Global Trade This Week – Episode 115
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Keenan Brugh 0:00
You're watching Global Trade This Week with Pete Mento and Doug Draper.
Pete Mento 0:10
Hello, everyone, and welcome to another episode of global trade this week and as you can tell from the backgrounds, Doug and I are both traveling this week, Doug, I believe you're in what can only be described as America's playground. Fresno, California. How are you, buddy?
Doug Draper 0:28
I'm good. I'm doing great. And it's not playground. It's breadbasket,
Pete Mento 0:32
right. Oh, hey. Yeah,
Doug Draper 0:34
America. I don't know if people say it's America's breadbasket, or the world's breadbasket. I think it's the world's breadbasket, because there is a lot of export going on out here of agriculture products. So well, in the world's breadbasket, breadbasket of the world.
Pete Mento 0:49
Yeah, we're up early to accommodate schedules today. I think Keenan rolled out of bed today. We can confirm he has clothes on. So that's good. He wasn't able to wake up early and condition. His long mane of beautiful gorgeous hair. Beards looking good, though. So thanks for that. Kenan How often are you in Fresno Doug, like you said twice a month. You're there a lot.
Doug Draper 1:17
Now one full week every month. So it's not it's not too shabby. I'm out here it's it's alright. So I like it. Fresno you know, I have to admit Fresno is has a perspective or perception. I grew up in Wichita, Kansas, right so that people are like really Wichita, and I think people say really Fresno. It's actually not that bad. I enjoy it when I come out here. And it's It's morphing and changing. It's the only place left in California that's affordable. To some degree in California anywhere is not necessarily affordable, quote unquote. But yeah, people are coming out of the bay area coming out here and people are sick of the Los Angeles area. And it's growing to pretty interesting house. It's morphing to say degree but friends now. I'll give you a thumbs up. It's not it's not my perception has been changed.
Pete Mento 2:08
It's a glowing endorsement from from Doug Draper. Everybody. Fresno thumbs up.
Doug Draper 2:15
Yeah. So before we jump into it, you you have I can see a sprinkler system, a fire alarm and what probably is a carbon monoxide indicator. They're over your right shoulder. So you are obviously in a hotel room, my friend. I am
Pete Mento 2:31
yeah, I'm in Edison, New Jersey. After we finished recording today, I'm going to jump into an Uber and head down to Manhattan. I'm speaking today for the Department of Commerce on ecommerce today, so I'm giving a speech, or late this morning, right around lunchtime, and then heading into our offices in beautiful Woodbridge. And I'll be here this week. Next week. I am in Portland, Oregon. Speaking for the FDA era, footwear conference. I'm excited for that. It's one of the best conferences that I speak at all year long. I absolutely love those guys and love my footwear people that when was complicated, heavily regulated for whatever reason, chapters in the tariff and before people are a lot of fun. They always have really complicated really difficult questions. So then I'll be in San Diego for a customer event. Going to watch the Padres play the Cardinals, two teams I absolutely do not care about. So I'll probably like wear my Red Sox hat. But actually no, I'm going to read Dodgers stuff to make the Padres people. Yeah. And then the week after that, I'll be in Jersey for a little bit and then down to Texas. So it just doesn't stop buddy. It does not stop. Then South Carolina, speaking down in Virginia. Just living on the road drumming up business. Do what I got to do, Doug.
Doug Draper 3:58
Yeah. Yeah, the modern day door to door salesman is pretty much what you and I are and at least
Pete Mento 4:06
it we don't have to carry a vacuum. I guess that's the only good part of this right. Well, since I kicked off the show, pal, we go with your topic first this week. So what you got pal?
Doug Draper 4:15
Yeah, yeah. So this one is about climate change. And the fact that it is with a capital I and a capital S impacting the supply chain, and it will continue to impact. Listen, Pete, the pandemic and the craziness of the pandemic was temporary. And we're seeing that with increased capacity and rates coming down. That was crazy, but it was temporary. Climate change is long term. And it is going to be dire right. I'm a believer in climate change. There's there it is happening. You can tell hot is global August and on record. Right so I don't know if it's from the entire world but as far as on record the hottest global August ever. And, you know, that just means that I'm not a meteorologist. And not going to the point of this is not to go into the minutiae of it. But it just in my opinion, amplifies storms, bigger droughts, bigger hurricanes, bigger snowstorms, bigger everything, just this week. There's the drought in Panama. Right? So we're seeing the implications of the Panama Canal situation down there, and the limited of vessels moving through. That's an impact, right? Last year, I was looking around looking at some some research before the show, just the opposite in the Rhine River in Europe, heavy rains. So there was too much and they had to stop shipping until things kind of settle down. There's a big hurricane coming. And I know the news perpetuates things a little bit more than they used to, but people are prepping is going to be an impact. There is an earthquake that just happened in Morocco, the volcano in Hawaii is starting up again. It's crazy, right? I mean, every little thing? And is it going to impact the global supply chain? Not necessarily, but all of those things that have implications across across the country, or across the world. And the one thing Pete, that is indirect is the power grid. And the stress on the paragraph, we saw that in Texas, you know, your home state couple of years ago, two summers ago, how things were crazy. And then you're inserting cars, electric vehicles, and power Produces production plants and runs the automobile industry. And so there's like this perfect storm, no pun intended, that is going to continually create chaos in the supply chain. And I don't think people realize the implications, it's going to be reactive. It's not, and it's going to be sustainable. And it's going to be pretty impactful. So I don't have anything specific on that to talk about. But I was just thinking that the craziness, I was on watching the news last night, hurricanes, volcanoes, earthquakes, droughts. I mean, you could really go, you know, down a wormhole and get mentally depressed about this, but it's real, it's happening, it's gonna get worse and worse and worse. And it will eventually impact us and our bottom line in our inventories, our supply chain in our in our bottom line in our back pocket. So yeah, just an overall comment on this one, Pete. But the pandemic was temporary. Climate change is long term, and will continue to be pretty dire. And I think we're gonna see more and more instances that weather is going to really jack up the supply chain. And it's interesting, and I'm a little bit nervous. So I don't know, what do you think about all that?
Pete Mento 7:45
It's a great point. And I think what really hammers at home to all of us as anyone who flies anywhere, anyone who is stuck in airports these days, we've, we've really spent the last year dealing with this double whammy of both the labor issues that are that are involved in flying these days, as well as those weather issues. Yesterday, I had a fun extra three hours in DFW airport, because of the just torrential downpours that were happening in the Northeast. So there's that right, the airline schedules for cargo and passenger. And you always have to keep in mind that a tremendous amount of cargo moves on passenger aircraft, that's going to mess with schedules. Schedules are tight. Lots of cargo has connections. When it misses connections, it doesn't get where it needs to be on time. And that causes a lot of stress and difficulty for our clients. Also, these hurricanes, and they are massive, the ones that are in the Gulf right now. Just you know pop on CNN, go on Fox News, go on BBC going AlJazeera whatever your your news outlet is. And take a look at what's going on in the Gulf right now. These are absolutely incredible storms, incredible storms, and it does affect marine traffic. It slows down sailings, it delays sailings, and it causes these vessels to go through a lot causes damages to cargo, and it slows down cargo getting into ports. It wreaks havoc in port cities, it wreaks havoc in cargo that's waiting in ports, it causes damages to ships, and that damage to ships messes with insurance rates. It also means that these carriers that own these vessels are going to have to spend money on repairing them. It does have a trickle down effect and ultimately, that ends up costing our customers and the cost of what they're going to have to move these things on. You can believe whatever you want to believe when it comes to climate change. But the reality is we continue to see the effects of the environment around us, Orson and we continue to see those impacting the supply chain. So Doug, I'm onboard with you on this 100% And one way or the other. I think we have to brace ourselves for For a continued impact of the ecology around us, the environment around us impacting the way that we move goods around the world.
Doug Draper 10:08
Yeah, the indirect consequences, you touched on that topic more eloquently than I did. But that is going to be the draw. That'll be the you know, the things that you spoke about. that'll catch the headlines, not necessarily a storm that came through for a week, but it doesn't get nice. So
Pete Mento 10:24
just imagine if, if this winter is as bad as this summer has just been? I just got back from Dallas, you know, and all of my friends, all the customers and potential customers that I met with, they were all saying, Well, you brought the cold colder weather when you think so much. It was you know, triple digit heat for a couple of weeks. And I'm like, It's 89 degrees. I forgot how much I hate coming down here and sweating through all my clothes. This is colder, you know. But that's, that's becoming sort of the summer reality for the southwestern states. And you've been in California a lot this summer. And when I was out there and in Colorado with you guys, I mean, it was it was pretty darn hot. Then in New England, we've we had a really wet, wet, wet, wet summer, really wet. uncharacteristically really wet summer, which we're happy for. But imagine if this winter is uncharacteristically cold and snowy with that's going to be for supply chains to that impacts our business just like anything else.
Doug Draper 11:26
Well, a couple old guys talking about weather. I think we checked that box today. So
Pete Mento 11:30
yeah, how's your gout? Bob? Right? That's gonna be our next our next congresses. Right?
Doug Draper 11:35
All right, man. Rip it. What's your topic?
Pete Mento 11:38
So you're the auto workers have have decided in America that they're willing to strike. You talked about that a few weeks ago on the now instant classic, Casa Bonita. CASA, we need a live show. And I will never listen to the killers again. But imagine this, okay, we're coming to it. But we're getting to the point where it just might happen. And what if these auto workers do strike? And what if, after all of this pain and suffering, of not being able to get cars into showrooms and getting cars where they need to be so that Americans can buy them and we're, we're just starting to feel like cars are, I don't want to say affordable again. But prices are starting to come down a little bit and use cars or maybe being available again. We slow down production and we stopped making cars. Think about that man. Right? Okay, well, that's scary enough. Well think about our industry. automotive companies, and the companies that feed them parts spend billions of dollars on transportation, millions, their their major vertical for what it is that we do for a living, we take up a lot of space on ships and planes and trucks and, and trains, courier services. They are a major lifeline for the profit that moves the needle for our shareholders. And whether it's a day or a week or a month or a quarter, it is going to have an impact on our business. So are they going to strike? I don't know. Will they come to some sort of agreement before it happens? Again? I don't know. But I will tell you this. If it does happen, it will have an impact on our business power. And it won't be a positive one at all. And that's a piece of this. I don't think I'm hearing a lot about in the press.
Doug Draper 13:24
Yeah. Well, it's it's the third big one. Right? Well, I guess the fourth big one this year, you got the longshoreman that worked out yellow that did not work out. ups that worked out. So you're right. Of all of them. This is this is the big boy meet ups. And longshoremen are are big and important. But yeah, it's I don't know even a day, right. So you know that there's contingency plans being developed left and right, which costs money to be positioned. And it certainly will be interesting. So not not to diminish this topic. But one thing I found out yesterday is that Jim Farley, the CEO of Ford, who is the cousin of Chris Farley, I don't know if you knew that or not. That's awesome. Like I said, Chris Farley, pull him up side by side, they you can tell they're related. So it has nothing to do with anything on this topic. But I thought that was was interesting and wanted to call it out. But yeah, it's, it's pretty crazy. We'll see how that shakes out. But like we said on many, many episodes, Pete, this is the year of labor. And there's been a lot of things that have transpired some good some bad.
Pete Mento 14:37
You're gonna make me say if we get a strike. We're all gonna be living in a van down by the river and we're not going to have parts to get it running. Yeah, I can. Just like this lends itself to the humor in
Doug Draper 14:49
Yeah. It's good. All right. Well, we're, what is this halftime? It's brought to us and our audience by CAP logistics. Ken is pushing button's is with CAP logistics, they do a great job for the show they do a great job for their clients. So please visit cap logistics.com. All right, do you want to go first you want me to talk about stuff you tell me?
Pete Mento 15:11
First? Do you have to first determine?
Doug Draper 15:14
All right, good, good, good. So some of you may have heard about this. We talked a few minutes before the show. But there are billionaires in California that have decided to build a city. And that's going to solve all the world's problems, right. So I think that there are a bunch of tech guys that crushed it. Folks from LinkedIn, I think the CEO and founder of stripe, and a whole long list of of tech companies that you and I use every single day in our lives are all coming together and build a city in Solano Sol, a n o County, which is basically some farmland in Northern California, not Northern, Northern, but just outside of San Francisco. And their pitch is good paying jobs, sustainable infrastructure, affordable housing, clean energy, healthy environment, all that kind of stuff. And so that's kind of splash the page. I don't know if it's hype, or if it's serious, but to take a piece of land and turn it into a functioning city. And all of the regulations and things need to go through with that. It's a great storyline, Pete, I think it draws a lot of attention. But this is decades in the making. I my house that I own was in a redeveloped area that dia airport, Denver International Airport, and it took a long time to get that up and running. And there was, you know, some existing infrastructure there. So I don't know. I thought it was kind of cool and splashed in the headlines. I don't know if you guys have heard about it or not, but it's a billionaire city on farmland in California. It's going to solve all the all the world's problems and set the marker for communities in the future.
Pete Mento 17:02
I'm doing deep breathing exercises. i Hello, Bueller? Bueller. The last thing that the world needs is a bunch of self important billionaires telling us how to live. Just save it, save it. Okay. I think I would prefer to have a bunch of farmers or a bunch of Doug on I am. So the words I I'm, I'm stopping myself right now from saying the things I really want to say because I don't want the people that kept logistics to stop letting us have to show that I'm sure their intentions are good. But there's some way they're going to monetize this. There's some way they're going to use judicial outreach to show how great this is, and try to force other people to live in a way that they think is best. And I don't like the idea of people who went to the right schools and have the right social influence, telling other people how they ought to live their lives. Just not okay. How about I leave it there out?
Doug Draper 18:14
Well, Live Free or Die.
Pete Mento 18:17
Live for your diversity live for your day. Okay, my mind is lighthearted, Doug, in a way. So there was a an editorial piece. I think it was in the New York Times, saying that Martin Short was not funny. Did you read about this?
Doug Draper 18:36
No, I haven't seen no. So
Pete Mento 18:39
some some knucklehead wrote an article saying that Martin Short is not and never was funny. Martin Short of SCTV fame, Martin Short of I mean, possibly. I mean, he's, he's in the pantheon of, of one of the great comedians, one of the great comedic actors. He is currently on only murderers in the building, which is if you have not been watching it, it is a brilliant television show. He is fantastic. He and Martin, he and Steve Martin had done a Broadway show together, which was brilliant. He is he's done so many characters on TV for people that are Generation X. A lot of the things that we consumed as young people, Jimmy Glick, you know, he's he's hysterical. So this this, this putting headed moron writes this thing. And he must have been doing it as just to get attention to himself. What followed in the wake of this was beautiful. And that's what I wanted to talk about today. The topic trends on Twitter, and everyone comes to his defense, everyone. Steve Martin starts, where he writes down, just a simple tweet. about how brilliantly funny he is. And then every comedian you can possibly think of comes to martial arts defense. It was magnificent duck, the people that wrote about him. So I guess, Martin Short walked into Steve Martin's house and said he saw Picasso's on the wall. And then all these other famous paintings. I said, why? I don't know where you got all this money, Steve, because I've seen your work, and you're just not very good. You know, just the hilarious things that he said about him. Critics are always going to be there, right? Everyone's a critic. And I get that. But what's beautiful is to see other artists come out and really defend a guy like Martin Short, Martin shorts, hysterical. He's really, really funny. And yeah, this is one instance where just the toxicity of social media, the toxicity of journalism, the internet, got the right to say whatever you want, but in a very funny way, not in a mean way toward the actual editorial writer. They didn't really people didn't really drag this guy through the mud. They just came out and defended Martin Short, and it was awesome. So everybody out there if you don't know who Martin Short is, and you haven't really been familiar with his work, please do watch only murderers in the building. It's his modern stuff. And absolutely check out the old Jiminy Glick stuff. Watch SCTV it's an old Canadian show that was somewhat like Saturday Night Live. Just more slapstick II and funny with the Kinsey brothers were on it if you don't know who they are, definitely check them out. But here's your mind short guys an absolute legend.
Doug Draper 21:35
Yeah, agreed. He's like a physical comedian. Right? And oh, yeah.
Pete Mento 21:39
Oh, I got abused himself.
Doug Draper 21:43
Yeah. And, yeah, I'm glad that you spoke up on behalf and that show, only murderers in the building is a good one. It's a good one.
Pete Mento 21:50
It's fantastic. Yeah, it's really fantastic. And Selena Gomez, who I I really didn't know much about right. I never really she's she does a fantastic job on that show. Kind of being a serious foil to those two, who are just very, very funny and play. They're sort of like us dogs. They're just too old guys that they they don't realize how positively old they really are sometimes with the things that they say. Right. So it's a very, very good show. It's very good show.
Doug Draper 22:18
Yeah, yeah. All right.
Pete Mento 22:21
Thanks again to Catholic mystics, for all they do for us. Check them out at cap logistics.com. Doug, what do you got for your second bud?
Doug Draper 22:29
All right. So this one hit the news about a week ago, and it's a partnership with Apple. Right, who actually is rolling out the iPhone 15. Today, I think maybe tomorrow but I think it is today. They've partnered up with a chip man not a manufacturer, a chip architect architect called arm. Right and I checked it out it's not a RM it's literally arm. They've agreed to a deal that's going to extend past 2040. The deal, you know, I don't know all the details what that is, I couldn't find a whole lot of details on it. But it ensures Apple is going to base all of their iPhone and Mac the chips that run those systems on the ARM architecture, literally for decades to come right. And arm as a huge investment through SoftBank. And they're about to do an IPO they think it's going to be about 52 billion, you know IPOs that don't have a B behind it. Don't rely on us anymore, Pete But and so here's this association investment with Apple, who is the you know, the Darling and technology strike in this deal with arm. The one thing Pete that didn't understand I thought are manufactured chips, but they are just the term of use was an architect or a designer. And then they kind of say, Come on, come on who wants to manufacture chips? You got chip makers that are now involved? You got apple that's kind of leading the pack? And, you know, their chips are all designed. Yes, for the iPhone. Yes. For the iPad, yes for the watch. But it's all related to AI, and who's going to position themselves to really find that next step. And the funny thing is, or not the funny thing, the interesting thing is that everybody's trying to figure out how is AI going to work in our daily life, how's it going to improve this? And there's lots of discussion out there of how it will or what the potential is. But Apple has really positioned themselves to align with one of the major companies that is going to be a player in chips that are designed to be manufactured for artificial intelligence and where that goes. So that's a big baller move that just transpired. It will be interesting to see. And I would imagine the IPO for arm is going to exceed $52 billion Because of of the hype, right, it may skyrocket and then come back down. But soft banks in a good position, Apple's in a good position. Financially, everybody's gonna make a lot of money and an arm will continue to SET set the path forward with artificial intelligence. And in vita, that's another one that's coming around. I think they actually were trying, and I may not be pronouncing this correctly. But I think they tried to acquire arm like 18 months ago or back in the 2020s, and regulatory issues killed that deal. But anyway, there's a lot of movement that shifts the architectural design of the technology that's going to really drive artificial intelligence in the near term.
Pete Mento 25:47
That is incredible. I mean, can you imagine you're gonna go into an IPO. And before you do that you make an announcement like and got a 20 plus year deal with Apple. You're just going to print money. And I know, Apple's making some pretty big changes to their they've got this virtual reality, augmented reality lenses that are coming out and see what you will about the application of those, but it's not for us, it's not for our generation, Doug, it's for the people younger than us that are pretty excited about that gaming that comes with it and applicability in everyday life. At that, that's just such a big win. Something for us to watch and the way that chips are going, and what's next, with quantum computing, and all the things like that that are happening. What an absolutely incredible masterstroke for that company to have pulled off. Incredible. And plus, in the pandemic, what happened post pandemic, trips are still very much in everyone's mind, with the issues that are going on between the US and China to meet such a long term agreement with a company like that, like you said, all our move, and apples going to Apple to just they're gonna win. They're just gonna win man. And they have the money in the cloud to be able to make a move like that. Talk about putting confidence in a company, where to go and get for them. Yeah.
Doug Draper 27:12
And for those people before we switch over to your last topic. In video, I don't know if video, somebody's gonna get pissed off that I missed. Video, that'd be great. So, anyway,
Pete Mento 27:25
we work in training people, and we can't be right about everything. Yeah. All right. All right. Well, I'm gonna go the opposite of confidence and talk about a lack of confidence. Big, big piece of news hit the world on Wednesday of last week, I was at the ebbetts Grill, having drinks with some government types. And my lawyer actually, and Flexport. You know, I hate him. Oh, I'm not a big fan at all. But I've got some, you know, I've got some, some sympathy for some things that happened there. Last week, the CEO of the company was clearly asked to step down. He had been in the job, I believe, for a bit over a year and had made some real eye opening moves for flex ports, such as you know, by platform sides of Shopify. And expanding on the E commerce he was an Amazonian he brought in some of his fellow Amazonian folks. And a, in a move, where they had been doing a lot of strategic maneuvers to really shore up the E commerce space. Flex board has done an excellent job of trying to get that small to mid market piece folks that want to hand over a lot of the responsibility to a freight forwarder. And really rely on technology. I've said it before, say it again. Flex port is not doing anything. Any other folder has not or will not do just marketing themselves. And the technology in and of itself is backed up by people that are doing the grunt work behind the scenes to make sure that it runs smoothly. There are people that are making sure that mistakes the technology is making are being covered up by individuals behind the keyboard. clickety clacking, someday they'll catch up with it. But are they really a forwarder? Or the technology company? I don't know. If you're gonna call yourself a forwarder you better learn how to move cargo first. And I don't think they've figured that out yet. So according to a lot of news stories, they're allegedly worth around a billion dollars, good for them. But Ryan Peterson, the original CEO has stepped back into place. And the reason I brought them up this week is he went on Twitter and said we have a bunch of people that are going to be starting we're supposed to start in a few days. I gotta let you know we're not going to honor those offer letters. Someone from HR will reach out to you in the coming days and and let you know that that's not the case. had to be better way to do that there had to be a better way to do that. I understand that it's a techie world, and guys are San Francisco based company. Because they're people, these are people. This is a people business, for all the technology, and for all the marketing that we do. You Your reputation in this business, and you're the people who work for you. And technology fails. People get hit with cyber attacks, systems fall apart, whether as we were talking about wrecks your ability to actually deliver stuff on time, government stops, shipments, customers come and go. But the people that work for you and how you treat them, that's what makes your people stay. That's what makes your customer stay. And if that's how you treat the people who are going to come work for you. I shudder to think how you actually treat your customers. And that was not a cool move, man. And you're not cool. Your chili. Your chili? Yeah.
Doug Draper 31:10
Well, what you just said was a little tone down from our conversation pre show. So you did a very
Pete Mento 31:17
Listen, Ryan, Ryan, Ryan, You've got my number, you know where I work? In my email is Pete dot mento a dsp.com. You tell me where you want to meet. I'll come talk to you anytime, bro. I'll come talk to you. Anytime you want to come out to Jersey, you want to come to Boston, you I mean, the Harvard Club was, I mean, I know you gotta let folks that work at Harvard. So they probably have memberships to they might let you in. And we can sit down and we can have a talk face to face. I'll tell you exactly what I think about your business. And we can sit down and we can have a chat. Yeah, I'll give you I'll give you some tips you need them. We could talk about what's going on with Flex port. But until you guys learn how to move freight, I'm not impressed. Let's get him on.
Doug Draper 32:01
I'm gonna take the conversation back before you get all frothy. If you haven't, haven't already. So two comments on that one whenever buddy during the pandemic, and everybody would come to me and say well, hey, you know, when when did you? How often did you go in the office? And and and how did you fare working remotely? And I'm like, Listen, you can't virtually ship a box, you can't virtually move things into a grocery store or a big box store for other people to use. So answer your question zero, I didn't take any days off I was in the warehouse I was assisting as needed. So my point is that the technology didn't enable a box to be shipped, right? There's still tangible things. And so that that's the one piece is there's a lot of technology, you can overlay, which certainly has value, I'm not as fired up at Flexport as others on this, this podcast. But that's what it is. It's technology to help. But when you get down to it, it's still guys and gals moving stuff through the system, you can't virtually ship a box, right. And the other piece is that our industry is so decentralized, right, there's still people out there that could give a rip about visibility of a truck when you're trying to move things from A to B, there's drainage men and Dre Companies in California that operate three or four trucks, maybe 10. Trucks, that guy and that the owner and that GAO could give to you know what's about tracking their truck in order to see visibility to push it up to some technology piece. So some guy in a suit in Chicago can get visibility, that that company is just trying to pay the bills, they're just trying to keep their trucks on the road and dealing with regulations and, and, and insurance and things of that nature. So as much as people think you dropped some technology into our industry, yes, it has value. Yes, it increases visibility. But we are incredibly decentralized. There's lots of little mom and pops out there that are making things move through the system that are unheralded and, and do a lot more than you think. And just to simply dump technology onto that group is, is is not going to be welcoming in some instances. So I don't have a beef of Flexport. But I think they're more of a technology play than actually changing the paradigm of how freight forwarding operates. Because you still need people, you still need trucks and you can virtually ship a box. And all of that is paramount to make the system work.
Pete Mento 34:31
You know what, man? I don't know what they are. And I don't think they know what they are right now. And I think that's why Ryan had to step back in because they were going in a direction that was a little farther away from what they wanted to become. And there's nothing in the world like God broxtowe, right. There's nothing in the world worse than wasted potential. You put all that money into creating some new technological direction, and then you veer off of it. Decide what you're going to become. But if you're going to say that you're a freight forwarder become one If you're gonna have a jet that you lease, make sure it's packed full of freight. And when it's gonna go someplace make damn sure it gets where it's gonna go full of cargo and it gets delivered the way it's supposed to. I'm just, I'm tired of people saying they're going to change this industry, when this industry with multibillion dollar companies is constantly evolving already. Just Don't believe the hype man.
Doug Draper 35:27
Well, you know what people can believe is in this show. Pete. They can believe the hype of global trade this week. That's the transition I was looking for. I'm not sure how well I did. Unfortunately, this episode is coming to a close. You in Edison myself out in Fresno. We can't thank our viewers enough for listening. A couple of old guys kicking off the show talking about whether she then just sets the sets the tone, so thank you cap logistics. Thank you, Keenan. Pete, have a great day. I wish I could be out there to hear hear your discussion today over lunch. But good luck. And we'll see our audience next week on another edition of global trade this week. Please
Pete Mento 36:08
see buddy
Transcribed by https://otter.ai