Global Trade This Week – Episode 224
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Keenan Brugh 0:00
You're watching global trade this week with Pete mento and Doug Draper,
Pete Mento 0:08
ho ho ho.
Pete Mento 0:11
Welcome everyone to a holiday edition, new year's edition, end of the year. Very special podcast with my friend Doug Draper, my co host, with the most host. I'm Pete mento, and I have not been here for a little bit. I was on vacation with my daughter in Europe. We had a fantastic time. And then I spent the weekend. I dropped her off back home. I went to New Orleans for Christmas, which, in retrospect, was a bad decision. Doug can talk about that. And then I was in Nashville yesterday for the saints come back win against the Titans. I've watched division three football that was better than what I saw yesterday in an NFL game, but my boys won, and that's that's what matters to me. How you doing? Doug? Merry Christmas. Happy New Year. How
Pete Mento 1:17
I'd say it was 75 to 80% full and at least 40 to 50% of the people there were from New Orleans. And you know, in our games in the dome, we all say, Who that? Who that? Who they say they're saints. And when the saints to do anything good, it was almost like a home game. It was crazy. But these are two struggling dog crap NFL teams. And it was, it was like, you ever watched someone really try hard to do something, and they just over and over, you just want to stop them. Like, listen, just quit it. It's, it's not going to work. That's how I felt watching this football game. Like both of you just stop it. Neither. There's no talent here. There's no ambition. Both of your teams suck. I did enjoy watching cam Ward play. He is pretty electrifying, but my saints won despite their best efforts to lose Doug. It really wasn't very good. Also unpopular opinion, Nashville is Austin. For people who shower more and don't read as much, it's it's not a pleasant place. I understand that all the young people want to move to Nashville. I get it. I found it to be a wholly underwhelming experience. You
Pete Mento 2:47
Well, a couple of things of note. Every bar there now seems to be named after some country artists. So like jelly roll has a place, and my secret girlfriend, Lady Wilson, who won't return my phone calls, she also has a place. But it's just like, you know, Luke Bryant's whatever bar. I think they're just getting naming rights. Like, in 10 years, when that artist isn't popular anymore, it'll be, you know, zippy, mongos, country western or something. Every band sounds exactly the same, and the food was abysmal. This is hot chicken. This is Hattie B's hot chicken. It's basically just colon blow from that SNL commercial, that fake SNL commercial, if you're backed up from a week and a half of traveling in Europe and eating way too much and pasteurized French cheese, it'll definitely clean you out. I did have a fantastic steak last night at what's it called? I forget. I mean, it was a fantastic steak. The rest of it, our waiter smelled like the inside of a Moroccan cab in August. He was had a suit on. I don't think it had ever been laundered, ever. And everyone you meet, everyone you meet, everyone, every bartender, every everyone, yeah, I'm just in here trying to get in the music business. It got to the point where I asked everyone Uber drivers, the guy that took my ticket at the NFL game, I asked everyone Doug, and they were all again, just trying to break the music business. You know, I play a little xylophone, whatever it was, it truly was to go from New Orleans, which is a big party city, but has soul, to Nashville, which was just like Disney for rednecks. I could not, I could not have enjoyed that city less. I was a very great people, but the city itself, we could sell it, and I'd be cool with that. Like, if the Chinese want to buy Nashville, go
Doug Draper 4:34
for it. Just go ahead and take it. Yeah.
Pete Mento 4:41
Oh yeah. Oh, and I, I welcome any of the Friends of the show, of which there are many friend Sean Riley. Have a lot of friends that religiously listen to us. Doug, if they want to try to change my mind about that dumpster fire of a town, I'll give it another chance. But you're going to have to do a lot better than Printer's Row and whatever other it just feels so manufactured fun. You know, it shouldn't feel that way in a town with that kind of history. Oh, and if you've ever thought to yourself, there's no way there could be too many bachelorette parties anywhere. Have I got news for you? It really gets old just hearing a group of 20 women go really loud over and over again wherever you go, and asking the band to play the same Luke Bryant song in every bar you go into, it was, it was not a pleasant experience. Doug
Pete Mento 5:42
and yeah, I don't know other people who would disagree, but I think you know, for the most part, we have fun. That's all that really matters. We don't get paid for this, so as long as we're having a good
Doug Draper 6:02
time, every weekend, and then a couple of predictions. 26 it's always fun to see where we're right and where we're wrong. And then for halftime, we'll crank through this one. But I found some projection or predictions from 1998 of what people thought 2025 would look like. And this is serious. This is not just some bullshit I'm making up. I love it. We'll have to crank through that here and have it on.
Pete Mento 6:31
All right, man. So you want to start with the 2025 recap.
Doug Draper 6:35
Yeah, yeah. I'll get it started. I'll just hammer my three. There's three things I wanted to touch base on, kind of, in my opinion,
Doug Draper 6:44
three of the biggest stories that caught my attention that were noteworthy.
Doug Draper 6:49
This is just Doug Draper's take on it, right? You go into the top 15 trends for 25 or big stories. But these are the three that came to mind. The first one is tariffs, obviously, right? I'm not going to get into that the flows, that is the story. It doesn't matter what you think of dominated
Doug Draper 7:09
the headlines for sure this year, and we talk about all year. So I'm not going to go into the highs and the lows and what happened in April. And so actually, I will be real quick in April, things went crazy. Everybody imported. They doubled down on their purchase order because nobody knew what was going on. The summer was quiet, and people realized they had to make a decision because fourth quarter and holiday season was coming on. So they just pushed the gas to the pedal and ran through the wall and did what they could do. And then 25 ended 26 is one of my predictions on what will happen, but that's my take on the tariffs. The second thing, which got a little bit of news, and some of our listeners have said, gosh, we didn't know you guys were so much into train, but I really think that the up and Norfolk Southern merger boxes were big. Now, rail mergers are not they don't happen in like 30 days, right? So this thing is going to go on for another year, year and a half, a long way off, but I liken it Pete to like the pipes in your house, right? I did some remodeling of our of our place. And what I mean by that is that whenever you look and you're doing it, we did a remodel, and we were so focused on one thing, what are the faucets going to look like on our new vanity? Right? We're going to pull this, we're going to buy this one, and we're going to buy that one. That's all great, but if the pipes in your house, they take the water to you and take the sewage away from you, if the pipes aren't working, then nothing else really matters, and the style of your faucet is irrelevant. So my point is, I think the railroad industry, specifically, with this merger, is a lot like a pipe in your house, and that it doesn't get much play, but it is Uber important in the in the supply chain world, and the impacts that that merger is going to have. We'll be talking about it again in the future, but I think it was noteworthy. It'll come back. It'll be a topic, and there is impact there. And then the last thing that was a big story was the end of de minimis, and I would say that that had de minimal impact to the consumer, my buying habit didn't change a lot. I don't think many other folks buying habits, and I guess it was a lot of pomp and circumstance that, in my opinion, nothing really came of it as specific to consumer buying habit and how we consume things that we don't necessarily need. So that's it. Tariffs, obviously the up Norfolk Southern merger and then the end of de minimis were kind of three that struck my, my, my crawl, if you will, for this year.
Pete Mento 9:53
Okay, so my first one is just disruption. This was another year of. Of it to my in my opinion. I'm sure there's people out there that are going to say this is a very unpopular opinion. Doug, but this is the show of my unpopular opinion so far today, I think that this has been worse than covid, and here's why, the the financial impact and the lack of at least during covid, for the most part, if you were willing to spend money, you could get whatever you wanted. The difference with this is there is no safe harbor. There is nowhere in the world that you are able to avoid the tariff disruption. Additional disruptions. We had possible port strikes. We had the closure of certain normal sea lanes, like the Red Sea, we have an ongoing conflict in Latin America, the Caribbean and the east coast of South America, we have two wars basically happening at the same time that we're paying attention to there's plenty more other ones that are going on. All of this creates incredible disruption. On top of that, you have regulatory disruption. You mentioned divinas, yeah, for a consumer, I don't care. I I mean, I've because I'm a dork. I do think when I buy something that's clearly coming from overseas, well, this is going to take longer, but it really impacted in a very acute way, a small collection of companies that de minimis was really there. It was their silver, silver bullet, and now it's gone. So I just see the chaos and the disruption of 2025 is something that was truly beyond historic, like this is it's not going to stop. What I also find fascinating about it Doug is we did it to ourselves, like it wasn't like somebody got off a plane with the sniffles, and then we suddenly closed down the economy. It's we made a conscious, intentional decision to throw a hand grenade into a Chuck E Cheese five year old's party, and thought nothing really that awful was going to come of it, that we'd all just persevere. And that hasn't been the case. The other thing about 2025 I want to talk about, and I would never talk about specifics about where it was, but just the merger, the merger environment of 2025, all of the mergers that happened, I just left DSV. I was there firsthand for it, and mergers of that size and capacity are very difficult to do, and I still firmly believe that DSV is going to come out of it with a very strong outcome. But it's not easy. And what I'm beginning to notice from talking to people in PE and a Pete, would you mind doing a call to talk about mergers? Because we're thinking about buying X company. Man, they ain't done right? So there's, there's something to be said for this industry being they deciding, well, it's time for us to continue to consolidate significantly. Whether that's rail freight forwarding, ocean carriers right there, they're all coming out of the woodwork, saying, with all this disruption, we still have cash from what happened during covid. We better do something with it. I don't think we've seen the end of it done. And then the last bit of 2025. That I really want to talk about is the the rise the injection of automation, or the threat of automation, in everything from robotics, port operations, trucking, drones, I had to say it Doug and of course, AI, we're just, we're beginning to understand that we're just pulling the top off of this stinky tuna cam like it's just starting to happen, and we're just starting to understand precisely how impactful that's going to be. I think 2025 was the first time that in a widespread way, our industry said, Wow, this is coming, and we don't know exactly how it's going to impact us, but we better start considering ways that we can adopt it before someone else does a better job than we do.
Doug Draper 13:45
Yeah, yeah. The only comment I was thinking is the novelty of AI specific to chat GPT, and I want to rewrite this email to my important customer. Here's some cool stuff I can do on LinkedIn, so the novelty piece will wear off and we'll really see if it's going to impact not only our industry, but others. So it will be interesting. And the amount of money that's poured into development of AI big, you know, the power brokers, Power Five, or whatever, the seven, whatever it is, the amount of money being dumped in is scary. I Yeah.
Pete Mento 14:23
So that's that's 2025, in a nutshell for everybody. I mean, there's probably a dozen other things that we can talk about that we talked about on the show, but those are the highlights and low lights, the the good and the bad that we all had to go through
Doug Draper 14:37
this year. Yeah, yeah. Well, let's just jump into to our halftime piece brought to us by CAP logistics. Our audience never sees Keenan, but we chat with him before the show comes on, and we appreciate him, even though we give him a hard time. And I would say when I mean we, I mean you. He does. He does a phenomenal job. We appreciate cap logistics so they. Get to comment around in check them out at cap logistics.com, all right. Pete, did you ever have time today or do you want to jump?
Pete Mento 15:09
Yeah, I've got one if you want me to get after it. Okay. So I was recently asked for some unpopular opinions, and I was surprised how much this made people upset. New Year's is not a holiday.
Doug Draper 15:22
I said it it
Pete Mento 15:24
is in Asia, because it's the holiday and I and it is. It is a massive deal. I don't think New Year should be a holiday. I don't think that we should celebrate it. I don't think that we should apply the societal pressure of New year, new me, which we all know, is just going to be set again next year, because no one's done a day. One's done a damn thing to change themselves. I think that it is a stupid holiday, and I'm done celebrating it. Doug, I'm not going to watch Dick Clark's New Year's rock and Eve. I'm not going to go out and drink champagne at some overpriced, mediocre restaurant. I will probably watch reruns of Downton Abbey and go to bed at 930 I'm just not doing it, buddy. I'm not doing it. You know what I'm gonna do? I'll be working. I'll be pushing out proposals on EPA tariffs, probably on New Year's Eve. I'm just done with it. And this led me to a number of stupid holidays, right? So I'm just gonna throw them out there. Okay? Thanksgiving is the most important holiday in my opinion. I think it should be a huge deal. Fourth of July, as we've said before in the show, think it should be a whole week. I think it should be a whole week of celebration, particularly because we're coming to the 250th Halloween gets a yes for me, okay, as does Veterans Day.
Pete Mento 16:40
I will also give you Memorial Day, Labor Day. Don't need it anymore. Don't need it.
Pete Mento 16:46
It's just an excuse to get people to the beach. No, we're done. We're done with that. This, this concept of Presidents Day, nope. Don't need it. Throw it out the window. That one's also going away. I don't see the point of it. Doug, I am from New England, where we have St Patrick's Day, and you would think that the earth was going to swallow us all up tomorrow. We party so hard. I put that in the same line as what used to be like Columbus Day for Italian Americans. We took it very seriously. Now you'd be hard pressed to find when they gave a damn about it. Doug, there are too many holidays. Most of them are stupid, but the ones that matter, we should be able to celebrate in a bigger way. And it should be a bigger deal there.
Doug Draper 17:27
I said it, yeah, well, the one thing that draws my attention, and you said it earlier a couple months ago, about holidays, I like, Fourth of July should be more than just a day, right? When you I not thought of it in that way. And when you brought it up, I'm like, Yeah, you know what? The birth of our country. Let's celebrate it in the middle of summer, lots of opportunities to have a good time. So I am a advocate of a longer Fourth of July. Especially your point. Let's write a letter to your Senator, sir, and see if we can make that happen in the next nine months.
Pete Mento 18:07
We should also make the Friday after Thanksgiving. It should be a full, full blown event, buddy, like there no one should be going to work on Friday anyway. So, yeah, anyway, you have a great halftime Doug, so go
Doug Draper 18:19
for it. Yeah. So I was strolling this morning thinking of, you know, stuff that caught my attention. And this is a real poll by Gallup, right? You remember those guys? I think they're still around. So they did this poll in 1998 and they asked, there was, like 1000 people. They called, literally called, because most people had landline back then and asked for predictions for 2025 so here's a few of them, and a few of them are like, wow, okay, America got that right. So this is most Americans right. It didn't give a percentage. Most Americans said, by 2025 we'd have a black president. Check that box. Yep, gay marriage would be legal, and this one shook me to the core, that there would be a deadly new disease that would emerge and impact the US. Wow, yeah, yeah, I had to read that one twice. So that's interesting. So here's a couple two thirds of the people that were were talked to thought that there'd be a female president by 2025, that there would be a cure for cancer, and that most people, well, not most, there would be routinely. How do they word this thing? I didn't jot it down directly, but people would be living to 100 would be more routine than it is so cure cancer live longer female president. This last couple here pretty interesting. 80% of the people that were interviewed in 1998 said that by 20. 825, there would be less personal privacy. Just, I mean, check that box for sure, absolutely. And the last thing I'll say is that everybody thought that there would be more healthcare options that would also be more affordable. So affordable and healthcare, obviously, is not the case, but of all of those things, a deadly new disease would emerge and impact America. That one was crazy.
Pete Mento 20:30
It's nuts. Well, think about Doug, right? We came close twice to having a woman as president. Yeah, very close. So, and then cures for cancer. We have a lot of cancers that we do have cures for, but the ones that people are mostly dying from, and that living to 100 you know, for a while we were really extending American life cycles, but now it's kind of stopped. We're not going in the right direction like we used to before, like I've talked about on the show before. There's an Instagram I love to watch called Tommy loves retro. If I talked about that before. No, I'm not. It's news reels and it's old 1950s and 1940s sort of, you know, everything from, oh, you're going over to the UK as a GI. Well, here's how we really need to act while we're over there, so that you can understand what it's like to be British to one I watched that was a three part series on, you know, how to get your husband to buy you the kitchen of your dreams. But the, you know, looking at how people looked, at what America would look like 60 years ago, 80 years ago, I think it's fascinating, compared to where we are today, I have to stop myself sometimes from not not getting caught up in thinking about things like my daughter has never lived in a world where rotary phones were normal, like she she never lived in a world where you had three television stations. She never lived in a world where it was a big deal to have a color TV she's never had a record collection. She's never had a CD or a tape collection. She's never been a person who just turned on the radio and whatever the hell came on. She listened to it. She does not remember a time when you didn't stream your entertainment, or when you didn't just pick up your phone and order whatever the hell you wanted to eat, right? I mean, the reason we ate so much pizza in my house is because they delivered. That was one of the few things that delivered, was pizza. And then one more that got me was my daughter's never had an excuse to be lost. She's always had a phone that told her where she wanted to go. Then I think about, and I'm taking a lot of time on this Doug, but I think about if I were to ask my grandfather, like, what's the big difference between healed the 87 right? What's the big difference between when you were young? And, my God, the things that he would say to me, you know, you've always had a microwave as an example. I think that used to drive him crazy. You know, the idea that we had ice all the time always blew his mind, like, wow, you just got ice all the time. You know the idea of having a house full of groceries. My my great grandparents bought what they were going to eat that day. It's just how things work. You know, just the differences generationally. So I wonder if we did that same Gallup poll today and we asked questions like, will there be a woman president in the next 50 years be like 99% Yeah, it's probably going to happen. Will there be a disease? 90 something percent would be like probably, I mean, we just went through one. It doesn't would surprise me. So I think that those were very prescient questions, and the way they were asked, I wish we had numbers in like 1968 in 1948 to see what the differences are. But to me, looking at all those Doug it made me feel like we should be more hopeful of the future, because back then, some of those answers would have been pretty crazy to spot at a dinner party. Now we just accept, yeah. I mean, a woman could be president. Why not? We almost had two of them. Eventually, it's going to happen with the changes in technology. If Doug, Doug with the way you live your life and how healthy you are, if you don't make 200 I'll be shocked if I make it to 60, we're all going to have a party. You know, it doesn't surprise me. Like Keenan. Is what Keenan 1718, years old, right? So, very healthy guy. It wouldn't surprise me at all if you made it to 100 you know, but I'm talking too much about this. I just, I find it to be a fascinating topic.
Doug Draper 24:27
Yeah, yeah. It is for sure. All right, cool. Well, I'm going to get this thing started for second half about predictions, my friend. So three, actually, it's just two quick ones that I had, right? One of which is 2026, is going to be the year of tariff consequences, right? So we went through chaos, to your point, and in disruption, and we were trying to navigate that. I always say, like it's.
Doug Draper 25:00
You got to look at, don't look at the 15 feet in front of you, right? That's reactive. It's like, oh my god, something's happened in the moment. I need to fix it or deal with it. Need to look at the 50 feet, five, zero, 50 feet in front of us to have disability and some proper direction. And so 25 was all about 15 feet just navigating the chaos. And in 2026 it's going to be more of the 50 foot ahead of us type of look, and there's going to be consequences on the tariff right? A couple of things that caught
Doug Draper 25:34
my attention and doing a little prep work for this is that the world container supply will adapt and reconfigure, is the word that I would use, right. There was this guy. I read John McGowan, and you may get this daily update from G captain, yeah, yeah. It's great. I check it out every day. So they said there was 8% contraction on the US related to import. But the Middle East, Latin America, Middle East and Africa, all just exploded with volume, right? And so we're not the only consumers in the world. And if there's a little instability and chaos going on over here, other people are going to buy things, and we've seen that with China redirecting their imports, and the world is still buying from China and container flow that she happened to talk about adapting and changing, and once it shifts away to try to bring it back, it's going to be a little bit it will happen If that does. But I think that the world is global trade, and we are part of it. We are not this. We are not it, right? So I think that you're going to see a lot more growth outside of the United States. And I think the container traffic, and how those the ebbs and flows of that. So that's one. I also think that the consumers are going to be hit with a lot of price hikes this year, because in the 15 feet, people were just dealing with it, I don't know, just get the product here, because we got to sell it. We have money. We're leveraged against the inventory. Get it over here. We got to pay our debt. Just go, go, go, go. This is going to be more strategic. And I think that those increases in the supply chain, you and I are going to see them more more apparent in 2026 and then this one's real specific, and I'm going to call out that Amazon is going to continue to expand on their logistics and service offerings directly to customers, not necessarily flow of commerce into their eco sphere, right? For lack of a better term, like so there's air freight. They offer LPL, brokerage forwarding, but it's all product they consume going into the fulfillment, you know, the FBA type of stuff and everything else, but I think they're going to continue to expand and provide those services, or for goods that don't touch their ecosystem. And the one thing that I'm going to predict here, and then then I'll flip it over to you, is I really think that booking cargo, ocean freight, even air freight, to some degree, the power is going to go to the end consumer, or, excuse me not, the consumer, the importer, right? And it's going to be more of an Expedia experience or booking cargo. I as the individual importer. I make bicycles, and I need to get my parts over because I need to make my my bike. So I'm bringing stuff in from Taiwan, from like Shimano or something, right? I will be able to go on and see how much capacity is available on what vessels at what time, and I want to buy increments directly, right? And then the second piece is that I believe that AI, to your point, is going to figure out my algorithm and know that I usually buy bike parts this time of year, and I traditionally import them into this part of the country, and it will realize, the algorithm will come back and say, Hey, do you realize that in two weeks, there's going to be space available on this booking? And we think, based on your prior import habit, this would be the right vessel. And you know what? If you book it today, we'll give you an extra sentence so it's going to be really commoditized. The power to have that and control is going to be on the importer. You're not going to have to necessarily go directly to a freight border every single time to get that level of detail and find the spot market rate interesting.
Pete Mento 29:36
That would be very welcome to the the trade. That's for sure.
Pete Mento 29:41
I'm going to double tap on your tariff conversation. I think this is going to be the year of tremendous hope, and at the same time coming back down to earth, I think that there will be, at some point, the opportunity for us to make massive reclaims on these tariffs. I really do, and I think that that's going to cause a. Lot of problems. I think that there's going to be immense pressure on trade professionals to make it happen, to just manifest it like a dream, you know, on your on your on your dream board, to have that money come but it will not be easy. And I think that once that money is recovered, there's going to be a lot of customers of these large importers saying, where's my cut? When, in reality, many of these large corporations will probably just buy their stock back. It's got a ton of liquidity. What else you can do with it? My second big prediction for 2025 it's going to continue at a rampant pace, to be probably the worst year ever for cargo theft that so what we're seeing in the in the end of 2024 or 25 is this, this absolute hockey stick of the value and the repetitive repeatability of what's being stolen. There were two huge news stories that happened over Christmas. The first was $400,000 worth of live lobsters that were sold in the New England area. They never figured out who did it. And then another was a massive, massive theft of green unroasted coffee, very expensive green unroasted coffee that has not been recovered. The friend of mine put it up on LinkedIn, and then all these coffee importers, I know we're like, Yo, what's up with this? Because these things happen repeatedly. They go after one coffee guy, they go after the other. So can you find more out about this? Then we're going to see a lot more cargo theft, very sophisticated cargo theft, more than ever before. And it's going to be bad enough that our industry is going to start paying attention to it the way that they haven't in the past, meaning the freight forwarding, logistics, transportation industry. It's going to rise to other things. And here's a here's something that, here's my bold prediction, Doug, I think that you're going to see the technology that has been so deeply invested in much of which failed, but the ones that have survived in the Logitech space are going to actually live up to the promise of things like you just mentioned, I think that there is a narrow window, starting next year through 26 and 27 where you're going to start seeing more and more importers and exporters removing themselves from the ecosystem of the middleman, using the technology that's out there to go around truck brokers, to go around nvos and freight forwards, to go around Custom Size brokers and actually take more of that responsibility onto themselves. And I think it will be probably in the news. You know, we'll probably end up talking about it on the show as more and more companies do it. My last bold prediction this TPM in Long Beach will be the most interesting TPM that has ever happened, because of the number of companies who would be like, Oh, Walmart just bought all their containers. Cool. We're not. We think it's going to be so screwed up that we are going to play as much of the spot market as we can. You guys have stuck it to us too many times. We're going to wait this one out. I really do believe that, and it's going to cause chaos at TPM. I'm speaking, so I'll let you know, when I come back what it was like. But just from the folks I've talked to that are going, they're also like, yeah, you know, I feel like, feel like the prom king walking in this year. I got, I got 2500 teams, and all of a sudden, I'm important. Yeah, I don't know they can, like, stick it to the man this time around. So I think it's going to be a very, very interesting year in ocean free, and a lot of that's going to be driven by the consumer of that ocean free, having more power than ever before.
Doug Draper 33:24
Yeah, definitely. Jason takes on the technology empowering the individual, right, not having to go around and say, I need a middleman to move my cargo so and I and the hockey stick analogy with great cargo couldn't do. Couldn't agree with you more. I hear about it a lot in my day to day on the domestic side, but I think it's going to be huge. And that's not a good
Doug Draper 33:55
No, it's not. I think this is going to be a really good year for insurance resellers and sellers, and really isn't, statistically, I get it. You have it's gonna happen to you. But have you been reading the news? Might want to pay a little closer attention. Actually understand what your marine insurance, what your over the road insurance, what your property insurance really means. How about I come in and talk to you about it? Just get scared. Have to adapt much bigger, much more important policy. Yeah, good. All right, well, we had three recaps and three predictions, or you had four, I had three. So we did a hell of a lot of discuss, a lot of discourse on this show. And it's, I don't know this is like episode 225, or something like that, but every time people say what you do a podcast? I'm like, yeah, we've had like, four and a half years of a podcast. I can't
Doug Draper 34:47
thank you enough for participating in being my co host, because I have a lot of fun every week. We don't get paid for this. We just love talking about global trade and and I'm glad that we're going to do it again for 24 Six, we'll have to interject some new things. Maybe we'll bring in some guests or something. I don't know if any of our listeners have ideas on how we could improve the show. We certainly would welcome that, but that's a wrap for 25 on global trade this week, we appreciate all of our listeners. We hope to engage with you next year and meet with that. I'll just say Happy New Year, even though it's not a holiday in your book. And we'll catch you next year.
Pete Mento 35:24
Yeah, my last comment, Doug, is this might be the longest relationship outside of my daughter that I've managed to keep going. So thanks for
Doug Draper 35:31
that, buddy. Love it. All right. Take care. You. You.
Transcribed by https://otter.ai