Global Trade This Week – Episode 165
What’s going on in Global Trade this Week? Today Trade Geek Pete Mento & Doug Draper of Inland Star Distribution cover:
1:48 -Circular Fashion Over Fast Fashion
8:44 -A New Move to Limit EV and Motors from China
13:20 -Halftime
21:37 -John Deere & Impromptu Trade Policy
25:47 -Zero Emission Forklifts
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Keenan Brugh 0:00
You're watching Global Trade This Week with Pete Mento and Doug Draper,
Pete Mento 0:07
Hello everyone, and welcome to what I'm sure will be the highlight of your week, global trade this week, I'm Pete mento, and with me is my co host and resident curmudgeon. Doug Draper, Doug, how you doing today, buddy?
Doug Draper 0:21
Oh, I'm good. I'm doing well. Thanks. Resident curmudgeon, I need to change my pitch and tone a little bit. If that's the intro that I get, I need to put on a happy face, right? I don't know if it's gonna happen this week or not, but I'll tell you what. We'll we'll ramp it up and have some positive energy as the season progresses.
Pete Mento 0:46
So why? I mean, we have a brand, Doug. I see we, I see we stick to what's got us here. You know, we irritable. The brand
Doug Draper 0:57
is, usually, you're half empty, I'm half full. You're Johnny Cash Black and I'm, you know, sunshine and rainbows. So we got to get back to the formula that works. Okay,
Pete Mento 1:11
yeah, we can try that, or we can just both be miserable old men that talk about trade every week. You don't want to work for me, buddy.
Doug Draper 1:18
Yeah. Well, you know what? It depends on the global economy and what's happening week to week, right? That's what dictates we're so passionate about what we talk about in our in our careers. We just need some good stuff to happen so we can be super stoked about positivity on the show. This
Pete Mento 1:36
won't be that week. Doug, yeah. Well, I kicked off the show. So you get to go with the first topic today, sir. What do you got for us?
Doug Draper 1:47
Doug, good, yeah. Well, this one's just, I would put this into the glass half full category, right? So we'll kick the show off. Um, feeling a little bit good about things, right? So I was going to tell you, Pete, that look out. You know, I always try to fun it with a with a fun, clever tagline here. But you better look out fast fashion, because there's this new hipper cousin that just moved into town, and it's called circular fashion, right? And so essentially, you can kind of get the gist of of what it is fast fashion is make it quick. Don't worry about the durability or the quality, just get it out so it meets the season or the style of the moment. Circular fashion is more like reduce, reuse, recycle. There's a variety of different definitions where make the product stronger, better, so it has a longer life cycle, so can be used again. But in this instance that I've seen is kind of the modern day version of thrifting, right? I have a friend here in Steamboat that has started essentially a community in outdoor women's apparel and athletic apparel. And this community of like minded individuals, primarily females, are sharing their clothes, their ideas, things of that nature. So it's a true on community, and then they're just selling and shipping different products to each other. So it's a closed loop common interests, and as you grow and change, an interest in your athletic abilities and your interest in what you do on a day to day to day basis for health changes, let's just keep this eco community and just share literally, the clothes, the equipment and things that nature right now, it's primarily clothes. So I started thinking about this related to a topic that we had last week, which was the de minimis, and how all of a sudden that's gained a lot of attention, and maybe people's minds will will pivot from a fast fashion to more of a circular fashion and look to get the type of apparel that they want and desire in a different format and make a little bit more eco friendly. So a modern day spin on thrifting through communities of shared ideas and values, and you just kind of swap around your different clothes and gear that you've had over the years. So Pete, have you heard of this term circular fashion, and do you think it has anything to do? Or what's your take on the reason it's gaining momentum?
Pete Mento 4:32
There's a couple. So I was just looking it up. I worked with a guy at Wayfair named Martin meadow. He was my boss, and he left to start a company called green circle in Europe that basically does what you're talking about. They take in donations, for the most part, or clothes that had been returned, where it just doesn't make sense for the cost to go back to Asia. They sort them, they grade them, and then they make them available for resale. And you. He's very much a very environmentally conscious person, and that was the driving force behind this. It's a for profit business, don't get me wrong. But, you know, the the point was that there's just so much stuff that we buy that doesn't fit, that gets sent back, that can't be sold on discount. It would be a shame for it to end up in a in a landfill, you know, or not, recycled in a way that is environmentally friendly. So that's exactly what he did. And I think that a big driving force for this are the online returns. It is the stuff that we're getting back that just doesn't make sense to send back to China based on the current logistics model. And also, younger people are just so much more environmentally conscious than we were at their age. And there is pressure on folks to not be the folks go out and spend $500 on a t shirt, you know? And yes, you can buy a t shirt for 500 bucks. I represent some of those companies, but to try to find a way to just be smarter about your consumption. You know, when you're my age, you've got eight shirts you've had for four years. So I'm probably not the right guy to talk to about it, but, but I think that has a big part to do with it. I think it's a societal concern as much as it is an opportunity to try to make profits on, let's just call them e commerce regrets.
Doug Draper 6:14
Yeah, I like that. That's a whole new thing. You know, I was thinking when I was the whole circular economy, if you, I'm sure you have heard of that company called Rent the Runway. Yes, I have, yes, yeah, where, you know, it's mostly, you know, higher end stuff. I need this dress to go to this event, or whatever it may be. I just need it for for, you know, one time engagement that is kind of the concept to some degree, of this circular fashion. And that company started in 2009 15 years ago, right? So that's pretty, pretty forward thinking. So
Pete Mento 6:49
yep, you know what that's big for Doug is podcasting. There are people who do new news pause news podcasts in current event podcasts, and they want to look like they're professionally dressed like they're on ABC. So they get suits, they get dresses, they get business suits, blouses, you name it. They use it for that one day and they return it. But I've got to imagine if I bought like a Couture dress. Well, not couture, but if I bought a designer dress off the rack in a woman's size for $1,500 but then I rented it for 100 bucks, 15 times. You know, I'm well more than that, probably, but I'm making a profit off of it, and I could wear it myself. Not that I'm wearing designer dresses Doug, but I'm saying, if that were thing, that probably a way to make some good money on this.
Doug Draper 7:36
Yeah, yeah. Well, nobody knows what I wear underneath here, so I think I'm gonna, well, all right, I guess we'll wait on the speedo this go around. You're
Pete Mento 7:45
not gonna show people your 1995 and one basketball shorts you have under the two of us probably, what do you think the oldest piece of clothing is that you still wear?
Doug Draper 7:58
Oh, man, it's, you know, it's one of those deals, like, I've only had this for a couple years, and you're like, this is definitely pre covid, and it was well worn before covid. I don't know, 15 years, maybe more, without sounding pathetic, I'm gonna say 15 years. Yeah,
Pete Mento 8:17
I think I've probably got some dress socks that are that old and T shirts that are that old. Me, my workout gear is just torn up. Crap. It's it's just bad. So I guarantee you, I've got stuff at least 15 years old.
Doug Draper 8:29
Yeah, yeah. And you're like, well, I might wear this, so I'm just going to put it in the back of the closet or the chest of drawers or whatever, and then it's like, holy crap, this thing is still here. So anyway, we're digressing away from global trade. Pete, so why don't you jump in with your first topic? Yeah,
Pete Mento 8:45
so this is my very unfun topic on Monday, I believe the yesterday was it last Friday, very recently, the Department of Commerce, in conjunction with state and the White House, has decided to make a move, another move, to limit Chinese electric vehicles, or vehicles period from coming into America. So a smart vehicle is one that is networked. So, you know, maybe you have OnStar in your car, or whatever, whatever brand car you've got. You know, there might be a button you push and it sends you off to emergency services, or in the case of cars like Volvos, gosh, let me think of some other ones that are like that, Volvos, Fiats, right? There is a system that networks to your car that says you need an oil change. Would you like me to make you an appointment and sense diagnostic information back and forth for you? And these are in a lot of cars, Doug. So what the Commerce Department's going to do is ban, outright ban, the importation of any automotive, automobile whose smart technology originates in Russia or China, and a lot of the software does. There's got to be a bigger reason for this. I mean, my tinfoil hat comes on, Doug, and I'm like, they know that they could stop. These cars from working, and it would cause a quagmire or drive it off a cliff, right? But no kidding aside, it does give the person operating that car the ability to stop it from moving, and you could cause a lot of damage in a cyber attack by simply turning off the cars everywhere, wherever they are, just car, no work, no more, right? So this is fascinating. It's also a blow to the coming tide of inexpensive Chinese EVs, because all of them are networked.
Doug Draper 10:36
Is that a dramatic pause, or is that my indication to make my comment?
Pete Mento 10:40
It could be both. Yeah, yeah. It could be both, buddy. So, um, one, one car. I want to just point out real quick before I come back from my dramatic pause. You know, Teslas are constantly updating their software, and a lot of other cars do too. So this isn't just an American concept. They're more worried about the software in the car. But I think it's also a great excuse to poke the eye of the Chinese EV manufacturers. Yeah,
Doug Draper 11:03
yeah, you're right. All of a sudden, right in the last, I was gonna say six months, probably maybe even less than that, Chinese EVs, Chinese technology in cars, China, China, China that we spoke about last week, in honor of Jan Brady, um, it's just come fast and furious, right? And I would agree with you to some degree, like there has to be ulterior motives, like, Why, all of a sudden, is this a top priority for us, right? The thing is, is that level of technology in some form or fashion? And I'm not a car guy, so I don't know all the specifics, but, like, I drive a 2017 car, and it has that type of technology. I think it goes back even, you know, it's not, it can't schedule an oil change, but the connectivity is there, right? And I think that the band is not retro. It's coming up. I think it's 2027 ish, so it's still, it's coming. It's a big deal to talk about. It will have implications, but there are millions and millions of cars that are on the road that have that technology right now. So what are you going to do about those? So it it seems like there's got to be something more to it, because out of nowhere, de minimis and electric cars coming in from China are just like top priority. Well,
Pete Mento 12:21
it's a great way to show unions that you're supporting their cause, you know. But Doug, I'm in the same boat. I drove a 220, 15 Jeep Wrangler. Okay, Jeep Wrangler. I don't have I've roll up windows. I have manual locks. It didn't have a stereo when I got it right, it is. There's nothing electronic about this thing, except the dashboard. And I like it that way. I really do.
Doug Draper 12:45
Does it have a gun rack?
Pete Mento 12:48
Not my jeep, no, but it oftentimes does have a gun Doug, yeah, of course.
Doug Draper 12:53
And last question on your vehicle, manual or stick, it's
Pete Mento 12:58
a it's an automatic. It's not. It's, I wish it was a manual. I don't know what year it got harder and harder to get them, but it's, it's definitely an automatic. Yeah, you can do it's got the, you know, the triptronic, or if I want to go from first to sixth than I can, but it's the last year I believe that you get the v6 in a jeep and that baby moves. Yeah,
Doug Draper 13:18
nice. Good. All right. Well, that brings us to halftime, brought to us by CAP logistics. We appreciate their support of the show every single week. Please visit caplogistics.com so that being said, Brother, I'm not even sure what your halftime is today. So why don't you just let it rip? So
Pete Mento 13:36
yesterday, just completely naturally, it was all organic. Turned into Kevin Smith Appreciation Day. So someone put up some DVDs of all of his movies, and Kevin Smith saw it, he retweeted it. And then someone else did it, and Kevin retweeted it before you knew it. It's all over x Twitter, whatever the hell it's called, and he went on camera today live, and said he wanted to thank everyone, mostly because his mom was in the hospital yesterday, and it was something that brightened both of them up. She got a big kick out of seeing all the old videos and everything. But I brought that up because I am a huge Kevin Smith fan. I'm a massive Kevin Smith fan. Went to the secret stash in New Jersey. I've met him a couple of times. He's a really nice guy, and I love his movies because they're foul mouthed, they're simple, and usually there's something to think about. So it is the perfect combination for Pete mento. So I was wondering Doug, before I tell you mine, do you have a favorite Kevin Smith movie.
Doug Draper 14:45
You're gonna hate me for this. You've never even sure what movies he made. Clerks. Okay, I knew there was one. Yeah, I knew there was one or two big ones.
Pete Mento 14:55
But clerks Chasing Amy um dogma, those. Some really big ones. Red State, he did, did that awful movie Tusk, about a guy making his turning himself into a walrus. It's a really weird one, mall rats, that was one of his two. But it's, it's just, you know, they're comedy movies. There's not a lot of thinking in anybody, not a lot of James. Strike back,
Doug Draper 15:21
yeah, yeah. So I've heard of clerks, and I was going to say office space, but I know that's not
Pete Mento 15:27
that one. The guy did beat us, and Butthead did that one. Okay, yeah,
Doug Draper 15:30
that's it. CP, I came strong a couple weeks ago pay homage, or maybe he was in last week with the penguin. And I did see some of I saw the first show in that last Thursday. Uh, really good. Yeah, yeah. It was awesome. And then one week later, I let you down, and I can't even name one Kevin Smith movie, so I'm
Pete Mento 15:53
gonna send you some, some, some recommendations. But my, my favorite movie from Kevin Smith, far and away, is Chasing Amy. It's fantastic, and you should definitely check that one out. Doug. It's about a cartoonist who falls in love with a woman who is a lesbian.
Doug Draper 16:11
That doesn't seem too simple, that seems a little complicated. It's
Pete Mento 16:14
very complicated, and it it goes very poorly for him. So it's, it's an excellent movie. It's very funny, and it's one of Ben Affleck's first big roles, where only Kevin Smith can seem to get him to act well, so he does a pretty good job in that. There's also a rumor that Kevin Smith wrote Good Will Hunting.
Doug Draper 16:34
Ah, interesting. That's Dean towel won
Pete Mento 16:36
an Oscar. It is a pretty interesting story, if you ask me, yeah, huh.
Doug Draper 16:40
Well, cool. Well, I'm glad that that those posts yesterday had a positive impact with Kevin and his mom, so that that's cool. That's that's the story for sure.
Pete Mento 16:51
Yep. All right, Doug, what do you got, pal?
Doug Draper 16:53
All right, I read this just today. Pete, did you know that the last store for Kmart in the US is closing on October 20. It's in Bridge, Bridge Hampton, New York. Do you know where that is? I don't know where Bridge Hampton,
Pete Mento 17:09
New York is, but I actually looked up the article when I saw what you were talking about. And yeah, I mean, that was one of the great, one of the great robber baron finance moves of the century, when, when they got bought, but that's a hell of a story.
Doug Draper 17:24
Yeah. So here's a couple of fun facts, right? So it started in 1897 right? As a five and dime and a guy named Sebastian Kresge, K R, E, S, G, E. Kresge, Detroit, Chicago, Pittsburgh was kind of the areas that kind of grew up. And then in 62 that's when things went on, turbocharged and it started rolling, rolling things out. I am sorry. Here I am getting pinged left and right by some some emails here, anyway, 2000 the night and the year. 2000 they had 2200 stores at their peak right, 2200 stores and 2022 excuse me, 2002 so in 2000 they had 2200 stores. In 2002 they went bankrupt 2005 they bought Sears, rebranded to Sears Roebuck company. I mean, Sears Roebuck was there, but that was the holding company. The attempt was to rebrand Kmart and Sears 2018 they went bankrupt again and and here we are. They're closing their last door in that article that I saw. You may have seen the same one. They actually have one small store in Miami, and I think one or two, like in Guam and the US Virgin Islands. But the one thing that everybody remembers about Kmart is attention Kmart shoppers blue light specials. And I didn't realize this, but they announced it to people in the store, and it was a special deal that lasted for 15 minutes only if you're physically in the store, right? So attention Kmart shoppers. I think that will go down in infamy as far as pop culture terminology, but I saw that I thought Kmart was gone years ago, right? And maybe that's what the general public has thought as well. But officially, on October 20, kaput, they're done. I
Pete Mento 19:26
got a bunch to say about this. First it was one of the greatest financial moves ever made, when they went into bank bankruptcy and someone bought them, realizing that their real estate was worth a ton. The business wasn't doing very well, but between tax credits and the real estate, whoever bought them was going to make a bank, and they did. And then they, you know, used it and broke it apart and made all their money on it, and bam, it went bankrupt again. The second thing is, you know, grew up in small towns in the Midwest and in the south, like you had a Kmart that was, that was like the department store. And so I went. To Kmart to buy my Star Wars action figures. You can call them dolls, it's okay, but that's where I went to go buy them. And I distinctly remember when I was looking for my my Halloween costume. I believe I was six. I think I was six or maybe seven. The blue light special was on those terrible Halloween costumes we had when we were kids, where you had the plastic mask with the one rubber band that went around the back. And they were basically made of, I think they were vinyl, like flame retardant vinyl. But I got my Chewbacca costume on a blue light special. And my mom wasn't going to get me one because they were so expensive. She was going to make me, you know, do a howling, but I got to be Chewbacca that year. And somewhere, I have a picture Doug of me and my Chewbacca outfit with my two buddies that both dressed as members of Kiss.
Doug Draper 20:47
Great. Yeah, six years old, that's awesome. Yeah, see the blue light special made an impact on your life and your buddy's lives. So
Pete Mento 20:55
that's great, man, you did.
Doug Draper 20:56
The one last thing I'll add on this topic is that I didn't realize, but in reading this article, Martha Stewart aligned with Kmart, and she had a whole series and a whole brand that was trying to be bring it back into relevance. And then she actually sued Kmart and said that they're basically because they sucked at a store so bad that they brought her brand down, and they kind of took her, you know, I didn't see that at all. So we'll be good here. So I am going to let you take the second one here. I got like five people texting me real quick, Pete, so roll with it, and I will send this off. Yeah. So
Pete Mento 21:38
go for it. You know, yesterday, I'm, I'm enjoying my news cycle. I'm having the best day ever. And someone says, shocking news out of a Trump moment when he was touring the John Deere factory. Like, huh? Did he get shot again? Like, what happened? No. He was on the podium speaking to all these workers, and someone said, but Mr. Trump, they're moving all our jobs to Mexico or something to that effect. And Donald said, They better not, because if they do, I'll hit him with a 200% tariff on everything they import. They better not, like He repeated it. So this off the cuff trade policy fascinated me. Number one, Doug. I don't think it's legal. I don't think that. I don't think that there's a simple way for him, without going through Congress, actually, to hit John Deere with a 200% tariff just because he had a rough afternoon like I don't think that's possible. Second of all, John Deere is an American company, American company based in the United States, old as the hills. We all grew up. What we did. Grew up around tractors that were green and yellow, and it was a sign of a, you know, the very wealthy to do kind of thing when you had all these green and yellow John Deere tractors. It's part of Americana. And whatever profit comes from the sale of those machines also comes back to the United States. I have a feeling that his phone lit up like a Christmas tree today on investors, the donor class, and, you know, John Deere themselves saying you might want to slow your roll, Bubba. So that was fascinating to me, but the first thing I wanted to make clear was I don't even think it's legal. Doug, like I don't I don't think that there's a legal pathway that the President could do that without getting a whole bunch of people who'd probably stop him involved. So maybe sometimes, you know, trade policy is something you should put a little more
Doug Draper 23:32
thought into. Yeah, man, we talk about multiple times. Don't get involved with politics on this show, right? So you, you, you brought it up, it's the first thing when I heard was like, yeah, that's not legal. You can't do that. And I don't even know what to say. I
Pete Mento 23:51
don't think it's political commentary. Doug, I'm just mentioning that as interesting a moment as it was to come across my Twitter feed and my news, I don't think you could do that like there's just, there's a lot more involved than just arbitrarily. What's he gonna do? Put a tariff on any American company that ships jobs overseas. That could be interesting, but that would also require a lot of support from a lot of different people in the government that I don't think you get. Yeah. Yeah. So before you all get worried, I think your John Deere parts are safe, yeah,
Doug Draper 24:24
yeah, for sure, yeah. I don't think it's legal. I don't know if there's anything other than that. I as far as comments I have on that one other than I toured unrelated, but since it's John Deere, I toured a John Deere plant parts depot here in Denver, and they showed me apart from a tractor from like, 19, yeah, 19. And they, and this, there's like four people that work in this building. It's monstrosity, and they are required to carry, carry a part for every single tractor they've ever made in the history of John Deere, which, in and of itself, is really cool. Yeah. That speaks volumes to that organization, that they're going to support all their customers, regardless of the year of the tractor was manufactured. So anyway, that's my response to your comment on John Deere,
Pete Mento 25:12
I think it goes back farther than that. Doug, like that's, that's sort of their their claim to fame, right? If you have any of our machinery and you need a part, we'll have it in stock. I think that's so American, first of all. And so, like, so awesome. So I have my John Deere hat. It looks like it went through a wood chipper. I still wear it when I run errands. I'm big fan of the company, so I don't like what they're doing with the moving of the jobs, you know, but whatever they gotta do to keep that thing rolling. I just, I love their machines.
Doug Draper 25:44
Yeah. All right. Miles of John Deere green. All right. So this one's pretty, pretty quick, right? Again, I'm in the warehouse business out in California. I was just there last week and saw a an article that talked about zero emissions from material handling equipment in warehouses, right? So the trucking piece of it's made a lot of news out there, but they're also moving away from from forklifts and everything's got to be electric, so zero emissions. They're going to transition that between now and through 2038 but this is the one you're like, Okay, that's a long way off. We got 14 years. Everything happens very quickly, faster than you think. But the one piece that caught me on this one was that by 2026 you will not be allowed to purchase or sell certain types of material handling equipment in the state of California. So that's quick, right? So everything that's already in the in in operation and in the field, so to speak, is, is fine, but that's a quick pivot. Man like you can't buy these things in California. You're not allowed to sell them or buy them, effective in 2026 so that's interesting, and of itself. The other piece of it is that all of this EV requirements and mandates and zero carbon emissions, I was just in California, the power grid and the infrastructure support the amount of electricity that needs to be pushed through, uh, machines that are being mandated does not exist. It's okay. It was, I'm looking at my my calendar. Here it was mid September in Fresno. Now, Fresno gets very hot, but they were talking about doing rolling blackouts because they were afraid the power grid and they're trying to PG and E and California Edison don't want fires, right? I mean, it's all about liability issues. So if there's any type of demand on the system or nuances, they're just doing rolling blackouts or shutting things down. So if they're doing that in the middle of September in the Central Valley of California when it's still warm, it's not excessively hot, how? Where is the power going to come from for all these different vehicles? Now that's a whole nother topic. This is just observational commentary on this one, but it's just striking, because I'm out in California a lot more than I used to be. Is that everybody out there is saying the same thing. Where are we going to get the power to meet these requirements that are coming down the road pretty quick. And I thought it was worthwhile to bring up as a topic on this show, but it's going to be interesting, like, it's two worlds that are nowhere near each other to support each other. It's crazy. Yeah,
Pete Mento 28:37
I just did. I had to look it up. So they're saying that there's about 100,000 forklifts currently in California, and according to this one particular article, they estimate that about 70,000 of them are already electric. Uh, really, like, really, because I'd be fast, I'd be shocked Doug, if that were true, but let's say it is okay our forklift operators, that's one thing. But what about the repair people? What about the support people? What about the parts that'll be necessary? How's that going to work? And as you phase them out, maybe that will change. But as you know, working in warehouses, crap breaks, and when it breaks, you are going to probably end up paying more money to get it fixed and to have waiting times that are longer, to have someone who's actually qualified to fix it. I think that's fascinating. And then above and beyond that, what about just sheer efficiency? You talked about cost there, you need to tell me that the creation of the electricity to run the forklift, when all is said and done, is going to have less of an impact than having a propane driven like Spark, Spark united, propane driven forklift, I have a hard time buying that. So you know what it seems every every couple, a couple of times, every year Doug, we have some wacky thing that comes out of California that makes my head bleed, makes my makes my ears bleed. I get so freaked out about. And then they just, they put the pedal to the metal all speed ahead, Damn the torpedoes, right? And they go and they do it. This feels like one of those things, Doug. It just feels like one of those things, yeah, well, I
Doug Draper 30:11
would say more than a couple times a year. There's a lot of topics related to California and logistics and supply chain that we don't cover on this one, where it's a head scratcher, for sure, but, but, yeah, it caught my attention because that's my industry. That's my mojo. And, yeah, 100,000 forklifts. I thought that'd be a little bit low, but I don't know. We'll we'll see, it's still a lot, if you think about it, so interesting topic. We'll see. Maybe we'll be doing the show in 2038 and we'll have a good day. Pans out.
Pete Mento 30:42
I hope we're both retired by then. Doug agreed. Yeah, hey, man, Keenan will have his partner and be doing it with without us at that point.
Doug Draper 30:51
I know. I know. Well, that brings us to another brings us to the end of another edition of global trade. This week, I want to thank Pete, my co host. I love the banter back and forth, regardless of where we are, regardless of time of day. We're going to make this show happen every single week. Hence the name of the show, global trade this week. And Keenan cap logistics, the team that puts us on Air Force and does the production, we can't thank you guys enough. So visit cap logistics.com. Pete, travel safe. I know you got a whirlwind of travel this week, so Be Safe and Enjoy you too, buddy.
Pete Mento 31:25
We'll talk again next week. Take
Doug Draper 31:26
care. All right, man, take care. See you.
Transcribed by https://otter.ai