety is not the right word. But you know the headlines, I guess that you referenced earlier. But here's the deal. What's happened now is that grain exports and farmers are now rerouting their product through the Suez Canal, because it's getting stuck. So this is stuff that's going to primarily Southeast Asia and China and those areas. So rather than go down through the Panama and cruise over through the Pacific, going across the Atlantic, and going through and down the Suez, obviously, the routing is longer, so it's going to cost more money because it's on the water longer. And oh, by the way, it's being directed into a war zone for I was gonna say for lack of a better term. It literally is a war zone. And before we jumped on, Keenan I looked and so from the Suez Canal to Gaza, is about 120 miles, 120 miles. So we have these vessels that are going into the warzone through the canal popping out in an area, Somalia and all those areas that are ripe with pirates to get things so the fact that the Panama Canal is the situation down there is so dire that farmers and exporters are starting to use alternative means going into a war zone is is absolutely crazy to me. Right. And I think that you're going to see implications to farmers because at some point, there's going to be other other commodities which could be energy related. Coal oil that are going to be looking at doing the same thing. And when you start pushing those type of commodities through that area of the world, it's just ripe for, for catastrophe and problems. So it's a real testament that we're not hearing that much about that ships are being rerouted through a warzone. Because the Panama Canal is so congested to get things through because of the drought. So that just caught my attention is like, oh, my gosh, it's, it's pretty dire down there. And it's not making a whole lot of news.
Keenan Brugh 25:35
Related to the drought, as I was kind of researching on your topic here. One of the reasons why it hasn't been a larger impact or felt I mean, if it would still make the news. That's another question has been lower harvest and exports of grains and wheat from the US. So there's been less demand, what would normally be going through the Panama Canal, we're not producing and shipping and exporting as much of that, as we normally would. Apparently, q4, you know, with harvest is a big time for that. And it's just not as big as it has been in previous years because of similar reasons why the Panama Canal is having issues, they don't have enough water. Apparently, a lot of the harvest issues have been also because of water. And so there's just not as much export. So it hasn't had as big of an impact. But in the future, that may still be a problem. You know, there could be scenarios where we ended up having rain up here in the US, but there's not water available down in the Panama area. So yeah, that's interesting. And it is also interesting of it being rerouted through an active war zone. To us. We have sent air carriers over there, it's going on, and also the Suez did get a lot more attention than the Panama Canal back. When was it the Evergreen Evergrande. That large container ship that got stuck, Sandy sides and winds and got stuck there. That made a lot of news, there were quite a few ships backed up there. Something interesting in that region, as there's, you know, tensions and regional warfare going on. Something I hadn't known about before, but apparently has been an option or consideration for decades and decades. Have you ever heard of the Ben Gurion canal project, so named after the founder of Israel, they've apparently drafted up plans to make a alternative competing canal instead of the Suez Suez, but making a new one kind of going through that Israel Gaza area, and kind of skipping the the Egypt controlled Suez Canal. So that would obviously be many years in the future, if that were to ever happen. And I guess the plan has, has involved the idea of using hundreds of atomic bombs to blow up all these, this rock in order to do it. So that's an interesting aspect to the area that I had not heard about before. But shipping is an important consideration in that part of the world. And for everyone who needs to get things from point A to point B, that would have to route there. So interesting, interesting times for canals. Yeah.
Doug Draper 28:15
Yeah, that's perfect. That should have been the title of that one interesting times for canal. Hi. Alright, brother. Bring us on. Right. Yeah. So
Keenan Brugh 28:24
my second topic here has to do with a headline, I saw on Zero Hedge about popping the AI bubble. And so there's been a lot of talk about AI and AI has gone into a lot of hands. And companies like Nvidia have seen a lot of stock growth. And some of the large tech companies seem to be making up some of their recent declines. You know, the large companies with the GPU racks, your Amazon Web Services, your Google's both the ones who own the infrastructure, as well as providing the services, Google bar, those types of things. Those companies have been doing well, however, apparently, for other companies on the stock market, there has been a recent trend of the more they've been mentioning AI on their earnings calls, the more they've been underperforming. So to me, it kind of reminds me of what's often seen the Gartner curve, the hype cycle, where people get very excited and start throwing it into everything and start mentioning it and selling it and people looking for investment and people to invest in their companies. And how serve reminds me of was that Lemonade Company or the tea company that like threw on crypto as like a weird thing to get investment, but they didn't really have a business plan for it to actually use it. That seems to be a trend similar to what's happening here with AI where a lot of publicly traded companies are mentioning AI and trying to you know, we're having trouble but AI will fix it. It's a magic bullet and investors aren't really buying it there. Now, we may now be leaving the the peak of the euphoria and going down into To what Gartner calls the trough of despair. And that being said, it's not really going away that AI is going to be implemented and certain businesses will find ways to make really good use of it. But it might not be as widely applied, as everyone's trying to say it is so interesting to watch out there. Don't fall into AI investment hype. Be aware that those companies that mentioned at the most of the earnings calls apparently have been underperforming the most. So interesting trends there. But that being said, AI, is is getting a lot of steam and other areas, I think, open AI, the company behind Chet GPT is poaching off top Google AI developers like the model researchers and fundamental type workers. They're being picked off at salaries of $10 million a year, like a red incredibly high demand for the top level creation experts have these and they're, they're not dumb, those companies are investing in fighting over that top talent for a reason. So yeah, keep an eye on the AI space. There's, there's lots of developments, but don't be suckered into just investing in any company that that says they're using AI, you
Doug Draper 31:19
know, yeah. It's almost like crypto, you know, four or five years ago, right? I mean, you just insert the word crypto, and people would flock to it. And it is interesting, right that I saw commercial over the weekend with Matthew McConaughey. You know, he's, I think he's a pretty cool dude, I wish I was like Matthew McConaughey. But he's got his classic voice. And you know, I can't even I can't even mimic it. But he's talking about AI related to Salesforce. And I'm like, I don't really even know what that is because they don't get I know what Salesforce is. And I know what AI is. I just don't know what that bridge is. And maybe that's the point of the of the whole marketing campaign is, I'm sitting here talking about it. And I want to learn more about how that connection works. But I think it's just, it's a hype word. Some of it is valuable. Some of it is just to, you know, insert AI, somehow some way into our business. And maybe that'll spike the stock a little bit. So you have a very, very valid point for sure. We'll
Keenan Brugh 32:22
see I'm not familiar with sales forces, advertising or what they've been mentioning with it, but they might be in the category of the big enough tech companies that maybe they are putting it to good use or get good investment. Following that. But a lot of smaller companies who try to say that they're just going to use AI to do this. The magic bullets don't quite seem to be there and investors may be getting a little bit disillusioned. You're reminding me with Matthew McConaughey and just kind of those corporate sponsors, if people have been watching the crypto lawsuits around what sandbank have been freed FBX what was the failed cryptocurrency exchange?
Doug Draper 33:05
FTX I think yeah, yeah. FTX
Keenan Brugh 33:07
Yes. They're, they're now in the investors who got burned very badly through a lot of actual corruption and poor practices are now looking at going after some of the highly paid corporate or like, you know, athletes and musicians, you know, Taylor Swift got paid money to push that company, as did football player out of the north. New England Patriots. What's his name?
Doug Draper 33:34
Oh, yeah, you tell me.
Keenan Brugh 33:37
I got it. I got it. You can't forget. So he got paid a lot of money. So I guess now some of the the burned creditors are going to be going after they're also interesting timing. Bitcoins on quite a tear. I think it's up like 30% over the last month. 36%. And so it's one of those things where if they wouldn't have been busted when they were then they might have been solvent. Now at this point with how well Bitcoin has been doing. I can't speak to all the other altcoins and projects out there. But Bitcoin itself is on it is on a tear right now. And interesting times for that.
Doug Draper 34:13
Yeah. Interesting. Well, KB, I can't thank you enough for joining the show today. I think it was good topics, you always bring a different perspective on things. And I appreciate that. Some of the times I'm like, I'm not even sure what Keenan is talking about. I need to figure that out before I could jump on the show. So I appreciate your your spin and the intellect that you bring to the show. So thank you for that. And yeah, for sure. I want to thank our listeners for joining us today. And I think that's it right. This is we can say it's a wrap, and we'll see everybody next week on another edition of global trade this week. Alright, thanks.
Keenan Brugh 34:51
Thanks.
Transcribed by https://otter.ai