"It's either a good time or a good story"

When Jeremy Andrus became CEO of Traeger in 2014, he was the eighth chief executive the company had seen in eight years. Employees called him Ocho behind his back. A few months in, after he announced the company would outsource its trucking operations, someone set one of the big rigs on fire in the parking lot.

He bought out the majority owner, moved the company from Oregon to Utah, and started over with a new workforce. Sales went from $70 million to nearly $400 million in five years. In July 2021, he took the company public on the New York Stock Exchange, pricing the offering at $18 a share, which CNBC put at an implied valuation of about $2 billion.

Andrus sat down with the CEO.com Podcast on November 29, 2022. By then the stock had lost most of its value. The company carried $400 million in debt from a 2017 recapitalization. A 40-foot container from China had gone from $1,500 to $15,000. The company had guided to $35 million of EBITDA for the year, down from $110 million to $120 million. He had let 100 people go a few weeks earlier, 18 percent of the workforce.

"It's either a good time or a good story," he said.

Andrus had been here before. He spent eight years at Skullcandy, five as president and chief operating officer and two as CEO, and took it public in July 2011 at $20 a share. For six months, he said, it was the most shorted stock on the Nasdaq. He was in his late 30s.

"You realize that more people are betting against you to fail than any other stock on the Nasdaq," he said. "Being number one is great for certain things. That was not one of them."

He said he was a fake-it-till-you-make-it CEO then, and that the job consumed him. He stopped working out. He went home every night feeling defeated. He told the podcast that his wife, Kristin, says he is good at compartmentalizing, but he was not happy and doubted he was the father or husband he wanted to be.

He said he had written afterward, in a Harvard Business Review piece about Traeger, that he would never run a public company again. On Traeger's virtual IPO roadshow in 2021, the line came up in the first meeting. Then the second. By the 10th, he said, he was answering before anyone asked.

What he took from Skullcandy was less a set of tactics than a belief about what community is. A brand, he said, is a level below it. At Skullcandy, the brand was self-expression through music. At Traeger he went looking for the most basic bond between people and settled on a table with food on it, especially food the host cooked.

"It's one thing if they've purchased the gift and wrapped it," he said, comparing it to a child's present. "But when they made it, and they talk about it, everything that went into it, that's special. And it sticks."

When grill sales went to nearly zero for six weeks in the spring of 2020, the company sent production gear to influencer partners and had them run cooking classes from their own backyards. The series, Traeger Kitchen Live, was pulling 150,000 to 200,000 views a week. Pellet sales, he noted, went through the roof. "It's like I need water, toilet paper, Purell and Traeger pellets."

By late 2022, the company had stopped spending on top-of-funnel marketing and put the budget into the existing owner base instead. Andrus said unaided brand awareness was up 15 percent year over year anyway, and 50 percent over two years.

He was blunt about the rest of the industry. Competitors had grown through the pandemic with products and services he described as bad, and several had called in the previous six months asking to be acquired. One founder he had turned down a few months earlier resurfaced in an email chain that now included the company's lender, who was liquidating inventory. Weber, several times Traeger's size, had raised emergency capital and was heading private to restructure.

"No disrespect. Great business, great product," he said. "But when they survive, they're going to come limping out of this thing, and we're going to come out swinging."

When asked whether he believed in wartime and peacetime CEOs, Andrus said the framing misses something.

"Good tailwinds make everyone look pretty good," he said. "Unless you want to hire and fire your CEO according to the economic cycle that you're in, you have to hire wartime CEOs."

He did not claim to have always been one. The hard parts the first time were cutting whole pieces of a business and saying goodbye to people. He said he came into the Traeger downturn with the disposition and without the ease, and that this was his third time through.

Two things were different. He had six children between six and 14 at home and had decided he would not lose years of their childhood to a stock price. And he had decided to treat the problems as interesting rather than as burdens, on the theory that nobody solves anything creatively while carrying a burden.

"Do I prefer winning? Of course. It's just not an option I was given right now. It's not on the menu."

Asked how he keeps a company optimistic when he cannot promise a good year, he said he stopped trying to make the P&L the source of morale. The P&L is an output. What he could control was whether people felt the company was investing in them and whether they had a picture of what the reinvention would produce in two years.

"I can't lift someone when I'm not on the pedestal, but I am," he said. "I'm good. I've got this. Now, how do I share that?"

Then: "I am a work in progress."

The conversation ranged wider than Traeger. Andrus grew up in Washington, D.C., and said he had watched Kristin get involved in Utah politics. He argued that most politicians do not understand what an operator goes through, and that most operators do not understand how legislation actually gets made. Betts pushed back that neither side has much incentive to learn. Andrus agreed, and said the only argument for it is what the two might accomplish together that neither could alone.

Andrus said on the podcast that he expected to look back on the second half of 2021 through 2023 or 2024 as the period that made him. It ran longer.

He remains chairman and CEO of Traeger. The company is now in the middle of a restructuring it calls Project Gravity. In its second-quarter 2026 results, reported August 5, revenue was $120.2 million, down 17.4 percent from a year earlier. Adjusted EBITDA was $17.3 million, up from $14.3 million. Sales and marketing expense fell to $17.1 million from $24.8 million. Cash stood at $59.7 million, up from $19.6 million at the end of 2025. Notes payable stood at $400.2 million. The company lowered its full-year revenue outlook to $435 million to $465 million, kept its adjusted EBITDA guidance of $57 million to $67 million, and announced a distribution partnership with Lowe's. In March 2026, it executed a 1-for-50 reverse stock split.

In November 2025, Gov. Spencer Cox appointed Andrus to the board of the Governor's Office of Economic Opportunity. He also serves on the boards of Silicon Slopes and World Trade Center Utah.

In June 2026, he was back on stage, this time at StartFest in Draper. He talked about a Harvard Business School alumni event roughly 15 years earlier where Clay Christensen spoke about how a person should measure a life, and about a room of 2,000 executives in tears. He read from Ben Sasse, who was diagnosed with pancreatic cancer in late 2025 and has said the illness made him more honest with himself. Andrus said he could not have led Traeger's team through the hard years without first being honest about who he was outside the company.

It is the same thing he was circling in 2022, when he described a CEO who went home every night feeling defeated and never let anyone see it, and then described the one who came back to do it a second time.

00:00:00 Lessons From Taking Skullcandy Public
00:03:06 Adversity as a Public Company CEO
00:06:07 Building Community Around Experience
00:10:25 Sustaining Community Through the Pandemic
00:16:36 Supply Chain Crisis and Margin Pressure
00:23:52 Economic Cycles and Core Principles
00:25:49 Wartime Versus Peacetime CEOs
00:30:53 Finding Joy in Hard Problems
00:41:54 Geopolitics and Business Strategy
00:46:19 Politicians, Business Leaders, and Partnerships
00:57:51 Staying Optimistic Through Hard Times

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And<00:04:01.217> I<00:04:01.282> felt<00:04:01.540> like<00:04:01.766> I<00:04:01.863> was<00:04:02.089> failing<00:04:02.815> as<00:04:02.976> a<00:04:03.073> public<00:04:03.460> company<00:04:03.816> CEO.

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And<00:04:06.640> it<00:04:06.769> sort<00:04:07.108> of<00:04:07.430> ripped<00:04:07.737> me,<00:04:07.995> like,<00:04:08.302> it<00:04:08.560> really<00:04:08.883> tore<00:04:09.206> me<00:04:09.351> apart<00:04:09.754> from<00:04:09.900> the<00:04:10.012> inside.

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And<00:04:12.108> I<00:04:12.124> never<00:04:12.430> showed<00:04:12.736> it.

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I<00:04:13.478> was<00:04:13.704> a<00:04:13.720> fake<00:04:14.187> it<00:04:14.284> till<00:04:14.429> you<00:04:14.461> make<00:04:14.784> it<00:04:14.929> guy<00:04:15.251> then.

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I've<00:04:15.735> known<00:04:15.783> for<00:04:16.041> a<00:04:16.202> long<00:04:16.283> time.

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I'll<00:04:16.847> tell<00:04:17.088> you<00:04:17.250> all<00:04:17.346> the<00:04:17.427> things<00:04:17.749> I<00:04:17.830> don't<00:04:18.393> know<00:04:18.554> now.

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But<00:04:20.549> it<00:04:20.629> sort<00:04:20.951> of<00:04:21.112> consumed<00:04:21.755> me.

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And<00:04:21.916> I<00:04:22.077> went<00:04:22.318> home<00:04:22.592> every<00:04:22.898> night<00:04:23.847> feeling<00:04:25.793> defeated<00:04:26.678> and<00:04:26.839> deflated.

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And<00:04:29.915> it<00:04:30.142> kind<00:04:30.547> of<00:04:30.790> like<00:04:31.455> it<00:04:31.617> consumed<00:04:32.250> my<00:04:32.590> life.

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I<00:04:33.076> stopped<00:04:33.644> working<00:04:34.114> out.

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It<00:04:35.411> was<00:04:35.654> hard<00:04:36.060> from<00:04:36.303> a<00:04:36.384> mental<00:04:37.033> health<00:04:37.260> perspective.

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I<00:04:39.559> wasn't,<00:04:40.368> you<00:04:40.465> know,<00:04:40.595> as<00:04:40.708> much<00:04:41.000> as<00:04:41.178> Kristin<00:04:41.502> says<00:04:41.761> I'm<00:04:41.988> great<00:04:42.230> at<00:04:42.311> compartmentalizing,<00:04:43.972> I<00:04:44.118> wasn't<00:04:44.460> happy.

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I'm<00:04:45.353> sure<00:04:45.678> I<00:04:45.825> wasn't<00:04:46.800> the<00:04:46.897> best<00:04:47.222> father<00:04:47.547> or<00:04:47.693> husband.

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And<00:04:49.879> so,<00:04:50.624> I<00:04:50.883> say<00:04:51.110> all<00:04:51.191> this<00:04:51.434> because<00:04:53.199> there<00:04:53.296> was<00:04:53.522> a<00:04:53.555> moment<00:04:53.960> in<00:04:54.024> time<00:04:54.575> as<00:04:54.737> I<00:04:54.996> look<00:04:55.239> back<00:04:55.562> on<00:04:55.708> that<00:04:55.886> experience,<00:04:57.388> And<00:04:57.468> I<00:04:57.564> began<00:04:57.966> to<00:04:58.271> write<00:04:58.528> about<00:04:58.913> the<00:04:59.074> experience,<00:05:00.053> not<00:05:00.358> what<00:05:00.535> we<00:05:00.695> did<00:05:00.936> well.

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We<00:05:01.402> did<00:05:01.514> some<00:05:01.739> things<00:05:02.141> well,<00:05:03.409> and<00:05:03.810> I've<00:05:04.389> brought<00:05:04.629> those<00:05:04.902> things<00:05:05.175> with<00:05:05.368> us<00:05:05.512> to<00:05:05.673> Traeger.

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But<00:05:06.797> there<00:05:06.893> were<00:05:07.022> things<00:05:07.359> that<00:05:07.520> we<00:05:07.680> didn't<00:05:07.921> do<00:05:08.082> well.

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And<00:05:09.286> it<00:05:09.366> was<00:05:09.591> clear<00:05:10.635> that<00:05:10.907> my<00:05:11.277> greatest<00:05:11.839> opportunity<00:05:12.642> in<00:05:12.802> business<00:05:13.862> was<00:05:14.022> to<00:05:14.328> learn<00:05:14.568> from<00:05:14.745> that<00:05:14.970> experience,<00:05:16.190> to<00:05:16.415> grow<00:05:16.832> as<00:05:17.057> a<00:05:17.154> leader,<00:05:18.197> and<00:05:18.342> to<00:05:18.422> figure<00:05:18.823> out<00:05:18.984> how<00:05:19.161> do<00:05:19.321> I<00:05:19.482> do<00:05:19.642> it<00:05:19.803> differently<00:05:20.268> the<00:05:20.301> next<00:05:20.590> time.

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Yeah.

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And<00:05:23.077> how<00:05:23.238> are<00:05:23.318> you<00:05:23.414> doing<00:05:23.655> that?

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Like,<00:05:25.339> that's<00:05:25.579> what's<00:05:25.740> interesting.

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Like,<00:05:27.568> you<00:05:27.600> know,<00:05:27.744> Skullcandy,<00:05:28.851> incredible<00:05:29.492> success.

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Almost<00:05:30.310> no<00:05:30.551> companies<00:05:31.032> go<00:05:31.192> public.

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So<00:05:32.876> that<00:05:33.117> by<00:05:33.261> itself,<00:05:33.678> even<00:05:33.902> though<00:05:34.015> if<00:05:34.143> it<00:05:34.223> was<00:05:34.480> the<00:05:34.560> most<00:05:34.800> shorted<00:05:35.185> stock<00:05:35.666> on<00:05:35.763> the<00:05:35.859> Nasdaq,<00:05:36.709> which<00:05:36.885> is<00:05:37.030> actually<00:05:37.286> really<00:05:37.527> cool<00:05:38.104> now<00:05:38.409> looking<00:05:38.729> back,<00:05:39.275> I'm<00:05:39.772> sure<00:05:39.836> it<00:05:39.996> wasn't<00:05:40.253> cool<00:05:40.413> at<00:05:40.494> the<00:05:40.574> time.

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It's<00:05:42.161> either<00:05:42.306> a<00:05:42.402> good<00:05:42.610> time<00:05:42.755> or<00:05:42.819> a<00:05:42.899> good<00:05:43.059> story.

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And<00:05:43.621> we'll<00:05:44.262> call<00:05:44.743> this<00:05:44.968> one.

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And<00:05:46.764> then<00:05:47.213> you<00:05:47.710> get<00:05:47.951> Traeger<00:05:48.833> and<00:05:48.913> you<00:05:49.073> build<00:05:49.474> an<00:05:49.795> incredible<00:05:50.677> brand,<00:05:51.142> an<00:05:51.238> incredible<00:05:51.800> product.

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And<00:05:52.923> you've<00:05:53.148> also<00:05:53.549> built<00:05:54.128> an<00:05:54.224> incredible<00:05:54.834> community<00:05:55.493> around<00:05:55.895> there.

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And<00:05:56.216> I'd<00:05:56.296> love<00:05:56.457> to<00:05:56.537> talk<00:05:56.698> to<00:05:56.762> you<00:05:56.843> about<00:05:57.019> that<00:05:57.132> because<00:05:57.292> I'm<00:05:57.421> not,<00:05:58.048> I'm<00:05:58.144> not<00:05:58.305> sure<00:05:58.546> that<00:05:58.722> Skullcandy<00:05:59.493> had<00:05:59.831> the<00:05:59.992> kind<00:06:00.297> of<00:06:00.473> vibrant,<00:06:02.546> dedicated<00:06:03.124> community<00:06:03.767> that<00:06:03.928> Traeger<00:06:04.474> has,<00:06:05.213> which<00:06:05.374> is<00:06:05.534> really<00:06:05.839> interesting.

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How<00:06:07.478> did<00:06:07.864> you<00:06:08.089> do<00:06:08.249> that?

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How<00:06:08.603> did<00:06:08.812> you<00:06:08.908> build<00:06:09.069> that<00:06:09.294> community?

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Did<00:06:10.980> you<00:06:11.013> know<00:06:11.141> what<00:06:11.398> it's—<00:06:12.201> there<00:06:12.298> are<00:06:12.346> a<00:06:12.362> lot<00:06:12.539> of<00:06:12.603> lessons<00:06:13.069> coming<00:06:13.390> out<00:06:13.487> of<00:06:13.567> Skullcandy.

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And<00:06:15.495> you<00:06:15.575> know<00:06:15.720> what,<00:06:16.041> what<00:06:16.138> I<00:06:16.298> realized,<00:06:17.808> you<00:06:17.889> know,<00:06:18.049> one,<00:06:18.708> one<00:06:18.949> was<00:06:19.190> that<00:06:20.038> community<00:06:20.715> is<00:06:20.941> built<00:06:21.183> around<00:06:21.522> an<00:06:21.651> experience,<00:06:22.635> not<00:06:22.796> just<00:06:23.119> around<00:06:23.377> a<00:06:23.442> brand.

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And<00:06:24.974> so,<00:06:25.846> a<00:06:25.942> brand<00:06:26.572> can<00:06:26.733> create<00:06:27.136> all<00:06:27.298> of<00:06:27.411> this<00:06:27.782> energy.

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And<00:06:28.443> for<00:06:28.669> us,<00:06:28.927> brand<00:06:29.330> was<00:06:29.460> about<00:06:29.670> self-expression<00:06:30.768> at<00:06:30.800> Skullcandy.

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You<00:06:33.046> know,<00:06:33.514> it's<00:06:34.080> like<00:06:34.338> the<00:06:34.564> real<00:06:34.806> estate<00:06:35.226> that<00:06:35.857> headphones<00:06:36.522> occupies,<00:06:38.857> it's<00:06:39.668> so<00:06:39.911> important.

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And<00:06:41.387> it's<00:06:41.533> like,<00:06:42.441> it's<00:06:42.928> what<00:06:43.074> I<00:06:43.171> choose<00:06:43.577> to<00:06:43.804> wear,<00:06:44.631> the<00:06:44.680> sunglasses,<00:06:45.753> whatever,<00:06:46.160> the<00:06:46.257> car<00:06:46.501> I<00:06:46.664> drive.

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It's<00:06:47.558> important<00:06:47.782> real<00:06:47.942> estate.

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So,<00:06:48.359> it<00:06:48.391> was<00:06:48.487> all<00:06:48.648> about<00:06:48.840> self-expression.

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And<00:06:50.764> of<00:06:50.908> course,<00:06:51.212> music<00:06:51.629> was<00:06:51.966> sort<00:06:52.735> of<00:06:53.072> the<00:06:53.152> foundation<00:06:53.857> of<00:06:53.953> that<00:06:54.114> expression.

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But<00:06:55.797> what<00:06:55.941> I<00:06:56.182> learned<00:06:56.582> is<00:06:56.759> that<00:06:57.480> community<00:06:58.137> is<00:06:58.345> actually,<00:07:00.189> it's<00:07:00.766> the<00:07:00.862> next<00:07:01.327> level<00:07:01.824> or<00:07:01.968> the<00:07:02.048> higher<00:07:02.705> order<00:07:02.850> of<00:07:03.010> a<00:07:03.090> brand.

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When<00:07:04.212> people<00:07:04.837> actually<00:07:05.799> feel<00:07:06.200> connected<00:07:06.857> to<00:07:07.097> one<00:07:07.322> another<00:07:08.781> because<00:07:09.165> of<00:07:09.277> an<00:07:09.326> experience<00:07:10.127> that<00:07:10.367> you<00:07:10.528> create,<00:07:11.826> that<00:07:12.051> is<00:07:12.147> so<00:07:12.483> much<00:07:12.708> stickier<00:07:13.349> and<00:07:13.573> long-lasting.

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Than<00:07:15.192> a<00:07:15.272> good<00:07:15.433> brand.

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And,<00:07:17.421> you<00:07:17.677> know,<00:07:17.837> because<00:07:18.382> good,<00:07:18.639> good<00:07:18.879> brands<00:07:19.280> come<00:07:19.521> and<00:07:19.681> go<00:07:20.627> and<00:07:20.707> they<00:07:20.803> encounter,<00:07:21.989> you<00:07:22.070> know,<00:07:22.118> they<00:07:22.166> encounter<00:07:22.647> challenges<00:07:23.673> over<00:07:23.849> time,<00:07:24.651> new<00:07:24.795> competition,<00:07:26.398> you<00:07:26.671> know,<00:07:26.815> trends<00:07:27.360> change.

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But<00:07:28.658> it—<00:07:29.139> but<00:07:29.284> my<00:07:29.460> belief<00:07:29.797> is<00:07:29.925> that<00:07:30.085> experiences<00:07:31.047> are<00:07:31.207> the<00:07:31.528> root<00:07:32.329> of<00:07:32.426> what<00:07:32.730> really<00:07:33.147> bonds<00:07:33.612> human<00:07:33.949> beings<00:07:34.269> together.

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And<00:07:35.632> so<00:07:36.097> it<00:07:36.129> was<00:07:36.337> part<00:07:36.514> of<00:07:36.546> my<00:07:36.754> vision<00:07:37.139> when<00:07:37.235> I<00:07:37.315> got<00:07:37.459> into<00:07:37.700> Traeger<00:07:38.117> and<00:07:38.197> I<00:07:38.277> said,<00:07:39.159> you<00:07:39.239> know,<00:07:39.704> what<00:07:39.880> is<00:07:40.120> the<00:07:40.746> sort<00:07:41.004> of<00:07:41.229> the<00:07:41.568> most<00:07:41.874> foundational<00:07:42.840> communal<00:07:43.404> bond<00:07:44.772> amongst<00:07:45.175> human<00:07:45.513> beings.

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It's<00:07:46.222> sitting<00:07:46.576> across<00:07:47.188> the<00:07:47.285> table<00:07:48.493> and<00:07:48.638> it's<00:07:48.734> sharing<00:07:49.282> food<00:07:50.351> and<00:07:50.432> it's<00:07:50.660> getting<00:07:50.986> to<00:07:51.099> know<00:07:51.474> people.

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And<00:07:52.467> so,<00:07:52.874> everything<00:07:53.444> that<00:07:53.688> we<00:07:53.851> do,<00:07:54.095> and<00:07:54.177> this<00:07:54.421> is<00:07:54.584> the<00:07:54.812> gem<00:07:55.154> of<00:07:55.382> Traeger,<00:07:56.728> and<00:07:56.889> we're<00:07:56.987> still<00:07:57.246> a<00:07:57.310> small<00:07:57.715> business<00:07:58.201> relative<00:07:58.767> to<00:07:59.658> those<00:07:59.900> who<00:08:00.127> cook,<00:08:00.483> those<00:08:00.710> who<00:08:00.872> cook<00:08:01.098> at<00:08:01.196> home,<00:08:02.313> those<00:08:02.555> who<00:08:02.798> eat.

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This<00:08:07.394> bond<00:08:07.811> of<00:08:07.956> not<00:08:08.196> only<00:08:08.357> sitting<00:08:08.694> across<00:08:09.159> the<00:08:09.320> table<00:08:10.443> in<00:08:10.523> this<00:08:10.828> all-inclusive<00:08:11.727> moment<00:08:12.192> sharing<00:08:12.625> food,<00:08:13.732> but<00:08:13.877> the<00:08:14.117> bond<00:08:14.438> is<00:08:14.615> heightened<00:08:15.642> when<00:08:15.802> you've<00:08:16.059> cooked<00:08:16.380> the<00:08:16.524> food<00:08:17.487> and<00:08:17.648> when<00:08:17.808> like<00:08:18.049> this<00:08:18.305> journey<00:08:18.787> of<00:08:19.012> bringing<00:08:19.429> something<00:08:19.910> that<00:08:20.215> you<00:08:20.375> created<00:08:21.033> for,<00:08:21.900> for<00:08:22.076> someone<00:08:22.638> is<00:08:22.798> there.

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It's<00:08:23.264> sort<00:08:23.440> of<00:08:23.504> like<00:08:24.066> if<00:08:24.146> you<00:08:24.243> think<00:08:24.419> about<00:08:24.708> as<00:08:24.949> a,<00:08:25.510> you<00:08:25.590> know,<00:08:26.168> as<00:08:26.264> a<00:08:26.409> parent,<00:08:27.516> when<00:08:27.612> your<00:08:27.773> child<00:08:28.415> gives<00:08:28.655> you<00:08:29.538> a<00:08:30.581> gift,<00:08:31.608> it's<00:08:31.848> one<00:08:32.025> thing<00:08:32.266> if<00:08:32.410> they've<00:08:32.667> purchased<00:08:33.212> the<00:08:33.309> gift<00:08:33.613> and<00:08:33.774> wrapped<00:08:34.047> it.

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And<00:08:34.576> of<00:08:34.673> course,<00:08:34.898> that's<00:08:35.138> always<00:08:35.460> meaningful.

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But<00:08:36.664> when<00:08:36.840> they<00:08:37.162> made<00:08:37.467> it<00:08:38.687> and<00:08:38.831> they<00:08:39.249> talk<00:08:39.907> about<00:08:40.309> it,<00:08:40.774> like<00:08:41.160> everything<00:08:41.722> that<00:08:41.962> went<00:08:42.203> into<00:08:42.540> it,<00:08:42.717> it's<00:08:43.151> like<00:08:43.263> that's<00:08:43.745> special<00:08:44.548> and<00:08:44.644> it<00:08:44.772> sticks.

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And<00:08:46.394> when<00:08:46.555> that<00:08:46.876> bond<00:08:47.277> happens<00:08:48.305> 2<00:08:48.562> or<00:08:48.658> 3<00:08:49.043> or<00:08:49.188> 4<00:08:49.461> nights<00:08:49.862> a<00:08:49.991> week<00:08:50.874> in<00:08:51.034> your<00:08:51.275> home,<00:08:52.335> or<00:08:52.897> actually<00:08:53.202> during<00:08:53.363> the<00:08:53.459> pandemic<00:08:55.065> when,<00:08:56.253> you<00:08:56.333> know,<00:08:56.510> our<00:08:56.574> culinary<00:08:57.072> team<00:08:57.377> wasn't<00:08:57.634> coming<00:08:57.955> in<00:08:58.051> every<00:08:58.276> day,<00:08:58.902> I<00:08:58.918> used<00:08:59.079> to<00:08:59.175> do<00:08:59.304> my<00:08:59.962> lunch<00:09:00.267> meetings<00:09:00.604> in<00:09:00.700> my<00:09:00.828> house<00:09:01.887> and<00:09:02.031> I<00:09:02.128> would<00:09:02.176> invite<00:09:02.448> people<00:09:02.769> over<00:09:02.994> 4<00:09:03.154> or<00:09:03.315> 5<00:09:03.636> days<00:09:03.892> a<00:09:03.972> week<00:09:04.614> and<00:09:04.759> I<00:09:04.839> would<00:09:05.015> cook<00:09:05.240> for<00:09:05.416> them.

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And<00:09:06.924> they<00:09:07.101> couldn't<00:09:07.422> believe<00:09:07.759> it.

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They<00:09:07.983> would<00:09:08.144> show<00:09:08.529> up<00:09:08.721> and<00:09:09.251> it<00:09:09.331> would<00:09:09.491> be<00:09:09.603> a<00:09:09.732> reverse<00:09:10.165> seared<00:09:10.550> steak<00:09:11.657> and<00:09:11.737> a<00:09:11.914> baked<00:09:12.154> potato<00:09:12.700> from<00:09:12.956> the<00:09:13.101> Traeger.

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And<00:09:14.240> it<00:09:14.320> would<00:09:14.545> be,<00:09:15.603> you<00:09:15.684> know,<00:09:15.828> arugula<00:09:16.341> salad<00:09:16.871> with<00:09:17.063> a<00:09:17.111> smoked<00:09:17.769> lemon<00:09:18.635> vinaigrette<00:09:19.213> dressing<00:09:19.791> from<00:09:20.015> the<00:09:20.160> Traeger<00:09:20.978> and<00:09:21.202> cookies<00:09:21.684> that<00:09:21.780> I<00:09:22.004> baked<00:09:22.245> on<00:09:22.341> the<00:09:22.422> Traeger.

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And<00:09:24.090> these<00:09:24.347> were<00:09:24.571> different<00:09:24.988> lunch<00:09:25.325> meetings.

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I<00:09:25.726> mean,<00:09:25.871> like,<00:09:26.432> they<00:09:26.753> left<00:09:27.090> and<00:09:27.170> there<00:09:27.298> was<00:09:27.410> a<00:09:27.555> purpose,<00:09:28.741> but<00:09:28.902> they<00:09:29.078> left<00:09:29.383> and<00:09:29.447> they<00:09:29.495> said,<00:09:29.880> "I<00:09:29.960> can't<00:09:30.201> believe<00:09:30.441> you<00:09:30.586> did<00:09:30.762> that.

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That<00:09:31.484> was<00:09:31.708> really<00:09:31.949> meaningful."<00:09:32.927> That<00:09:33.168> is<00:09:33.328> what<00:09:33.553> community<00:09:34.130> is<00:09:34.290> for<00:09:34.435> us.

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And<00:09:35.333> that<00:09:35.589> is,<00:09:35.734> if<00:09:35.878> you<00:09:35.958> think<00:09:36.231> about<00:09:37.177> that,<00:09:37.899> the<00:09:38.380> moment,<00:09:39.903> for<00:09:40.048> that<00:09:40.320> moment<00:09:40.849> to<00:09:41.026> happen<00:09:41.571> often,<00:09:42.614> we<00:09:42.710> have<00:09:42.854> to<00:09:42.950> take<00:09:43.255> all<00:09:43.415> of<00:09:43.528> these<00:09:43.752> people<00:09:44.153> who<00:09:44.313> don't<00:09:44.554> like<00:09:44.730> to<00:09:44.939> cook<00:09:45.757> and<00:09:45.901> make<00:09:46.158> cooking<00:09:46.623> fun<00:09:47.665> and<00:09:47.761> make<00:09:48.002> them<00:09:48.387> good<00:09:48.627> at<00:09:48.788> cooking<00:09:49.285> and<00:09:49.365> make<00:09:49.622> the<00:09:49.766> results<00:09:50.472> meaningful.

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So,<00:09:52.140> That<00:09:52.396> is,<00:09:52.830> for<00:09:53.359> us,<00:09:53.536> community<00:09:54.017> is<00:09:54.242> everything.

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And<00:09:55.862> it's<00:09:56.087> truly<00:09:56.584> so<00:09:56.921> special.

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And<00:09:58.735> I<00:09:58.815> will<00:09:58.911> say,<00:09:59.232> you<00:09:59.393> love<00:09:59.569> it<00:09:59.697> when<00:09:59.794> strategy<00:10:00.420> works<00:10:00.756> because<00:10:01.077> it<00:10:01.222> doesn't<00:10:01.559> always<00:10:01.944> work.

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There<00:10:02.859> is<00:10:03.163> art<00:10:03.388> to<00:10:03.500> strategy.

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And<00:10:04.688> in<00:10:04.768> this<00:10:04.993> case,<00:10:05.185> it's<00:10:05.394> working.

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And<00:10:06.613> that,<00:10:07.255> like,<00:10:07.496> notwithstanding<00:10:08.683> all<00:10:08.780> of<00:10:08.924> the<00:10:09.020> challenges<00:10:09.662> that<00:10:09.887> we<00:10:09.983> face<00:10:10.946> in<00:10:11.042> the<00:10:11.267> world<00:10:11.588> today<00:10:11.909> of<00:10:12.005> supply<00:10:12.631> chain<00:10:12.968> and<00:10:13.513> consumer<00:10:14.091> sentiment<00:10:14.733> and<00:10:14.877> transportation<00:10:15.824> costs,<00:10:16.883> the<00:10:17.044> community<00:10:17.670> is<00:10:17.766> what<00:10:17.926> we<00:10:18.087> come<00:10:18.327> in<00:10:18.488> every<00:10:18.793> day<00:10:19.033> and<00:10:19.146> say,<00:10:20.253> We<00:10:20.398> will<00:10:20.558> protect<00:10:20.976> that<00:10:21.136> with<00:10:21.297> our<00:10:21.458> lives.

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How<00:10:22.582> do<00:10:22.726> you<00:10:22.822> sustain<00:10:23.304> that<00:10:23.465> with<00:10:23.689> everything<00:10:24.091> else<00:10:24.267> going<00:10:24.573> on,<00:10:24.829> though?

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Like<00:10:25.231> through<00:10:25.552> a<00:10:25.632> pandemic,<00:10:26.917> through<00:10:27.704> like<00:10:28.426> Russia<00:10:29.084> invading<00:10:29.711> Ukraine<00:10:30.305> and<00:10:30.449> somehow<00:10:30.851> that<00:10:30.995> affecting<00:10:31.573> the<00:10:31.734> entire<00:10:32.199> world,<00:10:33.259> through<00:10:33.500> the<00:10:33.596> supply<00:10:34.062> chain<00:10:34.447> issues,<00:10:34.865> like<00:10:35.170> all<00:10:35.250> this,<00:10:35.411> like<00:10:35.587> how<00:10:35.748> do<00:10:35.892> you<00:10:35.989> sustain<00:10:36.792> this<00:10:38.221> community<00:10:39.104> and,<00:10:39.618> you<00:10:39.698> know,<00:10:39.907> kind<00:10:40.083> of<00:10:40.115> the<00:10:40.244> heart<00:10:40.485> and<00:10:40.565> soul<00:10:40.790> of<00:10:40.870> the<00:10:40.966> company<00:10:41.849> when<00:10:42.074> the<00:10:42.171> whole<00:10:42.556> world<00:10:42.893> just<00:10:43.134> feels<00:10:43.375> like<00:10:43.600> it's<00:10:43.712> like<00:10:43.921> crumbling<00:10:44.483> around<00:10:44.948> you?

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So,<00:10:47.228> it's<00:10:47.630> a<00:10:47.694> really<00:10:47.871> good<00:10:48.031> question.

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And<00:10:48.673> I<00:10:48.834> think<00:10:49.059> you<00:10:49.396> kind<00:10:49.621> of<00:10:50.022> like,<00:10:50.440> we<00:10:50.600> really<00:10:50.841> try<00:10:51.082> and<00:10:51.242> pull<00:10:51.419> apart<00:10:51.804> the<00:10:51.885> commercial<00:10:52.511> component<00:10:53.009> of<00:10:53.105> the<00:10:53.250> business,<00:10:54.373> which<00:10:54.614> is<00:10:55.401> how<00:10:55.513> do<00:10:55.658> we<00:10:55.738> make<00:10:56.204> money<00:10:57.408> and<00:10:58.211> the<00:10:58.371> community<00:10:59.094> and<00:10:59.174> sort<00:10:59.415> of<00:10:59.495> this<00:11:00.395> foundational<00:11:01.197> component<00:11:02.305> of<00:11:02.402> Traeger.

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The<00:11:03.927> community<00:11:04.810> piece<00:11:05.035> has<00:11:05.131> been<00:11:05.308> interesting.

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And<00:11:05.902> actually,<00:11:06.978> we<00:11:07.122> came<00:11:07.379> into<00:11:07.524> the<00:11:07.620> pandemic<00:11:08.888> and<00:11:09.531> our<00:11:09.691> grill<00:11:09.948> sales<00:11:10.350> fell<00:11:10.574> off<00:11:10.735> a<00:11:10.815> cliff.

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I<00:11:11.377> mean,<00:11:11.554> like,<00:11:12.100> I<00:11:12.180> will<00:11:12.340> say<00:11:12.597> for<00:11:12.774> 6<00:11:13.304> weeks,<00:11:13.866> they<00:11:14.186> almost<00:11:14.587> went<00:11:14.779> to<00:11:14.860> zero.

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Nobody<00:11:16.687> was<00:11:16.847> buying.

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Our<00:11:17.312> pellet<00:11:17.633> sales<00:11:17.970> went<00:11:18.066> through<00:11:18.210> the<00:11:18.450> roof.

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It's<00:11:19.348> like,<00:11:20.037> I<00:11:20.054> need<00:11:20.358> water,<00:11:20.775> toilet<00:11:21.176> paper,<00:11:21.576> Purell,<00:11:22.378> and<00:11:22.522> Traeger<00:11:22.859> pellets.

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And<00:11:24.286> so,<00:11:25.023> but<00:11:25.825> we<00:11:26.049> really<00:11:26.370> didn't<00:11:26.562> know<00:11:26.851> what<00:11:27.011> would<00:11:27.171> happen.

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We<00:11:28.373> really,<00:11:29.255> honestly,<00:11:30.073> we<00:11:30.233> didn't<00:11:30.473> know<00:11:30.634> that<00:11:30.794> we<00:11:30.938> would<00:11:31.099> survive<00:11:31.435> it.

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We<00:11:32.381> had<00:11:32.622> $400<00:11:33.199> million<00:11:33.920> of<00:11:34.000> debt<00:11:34.225> on<00:11:34.321> the<00:11:34.481> business<00:11:35.844> from<00:11:36.020> a<00:11:36.084> transaction<00:11:36.790> that<00:11:36.950> we'd<00:11:37.110> done<00:11:37.270> a<00:11:37.367> couple<00:11:37.671> years<00:11:37.928> before.

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And<00:11:40.253> I<00:11:40.558> remember<00:11:40.976> sitting<00:11:41.940> in<00:11:42.020> this<00:11:42.341> room<00:11:43.048> and<00:11:44.591> with<00:11:45.876> my<00:11:46.036> senior<00:11:46.663> executive<00:11:47.482> team<00:11:48.832> and<00:11:49.233> deciding<00:11:49.876> that<00:11:50.519> the<00:11:50.695> world<00:11:51.000> was<00:11:51.097> scary.

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It<00:11:52.543> was<00:11:52.623> scary<00:11:53.009> for<00:11:53.330> us.

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It<00:11:53.748> was<00:11:53.892> scary<00:11:54.213> for<00:11:54.374> our<00:11:54.551> team.

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It<00:11:55.595> was<00:11:55.691> scary<00:11:56.093> for<00:11:56.398> everyone.

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And<00:11:57.780> so,<00:11:58.728> as<00:11:58.888> opposed<00:11:59.290> to<00:11:59.435> figuring<00:11:59.917> out<00:12:00.559> how<00:12:00.736> we<00:12:00.897> can<00:12:01.057> sell<00:12:01.395> another<00:12:01.860> grill,<00:12:02.808> you<00:12:02.985> cannot<00:12:03.403> swim<00:12:03.708> upstream<00:12:04.752> against<00:12:05.154> powerful<00:12:05.877> consumer<00:12:06.439> trends.

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And<00:12:07.386> the<00:12:07.546> trend<00:12:07.947> was<00:12:08.604> we<00:12:08.765> are<00:12:08.845> not<00:12:09.085> spending<00:12:09.566> money<00:12:09.871> on<00:12:10.191> anything<00:12:10.608> but<00:12:10.849> bare<00:12:11.025> necessities<00:12:12.291> early<00:12:12.676> on.

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That<00:12:12.932> changed.

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But<00:12:14.615> we<00:12:14.776> said,<00:12:15.722> but<00:12:15.818> we<00:12:16.042> have<00:12:16.218> a<00:12:16.299> community<00:12:16.924> of<00:12:17.164> 2<00:12:17.565> million<00:12:18.527> trader<00:12:18.943> owners.

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And<00:12:20.290> so<00:12:21.332> what<00:12:21.572> can<00:12:21.973> we<00:12:22.230> do<00:12:23.031> to<00:12:23.336> actually—<00:12:23.816> because<00:12:24.153> we<00:12:24.297> can't<00:12:24.554> go<00:12:24.955> in<00:12:25.339> these<00:12:25.516> communities<00:12:26.157> and<00:12:26.317> cook<00:12:27.343> like<00:12:27.583> we<00:12:27.680> do.

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We<00:12:28.016> have<00:12:28.144> this<00:12:28.305> grassroots<00:12:28.882> cooking<00:12:29.283> program<00:12:29.619> around<00:12:29.828> the<00:12:29.924> country.

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Yeah,<00:12:30.950> it<00:12:31.030> go<00:12:31.126> into<00:12:31.350> their<00:12:31.591> homes.

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We<00:12:32.488> can't<00:12:32.809> go<00:12:32.953> into<00:12:33.146> these<00:12:33.450> retailers.

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But<00:12:34.492> what<00:12:34.652> we<00:12:34.813> can<00:12:35.037> do<00:12:35.229> is<00:12:35.598> we<00:12:35.694> can<00:12:35.854> use<00:12:36.159> content<00:12:37.376> and<00:12:37.457> we<00:12:37.601> can<00:12:37.777> pivot<00:12:38.114> our<00:12:38.338> digital<00:12:38.739> strategy<00:12:39.700> to<00:12:39.844> get<00:12:40.020> in<00:12:40.325> everyone's<00:12:41.046> living<00:12:41.527> room<00:12:42.104> and<00:12:42.344> everyone's<00:12:42.889> back<00:12:43.145> porch.

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And<00:12:43.530> so<00:12:43.690> we<00:12:43.722> started<00:12:44.107> this<00:12:44.668> Traeger<00:12:45.068> Kitchen<00:12:45.389> Live<00:12:46.446> and<00:12:46.510> like<00:12:47.135> almost<00:12:47.616> overnight,<00:12:47.937> and<00:12:48.337> we<00:12:48.577> weren't<00:12:48.818> even<00:12:48.930> going<00:12:49.154> out<00:12:49.619> and<00:12:49.940> producing<00:12:50.436> these,<00:12:51.238> we<00:12:51.622> were<00:12:51.879> sending<00:12:53.160> production<00:12:53.737> equipment<00:12:55.244> to<00:12:55.404> influencers<00:12:56.109> around<00:12:56.349> the<00:12:56.445> country<00:12:56.910> who<00:12:57.070> were<00:12:57.167> our<00:12:57.327> partners<00:12:58.513> and<00:12:58.673> we<00:12:58.753> were<00:12:58.849> teaching<00:12:59.234> them<00:12:59.474> how<00:12:59.506> to<00:12:59.650> set<00:12:59.971> it<00:13:00.115> up.

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And<00:13:00.676> do<00:13:00.773> this<00:13:01.013> class<00:13:01.398> on<00:13:01.479> their<00:13:01.655> own<00:13:01.880> because<00:13:02.121> their<00:13:02.281> neighbors<00:13:02.698> couldn't<00:13:02.859> even<00:13:03.100> come<00:13:03.340> over<00:13:03.437> and<00:13:03.565> help<00:13:03.742> them.

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And<00:13:05.186> very<00:13:05.427> quickly,<00:13:06.293> we<00:13:06.454> had—<00:13:07.497> we<00:13:07.754> were<00:13:07.979> having<00:13:08.203> 150,000,<00:13:09.343> 200,000<00:13:11.429> views<00:13:11.927> of<00:13:12.007> this<00:13:12.392> hour<00:13:12.649> cooking<00:13:13.050> segment<00:13:13.917> every<00:13:14.254> week.

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And<00:13:15.441> so<00:13:16.244> everything<00:13:16.806> we<00:13:16.902> did<00:13:17.929> was<00:13:18.106> about<00:13:18.571> community.

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How<00:13:19.390> do<00:13:19.871> we—<00:13:20.914> as<00:13:21.075> opposed<00:13:21.556> to<00:13:21.717> trying<00:13:22.022> to<00:13:22.054> sell<00:13:22.375> something<00:13:22.760> that<00:13:22.985> no<00:13:23.081> one<00:13:23.305> wanted,<00:13:24.830> how<00:13:24.926> do<00:13:25.071> we<00:13:25.167> get<00:13:25.408> people's<00:13:25.889> homes?

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And<00:13:26.772> be<00:13:26.932> a<00:13:27.013> part<00:13:27.333> of<00:13:27.429> the<00:13:27.558> solution.

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How<00:13:28.873> do<00:13:28.953> we<00:13:29.081> make<00:13:29.322> them<00:13:29.482> feel<00:13:29.963> good<00:13:30.140> in<00:13:30.236> their<00:13:30.445> backyards?

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Because<00:13:31.888> that's<00:13:32.144> where<00:13:32.289> they<00:13:32.385> felt<00:13:32.722> safe.

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And<00:13:34.935> our<00:13:35.913> community<00:13:36.394> took<00:13:36.699> off.

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I<00:13:37.276> mean,<00:13:37.421> like,<00:13:37.677> it<00:13:37.742> was<00:13:37.918> insane<00:13:38.640> what<00:13:38.864> happened.

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The<00:13:40.243> community<00:13:40.805> got<00:13:41.125> tight<00:13:42.072> and<00:13:42.152> the<00:13:42.248> engagement<00:13:43.034> metrics<00:13:43.595> went<00:13:43.756> through<00:13:43.932> the<00:13:44.092> roof.

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And<00:13:45.536> eventually<00:13:45.921> we<00:13:45.953> started<00:13:46.273> selling<00:13:46.642> grills<00:13:46.899> again.

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And<00:13:47.364> then<00:13:48.503> you<00:13:48.647> realize,<00:13:49.786> I<00:13:49.866> can't<00:13:50.090> travel,<00:13:51.470> I<00:13:51.550> can't<00:13:51.790> eat<00:13:51.935> out.

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I'm<00:13:53.551> making<00:13:53.844> a<00:13:53.860> lot<00:13:54.088> of<00:13:54.153> money.

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And<00:13:54.576> by<00:13:54.657> the<00:13:54.755> way,<00:13:54.836> the<00:13:54.901> government's<00:13:55.389> given<00:13:55.633> me<00:13:55.796> tons<00:13:56.056> of<00:13:56.121> free<00:13:56.430> money,<00:13:58.073> which<00:13:58.236> has<00:13:58.382> created<00:13:58.707> all<00:13:58.740> sorts<00:13:59.065> of<00:13:59.195> other<00:13:59.374> issues.

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And<00:14:02.336> grill<00:14:02.577> sales<00:14:02.883> took<00:14:03.077> off.

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And<00:14:03.947> it's<00:14:04.188> interesting,<00:14:04.736> and<00:14:04.929> I<00:14:04.994> think<00:14:05.171> it's<00:14:05.332> important<00:14:05.702> to<00:14:05.783> fast<00:14:06.121> forward<00:14:06.363> because<00:14:07.313> what<00:14:10.408> you<00:14:10.618> really<00:14:10.941> want<00:14:11.102> to<00:14:11.280> build<00:14:12.329> is<00:14:12.474> a<00:14:12.652> business<00:14:13.120> that's<00:14:13.378> resilient,<00:14:14.654> a<00:14:14.831> business<00:14:15.299> that<00:14:15.541> gets<00:14:15.800> through<00:14:16.026> hard<00:14:16.284> times.

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And<00:14:17.882> this<00:14:18.076> is<00:14:18.205> a<00:14:18.302> hard<00:14:18.544> time<00:14:18.851> for<00:14:19.028> us.

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And<00:14:20.305> it's<00:14:20.947> hard<00:14:21.172> for<00:14:21.991> a<00:14:22.072> couple<00:14:22.329> of<00:14:22.457> reasons.

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One,<00:14:23.662> the<00:14:23.742> supply<00:14:24.224> chain<00:14:24.625> about,<00:14:25.461> I<00:14:25.637> don't<00:14:25.766> know,<00:14:26.087> 14<00:14:26.569> months<00:14:26.826> ago,<00:14:27.549> supply<00:14:28.095> chain<00:14:28.336> just<00:14:28.577> turned<00:14:28.898> upside<00:14:29.300> down,<00:14:30.022> particularly<00:14:30.360> supply<00:14:30.825> chains<00:14:31.131> from<00:14:31.372> Asia.

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You<00:14:32.913> couldn't<00:14:33.154> get<00:14:33.379> components.

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If<00:14:34.600> you<00:14:34.696> could<00:14:34.841> get<00:14:35.066> them,<00:14:35.226> they<00:14:35.307> were<00:14:35.403> expensive.

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Transportation<00:14:37.652> costs,<00:14:38.455> a<00:14:38.519> 40-foot<00:14:40.286> container<00:14:41.362> from<00:14:41.667> China<00:14:42.005> to<00:14:42.213> the<00:14:42.310> West<00:14:42.615> Coast<00:14:43.354> went<00:14:43.514> from<00:14:43.643> $1,500<00:14:45.442> to<00:14:45.522> $15,000<00:14:47.771> overnight.

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And<00:14:48.976> like,<00:14:49.152> if<00:14:49.217> you<00:14:49.361> told<00:14:49.538> me—.

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Incredible—.

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If<00:14:50.983> you<00:14:51.080> said<00:14:51.240> it's<00:14:51.337> going<00:14:51.417> to<00:14:51.449> go<00:14:51.546> by<00:14:51.706> 50%,<00:14:52.590> I<00:14:52.670> would<00:14:52.766> have<00:14:52.831> said,<00:14:53.859> oh<00:14:53.891> no.

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But<00:14:54.903> when<00:14:55.015> it<00:14:55.144> goes<00:14:55.320> up<00:14:55.465> by<00:14:55.706> 10<00:14:56.123> times,<00:14:57.167> it's<00:14:57.280> like<00:14:58.147> silly<00:14:58.613> season.

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Like,<00:14:59.272> it<00:14:59.336> was<00:14:59.561> totally<00:14:59.978> insane.

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And<00:15:01.263> so<00:15:01.970> margins<00:15:02.548> get<00:15:02.853> crushed.

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And<00:15:04.476> then<00:15:04.701> we<00:15:04.797> get<00:15:05.038> into<00:15:06.066> the<00:15:06.146> spring<00:15:07.431> and<00:15:08.010> grill<00:15:08.331> sales<00:15:08.748> are<00:15:08.813> not<00:15:09.118> picking<00:15:09.519> up<00:15:09.680> the<00:15:09.760> way<00:15:09.873> that<00:15:10.001> they<00:15:10.162> had<00:15:10.804> for<00:15:11.061> 9<00:15:11.527> years<00:15:11.848> that<00:15:11.945> I'd<00:15:12.105> been<00:15:12.266> in<00:15:12.411> this<00:15:12.587> business.

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And<00:15:14.097> we<00:15:14.193> couldn't<00:15:14.418> figure<00:15:14.610> it<00:15:14.739> out.

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There<00:15:15.589> was<00:15:15.717> a<00:15:15.862> war<00:15:15.958> in<00:15:16.054> Ukraine.

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Is<00:15:16.696> it<00:15:16.825> the<00:15:16.905> war<00:15:17.162> in<00:15:17.242> Ukraine?

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Consumer<00:15:18.285> sentiment<00:15:18.846> falls<00:15:19.167> off<00:15:19.328> a<00:15:19.392> cliff.

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Gas<00:15:20.611> prices<00:15:21.093> go<00:15:21.269> through<00:15:21.751> the<00:15:21.895> roof.

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Is<00:15:22.713> it,<00:15:23.018> are<00:15:23.323> consumers<00:15:23.901> finally<00:15:24.366> seeing<00:15:24.703> inflation?

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Is<00:15:26.051> it<00:15:26.212> hitting<00:15:26.468> their<00:15:26.629> pocketbooks?

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And<00:15:27.896> I<00:15:27.977> think<00:15:28.169> it<00:15:28.233> was<00:15:28.378> a<00:15:28.474> little<00:15:28.715> bit<00:15:28.859> of<00:15:28.955> all<00:15:29.116> of<00:15:29.260> those<00:15:29.549> things,<00:15:30.480> but<00:15:30.640> it<00:15:30.704> was<00:15:30.881> mostly<00:15:31.362> something<00:15:31.908> else<00:15:32.790> that<00:15:32.951> we<00:15:33.127> understood<00:15:33.689> better<00:15:33.930> when<00:15:34.186> Target<00:15:35.213> reported<00:15:36.160> their<00:15:36.256> spring<00:15:36.658> earnings.

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Boy,<00:15:37.925> this<00:15:38.102> feels<00:15:38.294> like<00:15:39.048> 10<00:15:39.289> years<00:15:39.562> ago,<00:15:39.851> but<00:15:39.899> it<00:15:39.931> was<00:15:39.979> like<00:15:40.653> 8<00:15:40.894> months<00:15:41.231> ago.

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And<00:15:42.273> they<00:15:42.433> said<00:15:43.459> everything<00:15:44.036> that<00:15:44.261> trended,<00:15:44.838> all<00:15:44.998> of<00:15:45.078> these<00:15:45.383> consumer<00:15:45.960> durables<00:15:47.002> that<00:15:47.162> trended<00:15:47.723> during<00:15:48.028> the<00:15:48.124> pandemic,<00:15:49.150> and<00:15:49.230> they<00:15:49.407> listed<00:15:49.872> lots<00:15:50.192> of<00:15:50.272> them.

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And<00:15:50.513> actually,<00:15:51.154> the<00:15:51.250> poster<00:15:51.715> child<00:15:52.036> was<00:15:52.212> bikes.

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You<00:15:53.334> could<00:15:53.511> not<00:15:53.879> buy<00:15:54.072> a<00:15:54.280> bike<00:15:55.162> during<00:15:55.338> the<00:15:55.418> pandemic.

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And<00:15:56.685> Target<00:15:57.021> said,<00:15:57.262> we<00:15:57.406> couldn't<00:15:57.663> keep<00:15:58.047> bikes<00:15:58.384> on<00:15:58.785> shelf.

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We<00:15:59.987> could<00:16:00.212> not<00:16:00.452> keep<00:16:00.693> them<00:16:00.805> on<00:16:01.013> shelf.

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And<00:16:01.911> now<00:16:02.215> we<00:16:02.376> are<00:16:02.456> swimming<00:16:03.193> in<00:16:03.354> bicycle<00:16:03.979> inventory<00:16:05.101> and<00:16:05.197> we<00:16:05.358> can't<00:16:05.614> sell<00:16:05.838> them.

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And<00:16:06.704> they<00:16:06.816> said,<00:16:07.586> But<00:16:07.987> luggage,<00:16:09.126> steady<00:16:09.832> eddy,<00:16:10.009> flat<00:16:10.570> category<00:16:11.132> for<00:16:11.517> decades.

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Luggage<00:16:12.896> is<00:16:13.057> up<00:16:13.217> 50%.

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And<00:16:15.046> then<00:16:15.223> you<00:16:15.367> hear<00:16:15.560> Marriott<00:16:16.266> report<00:16:16.747> their<00:16:16.987> earnings<00:16:17.774> and<00:16:17.950> Delta<00:16:18.496> Airlines,<00:16:19.538> and<00:16:19.699> you<00:16:19.795> realize<00:16:20.276> that<00:16:20.421> consumers<00:16:21.030> said,<00:16:21.801> we're<00:16:21.961> done<00:16:22.362> buying<00:16:22.683> stuff.

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We<00:16:23.966> can<00:16:24.191> finally—<00:16:24.688> we<00:16:24.785> can<00:16:24.849> go<00:16:24.945> to<00:16:25.154> Europe<00:16:25.426> again.

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Yeah.

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And<00:16:26.678> so<00:16:27.031> everyone<00:16:27.496> got<00:16:27.721> on<00:16:27.897> airplanes<00:16:29.020> and<00:16:29.100> they<00:16:29.261> said,<00:16:29.662> we<00:16:29.822> are<00:16:30.047> buying<00:16:30.384> experiences,<00:16:31.106> not<00:16:31.362> things.

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And<00:16:32.694> so<00:16:33.416> I<00:16:33.512> say<00:16:33.673> all<00:16:33.817> this<00:16:33.994> because<00:16:34.780> it's<00:16:34.941> hard<00:16:35.262> for<00:16:35.374> us<00:16:35.583> right<00:16:35.775> now.

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It's<00:16:37.123> like<00:16:37.348> the<00:16:37.508> trifecta<00:16:38.311> of<00:16:38.953> margins<00:16:39.434> are<00:16:39.595> down,<00:16:40.558> sales<00:16:41.135> are<00:16:41.232> soft<00:16:41.761> for<00:16:41.858> the<00:16:41.938> first<00:16:42.339> time<00:16:42.660> that<00:16:42.804> I've<00:16:42.965> experienced<00:16:43.462> in<00:16:44.104> the<00:16:44.185> 9<00:16:44.570> years<00:16:44.811> I've<00:16:44.987> been<00:16:45.212> here.

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Oh,<00:16:46.592> and<00:16:46.736> by<00:16:46.913> the<00:16:46.993> way,<00:16:47.956> we<00:16:48.052> still<00:16:48.293> sit<00:16:48.518> on<00:16:48.662> $400<00:16:49.946> million<00:16:50.604> of<00:16:50.765> debt.

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And<00:16:52.048> so,<00:16:52.835> it's<00:16:53.156> a<00:16:53.236> challenging<00:16:53.637> moment.

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And<00:16:54.279> so,<00:16:54.536> we<00:16:54.761> come<00:16:55.017> in<00:16:55.194> and<00:16:55.403> we<00:16:55.515> say,<00:16:56.847> we're<00:16:57.008> going<00:16:57.088> to<00:16:57.168> figure<00:16:57.730> out,<00:16:58.131> we're<00:16:58.628> reinventing<00:16:59.816> our<00:16:59.912> product<00:17:00.410> strategy,<00:17:01.036> our<00:17:01.100> supply<00:17:01.678> chain<00:17:01.983> strategy,<00:17:03.187> where<00:17:03.444> and<00:17:03.589> how<00:17:03.846> we<00:17:04.006> manufacture.

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But<00:17:05.435> that<00:17:05.611> takes<00:17:05.997> time.

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Yeah.

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You<00:17:08.180> know,<00:17:08.405> we're<00:17:09.207> reinventing<00:17:09.946> so<00:17:10.267> much<00:17:10.508> of<00:17:10.652> the<00:17:10.749> commercial<00:17:11.375> part<00:17:11.551> of<00:17:11.632> the<00:17:11.792> business,<00:17:13.060> but<00:17:13.237> we're<00:17:13.526> saying<00:17:13.654> as<00:17:13.863> long<00:17:14.104> as<00:17:14.264> consumers<00:17:14.826> are<00:17:14.906> more<00:17:15.163> focused<00:17:15.629> on<00:17:16.351> travel<00:17:16.769> than<00:17:17.010> buying<00:17:17.315> things,<00:17:18.679> we're<00:17:18.759> going<00:17:18.856> to<00:17:18.936> focus<00:17:19.562> on<00:17:20.204> the<00:17:20.301> community<00:17:20.862> that<00:17:21.087> currently<00:17:22.147> is<00:17:22.371> in<00:17:22.468> the<00:17:22.612> traderhood,<00:17:23.656> that,<00:17:23.913> that<00:17:24.234> consumer<00:17:25.101> like<00:17:25.341> who,<00:17:25.662> who<00:17:25.823> truly<00:17:26.401> loves<00:17:27.284> what<00:17:27.444> we<00:17:27.605> bring<00:17:27.846> them.

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And<00:17:28.279> I'll<00:17:28.392> tell<00:17:28.568> you<00:17:28.713> what's<00:17:28.969> interesting.

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Our<00:17:29.997> community<00:17:30.672> engagement<00:17:31.122> metrics<00:17:32.102> are<00:17:32.198> through<00:17:32.584> the<00:17:32.825> roof.

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It's<00:17:33.998> like,<00:17:34.255> like<00:17:34.496> we've<00:17:34.753> never<00:17:35.138> seen.

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Now,<00:17:36.038> we're<00:17:36.135> not<00:17:36.424> bringing<00:17:36.745> as<00:17:36.922> many<00:17:37.179> new<00:17:37.388> members<00:17:37.886> into<00:17:38.046> the<00:17:38.191> community<00:17:38.609> right<00:17:38.850> now,<00:17:39.476> and<00:17:39.557> that'll<00:17:39.798> change.

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But<00:17:41.099> the<00:17:41.260> resilience<00:17:42.047> of<00:17:42.127> our<00:17:42.384> business<00:17:43.509> is<00:17:43.734> the<00:17:43.830> community.

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And<00:17:45.357> so<00:17:45.758> everything<00:17:46.321> we<00:17:46.481> do—<00:17:46.626> and<00:17:46.722> it's<00:17:46.883> interesting,<00:17:47.686> like<00:17:47.911> we've<00:17:48.152> pivoted<00:17:48.570> from<00:17:49.373> like<00:17:49.614> meaningfully<00:17:50.257> investing<00:17:50.803> in<00:17:50.899> top-of-funnel<00:17:51.687> marketing<00:17:52.747> to<00:17:52.908> saying<00:17:53.615> that's<00:17:53.856> a—<00:17:54.177> that<00:17:54.370> is<00:17:54.514> a<00:17:54.755> bad<00:17:55.061> use<00:17:55.318> of<00:17:55.478> money<00:17:55.784> right<00:17:55.976> now.

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Because<00:17:56.847> consumers<00:17:57.493> are<00:17:57.590> not<00:17:57.961> listening<00:17:58.381> to<00:17:58.607> us.

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We<00:17:59.333> can't<00:17:59.511> get<00:17:59.688> a<00:17:59.753> return<00:18:00.157> on<00:18:00.463> that.

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But<00:18:01.351> what<00:18:01.513> we<00:18:01.594> can<00:18:01.771> do<00:18:01.949> is<00:18:02.094> take<00:18:02.336> all<00:18:02.433> of<00:18:02.562> our<00:18:02.643> marketing<00:18:03.289> funds<00:18:04.193> and<00:18:04.274> invest<00:18:04.758> them<00:18:04.936> in<00:18:05.130> community<00:18:05.547> engagement.

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And<00:18:06.929> suddenly<00:18:07.476> those<00:18:07.813> that<00:18:08.054> live<00:18:08.231> in<00:18:08.311> our<00:18:08.536> community<00:18:08.857> are<00:18:08.938> stoked.

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It's<00:18:10.786> like<00:18:11.027> we<00:18:11.171> saw—<00:18:11.670> I<00:18:11.686> mean,<00:18:11.830> our<00:18:12.055> unaided<00:18:12.393> brand<00:18:12.698> awareness<00:18:13.582> spending<00:18:14.080> nothing<00:18:14.450> this<00:18:14.790> year<00:18:15.764> on,<00:18:18.199> on<00:18:18.280> top-of-funnel<00:18:18.815> marketing,<00:18:19.675> it's<00:18:19.838> up<00:18:19.919> 15%<00:18:20.633> year<00:18:20.876> over<00:18:21.039> year.

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Oh,<00:18:22.116> it's<00:18:22.357> up<00:18:22.774> 50%<00:18:24.217> in<00:18:24.442> 2<00:18:24.618> years.

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And<00:18:26.061> yet<00:18:26.366> we're<00:18:26.446> not<00:18:26.607> spending<00:18:27.168> any<00:18:27.344> money<00:18:27.665> there.

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We<00:18:28.082> are<00:18:28.227> only<00:18:28.547> stoking<00:18:29.093> out<00:18:29.253> our<00:18:29.429> community.

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And<00:18:30.696> the<00:18:30.857> benefit<00:18:31.258> you<00:18:31.354> get<00:18:31.514> from<00:18:31.739> that<00:18:31.931> is<00:18:32.316> your<00:18:32.476> community<00:18:33.038> talks<00:18:33.358> to<00:18:33.519> other<00:18:33.679> people.

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And<00:18:34.882> so<00:18:35.042> strategy<00:18:35.604> is<00:18:35.748> evolving.

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But,<00:18:36.807> but,<00:18:37.272> but<00:18:37.448> we<00:18:37.608> just,<00:18:38.314> you<00:18:38.426> know,<00:18:38.555> we<00:18:38.651> come<00:18:38.891> in<00:18:38.972> every<00:18:39.212> day<00:18:39.373> and<00:18:39.453> say,<00:18:40.174> protect<00:18:40.655> what's<00:18:40.880> important,<00:18:42.163> even<00:18:42.275> if<00:18:42.420> we<00:18:42.500> can't<00:18:42.821> make<00:18:43.767> the<00:18:43.863> type<00:18:44.168> of<00:18:44.328> money<00:18:44.665> that<00:18:44.905> we<00:18:45.066> used<00:18:45.370> to<00:18:45.467> make.

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And<00:18:45.948> then<00:18:46.253> we,<00:18:46.734> you<00:18:46.766> know,<00:18:46.910> we<00:18:47.070> were<00:18:48.177> $110,<00:18:48.915> $120<00:18:49.814> million<00:18:50.455> of<00:18:50.680> EBITDA.

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And<00:18:52.749> this<00:18:53.006> year,<00:18:53.247> we've<00:18:53.471> guided<00:18:53.824> to<00:18:54.931> $35<00:18:55.653> million<00:18:56.295> of<00:18:56.391> EBITDA.

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And<00:18:57.915> so,<00:18:59.006> all<00:18:59.166> of<00:18:59.263> those<00:18:59.568> things<00:18:59.824> have<00:18:59.904> changed.

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But<00:19:00.787> I<00:19:00.867> think<00:19:01.814> as<00:19:01.926> a<00:19:02.006> CEO<00:19:03.418> running<00:19:03.979> any<00:19:04.236> company,<00:19:04.797> whether<00:19:05.022> it's<00:19:05.199> public<00:19:05.584> or<00:19:05.680> private,<00:19:06.562> and<00:19:06.642> when<00:19:06.787> you<00:19:06.883> run<00:19:07.188> public,<00:19:07.990> you<00:19:08.086> feel<00:19:08.487> more<00:19:08.808> pressure<00:19:09.755> to<00:19:09.915> try<00:19:10.092> to<00:19:10.236> fix<00:19:10.637> problems<00:19:11.439> in<00:19:11.535> the<00:19:11.664> moment,<00:19:12.819> in<00:19:12.899> the<00:19:13.059> quarter.

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I<00:19:14.102> think<00:19:14.407> you<00:19:14.504> step<00:19:14.905> back<00:19:15.242> and<00:19:15.371> you<00:19:15.467> say,<00:19:15.852> what<00:19:16.013> is<00:19:16.189> enduring?

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If<00:19:17.778> I<00:19:17.955> do<00:19:18.116> this<00:19:18.437> right,<00:19:18.822> long<00:19:19.143> term,<00:19:20.267> will<00:19:20.443> I<00:19:20.684> win?

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And<00:19:21.872> how<00:19:21.968> do<00:19:22.129> I<00:19:22.225> make<00:19:22.450> sure<00:19:22.610> I<00:19:22.755> don't<00:19:22.996> sacrifice<00:19:24.601> for<00:19:24.842> current<00:19:25.339> business<00:19:25.805> trends,<00:19:26.928> even<00:19:27.169> if<00:19:27.282> it<00:19:27.410> feels<00:19:27.972> better<00:19:28.229> in<00:19:28.309> the<00:19:28.453> moment?

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And<00:19:29.914> that,<00:19:30.219> that<00:19:30.380> was<00:19:30.556> a<00:19:30.572> major<00:19:31.118> lesson<00:19:32.001> of<00:19:32.146> mine.

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I<00:19:32.964> was<00:19:33.366> like,<00:19:33.590> I<00:19:33.606> didn't<00:19:33.767> want<00:19:33.976> to<00:19:34.072> be<00:19:34.168> the<00:19:34.248> highest<00:19:34.570> shorted<00:19:35.388> stock<00:19:35.693> on<00:19:35.757> the<00:19:35.789> Nasdaq.

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That<00:19:36.801> was<00:19:37.058> really<00:19:37.298> uncomfortable<00:19:38.101> for<00:19:38.326> me.

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And<00:19:39.225> I<00:19:39.369> remember<00:19:40.011> doing<00:19:40.429> things<00:19:41.555> that<00:19:42.995> were<00:19:43.108> short-term<00:19:43.755> in<00:19:43.917> nature<00:19:45.018> and,<00:19:45.665> you<00:19:45.762> know,<00:19:45.859> around<00:19:46.150> channel<00:19:46.814> and<00:19:46.976> product,<00:19:49.240> you<00:19:49.288> know,<00:19:49.336> and<00:19:49.432> protect<00:19:49.898> culture<00:19:50.622> the<00:19:50.782> way<00:19:51.040> that<00:19:51.586> I<00:19:51.763> believed<00:19:53.129> because<00:19:53.434> you<00:19:53.531> think<00:19:53.788> you<00:19:53.917> can<00:19:54.077> fix<00:19:54.415> in<00:19:54.495> a<00:19:54.576> quarter<00:19:55.540> and<00:19:55.620> then<00:19:55.845> you<00:19:55.942> get<00:19:56.199> through<00:19:56.344> 4<00:19:56.585> of<00:19:56.810> these<00:19:56.987> quarters<00:19:57.935> and<00:19:58.015> you<00:19:58.080> got<00:19:58.160> to<00:19:58.353> anniversary<00:19:58.997> stupid<00:19:59.561> things<00:19:59.883> that<00:20:00.028> you<00:20:00.124> did<00:20:00.752> 4<00:20:01.010> quarters<00:20:01.428> ago.

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And<00:20:02.523> so,<00:20:03.102> major<00:20:03.569> lesson,<00:20:04.133> do<00:20:04.374> what's<00:20:04.712> right<00:20:05.517> for<00:20:05.678> your<00:20:05.984> organization<00:20:06.886> and<00:20:07.031> for<00:20:07.192> your<00:20:07.449> business.

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Every<00:20:08.915> single<00:20:09.466> day.

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And<00:20:10.521> if<00:20:10.683> you<00:20:10.845> do<00:20:11.088> that,<00:20:11.640> you'll<00:20:11.899> win.

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And<00:20:12.872> it's<00:20:13.278> interesting<00:20:13.683> for<00:20:13.829> me<00:20:14.008> to<00:20:14.170> look<00:20:14.332> back.

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I<00:20:14.754> mean,<00:20:14.900> if<00:20:15.046> you<00:20:15.127> look<00:20:15.224> at<00:20:15.386> Tesla,<00:20:16.418> Tesla<00:20:16.885> back<00:20:17.271> in<00:20:17.834> 2018,<00:20:19.363> people<00:20:19.685> were<00:20:19.846> calling<00:20:20.264> the<00:20:20.506> end<00:20:20.731> of<00:20:20.892> Tesla.

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Yeah,<00:20:22.115> too<00:20:22.260> much<00:20:22.598> leverage.

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Manufacturing<00:20:24.691> was<00:20:24.853> not<00:20:25.097> efficient.

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Like,<00:20:26.331> there<00:20:26.429> are<00:20:26.542> all<00:20:26.721> these<00:20:27.046> issues.

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And<00:20:29.977> you<00:20:30.074> got—<00:20:30.382> you<00:20:30.803> have<00:20:31.062> to<00:20:31.224> admire<00:20:31.871> Elon<00:20:32.179> Musk<00:20:32.989> for<00:20:33.150> a<00:20:33.296> lot<00:20:33.490> of<00:20:33.636> reasons.

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But<00:20:34.763> for<00:20:35.004> this<00:20:35.325> one,<00:20:35.952> he<00:20:36.064> said,<00:20:36.433> we're<00:20:36.514> staying<00:20:36.915> the<00:20:36.996> course,<00:20:37.895> we're<00:20:38.008> staying<00:20:38.297> the<00:20:38.441> course.

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And<00:20:39.726> we<00:20:39.823> just,<00:20:40.208> we<00:20:40.529> believe<00:20:40.947> that's<00:20:41.108> the<00:20:41.252> right<00:20:41.493> way<00:20:41.573> to<00:20:41.654> run<00:20:41.766> a<00:20:41.830> business.

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Yeah.

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And<00:20:44.417> now<00:20:44.641> he's<00:20:44.802> got<00:20:44.963> Twitter<00:20:45.669> and<00:20:46.232> everyone<00:20:46.954> was<00:20:47.276> acting<00:20:47.420> like<00:20:47.533> it<00:20:47.565> was<00:20:47.838> going<00:20:47.902> to<00:20:47.934> go<00:20:48.095> down<00:20:48.416> just<00:20:48.641> last<00:20:48.898> night,<00:20:49.460> like<00:20:49.701> it<00:20:49.782> was<00:20:49.942> like<00:20:50.167> all<00:20:50.488> over<00:20:50.713> or<00:20:50.922> something.

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I<00:20:52.014> think<00:20:52.191> betting<00:20:52.528> against<00:20:52.817> that<00:20:52.914> guy<00:20:53.042> is<00:20:53.155> a<00:20:53.219> mistake.

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I<00:20:54.504> would<00:20:54.600> never,<00:20:54.922> I<00:20:55.002> would<00:20:55.163> never<00:20:55.484> bet<00:20:55.660> against<00:20:56.046> him.

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And<00:20:56.994> it's<00:20:57.556> interesting<00:20:58.680> as<00:20:58.841> you<00:20:59.178> read<00:20:59.564> about<00:21:00.366> what<00:21:00.927> he's<00:21:01.184> doing,<00:21:02.724> Twitter<00:21:03.028> is<00:21:03.173> going<00:21:03.365> to<00:21:03.509> survive.

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But<00:21:07.518> if<00:21:07.663> he<00:21:07.759> continued<00:21:08.272> to<00:21:08.464> run<00:21:08.657> it<00:21:08.737> the<00:21:08.881> way<00:21:09.042> that<00:21:09.122> it<00:21:09.202> was<00:21:09.362> being<00:21:09.667> run,<00:21:10.485> it<00:21:10.645> would<00:21:10.789> have<00:21:10.950> died<00:21:11.222> a<00:21:11.367> death<00:21:11.687> of<00:21:11.752> 1,000<00:21:12.409> paper<00:21:12.634> cuts.

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So,<00:21:14.077> you<00:21:14.189> might<00:21:14.478> as<00:21:14.638> well<00:21:14.750> make<00:21:15.119> some<00:21:15.456> bold<00:21:15.793> decisions<00:21:17.220> and<00:21:17.460> build<00:21:17.765> something<00:21:18.326> long-term.

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And<00:21:20.010> it's<00:21:20.267> interesting.

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I<00:21:21.004> mean,<00:21:21.325> I<00:21:21.357> was<00:21:21.533> reading<00:21:21.678> an<00:21:21.726> article<00:21:22.047> this<00:21:22.271> morning<00:21:23.378> on<00:21:25.302> those<00:21:25.879> who<00:21:26.360> were<00:21:26.504> not<00:21:27.082> who<00:21:27.226> were<00:21:27.306> not<00:21:27.627> asked<00:21:27.804> to<00:21:27.964> leave<00:21:28.221> in<00:21:28.285> the<00:21:28.446> RIF.

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And<00:21:29.874> they<00:21:29.970> got<00:21:30.211> this<00:21:30.387> email<00:21:30.772> from<00:21:31.559> Elon<00:21:32.521> and<00:21:32.618> it<00:21:32.714> says,<00:21:34.303> "We<00:21:34.463> expect<00:21:35.506> you<00:21:35.602> to<00:21:35.683> stay<00:21:36.613> and<00:21:36.774> work<00:21:37.014> hard.

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We<00:21:37.576> want<00:21:37.897> hardcore<00:21:38.378> workers<00:21:38.747> to<00:21:38.860> stay<00:21:39.100> here.

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And<00:21:39.903> if<00:21:39.983> you're<00:21:40.079> not<00:21:40.240> going<00:21:40.336> to<00:21:40.400> stay,<00:21:40.801> if<00:21:40.946> you're<00:21:41.042> not<00:21:41.267> committed,<00:21:42.390> 3-month<00:21:42.807> severance,<00:21:43.690> beat<00:21:43.866> it."<00:21:45.053> And<00:21:45.679> the<00:21:45.743> number<00:21:46.080> of<00:21:46.241> people<00:21:46.498> that<00:21:46.658> complain<00:21:47.236> about<00:21:47.444> that,<00:21:47.525> it's<00:21:47.653> like,<00:21:47.781> "No,<00:21:47.958> I'm<00:21:48.102> not<00:21:48.407> doing<00:21:48.728> that."<00:21:49.867> And<00:21:49.931> it's<00:21:50.060> like,<00:21:50.654> "Okay,<00:21:51.071> well,<00:21:51.632> you<00:21:51.793> weren't<00:21:51.953> a<00:21:52.034> good<00:21:52.274> long-term<00:21:52.836> member<00:21:53.093> of<00:21:53.221> the<00:21:53.317> team.

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If<00:21:53.718> you're<00:21:53.879> not<00:21:54.103> committed,"<00:21:55.163> Why<00:21:55.259> do<00:21:55.468> I<00:21:55.565> want<00:21:55.790> you<00:21:55.886> to<00:21:55.950> stay<00:21:56.930> and<00:21:57.075> pay<00:21:57.235> you<00:21:57.348> a<00:21:57.412> full<00:21:57.733> wage?

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And<00:21:58.858> this<00:21:59.115> notion<00:21:59.726> of,<00:22:00.770> you<00:22:00.850> know,<00:22:01.573> quiet<00:22:02.071> quitters<00:22:03.099> and<00:22:03.276> part-time<00:22:04.079> workers<00:22:05.445> and<00:22:05.606> those<00:22:05.927> who<00:22:06.088> work<00:22:06.329> across<00:22:06.875> multiple<00:22:07.999> companies,<00:22:09.044> it's<00:22:09.172> like<00:22:09.638> it's<00:22:09.783> become<00:22:10.168> silly<00:22:10.586> season.

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It's<00:22:11.213> kind<00:22:11.389> of<00:22:11.534> interesting.

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It's<00:22:13.301> weird<00:22:13.622> if<00:22:13.735> you<00:22:13.879> look<00:22:14.104> at,<00:22:14.763> you<00:22:14.843> know,<00:22:15.968> when<00:22:16.048> my<00:22:16.273> dad,<00:22:16.530> when<00:22:16.627> my<00:22:16.836> dad<00:22:17.093> was<00:22:17.655> in<00:22:17.799> his<00:22:18.040> career<00:22:19.165> and<00:22:19.647> companies<00:22:20.290> had<00:22:20.531> all<00:22:20.707> of<00:22:20.868> the<00:22:21.029> leverage.

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And<00:22:22.394> the<00:22:22.635> leverage<00:22:23.502> really<00:22:24.000> started<00:22:24.481> shifting.

00:22:25.027 --> 00:22:32.718
I<00:22:25.124> would<00:22:25.284> say<00:22:26.231> over<00:22:26.408> the<00:22:26.488> last<00:22:26.874> 10<00:22:27.211> years,<00:22:28.014> like<00:22:28.238> the<00:22:28.560> leverage,<00:22:29.041> like<00:22:29.379> the<00:22:29.459> tables<00:22:30.021> turned<00:22:30.888> and<00:22:30.968> the<00:22:31.048> employees<00:22:31.932> had<00:22:32.092> all<00:22:32.253> the<00:22:32.413> leverage.

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And<00:22:33.955> notably<00:22:34.613> since<00:22:34.982> the<00:22:35.079> pandemic,<00:22:36.283> everyone<00:22:36.748> went<00:22:37.070> home<00:22:37.391> to<00:22:37.487> work<00:22:37.648> from<00:22:37.872> home.

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They<00:22:38.707> said,<00:22:39.012> we're<00:22:39.109> not<00:22:39.414> coming<00:22:39.896> back.

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It's<00:22:40.939> the<00:22:41.020> hottest<00:22:41.565> job<00:22:41.822> market<00:22:42.641> in<00:22:42.722> the<00:22:42.930> history<00:22:43.332> of<00:22:43.492> the<00:22:43.669> world,<00:22:44.472> particularly<00:22:44.937> for,<00:22:45.291> for,<00:22:45.997> for<00:22:46.222> tech<00:22:46.479> talent.

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And<00:22:47.506> like<00:22:47.666> competing<00:22:48.244> for<00:22:48.404> that<00:22:48.885> is<00:22:49.222> atrocious.

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It<00:22:50.569> was<00:22:50.890> atrocious.

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But<00:22:52.157> then<00:22:52.718> Facebook,<00:22:53.600> you<00:22:53.696> know,<00:22:53.792> first<00:22:54.161> layoff<00:22:54.642> in<00:22:54.979> the<00:22:55.107> history<00:22:55.348> of<00:22:55.380> the<00:22:55.460> company,<00:22:55.797> 11,000<00:22:56.567> people.

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Amazon,<00:22:58.828> Microsoft,<00:22:59.967> Twitter,<00:23:00.528> 50%.

00:23:02.099 --> 00:23:13.261
And<00:23:02.532> suddenly,<00:23:03.142> I<00:23:03.238> think<00:23:03.495> it's<00:23:03.639> going<00:23:03.880> to<00:23:04.040> create<00:23:05.066> a<00:23:05.098> more<00:23:05.628> balanced<00:23:06.606> equation<00:23:07.327> between<00:23:09.011> people<00:23:10.054> and<00:23:10.535> their<00:23:10.759> companies<00:23:12.283> that<00:23:12.459> they<00:23:12.620> serve.

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And<00:23:13.807> it's<00:23:13.967> not<00:23:14.160> to<00:23:14.240> say<00:23:14.625> that,<00:23:15.348> you<00:23:15.428> know,<00:23:15.524> the<00:23:15.894> old<00:23:16.134> way<00:23:16.375> of<00:23:16.472> pound<00:23:16.873> your<00:23:17.034> fist<00:23:17.499> and<00:23:17.595> demand<00:23:18.623> results<00:23:19.345> is<00:23:19.586> what<00:23:19.747> we're<00:23:19.843> going<00:23:20.148> back<00:23:20.469> to.

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Like,<00:23:21.593> you<00:23:21.689> know,<00:23:22.556> it's<00:23:22.829> not<00:23:23.038> the<00:23:23.134> Wolf<00:23:23.375> of<00:23:23.535> Wall<00:23:23.712> Street<00:23:24.017> that<00:23:24.178> we're<00:23:24.258> going<00:23:24.499> back<00:23:24.820> to.

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Right.

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But<00:23:26.907> I<00:23:26.987> think<00:23:27.244> it's<00:23:27.453> a<00:23:27.469> little<00:23:27.693> bit<00:23:27.854> more<00:23:28.111> balanced<00:23:28.657> where,<00:23:29.459> you<00:23:29.556> know,<00:23:29.700> it's<00:23:30.102> our<00:23:30.198> obligation<00:23:31.627> as<00:23:31.803> employers,<00:23:32.445> as<00:23:32.542> CEOs,<00:23:33.826> to<00:23:34.051> build<00:23:34.308> a<00:23:34.372> place<00:23:34.837> that's<00:23:35.094> meaningful<00:23:35.656> to<00:23:35.881> people,<00:23:36.202> that<00:23:36.363> has<00:23:36.619> mission<00:23:36.957> and<00:23:37.165> purpose<00:23:38.064> and<00:23:38.145> that<00:23:38.305> inspires<00:23:39.108> and<00:23:39.172> that<00:23:39.365> develops.

00:23:41.421 --> 00:23:44.827
But<00:23:41.517> then<00:23:41.742> people<00:23:42.063> are<00:23:42.144> expected<00:23:42.706> to<00:23:42.803> show<00:23:43.269> up<00:23:43.767> and<00:23:43.847> like<00:23:44.072> really<00:23:44.313> contribute.

00:23:45.759 --> 00:23:51.849
And<00:23:45.855> so,<00:23:47.366> there<00:23:47.928> is<00:23:48.908> economy<00:23:49.374> cycle,<00:23:50.114> like<00:23:50.274> these<00:23:50.419> cycles<00:23:50.933> are<00:23:51.158> interesting.

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And<00:23:52.749> to<00:23:52.845> suggest<00:23:53.472> that<00:23:53.632> we're<00:23:53.793> heading<00:23:54.195> one<00:23:54.436> way<00:23:55.400> forever,<00:23:56.846> it's<00:23:57.425> just<00:23:57.730> never<00:23:58.067> the<00:23:58.228> case.

00:23:59.096 --> 00:24:14.601
You<00:23:59.433> look<00:23:59.658> at<00:24:00.558> when<00:24:00.863> Alan<00:24:01.120> Greenspan<00:24:02.631> wrote<00:24:02.888> Irrational<00:24:03.450> Exuberance,<00:24:04.880> and<00:24:04.944> he<00:24:05.041> just<00:24:05.218> talked<00:24:05.635> about<00:24:06.887> this<00:24:07.128> notion<00:24:07.609> of<00:24:08.090> when<00:24:08.250> your<00:24:08.347> shoeshine<00:24:09.036> or<00:24:09.132> your<00:24:09.389> barber<00:24:10.576> starts<00:24:10.993> recommending<00:24:11.634> stocks,<00:24:12.372> it's<00:24:12.805> like<00:24:13.639> it's<00:24:13.799> time<00:24:14.184> to<00:24:14.280> sell.

00:24:15.884 --> 00:24:18.322
And<00:24:16.269> what<00:24:16.429> happened<00:24:17.408> to<00:24:17.568> like<00:24:17.728> an<00:24:17.809> Al<00:24:17.889> Crater?

00:24:19.156 --> 00:24:31.729
And<00:24:19.958> you<00:24:20.038> fast<00:24:20.455> forward<00:24:22.620> when<00:24:22.780> everyone's<00:24:23.326> building<00:24:23.807> houses<00:24:24.929> that<00:24:25.025> has<00:24:25.330> no<00:24:25.507> background,<00:24:26.469> like<00:24:26.870> flipping<00:24:27.335> houses<00:24:27.752> in<00:24:27.784> '06,<00:24:28.474> '07,<00:24:29.436> and<00:24:29.516> they're<00:24:29.676> getting<00:24:29.917> like<00:24:30.157> 10%<00:24:30.542> returns<00:24:31.280> every<00:24:31.585> month.

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It's<00:24:32.949> time<00:24:33.270> to<00:24:33.302> sell.

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Guess<00:24:34.313> what?

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It<00:24:34.971> was<00:24:35.132> time<00:24:35.453> to<00:24:35.533> sell.

00:24:36.336 --> 00:24:40.124
You<00:24:36.480> look<00:24:36.641> at<00:24:36.801> crypto<00:24:38.005> and<00:24:38.342> that's<00:24:38.775> probably<00:24:39.064> the<00:24:39.128> best<00:24:39.385> example<00:24:39.787> of<00:24:39.931> that.

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Like,<00:24:40.974> like<00:24:41.392> recently,<00:24:42.740> and<00:24:42.820> you<00:24:42.997> look<00:24:43.173> at<00:24:43.254> the—<00:24:43.703> I<00:24:43.815> mean,<00:24:44.104> FTX,<00:24:45.388> the<00:24:45.469> silliness<00:24:47.314> of<00:24:47.411> the<00:24:47.651> lack<00:24:48.277> of<00:24:48.518> corporate<00:24:49.080> governance<00:24:49.658> and<00:24:49.802> controls<00:24:51.167> and<00:24:51.263> sloppiness<00:24:52.451> and<00:24:52.531> like,<00:24:53.494> you<00:24:53.590> know,<00:24:53.751> maybe<00:24:54.072> fraud,<00:24:54.650> we'll<00:24:54.794> find<00:24:55.260> out.

00:24:56.303 --> 00:25:00.043
And<00:24:56.704> these,<00:24:57.041> these<00:24:57.202> things<00:24:57.844> reset<00:24:58.486> and<00:24:58.646> they<00:24:58.807> come<00:24:59.048> back<00:24:59.385> in<00:24:59.609> balance.

00:25:00.736 --> 00:25:09.922
And<00:25:00.801> that's<00:25:01.060> why<00:25:01.141> I<00:25:01.222> think,<00:25:02.095> as<00:25:02.257> a<00:25:02.289> CEO,<00:25:03.632> you<00:25:03.746> step<00:25:04.215> back<00:25:04.554> and<00:25:04.700> you<00:25:04.846> say,<00:25:05.833> "What<00:25:05.994> are<00:25:06.075> the<00:25:06.302> principles<00:25:07.111> that<00:25:07.192> I<00:25:07.370> believe<00:25:08.001> will<00:25:08.907> be<00:25:09.214> here<00:25:09.360> forever?

00:25:10.758 --> 00:25:35.404
What<00:25:10.903> are<00:25:10.983> the<00:25:11.160> principles<00:25:11.803> of<00:25:11.964> leadership,<00:25:13.234> of<00:25:13.571> motivation<00:25:14.536> and<00:25:14.697> development,<00:25:16.047> of<00:25:16.144> communication<00:25:17.189> and<00:25:17.349> trust<00:25:17.900> and<00:25:18.068> transparency,<00:25:20.892> and<00:25:21.861> of<00:25:22.103> economic<00:25:22.749> alignment,<00:25:23.411> of<00:25:23.636> purpose<00:25:24.185> and<00:25:24.266> mission<00:25:24.670> alignment?"<00:25:25.799> And<00:25:25.880> I<00:25:25.896> think<00:25:26.155> if<00:25:26.284> you<00:25:26.526> anchor<00:25:26.784> to<00:25:26.945> those<00:25:27.188> principles,<00:25:29.159> You<00:25:29.240> know,<00:25:29.400> in<00:25:29.496> these<00:25:29.593> silly<00:25:29.994> seasons<00:25:30.604> when<00:25:30.765> things<00:25:31.728> ebb<00:25:31.904> and<00:25:31.985> flow,<00:25:32.948> you<00:25:33.044> know,<00:25:33.253> at<00:25:33.365> the<00:25:33.446> margin,<00:25:34.537> you<00:25:34.634> may<00:25:34.874> lose<00:25:35.115> people.

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You<00:25:35.902> may<00:25:36.062> have<00:25:36.303> challenges.

00:25:37.443 --> 00:25:39.482
It's<00:25:37.620> never<00:25:37.925> going<00:25:38.149> to<00:25:38.246> be<00:25:38.470> perfect.

00:25:39.755 --> 00:25:44.474
But<00:25:39.915> you<00:25:40.012> can<00:25:40.333> bet<00:25:40.557> on<00:25:40.718> some<00:25:41.055> of<00:25:41.216> these<00:25:41.601> things<00:25:42.885> surviving<00:25:43.768> long-term.

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And<00:25:45.213> that's<00:25:45.534> where<00:25:45.694> stability<00:25:46.674> comes<00:25:47.075> from<00:25:47.412> in<00:25:47.557> an<00:25:47.798> organization.

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Do<00:25:49.210> you<00:25:49.323> buy<00:25:49.483> into<00:25:49.644> this<00:25:49.868> idea<00:25:50.109> of<00:25:50.270> there's<00:25:50.446> like<00:25:50.671> a—<00:25:51.394> you're<00:25:51.586> either<00:25:51.875> like<00:25:52.036> a<00:25:52.196> wartime<00:25:52.694> CEO<00:25:53.480> or<00:25:53.577> a<00:25:53.721> peacetime<00:25:54.315> CEO?

00:25:55.406 --> 00:25:57.987
And<00:25:55.486> you're<00:25:55.647> like<00:25:55.887> really<00:25:56.127> good<00:25:56.288> at<00:25:56.464> one<00:25:56.704> or<00:25:56.801> the<00:25:57.009> other<00:25:57.265> of<00:25:57.410> those<00:25:57.698> things.

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And<00:25:58.291> to<00:25:58.387> me,<00:25:58.628> it<00:25:58.708> does<00:25:58.948> seem<00:25:59.189> like<00:26:00.214> Elon<00:26:00.631> Musk.

00:26:01.128 --> 00:26:05.663
I<00:26:01.160> mean,<00:26:01.336> that<00:26:01.528> is<00:26:01.753> the—<00:26:02.314> you<00:26:02.474> want—<00:26:03.275> if<00:26:03.420> you're<00:26:03.516> going<00:26:03.676> to<00:26:03.900> war,<00:26:04.157> you<00:26:04.317> want<00:26:04.557> him<00:26:04.734> at<00:26:04.862> the<00:26:04.958> helm,<00:26:05.519> right?

00:26:05.759 --> 00:26:10.648
Like,<00:26:05.920> that's<00:26:06.144> somebody<00:26:06.641> who<00:26:07.378> is<00:26:07.522> probably<00:26:07.763> like<00:26:07.923> the<00:26:08.083> perfect<00:26:08.564> example<00:26:09.109> of<00:26:09.189> like<00:26:09.382> a<00:26:09.526> wartime<00:26:10.023> CEO.

00:26:11.112 --> 00:26:18.164
I<00:26:11.209> imagine,<00:26:11.930> like,<00:26:12.106> assuming<00:26:12.731> he<00:26:12.972> gets<00:26:13.292> Twitter<00:26:13.853> to<00:26:14.334> a<00:26:14.478> good<00:26:14.654> spot,<00:26:15.440> I<00:26:15.536> can't<00:26:15.840> imagine<00:26:16.241> him<00:26:16.417> leading<00:26:16.738> it<00:26:16.882> when<00:26:16.978> it's<00:26:17.203> fine,<00:26:17.796> right?

00:26:18.340 --> 00:26:21.610
It<00:26:18.421> just<00:26:18.581> doesn't—<00:26:19.286> that<00:26:19.382> doesn't<00:26:19.767> feel<00:26:19.863> like<00:26:20.344> it's<00:26:20.728> like<00:26:21.049> his<00:26:21.225> bag.

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Whereas<00:26:22.171> you<00:26:22.251> got<00:26:22.411> like<00:26:22.588> Sam<00:26:22.908> Bankman-Fried<00:26:23.806> or<00:26:23.870> whatever<00:26:24.174> his<00:26:24.270> name<00:26:24.511> is.

00:26:25.056 --> 00:26:30.592
Like<00:26:25.152> that<00:26:25.457> is<00:26:25.698> a<00:26:26.035> peacetime,<00:26:27.062> everything<00:26:27.383> has<00:26:27.559> to<00:26:27.704> be<00:26:27.864> perfect<00:26:28.442> type<00:26:28.698> of<00:26:28.779> CEO<00:26:29.404> or<00:26:29.565> else<00:26:29.806> it's<00:26:29.966> game<00:26:30.271> over.

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How<00:26:31.731> do<00:26:32.437> you<00:26:32.598> think<00:26:32.790> about<00:26:33.079> that?

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Yeah,<00:26:35.005> it's<00:26:35.406> an<00:26:35.486> interesting<00:26:35.807> question.

00:26:36.224 --> 00:26:38.471
He<00:26:36.449> wasn't<00:26:36.706> even<00:26:36.866> just<00:26:37.107> a<00:26:37.267> peacetime<00:26:38.086> CEO.

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As<00:26:38.776> a<00:26:38.872> CEO,<00:26:40.140> he<00:26:40.220> was<00:26:40.332> a<00:26:40.397> fraud.

00:26:41.440 --> 00:26:52.111
I<00:26:41.552> don't<00:26:41.664> know<00:26:41.841> if<00:26:41.905> he<00:26:41.953> did<00:26:42.082> fraudulent<00:26:42.707> things,<00:26:43.109> but<00:26:43.205> he<00:26:43.365> was—<00:26:44.168> I<00:26:44.473> hate<00:26:44.633> to<00:26:44.729> say,<00:26:45.355> the<00:26:45.451> more<00:26:45.676> I<00:26:45.853> read<00:26:46.013> about<00:26:46.190> him,<00:26:46.735> a<00:26:46.896> total<00:26:47.441> joke,<00:26:48.645> a<00:26:48.741> visionary,<00:26:50.410> a<00:26:50.747> technology<00:26:51.549> visionary.

00:26:52.514 --> 00:26:59.203
But<00:26:52.611> it<00:26:52.741> turns<00:26:53.065> out,<00:26:53.648> and<00:26:53.810> by<00:26:54.036> his<00:26:54.279> own<00:26:54.555> admission,<00:26:55.575> like<00:26:56.223> full<00:26:56.482> of<00:26:56.628> crap<00:26:57.195> more<00:26:57.356> than<00:26:57.518> he<00:26:57.680> even<00:26:58.004> believed<00:26:58.506> what<00:26:58.668> he<00:26:58.911> was<00:26:58.992> saying.

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Oh,<00:27:00.029> for<00:27:00.191> sure.

00:27:00.580 --> 00:27:05.070
And<00:27:00.660> so,<00:27:01.807> you<00:27:01.904> know,<00:27:03.099> I<00:27:03.196> actually<00:27:03.519> think<00:27:03.907> there<00:27:04.084> are<00:27:04.310> good<00:27:04.488> CEOs.

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It's<00:27:06.491> not<00:27:06.814> wartime<00:27:07.315> and<00:27:07.476> peacetime.

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And<00:27:08.510> it's<00:27:08.687> interesting<00:27:09.091> looking<00:27:09.333> at<00:27:09.430> this<00:27:09.656> industry,<00:27:12.000> you<00:27:12.113> know,<00:27:12.258> good<00:27:12.517> tailwinds<00:27:13.245> make<00:27:13.552> everyone<00:27:14.037> look<00:27:14.215> pretty<00:27:14.604> good.

00:27:16.059 --> 00:27:23.567
And<00:27:16.965> we've<00:27:17.143> had<00:27:17.288> a<00:27:17.434> lot<00:27:17.677> of<00:27:17.757> competitors<00:27:18.421> come<00:27:18.663> into<00:27:18.825> this<00:27:19.051> industry<00:27:20.106> and<00:27:20.186> I<00:27:20.362> looked<00:27:20.603> at<00:27:20.747> them<00:27:20.859> and<00:27:20.907> I'm<00:27:21.003> like,<00:27:21.724> your<00:27:21.885> product<00:27:22.381> is<00:27:22.590> me<00:27:22.766> too<00:27:23.006> product.

00:27:24.192 --> 00:27:24.785
It<00:27:24.304> sucks.

00:27:24.833 --> 00:27:25.730
The<00:27:24.913> experience<00:27:25.410> sucks.

00:27:26.131 --> 00:27:33.342
Your<00:27:26.291> consumer,<00:27:27.092> your,<00:27:27.333> your,<00:27:27.653> your,<00:27:27.958> your,<00:27:28.999> your<00:27:29.175> customer<00:27:29.624> experience,<00:27:30.201> your<00:27:30.297> service<00:27:30.810> sucks,<00:27:31.723> you<00:27:31.755> know,<00:27:31.899> your<00:27:32.124> digital<00:27:32.460> experience<00:27:32.941> sucks.

00:27:33.902 --> 00:27:36.755
And<00:27:34.047> yet<00:27:34.287> they're—<00:27:34.383> and<00:27:34.768> yet<00:27:34.944> they're<00:27:35.088> surviving<00:27:36.226> and<00:27:36.370> they're<00:27:36.530> growing.

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I'm<00:27:36.947> like,<00:27:37.187> what<00:27:37.332> is<00:27:37.508> going<00:27:37.892> on?

00:27:38.309 --> 00:27:40.536
Like,<00:27:38.613> all<00:27:38.710> of<00:27:38.790> these<00:27:38.950> investments<00:27:39.351> we're<00:27:39.591> not<00:27:39.815> getting<00:27:40.072> paid<00:27:40.376> for.

00:27:41.578 --> 00:27:46.561
And<00:27:43.260> those<00:27:43.581> brands<00:27:44.702> have<00:27:44.879> been<00:27:45.039> calling<00:27:45.520> me<00:27:45.664> for<00:27:45.840> 6<00:27:46.241> months.

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Saying,<00:27:47.845> we're<00:27:47.990> for<00:27:48.151> sale.

00:27:49.050 --> 00:27:51.555
We'd<00:27:50.013> love<00:27:50.254> to<00:27:50.415> partner<00:27:50.816> and<00:27:50.961> merge<00:27:51.202> with<00:27:51.298> Trader.

00:27:52.326 --> 00:27:54.831
And<00:27:52.503> by<00:27:52.663> the<00:27:52.808> way,<00:27:53.691> can<00:27:53.851> you<00:27:53.948> do<00:27:54.108> it<00:27:54.269> fast?

00:27:56.019 --> 00:27:58.733
And<00:27:57.545> you<00:27:57.625> know<00:27:57.706> exactly<00:27:58.187> where<00:27:58.268> they're<00:27:58.428> going.

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They're<00:27:59.103> not<00:27:59.328> going<00:27:59.440> to<00:27:59.504> survive.

00:28:00.452 --> 00:28:05.574
And<00:28:00.516> actually,<00:28:00.917> one<00:28:01.014> of<00:28:01.158> these<00:28:01.415> brands,<00:28:01.736> it<00:28:01.897> actually<00:28:02.202> built<00:28:02.379> some<00:28:03.005> interesting<00:28:03.487> product,<00:28:03.824> but<00:28:03.985> they<00:28:04.129> could<00:28:04.225> never<00:28:04.531> make<00:28:04.707> the<00:28:04.852> commercial<00:28:05.269> model<00:28:05.494> work.

00:28:06.699 --> 00:28:09.429
Great<00:28:06.939> conversation<00:28:07.501> with<00:28:07.582> the<00:28:07.614> founder<00:28:08.545> 3<00:28:08.658> or<00:28:08.722> 4<00:28:08.866> months<00:28:09.123> ago.

00:28:10.328 --> 00:28:10.986
We<00:28:10.488> declined.

00:28:11.837 --> 00:28:13.925
And<00:28:12.399> I<00:28:12.721> got<00:28:12.817> an<00:28:12.961> email<00:28:13.218> last<00:28:13.620> week.

00:28:14.247 --> 00:28:18.638
And<00:28:14.489> it<00:28:14.586> was<00:28:14.812> the<00:28:15.054> email<00:28:15.458> chain<00:28:15.861> with<00:28:15.958> the<00:28:16.120> CEO,<00:28:17.395> but<00:28:17.492> it<00:28:17.637> was<00:28:18.202> the<00:28:18.364> lender.

00:28:19.268 --> 00:28:22.254
And<00:28:19.413> the<00:28:19.510> lender<00:28:19.833> said,<00:28:20.543> "Hey,<00:28:20.656> it's<00:28:20.801> a<00:28:20.882> different<00:28:21.205> conversation<00:28:22.093> now.

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We're<00:28:22.754> selling<00:28:23.223> inventory.

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We're<00:28:24.177> liquidating<00:28:24.775> their<00:28:25.002> inventory."<00:28:26.279> And<00:28:26.360> so,<00:28:28.317> these<00:28:28.947> entrepreneurs<00:28:30.807> were<00:28:30.904> made<00:28:31.227> to<00:28:31.389> look<00:28:31.615> pretty<00:28:31.939> good<00:28:32.683> in<00:28:32.830> tailwinds,<00:28:34.227> but<00:28:34.861> number<00:28:35.121> one,<00:28:35.365> they<00:28:35.527> weren't<00:28:35.836> building<00:28:36.112> something<00:28:36.583> that<00:28:36.746> was<00:28:36.925> going<00:28:37.217> to<00:28:37.380> last.

00:28:38.290 --> 00:28:44.095
And<00:28:38.436> number<00:28:38.761> two,<00:28:39.600> Being<00:28:39.856> a<00:28:40.097> wartime<00:28:40.691> CEO<00:28:41.799> is<00:28:41.960> a<00:28:42.265> totally<00:28:42.843> different<00:28:43.164> set<00:28:43.405> of<00:28:43.549> capabilities.

00:28:44.930 --> 00:28:56.138
And<00:28:45.011> the<00:28:45.171> reality<00:28:45.717> is,<00:28:47.018> unless<00:28:48.607> you<00:28:48.688> want<00:28:48.768> to<00:28:48.848> hire<00:28:49.250> and<00:28:49.346> fire<00:28:49.651> your<00:28:49.924> CEO<00:28:51.257> according<00:28:51.674> to<00:28:51.770> the<00:28:51.995> economic<00:28:52.573> cycle<00:28:52.959> that<00:28:53.199> you're<00:28:53.521> in,<00:28:54.147> you<00:28:54.307> have<00:28:54.564> to<00:28:54.725> hire<00:28:55.110> wartime<00:28:55.608> CEOs.

00:28:56.876 --> 00:29:15.434
And<00:28:56.973> they're<00:28:57.278> good<00:28:58.498> when<00:28:58.643> they<00:28:58.723> have<00:28:58.900> tailwinds<00:28:59.943> because<00:29:00.409> what<00:29:00.585> you<00:29:00.826> do<00:29:01.131> when,<00:29:01.533> like,<00:29:01.854> in<00:29:02.175> war,<00:29:02.914> you're<00:29:03.235> reconfiguring<00:29:04.182> your<00:29:04.423> business<00:29:05.226> to<00:29:05.386> come<00:29:05.706> out,<00:29:06.283> like<00:29:06.444> to<00:29:06.764> really<00:29:07.421> shoot<00:29:07.950> out<00:29:08.062> of<00:29:08.126> the<00:29:08.206> gates<00:29:09.328> very<00:29:09.649> aggressively<00:29:10.370> because<00:29:10.690> of<00:29:10.834> how<00:29:11.155> you<00:29:11.315> reposition,<00:29:12.437> that's<00:29:12.693> what<00:29:12.854> makes<00:29:13.158> you<00:29:13.318> more<00:29:13.479> successful<00:29:14.616> when<00:29:14.777> times<00:29:15.113> are<00:29:15.241> good.

00:29:15.818 --> 00:29:20.097
And<00:29:15.962> the<00:29:16.043> frothy<00:29:16.523> times,<00:29:17.036> it's<00:29:17.212> like<00:29:17.421> everyone<00:29:17.805> looks<00:29:17.934> like<00:29:18.142> they're<00:29:18.302> pretty<00:29:18.542> good,<00:29:19.167> but<00:29:19.328> most<00:29:19.648> of<00:29:19.680> them<00:29:19.841> are<00:29:19.969> not.

00:29:20.930 --> 00:29:24.247
And<00:29:21.731> I<00:29:21.764> say<00:29:21.988> this<00:29:22.148> because<00:29:22.565> I<00:29:22.645> didn't<00:29:22.885> used<00:29:23.094> to<00:29:23.190> be<00:29:23.350> a<00:29:23.494> wartime<00:29:23.927> CEO.

00:29:24.953 --> 00:29:26.924
I<00:29:24.969> mean,<00:29:26.315> it<00:29:26.395> was<00:29:26.619> hard.

00:29:28.077 --> 00:29:36.542
Some<00:29:28.398> people,<00:29:28.783> I<00:29:28.879> think,<00:29:29.135> inherently<00:29:29.904> have<00:29:30.786> more<00:29:31.267> grit<00:29:32.165> and<00:29:32.261> stamina<00:29:33.271> and<00:29:33.367> just<00:29:33.544> like<00:29:34.314> a<00:29:34.554> willingness<00:29:35.051> to<00:29:35.276> grind<00:29:35.837> through<00:29:36.109> things.

00:29:36.591 --> 00:29:38.034
And<00:29:36.671> that's<00:29:36.879> always<00:29:37.216> been<00:29:37.376> in<00:29:37.537> my<00:29:37.617> DNA.

00:29:39.204 --> 00:29:57.629
But<00:29:39.365> there<00:29:39.461> were<00:29:39.557> things<00:29:40.664> the<00:29:40.808> last<00:29:41.129> time<00:29:41.449> I<00:29:41.545> went<00:29:41.770> through<00:29:42.027> this<00:29:42.812> that<00:29:42.973> were<00:29:43.229> really<00:29:43.774> hard<00:29:44.015> for<00:29:45.298> me<00:29:46.196> around,<00:29:47.799> you<00:29:47.879> know,<00:29:48.120> topgrading<00:29:48.922> team,<00:29:49.948> shuffling<00:29:50.686> team,<00:29:51.792> saying<00:29:52.289> goodbye<00:29:52.931> to<00:29:53.251> lots<00:29:53.652> of<00:29:53.813> members<00:29:54.374> of<00:29:54.534> team,<00:29:55.657> being<00:29:55.961> willing<00:29:56.202> to<00:29:56.314> make<00:29:56.539> hard<00:29:57.004> decisions.

00:29:57.966 --> 00:30:02.520
To<00:29:58.063> cut<00:29:58.305> out<00:29:58.532> whole<00:29:58.774> chunks<00:29:59.274> of<00:29:59.436> your<00:29:59.743> business,<00:30:00.744> to<00:30:01.034> reimagine<00:30:01.761> your<00:30:01.939> future.

00:30:03.214 --> 00:30:05.297
And<00:30:03.311> you<00:30:03.618> have<00:30:03.796> to<00:30:03.957> do<00:30:04.199> those<00:30:04.506> things<00:30:04.700> in<00:30:04.829> hard<00:30:05.023> times.

00:30:06.886 --> 00:30:13.475
And<00:30:07.465> so,<00:30:08.590> you<00:30:08.686> know,<00:30:08.750> I<00:30:08.911> came<00:30:09.216> into<00:30:09.458> it<00:30:09.490> with<00:30:09.650> a<00:30:09.795> disposition,<00:30:11.322> but<00:30:11.482> I<00:30:11.627> wasn't<00:30:11.884> great<00:30:12.270> at<00:30:12.334> it<00:30:12.607> and<00:30:12.704> it<00:30:12.768> was<00:30:13.009> painful.

00:30:13.652 --> 00:30:30.635
And<00:30:13.732> I<00:30:13.813> will<00:30:13.973> tell<00:30:14.279> you,<00:30:15.082> having<00:30:15.484> been<00:30:15.645> a<00:30:15.870> wartime<00:30:16.313> CEO<00:30:16.740> now<00:30:17.151> for—<00:30:17.939> this<00:30:18.136> is<00:30:18.284> my<00:30:18.448> third<00:30:18.859> time—<00:30:22.294> and<00:30:22.456> having<00:30:22.779> the<00:30:22.860> accumulation<00:30:23.910> of<00:30:24.233> all<00:30:24.330> of<00:30:24.475> these<00:30:24.798> hard<00:30:24.976> experiences,<00:30:26.607> and<00:30:26.783> recognizing<00:30:27.666> that<00:30:28.388> there<00:30:28.549> are<00:30:28.709> patterns<00:30:29.511> and<00:30:29.672> you<00:30:29.913> learn<00:30:30.218> from<00:30:30.458> them.

00:30:31.197 --> 00:30:33.844
But<00:30:31.421> no<00:30:31.678> one<00:30:31.919> pattern,<00:30:32.464> no<00:30:32.625> one<00:30:32.866> moment<00:30:33.203> is<00:30:33.347> the<00:30:33.427> same.

00:30:34.567 --> 00:30:43.168
But<00:30:34.711> you<00:30:34.872> have<00:30:35.112> the<00:30:35.273> confidence<00:30:36.508> to<00:30:36.653> make<00:30:36.958> hard<00:30:37.215> decisions<00:30:38.402> and<00:30:38.498> to<00:30:38.659> get<00:30:38.884> out<00:30:38.996> of<00:30:39.140> bed<00:30:39.526> every<00:30:40.007> morning<00:30:41.227> and<00:30:41.387> to<00:30:41.692> grind<00:30:42.494> every<00:30:42.912> day.

00:30:44.661 --> 00:30:52.701
And<00:30:45.062> I'll<00:30:46.121> tell<00:30:46.988> you<00:30:47.181> that<00:30:47.806> the<00:30:47.903> step<00:30:48.288> further<00:30:48.769> that<00:30:48.930> I'm<00:30:49.957> like,<00:30:50.133> I'm<00:30:50.294> finding<00:30:50.840> myself<00:30:51.353> in<00:30:51.433> this<00:30:51.722> joyful<00:30:52.364> moment.

00:30:53.328 --> 00:30:53.681
Right<00:30:53.585> now.

00:30:54.533 --> 00:30:58.212
And<00:30:54.613> it's<00:30:54.790> the<00:30:54.886> messiest<00:30:55.754> thing<00:30:55.979> I've<00:30:56.236> ever<00:30:56.637> been<00:30:56.862> through<00:30:57.698> in<00:30:57.923> business.

00:30:59.032 --> 00:31:00.783
And<00:30:59.674> I<00:30:59.755> have<00:30:59.931> a<00:31:00.076> great<00:31:00.494> board.

00:31:00.895 --> 00:31:02.518
I<00:31:00.911> mean,<00:31:01.120> like,<00:31:01.763> you<00:31:01.811> know,<00:31:01.892> I<00:31:01.924> have<00:31:02.036> a<00:31:02.165> board.

00:31:03.306 --> 00:31:04.960
One<00:31:03.402> of<00:31:03.450> my<00:31:03.611> board<00:31:03.788> members<00:31:04.173> ran<00:31:04.430> McDonald's.

00:31:06.262 --> 00:31:07.965
One<00:31:06.985> ran<00:31:07.322> Under<00:31:07.724> Armour.

00:31:09.315 --> 00:31:12.994
You<00:31:09.588> know,<00:31:09.716> it's<00:31:09.829> like<00:31:10.616> they<00:31:10.713> sit<00:31:11.002> on<00:31:11.082> the<00:31:11.179> board<00:31:11.355> of<00:31:11.564> Lowe's<00:31:12.046> and<00:31:12.223> Eli<00:31:12.625> Lilly.

00:31:14.376 --> 00:31:18.955
You<00:31:14.408> know,<00:31:14.617> one's<00:31:14.858> the<00:31:14.954> president<00:31:15.581> of<00:31:15.677> Milwaukee<00:31:16.304> Group,<00:31:16.465> from<00:31:16.625> $400<00:31:17.124> million<00:31:17.445> to<00:31:17.670> $8<00:31:17.911> billion<00:31:18.650> of<00:31:18.795> revenue.

00:31:20.106 --> 00:31:24.465
And,<00:31:21.168> you<00:31:21.248> know,<00:31:21.409> I've<00:31:21.666> heard<00:31:21.795> a<00:31:21.875> couple<00:31:22.213> of<00:31:22.294> them<00:31:22.519> say,<00:31:23.725> this<00:31:23.918> is<00:31:24.047> hard.

00:31:25.189 --> 00:31:31.497
We've<00:31:25.366> never<00:31:25.607> seen<00:31:26.073> any—<00:31:26.379> like,<00:31:26.636> we've<00:31:26.781> never<00:31:26.974> seen<00:31:27.344> anything<00:31:27.827> quite<00:31:28.084> this<00:31:28.309> hard<00:31:29.194> other<00:31:29.371> than<00:31:29.678> the<00:31:29.776> president<00:31:30.068> of<00:31:30.101> Milwaukee<00:31:30.572> went<00:31:30.685> through<00:31:30.831> something<00:31:31.140> similar.

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It's<00:31:31.709> great<00:31:32.050> to<00:31:32.196> have<00:31:32.943> his<00:31:33.187> perspective.

00:31:34.470 --> 00:31:34.973
And<00:31:34.567> you<00:31:34.632> know<00:31:34.730> what?

00:31:36.757 --> 00:31:47.422
For<00:31:37.017> me,<00:31:38.950> when<00:31:39.063> this<00:31:39.356> moment<00:31:39.697> started<00:31:40.168> again<00:31:40.525> and<00:31:40.980> I'd<00:31:41.159> internalized<00:31:41.890> this<00:31:42.117> in<00:31:42.198> a<00:31:42.296> prior<00:31:42.637> moment,<00:31:44.147> I<00:31:44.245> decided<00:31:45.223> I'm<00:31:45.466> never<00:31:45.935> going<00:31:46.274> to—<00:31:46.840> a<00:31:46.921> couple<00:31:47.163> of<00:31:47.228> things.

00:31:47.470 --> 00:31:53.596
I'm<00:31:47.648> never<00:31:48.036> going<00:31:48.295> to<00:31:48.537> lose<00:31:49.491> years<00:31:49.814> of<00:31:49.927> my<00:31:50.299> life<00:31:52.416> for<00:31:52.869> my<00:31:53.063> profession.

00:31:55.252 --> 00:31:56.307
Life<00:31:55.577> is<00:31:55.739> too<00:31:55.982> short.

00:31:57.281 --> 00:32:01.402
We<00:31:57.378> don't<00:31:59.309> need<00:31:59.552> to<00:31:59.650> make<00:31:59.893> money<00:32:00.120> to<00:32:00.266> put<00:32:00.429> food<00:32:00.672> on<00:32:00.769> the<00:32:00.851> table<00:32:01.256> anymore.

00:32:02.050 --> 00:32:04.191
It's<00:32:02.146> like<00:32:02.404> it's<00:32:02.629> so<00:32:02.887> much<00:32:03.128> more<00:32:03.386> than<00:32:03.595> that<00:32:03.837> for<00:32:04.014> me<00:32:04.111> now.

00:32:04.368 --> 00:32:06.816
So,<00:32:04.964> I'm<00:32:05.302> not<00:32:05.463> going<00:32:05.624> to—<00:32:05.689> like,<00:32:05.850> this<00:32:06.027> is<00:32:06.172> the<00:32:06.268> golden<00:32:06.655> moment.

00:32:06.912 --> 00:32:11.341
My<00:32:07.057> children<00:32:07.299> are<00:32:07.460> between<00:32:08.281> 6<00:32:08.684> and<00:32:08.829> 14<00:32:09.247> years<00:32:09.489> old,<00:32:09.585> 6<00:32:10.036> kids<00:32:10.294> between<00:32:10.616> 6<00:32:10.858> and<00:32:11.002> 14.

00:32:11.862 --> 00:32:16.126
Like,<00:32:12.104> heaven<00:32:12.409> forbid,<00:32:13.471> I<00:32:13.552> lose<00:32:13.857> 3<00:32:14.034> or<00:32:14.115> 4<00:32:14.582> years<00:32:14.903> of<00:32:15.547> that.

00:32:16.448 --> 00:32:31.748
But<00:32:16.593> the<00:32:16.770> others,<00:32:17.719> I<00:32:17.751> think<00:32:18.041> you<00:32:18.202> realize<00:32:18.685> when<00:32:18.765> you<00:32:18.862> go<00:32:19.023> through<00:32:19.328> hard<00:32:19.521> things<00:32:20.068> that<00:32:24.222> adversity<00:32:24.933> is<00:32:25.046> a<00:32:25.176> great<00:32:25.499> thing<00:32:25.838> when<00:32:26.000> you<00:32:26.162> look<00:32:26.404> back<00:32:26.744> and<00:32:26.824> you<00:32:26.954> say,<00:32:27.196> "That<00:32:27.471> made<00:32:27.778> me."<00:32:28.586> I<00:32:28.667> don't<00:32:29.055> ever<00:32:29.298> look<00:32:29.475> back<00:32:29.815> on<00:32:30.364> 2017,<00:32:31.390> for<00:32:31.471> example.

00:32:32.464 --> 00:32:36.731
We<00:32:32.546> sold<00:32:33.279> two-thirds<00:32:33.718> of<00:32:33.783> the<00:32:33.930> business,<00:32:34.989> a<00:32:35.168> billion-dollar<00:32:35.901> valuation.

00:32:36.861 --> 00:32:37.671
We<00:32:36.910> had<00:32:37.110> grown<00:32:37.302> a<00:32:37.382> ton.

00:32:38.731 --> 00:32:40.514
And<00:32:39.309> that<00:32:39.470> was<00:32:39.630> an<00:32:39.695> exciting<00:32:40.192> moment.

00:32:40.658 --> 00:32:45.491
And<00:32:40.851> I<00:32:40.899> love<00:32:41.798> that<00:32:42.360> we<00:32:42.456> made<00:32:42.761> so<00:32:43.083> many<00:32:43.468> people<00:32:43.805> financially<00:32:44.383> secure<00:32:44.833> in<00:32:44.913> this<00:32:45.090> business.

00:32:46.053 --> 00:32:52.765
But<00:32:46.149> for<00:32:46.390> me,<00:32:46.615> it<00:32:46.760> wasn't,<00:32:48.943> we<00:32:49.024> didn't<00:32:49.264> need<00:32:49.505> the<00:32:49.730> money<00:32:49.987> to<00:32:50.292> live<00:32:51.416> and<00:32:51.737> the<00:32:51.914> year<00:32:52.138> was<00:32:52.476> easy.

00:32:53.182 --> 00:32:54.804
I<00:32:53.198> mean,<00:32:53.279> like<00:32:53.584> everything<00:32:54.242> went<00:32:54.547> right.

00:32:55.286 --> 00:32:59.460
I<00:32:55.366> don't<00:32:55.751> ever<00:32:56.072> look<00:32:56.249> back<00:32:56.570> on<00:32:56.731> 2017<00:32:58.577> as<00:32:58.738> a<00:32:58.818> year<00:32:59.043> of<00:32:59.139> growth.

00:32:59.541 --> 00:33:02.110
In<00:32:59.605> fact,<00:33:00.183> I<00:33:00.263> just<00:33:00.424> don't<00:33:00.681> think<00:33:00.921> about<00:33:01.227> 2017.

00:33:02.640 --> 00:33:11.470
But<00:33:02.896> I<00:33:02.993> think<00:33:03.250> about<00:33:04.036> 2011,<00:33:04.984> 2012<00:33:05.658> at<00:33:05.786> Skullcandy,<00:33:06.926> and<00:33:07.007> I<00:33:07.087> think<00:33:07.392> about<00:33:08.275> 2018<00:33:09.736> at<00:33:09.881> Traeger,<00:33:10.459> which<00:33:10.603> had<00:33:10.780> some<00:33:11.005> challenges.

00:33:12.129 --> 00:33:19.241
And<00:33:12.225> I'm<00:33:12.289> going<00:33:12.418> to<00:33:12.546> look<00:33:12.707> back<00:33:13.044> and<00:33:13.124> I'm<00:33:13.220> going<00:33:13.301> to<00:33:13.349> think<00:33:13.654> about,<00:33:14.794> let's<00:33:15.179> say,<00:33:15.838> back<00:33:16.078> half<00:33:16.335> of<00:33:16.400> '21<00:33:17.122> through<00:33:17.283> the<00:33:17.523> end<00:33:17.700> of<00:33:17.845> '23<00:33:18.487> or<00:33:18.631> '24.

00:33:20.237 --> 00:33:26.772
And<00:33:20.398> what<00:33:20.558> I<00:33:20.735> realized<00:33:21.441> is<00:33:22.645> if<00:33:22.806> you<00:33:22.902> go<00:33:23.079> through<00:33:23.320> adversity<00:33:23.866> with<00:33:24.026> the<00:33:24.106> right<00:33:24.428> attitude,<00:33:25.552> it's,<00:33:25.873> it's<00:33:26.097> what<00:33:26.290> makes<00:33:26.740> you.

00:33:27.864 --> 00:33:53.146
And<00:33:28.602> You<00:33:28.699> know,<00:33:28.827> what<00:33:28.988> I'm<00:33:29.229> really<00:33:29.486> trying<00:33:29.871> to<00:33:30.032> master<00:33:30.530> this<00:33:30.771> time<00:33:31.092> around<00:33:33.485> is<00:33:33.662> not<00:33:33.887> simply<00:33:34.610> benefiting<00:33:35.349> looking<00:33:35.750> back,<00:33:36.875> but<00:33:37.276> being<00:33:37.758> in<00:33:37.919> the<00:33:38.079> moment<00:33:39.268> and<00:33:39.926> recognizing<00:33:41.356> what<00:33:41.533> I'm<00:33:41.758> feeling,<00:33:42.657> what<00:33:42.882> I'm<00:33:43.075> up<00:33:43.300> against,<00:33:45.291> how<00:33:45.629> this<00:33:45.789> shapes<00:33:46.432> me,<00:33:47.235> you<00:33:47.315> know,<00:33:48.584> what<00:33:48.745> this<00:33:48.986> is<00:33:49.082> going<00:33:49.259> to<00:33:49.468> help<00:33:49.709> me<00:33:49.885> develop<00:33:50.383> into<00:33:50.769> as<00:33:50.865> a<00:33:51.074> leader<00:33:52.118> and<00:33:52.214> as<00:33:52.359> a<00:33:52.439> human<00:33:52.857> being.

00:33:54.222 --> 00:34:03.474
And<00:33:54.303> then<00:33:54.463> figure<00:33:54.849> out<00:33:55.331> how<00:33:55.507> do<00:33:55.668> I<00:33:55.829> find<00:33:56.937> intrigue<00:33:57.917> and<00:33:58.238> interest<00:33:58.816> and<00:33:59.025> joy<00:34:00.230> in<00:34:00.326> solving<00:34:01.290> the<00:34:01.450> hardest<00:34:02.013> problems<00:34:02.495> that<00:34:02.639> I've<00:34:02.800> ever<00:34:02.976> solved?

00:34:03.924 --> 00:34:04.278
You<00:34:04.020> know<00:34:04.101> what?

00:34:04.663 --> 00:34:07.924
Probably<00:34:04.984> the<00:34:05.145> hardest<00:34:05.546> problems<00:34:06.430> I<00:34:06.574> will<00:34:06.831> ever<00:34:07.072> solve<00:34:07.474> professionally.

00:34:09.080 --> 00:34:12.518
And<00:34:09.177> the<00:34:09.321> great<00:34:09.642> thing<00:34:09.883> about<00:34:10.285> it<00:34:10.365> is<00:34:10.911> like,<00:34:11.233> I'm<00:34:11.570> loving<00:34:12.052> this<00:34:12.357> moment.

00:34:13.176 --> 00:34:14.011
I'm<00:34:13.578> loving<00:34:13.963> it.

00:34:14.461 --> 00:34:15.152
It's<00:34:14.622> painful.

00:34:15.666 --> 00:34:25.210
It's<00:34:15.827> hard,<00:34:16.855> but<00:34:16.951> it's<00:34:17.096> sort<00:34:17.208> of<00:34:17.256> like<00:34:17.433> when<00:34:17.577> you<00:34:17.754> lift<00:34:18.075> weights<00:34:19.039> and<00:34:19.135> it's<00:34:19.280> like,<00:34:21.044> You're<00:34:21.829> pressing<00:34:22.325> or<00:34:22.422> squatting,<00:34:23.030> it's<00:34:23.143> like,<00:34:23.671> this<00:34:23.864> is<00:34:24.008> freaking<00:34:24.553> painful.

00:34:25.610 --> 00:34:26.780
Why<00:34:25.770> do<00:34:25.866> you<00:34:26.011> keep<00:34:26.331> doing<00:34:26.636> it?

00:34:27.293 --> 00:34:31.394
Because<00:34:27.597> you're<00:34:27.853> looking<00:34:28.174> in<00:34:28.254> the<00:34:28.398> mirror<00:34:28.590> and<00:34:28.671> saying,<00:34:28.895> I'm<00:34:29.119> getting<00:34:29.376> stronger,<00:34:30.417> I'm<00:34:30.641> getting<00:34:31.122> better.

00:34:32.180 --> 00:34:37.708
And<00:34:32.324> so,<00:34:32.756> I'm<00:34:32.965> finding<00:34:33.526> a<00:34:33.686> way<00:34:34.102> and<00:34:34.343> I'm<00:34:34.583> trying<00:34:34.984> to<00:34:35.144> make<00:34:35.368> this<00:34:35.609> contagious<00:34:36.890> in<00:34:37.067> my<00:34:37.307> team.

00:34:38.108 --> 00:34:40.079
I'm<00:34:38.348> loving<00:34:38.653> the<00:34:38.749> complexity<00:34:39.454> of<00:34:39.534> what<00:34:39.694> we're<00:34:39.855> doing.

00:34:40.672 --> 00:34:41.393
It's<00:34:40.896> really<00:34:41.137> cool.

00:34:41.713 --> 00:34:43.011
Now,<00:34:42.018> do<00:34:42.114> I<00:34:42.258> prefer<00:34:42.675> winning?

00:34:43.396 --> 00:34:43.957
Of<00:34:43.540> course.

00:34:44.758 --> 00:34:46.841
It's<00:34:44.870> just<00:34:44.998> not<00:34:45.142> an<00:34:45.222> option<00:34:45.559> I<00:34:45.623> was<00:34:45.719> given<00:34:45.959> right<00:34:46.777> now.

00:34:47.498 --> 00:34:48.749
It's<00:34:47.642> not,<00:34:47.883> it's<00:34:48.027> not<00:34:48.203> in<00:34:48.268> the<00:34:48.364> menu.

00:34:49.406 --> 00:35:02.412
And<00:34:49.551> so<00:34:50.753> this<00:34:50.994> is,<00:34:52.517> you<00:34:52.549> know,<00:34:52.694> it's<00:34:52.854> really<00:34:53.159> cool<00:34:53.351> as<00:34:53.512> a<00:34:53.576> CEO<00:34:54.201> when<00:34:54.362> you<00:34:54.442> go<00:34:54.474> through<00:34:54.602> hard<00:34:55.019> things<00:34:56.126> and<00:34:56.222> you<00:34:56.382> realize<00:34:57.585> the<00:34:57.681> last<00:34:58.066> time,<00:34:58.932> had<00:34:59.093> I<00:34:59.173> gone<00:34:59.429> through<00:34:59.606> this<00:34:59.830> 4<00:34:59.894> or<00:35:00.055> 5<00:35:00.376> years<00:35:00.568> ago,<00:35:01.354> this<00:35:01.594> would<00:35:01.707> have<00:35:01.915> broken<00:35:02.380> me.

00:35:03.118 --> 00:35:05.058
10<00:35:03.358> years<00:35:03.615> ago,<00:35:04.080> forget<00:35:04.722> about<00:35:04.978> it.

00:35:05.203 --> 00:35:05.860
No<00:35:05.363> chance.

00:35:06.325 --> 00:35:06.678
You<00:35:06.422> know<00:35:06.550> what?

00:35:07.111 --> 00:35:09.757
We're<00:35:07.207> going<00:35:07.320> to<00:35:07.352> get<00:35:07.448> through<00:35:07.608> it<00:35:08.250> and<00:35:08.394> we're<00:35:08.458> going<00:35:08.522> to<00:35:08.570> be<00:35:08.891> really<00:35:09.068> successful.

00:35:10.735 --> 00:35:20.141
And<00:35:10.880> the<00:35:10.912> next<00:35:11.217> time<00:35:11.521> something<00:35:12.259> really<00:35:13.783> painful,<00:35:14.425> challenging<00:35:15.068> in<00:35:15.212> life<00:35:15.951> approaches<00:35:16.593> me,<00:35:17.412> I'm<00:35:17.508> going<00:35:17.588> to<00:35:17.701> get<00:35:17.877> through<00:35:18.263> it<00:35:18.745> because<00:35:19.001> I've<00:35:19.226> been<00:35:19.403> through<00:35:19.644> hard<00:35:19.885> things.

00:35:20.270 --> 00:35:21.265
And<00:35:20.350> it's<00:35:20.447> not<00:35:20.607> just<00:35:20.832> professional.

00:35:21.410 --> 00:35:34.207
Like,<00:35:22.132> you<00:35:22.213> take,<00:35:22.919> you<00:35:23.016> take<00:35:23.401> all<00:35:23.642> of<00:35:23.802> the<00:35:23.899> capabilities<00:35:25.344> and<00:35:25.424> the<00:35:25.585> qualities<00:35:26.468> and<00:35:26.532> the<00:35:26.693> confidence<00:35:27.993> with<00:35:28.298> you,<00:35:28.957> whether<00:35:29.181> you<00:35:29.358> build<00:35:29.599> it<00:35:30.321> in<00:35:30.402> your<00:35:30.562> personal<00:35:31.044> life<00:35:31.445> or<00:35:31.526> your<00:35:31.670> professional<00:35:32.248> life,<00:35:32.874> they're<00:35:33.115> all<00:35:33.228> so<00:35:33.677> intertwined.

00:35:34.400 --> 00:35:35.074
You<00:35:34.657> own<00:35:34.881> those.

00:35:35.540 --> 00:35:36.985
And<00:35:35.604> that<00:35:35.781> to<00:35:35.925> me<00:35:36.037> is<00:35:36.246> really<00:35:36.519> exciting.

00:35:37.547 --> 00:35:42.935
And<00:35:37.643> it's<00:35:37.804> exciting<00:35:38.430> that<00:35:40.739> that<00:35:40.899> this<00:35:41.140> moment<00:35:41.557> doesn't<00:35:41.957> feel<00:35:42.198> like<00:35:42.502> a<00:35:42.599> burden.

00:35:43.881 --> 00:36:01.435
And<00:35:44.378> because<00:35:44.747> when<00:35:44.859> it's<00:35:45.067> just<00:35:45.260> a<00:35:45.388> burden,<00:35:46.606> not<00:35:46.831> only<00:35:46.911> is<00:35:47.071> it<00:35:47.167> no<00:35:47.408> fun<00:35:47.793> and<00:35:48.514> you<00:35:48.690> lose<00:35:49.011> years<00:35:49.251> of<00:35:49.396> your<00:35:49.492> life,<00:35:50.454> but<00:35:50.598> I<00:35:50.694> just<00:35:50.935> don't<00:35:52.698> think<00:35:53.083> you<00:35:53.179> can<00:35:53.339> solve<00:35:54.381> problems<00:35:55.263> as<00:35:55.423> creatively,<00:35:56.385> as<00:35:56.545> resourcefully<00:35:57.892> with<00:35:58.854> real<00:35:59.094> clear<00:35:59.527> vision<00:36:00.553> when<00:36:00.713> they're<00:36:00.954> burdens.

00:36:01.900 --> 00:36:04.801
But<00:36:02.156> when<00:36:02.300> they're<00:36:02.701> interesting,<00:36:03.775> suddenly<00:36:04.416> it's<00:36:04.625> like,<00:36:04.721> boom.

00:36:05.010 --> 00:36:07.787
Boy,<00:36:06.551> take<00:36:07.129> off<00:36:07.354> the<00:36:07.450> gloves.

00:36:07.851 --> 00:36:09.104
You're<00:36:07.932> going<00:36:08.044> to<00:36:08.092> find<00:36:08.397> great<00:36:08.638> solutions.

00:36:10.003 --> 00:36:10.870
How<00:36:10.131> do<00:36:10.196> we<00:36:10.340> get<00:36:10.501> out<00:36:10.661> of<00:36:10.742> this?

00:36:10.982 --> 00:36:14.916
I<00:36:10.998> don't<00:36:11.625> like—<00:36:12.171> the<00:36:12.203> news<00:36:12.508> is<00:36:12.668> like<00:36:12.909> half<00:36:13.471> great,<00:36:14.033> half<00:36:14.434> bad.

00:36:15.639 --> 00:36:17.886
For<00:36:15.799> consumer,<00:36:16.602> it<00:36:16.763> seems<00:36:16.987> like<00:36:17.100> it's<00:36:17.389> all<00:36:17.565> bad.

00:36:18.208 --> 00:36:21.788
I<00:36:18.288> don't<00:36:18.689> know<00:36:18.737> a<00:36:18.770> single<00:36:19.910> consumer<00:36:20.536> brand<00:36:20.857> that<00:36:21.017> isn't<00:36:21.258> down<00:36:21.499> a<00:36:21.579> ton.

00:36:22.222 --> 00:36:26.412
I<00:36:22.238> mean,<00:36:22.366> you<00:36:22.527> look<00:36:22.655> like<00:36:22.864> Peloton,<00:36:24.309> which<00:36:24.534> was<00:36:24.630> like<00:36:24.855> the<00:36:24.951> darling<00:36:25.497> consumer<00:36:25.995> brand.

00:36:26.717 --> 00:36:31.858
And<00:36:27.199> that's<00:36:27.825> like—<00:36:28.708> that<00:36:28.885> doesn't<00:36:29.222> make<00:36:29.431> any<00:36:29.527> sense<00:36:29.912> that,<00:36:30.250> you<00:36:30.330> know,<00:36:30.896> How<00:36:30.979> do<00:36:31.078> we<00:36:31.211> get<00:36:31.460> out<00:36:31.576> of<00:36:31.659> this?

00:36:34.120 --> 00:36:38.148
Yeah,<00:36:34.233> Peloton's<00:36:34.653> an<00:36:34.783> interesting<00:36:35.106> one<00:36:35.284> because<00:36:36.401> I<00:36:36.498> rode<00:36:36.660> my<00:36:36.821> Peloton<00:36:37.291> this<00:36:37.452> morning.

00:36:38.763 --> 00:36:39.960
It's<00:36:39.329> a<00:36:39.410> great<00:36:39.653> product.

00:36:40.041 --> 00:36:41.675
It's<00:36:40.203> a<00:36:40.284> great<00:36:40.462> community<00:36:41.173> even,<00:36:41.497> right?

00:36:41.837 --> 00:36:43.455
They<00:36:41.998> kind<00:36:42.484> of<00:36:42.872> done<00:36:43.034> a<00:36:43.050> lot<00:36:43.212> right.

00:36:44.184 --> 00:36:45.673
It's<00:36:44.831> a<00:36:44.896> remarkable<00:36:45.463> brand.

00:36:45.722 --> 00:36:46.807
You<00:36:45.819> know,<00:36:45.949> how<00:36:46.062> do<00:36:46.143> we<00:36:46.273> get<00:36:46.451> out<00:36:46.613> of<00:36:46.677> this?

00:36:48.297 --> 00:36:53.269
You<00:36:48.394> know,<00:36:48.621> for<00:36:48.864> better<00:36:49.026> or<00:36:49.123> for<00:36:49.430> worse,<00:36:50.159> we<00:36:50.256> don't<00:36:50.969> all<00:36:51.147> get<00:36:51.374> out<00:36:51.471> of<00:36:52.549> this.

00:36:53.350 --> 00:36:55.704
This<00:36:53.595> is<00:36:53.759> part<00:36:54.168> of<00:36:54.396> the<00:36:54.560> culling<00:36:55.214> process.

00:36:57.048 --> 00:36:57.755
Of<00:36:57.144> an<00:36:57.225> economy.

00:36:58.172 --> 00:37:04.498
And<00:36:58.493> it's,<00:36:59.473> you<00:36:59.569> know,<00:36:59.938> it's<00:37:00.500> the<00:37:00.597> invisible<00:37:01.303> hand<00:37:03.005> that<00:37:03.230> takes<00:37:03.631> care<00:37:03.792> of<00:37:03.888> all<00:37:04.049> these<00:37:04.209> things.

00:37:04.611 --> 00:37:12.511
And<00:37:04.916> it's<00:37:05.076> the<00:37:05.173> intersection<00:37:05.815> between,<00:37:07.645> you<00:37:07.678> know,<00:37:07.758> things<00:37:08.304> right-sizing<00:37:09.107> themselves,<00:37:09.909> inflation<00:37:10.632> right-sizing<00:37:12.061> itself.

00:37:12.880 --> 00:37:16.348
Consumer<00:37:14.389> cash,<00:37:15.770> it's<00:37:15.915> still<00:37:16.172> there.

00:37:17.440 --> 00:37:19.062
But<00:37:17.761> the<00:37:17.857> cash<00:37:18.243> has<00:37:18.403> got<00:37:18.532> to<00:37:18.644> be<00:37:18.741> spent.

00:37:19.704 --> 00:37:21.615
The<00:37:19.848> consumer<00:37:20.507> has<00:37:20.908> got<00:37:21.021> to<00:37:21.085> go<00:37:21.229> in<00:37:21.310> debt.

00:37:21.840 --> 00:37:22.684
Because<00:37:22.099> they<00:37:22.197> always<00:37:22.457> do.

00:37:23.171 --> 00:37:25.298
They're<00:37:23.301> going<00:37:23.431> to<00:37:23.480> start<00:37:23.804> buying<00:37:24.129> things<00:37:24.454> on<00:37:24.616> credit<00:37:24.957> cards.

00:37:25.688 --> 00:37:27.166
It's<00:37:26.419> going<00:37:26.662> to<00:37:26.760> get<00:37:26.987> painful.

00:37:28.520 --> 00:37:30.059
And<00:37:28.795> then<00:37:28.860> interest<00:37:29.184> rates<00:37:29.427> will<00:37:29.508> come<00:37:29.687> back<00:37:29.930> down.

00:37:31.129 --> 00:37:32.620
Business<00:37:31.534> will<00:37:31.777> start<00:37:32.037> to<00:37:32.199> reinvest.

00:37:32.669 --> 00:37:36.137
Like,<00:37:33.171> these<00:37:33.269> cycles<00:37:33.884> are<00:37:34.063> really<00:37:34.387> interesting<00:37:34.938> how<00:37:35.035> they<00:37:35.197> take<00:37:35.440> care<00:37:35.667> of<00:37:35.748> themselves.

00:37:37.693 --> 00:37:38.517
And<00:37:37.839> then,<00:37:38.016> you<00:37:38.113> know<00:37:38.259> what?

00:37:38.679 --> 00:37:41.748
It's<00:37:38.840> like<00:37:39.147> it's<00:37:40.343> survival<00:37:41.086> of<00:37:41.183> the<00:37:41.312> fittest.

00:37:42.685 --> 00:37:49.410
And<00:37:43.250> this<00:37:43.509> is<00:37:43.670> where,<00:37:45.516> as<00:37:45.613> a<00:37:45.630> CEO,<00:37:46.264> you<00:37:46.346> have<00:37:46.509> to<00:37:46.590> step<00:37:46.981> back<00:37:47.420> and<00:37:48.137> there's<00:37:48.556> some<00:37:48.798> reinvention.

00:37:49.507 --> 00:37:57.601
Like,<00:37:49.749> we<00:37:49.846> are<00:37:50.313> seriously<00:37:51.135> reinventing<00:37:52.344> so<00:37:52.651> many<00:37:52.892> components<00:37:53.473> of<00:37:53.569> our<00:37:53.779> business<00:37:54.827> and<00:37:54.908> you<00:37:54.940> don't<00:37:55.117> get<00:37:55.311> paid<00:37:55.568> for<00:37:55.794> it<00:37:55.875> for<00:37:56.036> a<00:37:56.117> while<00:37:56.375> because<00:37:56.681> these<00:37:56.778> things<00:37:57.100> take<00:37:57.310> time.

00:37:57.973 --> 00:38:05.639
Yeah,<00:37:58.636> but<00:37:58.781> you<00:37:58.959> also<00:37:59.347> have<00:37:59.671> to<00:38:00.496> acknowledge<00:38:01.288> the<00:38:01.369> cycles<00:38:01.951> that<00:38:02.178> you're<00:38:02.518> in<00:38:03.553> and<00:38:03.795> build<00:38:04.038> strategy<00:38:04.685> against<00:38:05.024> those<00:38:05.186> cycles.

00:38:07.794 --> 00:38:10.957
So<00:38:08.086> I<00:38:08.183> was<00:38:08.345> like,<00:38:08.751> I'm<00:38:08.913> not<00:38:09.237> built<00:38:09.497> to<00:38:09.643> play<00:38:09.951> defense<00:38:10.406> like<00:38:10.844> that.

00:38:11.022 --> 00:38:11.265
That's<00:38:11.119> just—.

00:38:11.265 --> 00:38:12.823
It's<00:38:11.492> just<00:38:11.752> not<00:38:11.995> in<00:38:12.076> my<00:38:12.385> DNA.

00:38:13.293 --> 00:38:13.764
But<00:38:13.439> you<00:38:13.520> know<00:38:13.699> what?

00:38:14.686 --> 00:38:20.716
This<00:38:14.945> is<00:38:15.090> a<00:38:15.155> moment<00:38:15.494> where<00:38:15.656> we're<00:38:15.737> playing<00:38:16.060> defense<00:38:16.707> and<00:38:16.787> we're<00:38:16.933> focused<00:38:17.418> on<00:38:17.596> liquidity<00:38:18.727> and<00:38:18.889> cash<00:38:19.940> and<00:38:20.182> margins.

00:38:21.152 --> 00:38:22.946
And<00:38:21.233> it's<00:38:21.346> like<00:38:21.572> it<00:38:21.621> was<00:38:21.782> all<00:38:21.879> about<00:38:22.187> growth<00:38:22.445> for<00:38:22.607> 8<00:38:22.752> years.

00:38:23.510 --> 00:38:31.287
And<00:38:23.606> then<00:38:23.848> we<00:38:23.881> said<00:38:24.687> our<00:38:24.817> focus<00:38:25.317> is<00:38:25.414> going<00:38:25.543> to<00:38:25.623> turn<00:38:25.962> to<00:38:26.108> stability<00:38:27.415> as<00:38:27.641> we<00:38:27.883> reinvent<00:38:28.318> the<00:38:28.447> future<00:38:29.432> and<00:38:29.577> as<00:38:29.738> the<00:38:29.835> consumer<00:38:30.481> gets<00:38:30.787> stronger.

00:38:31.997 --> 00:38:33.079
And<00:38:32.094> then<00:38:32.320> you<00:38:32.498> lean<00:38:32.724> into<00:38:32.998> it.

00:38:33.128 --> 00:38:40.426
So,<00:38:33.856> you<00:38:33.953> know,<00:38:34.018> as<00:38:34.180> we<00:38:34.277> think<00:38:34.536> about<00:38:34.844> the<00:38:34.925> next<00:38:35.249> 3<00:38:35.475> years<00:38:35.718> of<00:38:35.799> strategy,<00:38:38.298> it<00:38:38.448> goes<00:38:38.780> from<00:38:39.046> a<00:38:39.129> very<00:38:39.445> defensive<00:38:40.127> posture.

00:38:41.022 --> 00:38:45.526
To<00:38:41.182> building<00:38:41.503> a<00:38:41.663> very<00:38:41.920> aggressive<00:38:42.545> posture<00:38:43.811> and<00:38:43.988> the<00:38:44.148> best<00:38:44.468> brands<00:38:44.853> will<00:38:44.965> survive.

00:38:46.152 --> 00:39:00.547
And<00:38:46.296> part<00:38:46.472> of<00:38:46.536> the—<00:38:46.633> part<00:38:47.194> of<00:38:47.354> this<00:38:47.514> process<00:38:48.300> of,<00:38:49.342> you<00:38:49.374> know,<00:38:49.598> brands<00:38:50.095> going<00:38:50.400> away<00:38:50.656> is<00:38:50.865> healthy<00:38:51.843> because<00:38:52.885> a<00:38:52.965> lot<00:38:53.526> of<00:38:53.991> bad<00:38:54.247> investment<00:38:56.491> chases<00:38:57.133> bad<00:38:57.453> companies<00:38:58.960> in<00:38:59.281> really<00:38:59.858> frothy<00:39:00.419> times.

00:39:01.221 --> 00:39:01.509
And<00:39:01.285> you<00:39:01.317> know<00:39:01.397> what?

00:39:01.846 --> 00:39:04.475
No<00:39:02.006> one's<00:39:02.182> investing<00:39:02.679> in<00:39:02.808> outdoor<00:39:03.144> cooking<00:39:03.465> for<00:39:03.561> the<00:39:03.625> next<00:39:03.866> 4<00:39:03.946> or<00:39:04.026> 5<00:39:04.266> years.

00:39:04.827 --> 00:39:04.940
Yeah.

00:39:05.084 --> 00:39:06.815
No,<00:39:05.613> like<00:39:06.094> you<00:39:06.334> just<00:39:06.575> wouldn't.

00:39:07.554 --> 00:39:11.700
Investors<00:39:08.341> are<00:39:08.582> often<00:39:08.984> lagging<00:39:09.386> indicators<00:39:10.511> of<00:39:10.607> things<00:39:11.073> that<00:39:11.169> are<00:39:11.314> working.

00:39:12.455 --> 00:39:15.717
And<00:39:12.599> so,<00:39:13.419> you<00:39:13.515> know,<00:39:13.660> we're<00:39:13.821> going<00:39:13.981> to,<00:39:14.126> we're<00:39:14.222> going<00:39:14.287> to<00:39:14.319> see<00:39:14.560> attrition<00:39:14.994> in<00:39:15.106> this<00:39:15.331> industry.

00:39:15.829 --> 00:39:17.645
We<00:39:15.974> may<00:39:16.086> see<00:39:16.311> some<00:39:16.552> cuts<00:39:16.938> and<00:39:17.018> consolidation.

00:39:18.239 --> 00:39:27.896
We're<00:39:18.336> not<00:39:18.480> going<00:39:18.593> to<00:39:18.657> see<00:39:18.882> new<00:39:19.123> players<00:39:19.509> come<00:39:19.766> in<00:39:20.409> and<00:39:20.633> we're<00:39:20.746> going<00:39:20.842> to<00:39:20.907> survive<00:39:22.096> because<00:39:22.497> we<00:39:22.658> have<00:39:23.301> the<00:39:23.445> best<00:39:23.767> team,<00:39:24.650> we<00:39:24.731> have<00:39:24.908> the<00:39:25.052> best<00:39:25.229> strategy,<00:39:26.354> and<00:39:26.514> we're<00:39:26.691> going<00:39:26.771> to<00:39:26.900> execute<00:39:27.414> the<00:39:27.559> best.

00:39:28.362 --> 00:39:30.772
And<00:39:28.443> when<00:39:28.523> we<00:39:28.684> come<00:39:28.989> out<00:39:29.101> of<00:39:29.166> this,<00:39:29.808> we're<00:39:29.873> going<00:39:29.953> to<00:39:30.033> be<00:39:30.114> a<00:39:30.130> better<00:39:30.371> company.

00:39:31.415 --> 00:39:32.749
We're<00:39:31.479> going<00:39:31.560> to<00:39:31.592> have<00:39:31.881> less<00:39:32.122> competition.

00:39:33.343 --> 00:39:37.657
And<00:39:33.487> we're<00:39:33.599> going<00:39:33.695> to<00:39:33.744> figure<00:39:33.968> out<00:39:34.080> a<00:39:34.225> way<00:39:34.305> to<00:39:34.401> speak<00:39:34.850> to<00:39:34.947> our<00:39:35.107> consumer<00:39:36.551> with<00:39:36.711> a<00:39:36.952> better<00:39:37.272> voice.

00:39:38.475 --> 00:39:42.052
And<00:39:38.620> so,<00:39:38.796> these<00:39:39.101> things,<00:39:39.678> they<00:39:40.400> really<00:39:40.705> do<00:39:40.881> take<00:39:41.122> care<00:39:41.347> of<00:39:41.443> themselves.

00:39:42.870 --> 00:39:47.105
And<00:39:43.047> look,<00:39:43.753> you<00:39:43.849> just<00:39:44.073> hope<00:39:44.266> to<00:39:44.410> be<00:39:46.319> the<00:39:46.399> one<00:39:46.576> that<00:39:46.672> survives.

00:39:47.843 --> 00:39:49.158
And<00:39:48.244> I<00:39:48.340> think<00:39:48.565> it's<00:39:48.677> natural.

00:39:49.286 --> 00:40:00.611
And<00:39:49.383> by<00:39:49.559> the<00:39:49.703> way,<00:39:49.944> this<00:39:50.249> is<00:39:50.506> another<00:39:51.532> one<00:39:51.644> of<00:39:51.885> my<00:39:52.992> thought<00:39:53.313> processes<00:39:53.954> that<00:39:54.355> really<00:39:54.660> gives<00:39:54.917> me<00:39:55.077> energy<00:39:55.398> right<00:39:55.622> now<00:39:56.505> is<00:39:56.681> that<00:39:57.563> I<00:39:57.804> love<00:39:58.044> the<00:39:58.125> fact<00:39:58.510> that<00:39:58.686> my<00:39:58.846> competitors<00:39:59.552> aren't<00:40:00.049> going<00:40:00.290> to<00:40:00.386> survive.

00:40:01.397 --> 00:40:08.672
You<00:40:01.478> know,<00:40:01.654> I<00:40:01.751> know<00:40:02.136> some<00:40:02.457> of<00:40:02.602> them<00:40:02.778> are<00:40:02.859> not<00:40:03.100> going—<00:40:03.581> Weber,<00:40:04.384> who's<00:40:04.497> like<00:40:04.722> multiple<00:40:05.268> times<00:40:05.589> our<00:40:05.685> size,<00:40:06.568> has<00:40:07.355> $1.5<00:40:08.062> billion<00:40:08.399> of<00:40:08.480> debt.

00:40:09.042 --> 00:40:13.554
They<00:40:09.186> just<00:40:09.427> raised<00:40:09.684> emergency<00:40:10.407> capital<00:40:11.370> and<00:40:11.450> they're<00:40:11.547> saying<00:40:11.852> they've<00:40:11.997> got<00:40:12.173> to<00:40:12.253> go<00:40:12.414> private<00:40:12.880> to<00:40:12.976> restructure.

00:40:14.100 --> 00:40:14.727
I<00:40:14.245> love<00:40:14.486> that.

00:40:15.305 --> 00:40:19.111
Like,<00:40:15.787> no<00:40:16.268> disrespect,<00:40:17.232> great<00:40:17.537> business,<00:40:18.420> great<00:40:18.597> product.

00:40:19.560 --> 00:40:20.090
But<00:40:19.705> you<00:40:19.737> know<00:40:19.882> what?

00:40:20.909 --> 00:40:21.070
If<00:40:21.022> they—.

00:40:21.070 --> 00:40:23.993
They'll<00:40:21.632> survive<00:40:22.596> because<00:40:23.094> they're<00:40:23.640> the<00:40:23.720> biggest.

00:40:24.683 --> 00:40:27.799
But<00:40:24.844> when<00:40:25.021> they<00:40:25.117> survive,<00:40:26.129> they're<00:40:26.257> going<00:40:26.338> to<00:40:26.450> come<00:40:26.787> limping<00:40:27.189> out<00:40:27.365> of<00:40:27.494> this<00:40:27.719> thing.

00:40:28.377 --> 00:40:29.644
And<00:40:28.537> we're<00:40:28.649> going<00:40:28.746> to<00:40:28.794> come<00:40:28.970> out<00:40:29.179> swinging.

00:40:30.398 --> 00:40:37.619
You<00:40:30.479> know,<00:40:31.201> I<00:40:31.281> look<00:40:31.441> at,<00:40:32.228> you<00:40:32.324> know,<00:40:32.388> some<00:40:32.581> of<00:40:32.629> my<00:40:32.869> other<00:40:33.046> competitors<00:40:34.233> and<00:40:34.410> like<00:40:34.650> we<00:40:34.795> just<00:40:34.971> hear<00:40:35.276> bits<00:40:35.517> and<00:40:35.693> pieces<00:40:36.720> through<00:40:36.817> the<00:40:36.961> grapevine.

00:40:38.164 --> 00:40:42.192
And<00:40:38.485> if<00:40:38.646> they<00:40:38.838> survive,<00:40:40.010> they're<00:40:40.202> going<00:40:40.330> to<00:40:40.427> be<00:40:40.892> wounded.

00:40:42.336 --> 00:40:49.765
And<00:40:42.432> our<00:40:42.673> goal<00:40:42.994> is<00:40:43.090> like,<00:40:43.235> it's<00:40:43.443> like<00:40:43.556> this<00:40:43.780> cliché,<00:40:44.278> this<00:40:44.518> is<00:40:44.679> where<00:40:45.385> you<00:40:45.545> capture<00:40:45.962> share<00:40:46.909> and<00:40:46.989> you<00:40:47.021> don't<00:40:47.150> get<00:40:47.326> paid<00:40:47.567> for<00:40:47.743> in<00:40:47.792> the<00:40:47.952> moment,<00:40:48.690> but<00:40:48.786> it's<00:40:48.995> when<00:40:49.171> you<00:40:49.332> position.

00:40:49.813 --> 00:40:51.626
So,<00:40:50.519> I<00:40:50.856> think<00:40:51.033> it's<00:40:51.177> healthy.

00:40:52.204 --> 00:40:53.792
You<00:40:52.236> know,<00:40:52.605> I<00:40:52.621> hope<00:40:52.846> we're<00:40:52.926> one<00:40:53.086> of<00:40:53.119> the<00:40:53.199> survivors.

00:40:54.210 --> 00:40:54.948
I<00:40:54.226> think<00:40:54.531> we<00:40:54.691> will<00:40:54.868> be.

00:40:55.012 --> 00:40:56.135
I<00:40:55.108> feel<00:40:55.333> pretty<00:40:55.574> good<00:40:55.734> about<00:40:56.071> it.

00:40:57.260 --> 00:41:05.950
But<00:40:59.991> we<00:41:00.476> have<00:41:00.799> some<00:41:01.688> real<00:41:03.336> structural<00:41:03.869> challenges<00:41:04.451> in<00:41:04.500> the<00:41:05.644> economy.

00:41:06.530 --> 00:41:12.798
And<00:41:06.691> for<00:41:07.110> decades,<00:41:08.141> we've<00:41:08.318> just<00:41:08.560> become<00:41:09.043> drunken<00:41:09.527> on<00:41:09.768> low<00:41:10.010> interest<00:41:10.349> rates<00:41:11.783> and<00:41:12.266> borrowing.

00:41:13.416 --> 00:41:15.525
And<00:41:13.577> that's<00:41:14.559> not<00:41:14.720> sustainable.

00:41:16.250 --> 00:41:20.565
And<00:41:16.331> so,<00:41:16.653> you<00:41:16.878> can't<00:41:17.200> fix<00:41:18.086> decades-old<00:41:19.470> problems<00:41:20.179> quickly.

00:41:21.741 --> 00:41:24.159
The<00:41:21.902> Fed<00:41:22.272> is<00:41:22.449> committed<00:41:22.854> to<00:41:23.094> breaking<00:41:23.541> the<00:41:23.713> consumer.

00:41:25.164 --> 00:41:25.662
They<00:41:25.309> have<00:41:25.566> to.

00:41:26.433 --> 00:41:26.915
They<00:41:26.529> have<00:41:26.770> to.

00:41:27.412 --> 00:41:29.275
And<00:41:27.477> so,<00:41:27.637> we<00:41:27.734> think<00:41:28.055> about<00:41:28.376> that<00:41:28.552> in<00:41:28.617> our<00:41:28.777> strategy.

00:41:29.901 --> 00:41:31.186
And<00:41:29.981> so,<00:41:30.158> it's<00:41:30.303> going<00:41:30.543> to<00:41:30.688> take<00:41:30.865> time.

00:41:32.053 --> 00:41:39.696
And<00:41:33.193> it<00:41:33.353> may<00:41:33.514> not<00:41:33.755> be<00:41:33.980> as<00:41:34.220> deep<00:41:35.039> as<00:41:35.200> the<00:41:35.344> Great<00:41:35.665> Recession<00:41:36.549> of<00:41:36.886> '08,<00:41:38.122> '09,<00:41:39.037> etc.

00:41:40.884 --> 00:41:42.024
But<00:41:40.980> I<00:41:41.060> think<00:41:41.301> it<00:41:41.382> could<00:41:41.542> be<00:41:41.687> longer.

00:41:42.650 --> 00:41:47.371
I<00:41:42.746> think<00:41:42.987> we're<00:41:43.068> going<00:41:43.308> to<00:41:43.453> see<00:41:43.710> interest<00:41:44.095> rates<00:41:44.914> hit<00:41:45.315> really<00:41:45.781> meaningful<00:41:46.985> highs.

00:41:47.885 --> 00:41:49.522
And<00:41:48.029> I<00:41:48.045> think<00:41:48.286> they're<00:41:48.414> going<00:41:48.479> to<00:41:48.543> stay<00:41:48.928> there<00:41:49.089> for<00:41:49.314> a<00:41:49.394> while.

00:41:50.373 --> 00:41:54.399
And<00:41:50.469> so,<00:41:51.977> this<00:41:52.939> is<00:41:53.084> going<00:41:53.180> to<00:41:53.260> have<00:41:53.517> to<00:41:53.725> work<00:41:53.918> its<00:41:54.126> way<00:41:54.303> out.

00:41:54.784 --> 00:42:03.928
The<00:41:54.945> other<00:41:55.185> piece<00:41:55.426> that<00:41:55.570> I<00:41:55.586> think<00:41:55.843> is<00:41:55.987> interesting<00:41:57.415> that<00:41:57.816> we've<00:41:57.976> got<00:41:58.073> to<00:41:58.153> think<00:41:58.409> about<00:41:59.356> as<00:41:59.596> business<00:42:00.062> leaders<00:42:01.425> is<00:42:01.602> the<00:42:02.003> geopolitics<00:42:02.965> of<00:42:03.045> the<00:42:03.190> world<00:42:03.430> that<00:42:03.527> we<00:42:03.751> live<00:42:03.847> in.

00:42:04.633 --> 00:42:04.874
Yeah.

00:42:04.970 --> 00:42:06.526
It's<00:42:05.115> weird<00:42:05.371> that<00:42:05.452> you<00:42:05.596> have<00:42:05.692> to<00:42:05.853> think<00:42:06.029> about<00:42:06.254> that<00:42:06.430> now.

00:42:06.799 --> 00:42:11.515
Like,<00:42:07.280> you<00:42:07.441> have<00:42:07.617> to<00:42:07.713> think<00:42:07.842> about<00:42:08.018> geopolitics<00:42:08.965> as<00:42:09.061> like<00:42:09.221> a<00:42:09.237> CEO<00:42:10.264> of<00:42:10.424> an<00:42:10.569> outdoor<00:42:10.906> grill<00:42:11.210> company.

00:42:12.093 --> 00:42:15.798
And<00:42:12.189> like<00:42:12.397> we<00:42:12.654> all<00:42:12.895> have<00:42:13.151> to,<00:42:13.296> like<00:42:13.456> you<00:42:13.616> have<00:42:13.777> to<00:42:13.857> like,<00:42:14.338> what's<00:42:14.579> Jerome<00:42:14.916> Powell<00:42:15.317> going<00:42:15.557> to<00:42:15.702> do?

00:42:15.862 --> 00:42:16.937
You<00:42:15.942> got<00:42:16.039> to<00:42:16.103> like<00:42:16.279> factor<00:42:16.600> that<00:42:16.825> in.

00:42:17.242 --> 00:42:20.097
Like,<00:42:17.466> were<00:42:17.643> you<00:42:17.883> thinking<00:42:18.124> about<00:42:18.349> that,<00:42:18.525> like,<00:42:18.686> in<00:42:18.830> 2017?

00:42:20.494 --> 00:42:21.204
I<00:42:20.514> don't<00:42:20.755> think<00:42:21.012> you<00:42:21.156> were.

00:42:21.397 --> 00:42:22.696
Oh,<00:42:21.557> no,<00:42:22.391> no.

00:42:23.562 --> 00:42:25.632
We<00:42:23.739> thought<00:42:23.979> about<00:42:24.124> ourselves<00:42:24.798> and<00:42:24.942> our<00:42:25.022> competitors.

00:42:26.305 --> 00:42:33.941
No,<00:42:26.931> it's—<00:42:27.894> this<00:42:28.070> is<00:42:28.231> multifaceted<00:42:29.177> because<00:42:30.075> you<00:42:30.300> really—<00:42:31.182> you've<00:42:31.599> got<00:42:32.097> to<00:42:32.225> track<00:42:33.268> the<00:42:33.428> macro.

00:42:34.006 --> 00:42:37.342
You've<00:42:34.150> got<00:42:34.326> to<00:42:34.391> track<00:42:34.808> the<00:42:34.904> Fed<00:42:35.834> because<00:42:36.091> that<00:42:36.268> influences<00:42:36.909> strategy.

00:42:38.401 --> 00:42:41.850
And,<00:42:39.059> you<00:42:39.139> know,<00:42:39.540> geopolitics—<00:42:40.743> we<00:42:40.904> manufacture<00:42:41.545> in<00:42:41.770> Asia.

00:42:42.251 --> 00:42:43.759
We<00:42:42.283> manufacture<00:42:42.764> a<00:42:42.829> lot<00:42:42.957> in<00:42:43.133> China,<00:42:43.326> in<00:42:43.567> fact.

00:42:44.577 --> 00:42:46.534
It's<00:42:44.994> probably<00:42:45.299> two-thirds<00:42:45.716> of<00:42:45.780> our<00:42:45.876> manufacturing.

00:42:47.223 --> 00:42:49.404
What's<00:42:48.442> going<00:42:48.827> on<00:42:49.003> in<00:42:49.084> China?

00:42:49.565 --> 00:42:50.832
What's<00:42:49.805> going<00:42:50.030> to<00:42:50.126> happen<00:42:50.463> in<00:42:50.527> China?

00:42:51.409 --> 00:42:57.311
President<00:42:51.810> Xi<00:42:52.628> seems<00:42:53.013> less<00:42:53.253> motivated<00:42:53.734> by<00:42:53.895> the<00:42:54.039> economy<00:42:55.098> and<00:42:55.162> he<00:42:55.258> seems<00:42:55.563> a<00:42:55.659> lot<00:42:55.980> motivated<00:42:56.461> by<00:42:56.685> his<00:42:56.926> legacy.

00:42:58.048 --> 00:43:04.688
And<00:42:58.145> China<00:42:58.562> thinks<00:42:58.947> in<00:42:59.107> terms<00:42:59.508> of<00:43:00.053> hundreds<00:43:00.550> of<00:43:00.711> years<00:43:01.496> and<00:43:01.833> they're<00:43:02.074> willing<00:43:02.314> to<00:43:02.475> do<00:43:02.699> hard,<00:43:03.036> they're<00:43:03.180> willing<00:43:03.357> to<00:43:03.389> do<00:43:03.597> really<00:43:03.838> painful<00:43:04.319> things.

00:43:05.361 --> 00:43:08.216
We<00:43:05.522> think<00:43:05.778> in<00:43:05.907> terms<00:43:06.308> of<00:43:06.869> four-year<00:43:07.350> election<00:43:07.831> cycles.

00:43:10.158 --> 00:43:11.154
What<00:43:10.640> happens?

00:43:11.925 --> 00:43:14.061
I'm<00:43:13.290> not<00:43:13.387> going<00:43:13.531> to<00:43:13.563> say<00:43:13.933> if.

00:43:14.752 --> 00:43:18.753
What<00:43:14.993> happens<00:43:16.102> when<00:43:16.279> China<00:43:16.841> and<00:43:17.002> Taiwan<00:43:18.271> unify?

00:43:20.134 --> 00:43:22.271
How<00:43:20.295> is<00:43:20.391> it<00:43:20.536> going<00:43:20.841> to<00:43:21.002> happen?

00:43:23.492 --> 00:43:24.761
Look<00:43:23.588> what's<00:43:23.813> happened<00:43:24.135> in<00:43:24.295> Hong<00:43:24.552> Kong.

00:43:25.034 --> 00:43:26.159
I<00:43:25.099> mean,<00:43:25.259> it's<00:43:25.452> a<00:43:25.500> hot<00:43:25.822> mess.

00:43:27.284 --> 00:43:29.758
And<00:43:28.729> it's<00:43:29.195> going<00:43:29.372> to<00:43:29.452> happen.

00:43:30.015 --> 00:43:38.925
And<00:43:30.641> I<00:43:30.722> was<00:43:32.007> at<00:43:32.890> a<00:43:32.907> small<00:43:33.164> CEO<00:43:33.565> summit,<00:43:33.951> my<00:43:34.095> private<00:43:34.417> equity<00:43:34.674> partner,<00:43:35.461> and<00:43:35.782> they<00:43:35.879> brought<00:43:36.200> in<00:43:37.162> geopolitical<00:43:37.867> expert<00:43:38.188> on<00:43:38.348> China<00:43:38.605> and<00:43:38.669> Russia.

00:43:39.790 --> 00:43:47.337
And<00:43:40.191> fascinating,<00:43:40.928> like<00:43:41.425> our<00:43:41.633> European<00:43:42.130> strategy<00:43:43.171> is<00:43:43.332> going<00:43:43.572> to<00:43:43.732> change<00:43:44.293> because<00:43:44.758> of<00:43:45.399> what's<00:43:45.639> going<00:43:45.975> on<00:43:46.697> in<00:43:46.793> the<00:43:46.937> Ukraine.

00:43:48.203 --> 00:44:00.541
We<00:43:48.379> manufacture<00:43:49.020> in<00:43:49.164> China<00:43:50.126> and<00:43:50.302> like<00:43:50.783> what<00:43:51.007> happens<00:43:52.129> if<00:43:52.305> and<00:43:52.529> when<00:43:53.651> China<00:43:54.949> takes<00:43:55.189> over<00:43:55.349> Taiwan,<00:43:56.375> either<00:43:57.256> we'll<00:43:57.352> say,<00:43:58.218> you<00:43:58.314> know,<00:43:58.410> semi-peacefully<00:44:00.172> or<00:44:00.285> not.

00:44:01.182 --> 00:44:09.306
And<00:44:01.278> so,<00:44:01.679> and<00:44:01.823> actually,<00:44:02.480> we<00:44:02.624> had<00:44:04.243> John<00:44:04.547> Huntsman<00:44:05.749> came<00:44:06.486> over<00:44:07.111> to<00:44:07.207> Traeger<00:44:07.592> a<00:44:07.672> couple<00:44:07.848> of<00:44:07.928> weeks<00:44:08.104> ago<00:44:08.249> with<00:44:08.345> half<00:44:08.537> a<00:44:08.569> dozen<00:44:08.809> CEOs.

00:44:10.075 --> 00:44:12.816
And<00:44:10.652> talk<00:44:10.893> about<00:44:11.069> someone<00:44:11.454> who<00:44:11.550> knows<00:44:11.838> China<00:44:12.335> and<00:44:12.495> Russia.

00:44:13.617 --> 00:44:14.450
Ambassador<00:44:14.178> to<00:44:14.258> both.

00:44:14.578 --> 00:44:15.748
Ambassador<00:44:14.963> to<00:44:15.203> both.

00:44:15.844 --> 00:44:17.639
Boy,<00:44:16.004> his<00:44:16.261> perspective<00:44:16.822> was<00:44:17.046> fascinating.

00:44:17.687 --> 00:44:19.065
He's<00:44:17.863> vice<00:44:18.104> chairman<00:44:18.488> of<00:44:18.584> Ford.

00:44:19.402 --> 00:44:20.603
So,<00:44:19.562> they've<00:44:19.706> got<00:44:19.882> exposure<00:44:20.427> there.

00:44:21.148 --> 00:44:37.178
You've<00:44:21.309> got<00:44:21.453> to<00:44:21.549> think<00:44:21.885> about<00:44:22.206> these<00:44:22.542> things<00:44:22.815> now<00:44:23.472> because<00:44:25.475> most<00:44:25.779> everyone<00:44:26.260> listening<00:44:26.757> to<00:44:27.718> this<00:44:28.760> is<00:44:28.984> going<00:44:29.305> to<00:44:30.348> they're<00:44:30.444> not<00:44:30.685> going<00:44:30.910> to<00:44:31.071> remember<00:44:31.890> a<00:44:31.971> career<00:44:33.240> that<00:44:33.642> didn't<00:44:35.008> have<00:44:35.265> geopolitical<00:44:36.053> stability<00:44:36.615> in<00:44:36.695> the<00:44:37.017> world.

00:44:37.515 --> 00:44:48.135
Like,<00:44:37.676> we<00:44:37.756> have<00:44:37.901> skirmishes<00:44:38.704> that<00:44:38.801> we<00:44:39.010> call<00:44:39.268> wars<00:44:40.657> in<00:44:40.754> Iraq,<00:44:41.287> in<00:44:41.384> Afghanistan,<00:44:43.225> and<00:44:44.275> in<00:44:44.452> Eastern<00:44:47.117> Europe,<00:44:47.764> Ukraine.

00:44:48.814 --> 00:44:53.810
But<00:44:49.364> the<00:44:49.607> world<00:44:50.011> is<00:44:50.189> now<00:44:50.658> geopolitically<00:44:52.113> contentious<00:44:53.180> and<00:44:53.277> unstable.

00:44:54.780 --> 00:45:01.639
And<00:44:55.055> some<00:44:55.379> of<00:44:55.524> us<00:44:55.670> remember<00:44:56.090> growing<00:44:56.413> up<00:44:56.575> in<00:44:56.640> the<00:44:56.801> '80s,<00:44:57.827> and<00:44:58.246> in<00:44:58.342> the<00:44:58.487> Cold<00:44:58.889> War<00:45:00.578> and<00:45:00.642> thinking<00:45:00.980> about<00:45:01.205> what<00:45:01.366> they<00:45:01.479> mean.

00:45:01.784 --> 00:45:04.728
And<00:45:01.849> that<00:45:01.961> was<00:45:02.090> like<00:45:02.251> socially,<00:45:03.956> it<00:45:04.036> was<00:45:04.261> frightening.

00:45:05.450 --> 00:45:11.415
But<00:45:05.965> then<00:45:06.127> we<00:45:06.352> had<00:45:06.675> decades<00:45:07.191> of<00:45:07.481> peace<00:45:08.400> since<00:45:08.787> the<00:45:09.512> wall<00:45:09.819> came<00:45:10.077> down<00:45:10.334> and<00:45:10.399> the<00:45:10.544> USSR<00:45:11.141> imploded.

00:45:14.626 --> 00:45:23.835
And<00:45:15.046> I<00:45:15.127> think<00:45:15.353> the<00:45:15.434> next<00:45:15.773> couple<00:45:16.097> of<00:45:16.258> decades,<00:45:17.454> geopolitics<00:45:18.762> and<00:45:18.988> running<00:45:19.247> a<00:45:19.473> business<00:45:19.990> of<00:45:20.216> any<00:45:20.539> meaningful<00:45:21.008> size,<00:45:22.139> they're<00:45:22.300> going<00:45:22.542> to<00:45:22.639> be<00:45:22.882> highly<00:45:23.302> interconnected.

00:45:24.692 --> 00:45:31.533
Look,<00:45:25.736> you<00:45:25.817> got<00:45:26.009> to<00:45:26.057> be<00:45:26.138> a<00:45:26.282> wartime<00:45:26.684> CEO<00:45:27.647> and<00:45:27.727> you<00:45:28.065> got<00:45:28.225> to<00:45:28.305> have—<00:45:28.787> you<00:45:28.868> got<00:45:28.980> to<00:45:29.028> have<00:45:29.124> a<00:45:29.189> stomach<00:45:30.152> to<00:45:30.538> charge<00:45:30.811> through<00:45:31.035> these<00:45:31.308> things.

00:45:32.143 --> 00:45:35.692
And<00:45:32.224> then<00:45:32.384> you<00:45:32.545> have<00:45:32.721> to<00:45:32.882> enjoy<00:45:33.267> life<00:45:33.621> at<00:45:33.701> the<00:45:33.829> same<00:45:34.102> time<00:45:34.472> because<00:45:34.745> it's<00:45:34.953> meant<00:45:35.130> to<00:45:35.275> be<00:45:35.371> enjoyed.

00:45:36.094 --> 00:45:44.524
Well,<00:45:36.639> it's<00:45:36.736> kind<00:45:36.816> of<00:45:36.896> interesting,<00:45:37.378> too,<00:45:37.699> because<00:45:38.165> like<00:45:38.984> when<00:45:39.128> you're<00:45:39.225> building<00:45:39.546> a<00:45:39.690> company<00:45:40.108> or<00:45:40.333> anything,<00:45:40.750> you're<00:45:41.120> not<00:45:41.473> really<00:45:41.874> focused<00:45:42.356> in<00:45:42.436> the<00:45:42.533> early<00:45:42.838> days<00:45:43.079> on<00:45:43.239> anything<00:45:43.641> other<00:45:43.866> than<00:45:43.962> yourselves.

00:45:44.925 --> 00:45:45.857
How<00:45:45.022> do<00:45:45.070> you<00:45:45.166> survive?

00:45:46.194 --> 00:45:47.575
How<00:45:46.290> do<00:45:46.338> you<00:45:46.371> get<00:45:46.531> product-market<00:45:47.173> fit?

00:45:47.816 --> 00:45:48.747
How<00:45:47.896> do<00:45:47.960> you<00:45:48.057> build<00:45:48.233> a<00:45:48.297> community?

00:45:49.165 --> 00:45:50.321
All<00:45:49.325> this<00:45:49.502> type<00:45:49.743> of<00:45:49.807> stuff,<00:45:50.208> right?

00:45:50.385 --> 00:45:56.534
And<00:45:50.465> then<00:45:50.610> all<00:45:50.706> of<00:45:50.786> a<00:45:50.802> sudden<00:45:51.043> you're<00:45:51.172> like,<00:45:51.348> I<00:45:51.429> got<00:45:51.557> to<00:45:51.654> worry<00:45:51.814> about<00:45:51.991> the<00:45:52.200> I<00:45:52.216> gotta<00:45:52.549> worry<00:45:52.569> about<00:45:52.761> what<00:45:52.954> the<00:45:53.098> president<00:45:53.452> of<00:45:53.660> China<00:45:53.981> is<00:45:54.158> gonna<00:45:54.399> do<00:45:55.506> in<00:45:55.843> Taiwan.

00:45:56.630 --> 00:46:00.964
I<00:45:56.710> gotta<00:45:56.951> worry<00:45:57.192> about<00:45:57.513> Vladimir<00:45:57.994> Putin,<00:45:58.556> like<00:45:58.797> what<00:45:58.958> is<00:45:59.134> his<00:45:59.616> intentions<00:46:00.242> with<00:46:00.547> Ukraine?

00:46:01.606 --> 00:46:03.565
Like<00:46:02.104> that<00:46:02.265> kind<00:46:02.489> of<00:46:02.826> like<00:46:03.051> makes<00:46:03.244> no<00:46:03.324> sense.

00:46:03.629 --> 00:46:19.521
Do<00:46:03.693> you<00:46:03.806> see<00:46:04.255> as<00:46:04.496> like,<00:46:05.636> do<00:46:05.684> you<00:46:05.796> see<00:46:06.181> this<00:46:06.583> like<00:46:07.401> making<00:46:07.883> more<00:46:08.204> companies<00:46:08.686> become<00:46:09.087> more<00:46:09.328> political,<00:46:09.906> more<00:46:10.211> CEOs<00:46:10.853> getting<00:46:11.093> more<00:46:11.415> engaged<00:46:11.976> in<00:46:12.057> like<00:46:12.233> the<00:46:12.378> political<00:46:12.859> realm,<00:46:13.100> particularly<00:46:13.582> in<00:46:13.662> the<00:46:13.710> United<00:46:14.047> States<00:46:14.400> around<00:46:15.347> like<00:46:15.572> campaigns,<00:46:16.455> like<00:46:16.616> the<00:46:16.696> 2024<00:46:17.739> election,<00:46:18.478> the<00:46:18.622> presidential<00:46:19.168> election?

00:46:19.714 --> 00:46:22.269
Do<00:46:19.826> you<00:46:19.923> think<00:46:20.083> people<00:46:20.389> get<00:46:20.550> more<00:46:20.791> engaged<00:46:21.369> and<00:46:21.514> more<00:46:21.771> vocal<00:46:22.173> there?

00:46:22.398 --> 00:46:27.927
Because<00:46:22.559> historically,<00:46:23.780> except<00:46:24.005> for<00:46:24.166> on<00:46:24.262> the<00:46:24.327> margins,<00:46:25.452> businesses<00:46:26.030> and<00:46:26.175> business<00:46:26.496> leaders<00:46:26.818> usually<00:46:27.091> just<00:46:27.380> stay<00:46:27.622> out<00:46:27.734> of<00:46:27.798> that.

00:46:30.110 --> 00:46:31.729
So,<00:46:30.385> so<00:46:30.547> it's<00:46:30.692> a<00:46:30.709> really<00:46:30.887> interesting<00:46:31.275> question.

00:46:31.907 --> 00:46:42.821
I<00:46:32.247> think<00:46:32.409> these<00:46:32.652> are<00:46:32.733> uncharted<00:46:33.283> waters<00:46:34.579> and<00:46:36.117> it's—<00:46:36.943> it<00:46:37.024> becomes<00:46:37.509> more<00:46:37.655> and<00:46:37.736> more<00:46:37.914> clear<00:46:38.222> to<00:46:38.384> me<00:46:38.530> that<00:46:39.452> politicians<00:46:40.424> don't<00:46:40.829> understand<00:46:42.448> business.

00:46:44.132 --> 00:46:54.789
They<00:46:44.375> don't<00:46:44.780> understand<00:46:45.876> the<00:46:45.972> plight<00:46:46.549> of<00:46:46.677> an<00:46:46.918> operator<00:46:48.360> and<00:46:48.761> they<00:46:48.873> don't<00:46:49.258> know<00:46:49.402> how<00:46:49.435> to<00:46:49.643> build<00:46:50.621> the<00:46:50.701> right<00:46:51.006> policy<00:46:52.705> to<00:46:52.865> protect<00:46:53.346> American<00:46:53.907> business<00:46:54.388> interests.

00:46:55.655 --> 00:47:01.041
I<00:46:55.863> don't<00:46:56.296> want<00:46:56.969> to<00:46:57.258> overstate<00:46:57.739> that<00:46:57.915> because<00:46:58.716> I<00:46:58.797> think<00:46:58.957> some<00:46:59.839> good<00:46:59.999> things<00:47:00.175> have<00:47:00.304> been<00:47:00.400> done<00:47:00.720> recently.

00:47:01.121 --> 00:47:11.461
By<00:47:01.265> the<00:47:01.346> way,<00:47:02.147> Jon<00:47:02.708> Huntsman,<00:47:03.686> I<00:47:03.766> mean,<00:47:04.568> I<00:47:04.664> sat<00:47:05.113> with<00:47:05.289> him<00:47:05.449> and<00:47:05.530> said,<00:47:06.395> this<00:47:06.572> guy,<00:47:07.678> he's<00:47:08.736> a<00:47:08.896> business<00:47:09.377> leader,<00:47:10.243> he's<00:47:10.355> a<00:47:10.483> political<00:47:11.060> leader.

00:47:11.782 --> 00:47:13.737
He<00:47:12.086> understands<00:47:12.824> geopolitics.

00:47:13.786 --> 00:47:15.292
He<00:47:14.090> understands<00:47:14.811> leadership.

00:47:15.773 --> 00:47:17.937
He's<00:47:15.902> like<00:47:16.174> one<00:47:16.286> of<00:47:16.414> the<00:47:16.511> few<00:47:16.815> people<00:47:17.136> I've<00:47:17.296> ever<00:47:17.537> met<00:47:17.793> with.

00:47:18.819 --> 00:47:26.145
And<00:47:20.518> I<00:47:20.582> would<00:47:20.759> put<00:47:20.903> Senator<00:47:21.240> Romney<00:47:23.404> in<00:47:23.484> that<00:47:23.708> vein<00:47:23.901> as<00:47:24.045> well<00:47:24.269> because<00:47:24.510> he<00:47:24.750> built<00:47:24.927> his<00:47:25.087> career<00:47:25.568> in<00:47:25.792> business.

00:47:26.754 --> 00:47:34.240
But<00:47:26.930> very<00:47:27.251> few<00:47:27.636> politicians<00:47:29.014> understand<00:47:30.281> how<00:47:30.537> to<00:47:30.778> craft<00:47:31.323> policy<00:47:32.461> that<00:47:32.621> protects<00:47:33.246> U.S.<00:47:33.583> business<00:47:33.984> interests.

00:47:35.090 --> 00:47:37.831
And<00:47:35.427> the<00:47:35.491> rare<00:47:35.667> exception,<00:47:36.132> actually,<00:47:36.388> recently,<00:47:37.094> the<00:47:37.414> CHIPS<00:47:37.735> Act.

00:47:39.258 --> 00:47:48.877
Where<00:47:40.220> Congress<00:47:40.861> started<00:47:41.069> to<00:47:41.198> understand<00:47:41.743> strategically,<00:47:43.121> we<00:47:43.282> are<00:47:43.442> beholden<00:47:44.869> to<00:47:45.029> China<00:47:45.686> and<00:47:45.847> Taiwan<00:47:47.113> and<00:47:47.354> like—<00:47:47.690> Yeah.

00:47:49.197 --> 00:47:51.826
—For<00:47:49.374> most<00:47:49.919> of<00:47:49.999> our<00:47:50.111> semiconductor<00:47:50.993> manufacturing.

00:47:52.404 --> 00:47:58.543
And<00:47:52.900> they<00:47:53.061> did<00:47:53.221> a<00:47:53.285> great<00:47:53.526> thing<00:47:54.167> in<00:47:54.904> creating<00:47:55.289> incentives<00:47:56.347> to<00:47:56.764> strategically<00:47:57.550> bring<00:47:57.774> that<00:47:57.950> back<00:47:58.127> to<00:47:58.255> the<00:47:58.287> U.S.

00:47:59.073 --> 00:48:00.483
But<00:47:59.169> that's<00:47:59.457> a<00:47:59.553> very<00:47:59.858> rare<00:48:00.034> exception.

00:48:01.141 --> 00:48:20.015
And<00:48:01.221> I<00:48:01.301> think<00:48:02.423> as<00:48:02.599> business<00:48:03.080> leaders,<00:48:03.802> we<00:48:04.026> are<00:48:04.203> going<00:48:04.507> to<00:48:04.668> have<00:48:04.844> to<00:48:04.988> figure<00:48:05.405> out<00:48:06.191> how<00:48:06.303> do<00:48:06.432> we<00:48:06.672> partner<00:48:08.677> with<00:48:08.853> politicians<00:48:10.361> to<00:48:10.601> really<00:48:11.002> help<00:48:11.243> them<00:48:11.483> understand<00:48:12.766> what<00:48:12.878> are<00:48:12.942> the<00:48:13.087> challenges<00:48:13.808> that<00:48:13.905> we<00:48:14.049> face<00:48:15.492> and<00:48:16.134> how<00:48:16.230> do<00:48:16.374> we<00:48:16.695> work<00:48:16.855> together<00:48:17.272> to<00:48:17.433> craft<00:48:17.978> legislation<00:48:19.357> that's<00:48:19.533> appropriate.

00:48:20.961 --> 00:48:25.451
And<00:48:21.281> then<00:48:21.586> I<00:48:21.682> think<00:48:21.923> we're<00:48:22.147> also<00:48:22.404> going<00:48:22.628> to<00:48:22.693> have<00:48:22.869> to<00:48:23.206> understand<00:48:24.168> that's<00:48:24.392> a<00:48:24.569> long<00:48:24.890> process.

00:48:26.317 --> 00:48:40.185
And,<00:48:27.038> you<00:48:27.119> know,<00:48:27.776> but<00:48:28.722> the<00:48:29.043> flip<00:48:29.284> side<00:48:29.444> of<00:48:29.476> the<00:48:29.540> coin<00:48:29.797> is<00:48:30.487> you're<00:48:30.583> sort<00:48:30.888> of—<00:48:31.049> you're<00:48:31.225> a<00:48:31.290> market<00:48:31.771> taker<00:48:32.751> of<00:48:32.975> whatever<00:48:33.329> the<00:48:33.457> geopolitics<00:48:34.421> are<00:48:35.304> and<00:48:35.400> you've<00:48:35.561> got<00:48:35.721> to<00:48:35.882> build<00:48:36.139> your<00:48:36.363> business<00:48:36.909> around<00:48:37.311> them<00:48:38.274> and<00:48:38.531> you<00:48:38.676> kind<00:48:38.868> of<00:48:38.997> have<00:48:39.238> to<00:48:39.334> anticipate<00:48:40.121> that.

00:48:41.164 --> 00:48:43.685
And<00:48:41.245> so<00:48:42.128> it's<00:48:42.706> just<00:48:42.931> more<00:48:43.091> complicated.

00:48:43.814 --> 00:48:50.252
And<00:48:43.862> you're<00:48:43.990> right,<00:48:44.231> like<00:48:44.472> early<00:48:44.713> on<00:48:44.793> in<00:48:44.938> the<00:48:45.034> business<00:48:46.142> as<00:48:46.302> an<00:48:46.383> entrepreneur,<00:48:47.683> it's<00:48:47.988> about<00:48:48.165> product,<00:48:48.743> it's<00:48:49.128> about<00:48:49.321> product<00:48:49.690> market<00:48:50.076> fit.

00:48:51.039 --> 00:48:55.326
And<00:48:51.119> then<00:48:51.296> once<00:48:51.521> you've<00:48:51.681> built<00:48:51.858> this<00:48:52.019> product<00:48:52.404> market<00:48:52.645> fit<00:48:52.902> that,<00:48:53.046> you<00:48:53.078> know,<00:48:53.448> works,<00:48:54.170> then<00:48:54.283> you<00:48:54.363> start<00:48:54.732> selling<00:48:55.198> it.

00:48:56.112 --> 00:48:58.243
But<00:48:56.417> these<00:48:56.593> are<00:48:56.673> like<00:48:57.058> early<00:48:57.234> survival<00:48:57.955> days.

00:48:59.060 --> 00:49:03.162
As<00:48:59.157> you<00:48:59.301> get<00:48:59.477> to<00:48:59.637> a<00:48:59.717> certain<00:49:00.102> scale,<00:49:01.143> you<00:49:01.240> realize<00:49:01.704> you<00:49:01.865> can't<00:49:02.121> just<00:49:02.441> be<00:49:02.682> insulated.

00:49:03.787 --> 00:49:16.510
You<00:49:04.028> actually<00:49:04.444> have<00:49:04.604> to<00:49:04.829> understand<00:49:06.031> all<00:49:06.127> of<00:49:06.271> these<00:49:06.511> macro<00:49:07.088> and<00:49:07.248> political<00:49:07.729> things<00:49:08.130> going<00:49:08.466> on<00:49:09.331> because<00:49:09.956> they<00:49:10.918> will<00:49:11.030> affect<00:49:12.216> businesses<00:49:12.776> as<00:49:12.921> they<00:49:13.017> grow<00:49:13.978> more<00:49:14.138> so<00:49:14.379> than<00:49:14.683> at<00:49:14.940> any<00:49:15.116> moment<00:49:15.436> in<00:49:15.484> time<00:49:15.821> in<00:49:15.853> our<00:49:15.965> lifetimes.

00:49:17.327 --> 00:49:22.839
You<00:49:17.423> said<00:49:17.583> something<00:49:17.824> that<00:49:17.968> I<00:49:18.048> think<00:49:18.224> is<00:49:18.385> true<00:49:19.025> where<00:49:19.122> you<00:49:19.266> said<00:49:20.868> politicians<00:49:21.493> don't<00:49:21.669> understand<00:49:22.070> business<00:49:22.470> leaders.

00:49:23.368 --> 00:49:24.829
Or<00:49:23.657> operators<00:49:24.219> and<00:49:24.300> that<00:49:24.396> type<00:49:24.637> of<00:49:24.701> thing.

00:49:25.359 --> 00:49:27.222
I<00:49:25.440> think<00:49:25.921> the<00:49:26.002> reverse<00:49:26.483> is<00:49:26.708> also<00:49:27.045> true.

00:49:27.350 --> 00:49:31.589
I<00:49:27.511> wonder<00:49:27.768> if<00:49:27.928> like<00:49:28.233> business<00:49:28.635> leaders<00:49:29.052> and<00:49:29.133> people<00:49:29.454> from<00:49:29.614> business<00:49:29.935> understand<00:49:30.658> politicians.

00:49:32.488 --> 00:49:35.314
And<00:49:32.906> like,<00:49:33.211> why<00:49:33.452> do<00:49:33.532> you<00:49:33.628> think<00:49:33.950> that<00:49:34.190> disconnect<00:49:34.833> exists?

00:49:36.342 --> 00:49:40.228
So,<00:49:37.948> I<00:49:38.028> think<00:49:38.205> that's<00:49:38.927> a<00:49:39.007> great<00:49:39.248> comment,<00:49:39.730> by<00:49:39.874> the<00:49:39.971> way.

00:49:40.452 --> 00:49:56.451
And<00:49:41.095> it's<00:49:41.336> interesting<00:49:41.898> when<00:49:42.363> you<00:49:42.524> look<00:49:42.765> at<00:49:44.707> the<00:49:44.788> view,<00:49:45.430> Americans'<00:49:46.217> view<00:49:47.132> of<00:49:47.277> politicians,<00:49:48.788> And<00:49:49.376> to<00:49:49.556> some<00:49:49.785> extent,<00:49:53.861> in<00:49:54.118> many<00:49:54.424> cases,<00:49:54.826> it's<00:49:54.987> well-earned.

00:49:56.660 --> 00:50:14.176
But<00:49:56.773> I<00:49:56.821> actually<00:49:57.079> have<00:49:57.240> a<00:49:57.320> perspective<00:49:58.929> having<00:49:59.251> grown<00:49:59.557> up<00:49:59.669> in<00:49:59.814> D.C.<00:50:00.779> and<00:50:00.924> spent<00:50:01.182> time<00:50:01.506> on<00:50:02.220> Capitol<00:50:02.642> Hill<00:50:02.885> in<00:50:03.047> D.C.<00:50:04.425> and<00:50:04.993> having<00:50:05.382> become<00:50:05.788> more<00:50:05.966> involved<00:50:07.896> in<00:50:08.074> Utah<00:50:09.356> and<00:50:09.616> having<00:50:10.573> watched<00:50:11.644> my<00:50:11.807> wife<00:50:12.131> get<00:50:12.293> a<00:50:12.310> lot<00:50:12.602> more,<00:50:12.926> Kristin,<00:50:13.235> get<00:50:13.511> much<00:50:13.738> more<00:50:13.851> involved.

00:50:14.803 --> 00:50:28.910
In<00:50:14.948> politics<00:50:15.526> here,<00:50:16.651> I<00:50:16.731> think<00:50:16.972> we<00:50:17.197> have<00:50:18.965> a<00:50:19.061> lot<00:50:19.286> of<00:50:19.543> really<00:50:20.025> well-intended,<00:50:21.616> really<00:50:21.889> smart,<00:50:22.981> really<00:50:23.319> hardworking<00:50:24.845> people<00:50:25.247> serving<00:50:26.195> our<00:50:26.355> state<00:50:27.817> and<00:50:27.914> serving<00:50:28.364> our<00:50:28.540> country.

00:50:29.890 --> 00:50:33.537
And<00:50:30.934> it's<00:50:31.111> easy<00:50:31.368> to<00:50:31.449> say<00:50:32.316> they<00:50:32.557> don't<00:50:32.862> understand.

00:50:33.923 --> 00:50:38.389
But<00:50:34.067> your<00:50:34.244> comment<00:50:34.662> is<00:50:34.807> a<00:50:34.951> really<00:50:35.224> interesting<00:50:35.755> insight,<00:50:36.156> which<00:50:36.333> is<00:50:36.960> I<00:50:36.976> also<00:50:37.297> believe<00:50:37.538> that<00:50:37.699> we<00:50:37.843> don't<00:50:38.020> understand.

00:50:39.048 --> 00:50:44.846
I<00:50:39.080> guess<00:50:39.450> when<00:50:39.562> you're<00:50:39.868> an<00:50:40.012> entrepreneur,<00:50:41.056> You<00:50:41.313> build<00:50:41.699> it<00:50:41.875> like<00:50:42.100> you<00:50:42.180> go<00:50:42.357> through<00:50:42.598> a<00:50:42.742> brick<00:50:43.063> wall<00:50:43.866> and<00:50:43.947> you<00:50:44.027> do<00:50:44.187> all<00:50:44.284> these<00:50:44.557> things.

00:50:45.167 --> 00:50:50.032
But<00:50:45.311> that's<00:50:45.649> not<00:50:46.853> how<00:50:47.174> policy<00:50:47.736> and<00:50:47.897> legislation<00:50:49.326> gets<00:50:49.582> formed.

00:50:50.851 --> 00:50:53.131
And<00:50:51.172> I<00:50:51.252> don't<00:50:51.413> think<00:50:51.670> we<00:50:51.814> do<00:50:51.991> understand<00:50:52.537> the<00:50:52.697> process.

00:50:53.259 --> 00:50:57.787
And<00:50:53.340> so,<00:50:54.159> I<00:50:54.480> think<00:50:54.705> there's<00:50:54.865> a<00:50:54.881> lot<00:50:55.186> of<00:50:55.363> learning<00:50:55.764> that<00:50:55.925> could<00:50:56.150> happen<00:50:57.033> on<00:50:57.209> both<00:50:57.386> sides.

00:50:58.478 --> 00:51:00.999
And<00:50:58.815> I<00:50:58.895> think<00:50:59.136> we<00:50:59.232> need<00:50:59.698> to<00:50:59.762> spend<00:51:00.164> more<00:51:00.340> time<00:51:00.645> together.

00:51:01.769 --> 00:51:04.130
I<00:51:02.107> think<00:51:02.347> we<00:51:02.444> need<00:51:02.653> to<00:51:03.375> trust<00:51:03.873> more.

00:51:04.852 --> 00:51:09.582
I<00:51:04.981> think<00:51:05.318> we<00:51:05.543> need<00:51:05.784> to<00:51:06.458> seek<00:51:06.842> to<00:51:07.147> ask<00:51:07.387> questions<00:51:08.445> and<00:51:08.749> understand.

00:51:10.271 --> 00:51:15.543
And<00:51:10.368> I<00:51:10.432> actually<00:51:10.928> believe<00:51:11.233> that<00:51:11.890> if<00:51:12.034> there's<00:51:12.274> a<00:51:12.435> willingness<00:51:12.915> to<00:51:13.092> do<00:51:13.316> that,<00:51:14.133> that<00:51:14.358> can<00:51:14.534> be<00:51:14.774> really<00:51:15.079> effective.

00:51:16.200 --> 00:51:21.120
And<00:51:16.248> I<00:51:16.281> actually<00:51:16.633> think<00:51:17.178> Utah<00:51:17.578> is<00:51:17.803> a,<00:51:18.764> you<00:51:18.844> know,<00:51:19.245> I'm<00:51:20.383> not<00:51:20.607> from<00:51:20.847> Utah.

00:51:21.200 --> 00:51:25.911
I've<00:51:21.504> been<00:51:21.601> here<00:51:21.745> 17<00:51:22.370> years<00:51:22.706> and<00:51:22.802> I've<00:51:22.947> come<00:51:23.187> to<00:51:24.068> really<00:51:24.389> believe<00:51:24.725> it's<00:51:24.885> a<00:51:24.934> special<00:51:25.430> place.

00:51:26.776 --> 00:51:46.721
And,<00:51:27.818> you<00:51:28.074> know,<00:51:28.459> it's<00:51:29.036> a<00:51:29.116> place<00:51:29.581> that<00:51:29.757> can<00:51:30.093> innovate<00:51:31.039> not<00:51:31.215> just<00:51:31.584> in<00:51:31.680> technology,<00:51:33.205> but<00:51:33.366> public-private<00:51:34.399> partnerships<00:51:35.851> in<00:51:37.239> bringing<00:51:37.724> together<00:51:39.902> legislators<00:51:41.500> and<00:51:41.742> business<00:51:42.226> leaders<00:51:43.048> and<00:51:43.354> building,<00:51:43.757> like<00:51:43.918> creating<00:51:44.498> innovation<00:51:45.222> in<00:51:45.545> how<00:51:45.706> we<00:51:45.867> get<00:51:46.108> things<00:51:46.431> done.

00:51:47.381 --> 00:51:59.498
So,<00:51:47.864> I'm<00:51:48.267> glad<00:51:48.444> you<00:51:48.605> raised<00:51:48.847> that<00:51:49.073> because<00:51:49.330> I've<00:51:49.652> come<00:51:49.814> to<00:51:49.959> actually<00:51:50.281> really<00:51:51.103> appreciate<00:51:52.302> and<00:51:52.464> respect<00:51:54.426> many<00:51:54.685> of<00:51:54.814> the<00:51:54.912> politicians,<00:51:56.208> politicians<00:51:57.586> that<00:51:58.477> get<00:51:58.639> a<00:51:58.721> little<00:51:58.866> of<00:51:58.899> a<00:51:58.964> bad<00:51:59.207> connotation.

00:51:59.962 --> 00:52:03.669
The<00:52:00.106> political<00:52:00.508> leaders<00:52:00.780> of<00:52:00.861> our<00:52:00.941> state,<00:52:01.888> whom<00:52:02.112> I<00:52:02.273> believe<00:52:02.610> are<00:52:02.995> doing<00:52:03.252> good<00:52:03.412> things.

00:52:04.215 --> 00:52:19.044
Well,<00:52:04.440> in<00:52:04.488> my<00:52:04.680> experience<00:52:05.114> is<00:52:05.242> like<00:52:06.301> with<00:52:06.478> a<00:52:06.542> group<00:52:06.799> of<00:52:06.927> entrepreneurs<00:52:07.425> and,<00:52:07.730> you<00:52:07.826> know,<00:52:08.051> through<00:52:08.885> Silicon<00:52:09.351> Slopes<00:52:09.832> and<00:52:10.073> various<00:52:10.378> things<00:52:10.554> we've<00:52:10.779> done,<00:52:11.822> like<00:52:12.175> our<00:52:12.544> attitude,<00:52:13.106> as<00:52:13.202> you<00:52:13.347> mentioned,<00:52:13.700> is<00:52:13.828> like,<00:52:13.989> let's<00:52:14.230> move<00:52:14.406> fast,<00:52:14.807> let's<00:52:15.048> break<00:52:15.353> things,<00:52:15.834> let's<00:52:16.412> just<00:52:17.295> plow<00:52:17.696> through<00:52:17.921> the<00:52:18.017> wall<00:52:18.274> and<00:52:18.338> all<00:52:18.418> that<00:52:18.579> type<00:52:18.723> of<00:52:18.755> stuff.

00:52:19.606 --> 00:52:22.704
And<00:52:19.702> like,<00:52:20.489> and<00:52:20.729> we're<00:52:20.810> like,<00:52:20.986> why<00:52:21.291> would<00:52:21.532> we<00:52:21.628> not<00:52:21.949> just<00:52:22.334> do<00:52:22.511> this?

00:52:22.816 --> 00:52:23.763
Like,<00:52:22.912> what<00:52:23.057> doesn't<00:52:23.297> make<00:52:23.394> any<00:52:23.490> sense?

00:52:23.811 --> 00:52:31.120
Like,<00:52:23.955> like<00:52:24.501> we<00:52:24.581> were<00:52:24.678> trying<00:52:24.950> to<00:52:25.015> get<00:52:25.544> a<00:52:25.865> university's<00:52:26.587> name<00:52:26.844> changed<00:52:27.486> in,<00:52:28.754> in<00:52:29.220> Southern<00:52:29.620> Utah.

00:52:31.120 --> 00:52:32.440
And<00:52:31.121> we're<00:52:31.260> like,<00:52:31.420> just<00:52:31.620> change<00:52:31.940> it.

00:52:32.480 --> 00:52:33.520
What<00:52:32.740> are<00:52:32.860> you<00:52:32.960> talking<00:52:33.120> about?

00:52:33.840 --> 00:52:36.880
And<00:52:33.860> the<00:52:33.960> politicians<00:52:34.240> are<00:52:34.440> like,<00:52:35.120> they're<00:52:35.240> like,<00:52:35.860> we'll<00:52:36.040> change<00:52:36.280> it.

00:52:36.940 --> 00:52:38.820
But<00:52:36.960> like,<00:52:37.339> wait<00:52:37.340> a<00:52:37.540> second,<00:52:37.760> there's<00:52:37.860> a<00:52:37.980> whole<00:52:38.120> process<00:52:38.540> here.

00:52:38.820 --> 00:52:41.090
Mindset<00:52:39.320> of<00:52:39.480> a<00:52:39.840> bureaucrat.

00:52:41.200 --> 00:52:49.480
They're<00:52:41.440> like,<00:52:41.660> there's<00:52:41.820> a<00:52:42.020> whole<00:52:42.160> process<00:52:42.700> here<00:52:43.220> and<00:52:43.860> we<00:52:44.020> gotta<00:52:44.200> take<00:52:44.440> everything<00:52:44.820> into<00:52:45.180> consideration<00:52:45.920> and<00:52:46.140> we<00:52:46.240> gotta<00:52:46.480> like<00:52:46.740> really<00:52:47.220> work<00:52:47.580> towards<00:52:47.940> consensus<00:52:48.520> and<00:52:48.680> all<00:52:48.780> this<00:52:48.880> type<00:52:49.040> of<00:52:49.220> stuff.

00:52:49.480 --> 00:52:50.820
And<00:52:49.481> like,<00:52:50.300> yeah,<00:52:50.520> yeah.

00:52:50.820 --> 00:52:52.280
For<00:52:50.900> us,<00:52:51.240> we're<00:52:51.260> just<00:52:51.400> sitting<00:52:51.580> there<00:52:51.720> like,<00:52:52.020> what?

00:52:52.280 --> 00:52:54.900
Just<00:52:52.380> change<00:52:52.660> it<00:52:52.800> and<00:52:52.880> let's<00:52:53.300> move<00:52:53.460> on<00:52:53.660> to<00:52:53.780> the<00:52:53.880> next<00:52:54.060> agenda<00:52:54.500> item.

00:52:55.363 --> 00:52:57.129
And<00:52:55.427> they're<00:52:55.508> like,<00:52:55.668> that's<00:52:55.909> really<00:52:56.246> not<00:52:56.471> how<00:52:56.551> it<00:52:56.728> works.

00:52:57.209 --> 00:52:57.980
Like,<00:52:57.370> not<00:52:57.547> even<00:52:57.755> close.

00:52:58.189 --> 00:52:59.377
It's<00:52:58.927> not<00:52:59.040> how<00:52:59.072> it<00:52:59.136> works.

00:52:59.698 --> 00:53:08.769
And<00:52:59.762> look,<00:53:00.421> I<00:53:00.501> think<00:53:00.726> there's,<00:53:01.528> you<00:53:01.609> know,<00:53:01.673> if<00:53:01.769> you<00:53:01.849> step<00:53:02.090> back<00:53:02.283> and<00:53:02.411> you<00:53:02.508> understand,<00:53:04.659> you<00:53:04.739> know,<00:53:04.820> as<00:53:04.916> an<00:53:05.061> entrepreneur,<00:53:06.666> you're<00:53:07.485> the<00:53:07.565> stakeholder.

00:53:08.946 --> 00:53:09.251
Yeah.

00:53:09.412 --> 00:53:10.455
Your<00:53:09.572> team's<00:53:09.974> a<00:53:10.038> stakeholder.

00:53:10.760 --> 00:53:12.125
Your<00:53:10.937> customer's<00:53:11.579> a<00:53:11.643> stakeholder.

00:53:12.623 --> 00:53:19.896
So,<00:53:12.864> why<00:53:13.088> wouldn't<00:53:13.329> you<00:53:13.490> move<00:53:13.650> fast<00:53:14.549> and<00:53:14.710> break<00:53:15.047> things<00:53:15.593> and<00:53:15.673> go<00:53:15.818> through<00:53:16.139> any<00:53:16.396> brick<00:53:16.701> wall<00:53:17.744> to<00:53:17.841> serve<00:53:18.949> your<00:53:19.061> stakeholders?

00:53:20.410 --> 00:53:20.811
You<00:53:20.570> would.

00:53:21.974 --> 00:53:36.205
When<00:53:22.139> you<00:53:22.305> look<00:53:22.486> at<00:53:22.619> society<00:53:23.545> and<00:53:23.627> you<00:53:23.776> look<00:53:23.941> at<00:53:24.107> communities,<00:53:26.620> the<00:53:26.797> breadth<00:53:27.362> of<00:53:27.459> stakeholders<00:53:28.427> is<00:53:28.508> so<00:53:29.056> wide<00:53:30.412> and<00:53:31.154> it's<00:53:32.994> so<00:53:33.171> easy<00:53:33.349> to<00:53:33.478> forget<00:53:33.881> that<00:53:35.043> it's<00:53:35.253> not<00:53:35.495> all<00:53:35.560> about<00:53:36.140> you.

00:53:37.431 --> 00:53:39.577
And<00:53:38.722> it's<00:53:38.964> important.

00:53:39.690 --> 00:53:48.418
Now,<00:53:39.851> that's<00:53:40.513> not<00:53:40.755> to<00:53:40.852> suggest<00:53:42.288> that<00:53:43.324> legislation<00:53:45.027> and<00:53:45.125> investment<00:53:45.920> is<00:53:46.406> always<00:53:46.747> about<00:53:47.055> the<00:53:47.218> lowest<00:53:47.477> common<00:53:47.883> denominator.

00:53:49.323 --> 00:53:58.124
But<00:53:50.110> there's<00:53:51.315> fairness<00:53:52.037> and<00:53:52.134> there's<00:53:52.535> equity<00:53:53.418> and<00:53:53.499> there's<00:53:53.740> contemplating,<00:53:55.329> you<00:53:55.426> know,<00:53:56.052> those—<00:53:57.256> everyone's<00:53:57.674> important.

00:53:58.702 --> 00:54:00.838
And<00:53:58.782> that's<00:53:59.184> a<00:53:59.280> different<00:53:59.601> mentality<00:54:00.163> than<00:54:00.227> an<00:54:00.388> entrepreneur.

00:54:01.030 --> 00:54:23.205
And<00:54:01.191> that's<00:54:01.432> why<00:54:01.512> I<00:54:01.608> think,<00:54:02.716> you<00:54:02.749> know,<00:54:03.841> you<00:54:04.242> put<00:54:04.354> an<00:54:04.483> entrepreneur<00:54:05.928> and<00:54:06.490> a<00:54:06.506> political<00:54:07.133> leader<00:54:07.374> in<00:54:07.406> a<00:54:07.550> room,<00:54:08.739> and<00:54:09.461> if<00:54:09.558> they're<00:54:09.702> not<00:54:09.959> well-intended<00:54:11.067> and<00:54:11.147> if<00:54:11.244> there's<00:54:11.469> not<00:54:11.645> a<00:54:11.806> level<00:54:12.834> of<00:54:12.994> humility<00:54:13.974> and<00:54:14.199> willingness<00:54:14.616> to<00:54:14.857> ask<00:54:15.082> questions<00:54:15.499> and<00:54:15.644> learn,<00:54:16.447> What<00:54:16.607> you<00:54:16.687> find<00:54:17.105> is<00:54:17.265> everyone<00:54:17.667> digs<00:54:17.988> in<00:54:18.068> their<00:54:18.229> heels<00:54:20.155> and<00:54:20.476> they<00:54:20.637> leave<00:54:20.813> saying,<00:54:22.082> they<00:54:22.162> have<00:54:22.306> no<00:54:22.387> idea<00:54:22.627> what<00:54:22.708> they're<00:54:22.804> talking<00:54:23.141> about.

00:54:23.446 --> 00:54:25.260
It's<00:54:23.639> like,<00:54:23.848> there's<00:54:24.072> such<00:54:24.345> a<00:54:24.474> better<00:54:24.714> way<00:54:24.891> to<00:54:25.036> do<00:54:25.148> this.

00:54:26.175 --> 00:54:29.194
And<00:54:26.802> I<00:54:26.882> think<00:54:27.058> there's<00:54:27.299> value<00:54:27.620> to<00:54:27.765> both<00:54:28.744> perspectives.

00:54:29.242 --> 00:54:40.688
And<00:54:29.322> I<00:54:29.370> actually,<00:54:30.189> I<00:54:30.333> do<00:54:30.510> believe<00:54:30.976> that,<00:54:31.698> you<00:54:31.730> know,<00:54:31.955> there<00:54:32.115> is<00:54:32.356> innovation<00:54:33.705> and<00:54:33.801> there<00:54:33.978> is<00:54:34.058> speed<00:54:35.390> and<00:54:35.487> there's<00:54:35.808> perspective<00:54:38.457> that<00:54:38.617> the<00:54:38.762> private<00:54:39.195> sector<00:54:39.661> can<00:54:39.902> bring<00:54:40.126> to<00:54:40.223> government.

00:54:40.849 --> 00:54:42.599
I<00:54:40.945> really<00:54:41.250> do<00:54:41.346> think<00:54:41.668> there<00:54:41.732> are<00:54:41.828> things<00:54:42.213> that<00:54:42.310> can<00:54:42.470> be<00:54:42.534> done.

00:54:42.840 --> 00:54:43.048
Better.

00:54:43.980 --> 00:55:09.562
But<00:54:44.076> I<00:54:44.221> also<00:54:44.638> believe<00:54:45.040> that<00:54:46.646> there<00:54:47.031> is<00:54:47.288> a<00:54:47.368> need<00:54:48.749> for<00:54:49.199> us<00:54:49.440> as<00:54:49.697> business<00:54:50.163> leaders<00:54:50.500> to<00:54:50.725> understand<00:54:52.090> why<00:54:52.347> they<00:54:52.588> do<00:54:52.764> certain<00:54:53.214> things<00:54:54.177> the<00:54:54.258> way<00:54:54.434> that<00:54:54.659> they<00:54:54.836> do<00:54:55.318> and<00:54:56.040> acknowledge<00:54:57.245> that<00:54:58.064> some<00:54:58.385> of<00:54:58.546> those<00:54:59.156> approaches<00:55:01.019> are<00:55:01.324> better<00:55:01.661> than<00:55:01.902> the<00:55:01.998> approach<00:55:02.609> of<00:55:03.412> let's<00:55:03.652> just<00:55:03.829> like,<00:55:04.391> let's<00:55:05.017> charge<00:55:05.499> hard<00:55:05.740> and<00:55:05.836> fast<00:55:07.105> and<00:55:07.362> like<00:55:08.085> we're<00:55:08.245> going<00:55:08.663> to<00:55:08.807> lose<00:55:09.129> people.

00:55:10.156 --> 00:55:14.149
Along<00:55:10.477> the<00:55:10.573> way,<00:55:11.439> that's<00:55:11.679> just<00:55:12.257> not<00:55:12.481> how<00:55:12.657> it<00:55:12.818> gets<00:55:13.122> done.

00:55:14.245 --> 00:55:15.047
And<00:55:14.325> I<00:55:14.405> think<00:55:14.582> that's<00:55:14.806> right.

00:55:15.784 --> 00:55:16.778
You<00:55:15.864> know<00:55:16.185> what<00:55:16.506> I<00:55:16.650> think?

00:55:16.842 --> 00:55:21.284
Like,<00:55:17.211> the<00:55:17.307> thing<00:55:17.612> I<00:55:17.708> think<00:55:17.869> that<00:55:17.965> needs<00:55:18.141> to<00:55:18.205> get<00:55:18.350> solved<00:55:18.767> in<00:55:18.847> that<00:55:18.991> equation<00:55:19.552> is<00:55:19.713> the<00:55:19.857> incentive<00:55:20.354> on<00:55:20.514> both<00:55:20.755> sides.

00:55:21.797 --> 00:55:24.908
Politicians<00:55:22.438> don't<00:55:22.663> really<00:55:22.920> need<00:55:23.160> business<00:55:23.625> leaders,<00:55:24.763> right?

00:55:24.988 --> 00:55:31.658
In<00:55:25.068> fact,<00:55:25.245> it's<00:55:25.405> actually<00:55:25.726> pretty<00:55:26.688> politically<00:55:27.233> advantageous<00:55:28.435> to<00:55:28.692> run<00:55:28.916> against<00:55:29.975> big<00:55:30.199> business<00:55:30.536> leaders,<00:55:31.241> right?

00:55:32.556 --> 00:55:33.262
Yeah.

00:55:33.422 --> 00:55:34.881
And<00:55:33.582> the<00:55:33.807> reverse<00:55:34.240> is<00:55:34.384> true<00:55:34.689> too.

00:55:35.106 --> 00:55:37.671
Business<00:55:35.426> leaders<00:55:35.747> don't<00:55:36.212> really<00:55:36.629> need<00:55:37.030> politicians.

00:55:38.779 --> 00:55:39.180
Right?

00:55:39.518 --> 00:55:50.404
But<00:55:39.678> like,<00:55:40.304> without<00:55:41.284> figuring<00:55:41.749> out<00:55:41.910> what<00:55:42.087> the<00:55:42.231> incentive<00:55:42.825> is<00:55:43.018> going<00:55:43.082> to<00:55:43.195> be,<00:55:43.532> like,<00:55:43.917> why<00:55:44.174> get<00:55:44.335> in<00:55:44.415> the<00:55:44.575> room<00:55:44.816> and<00:55:44.961> why<00:55:45.218> try<00:55:45.378> to<00:55:45.459> figure<00:55:45.844> out<00:55:46.422> how<00:55:46.518> to<00:55:46.727> do<00:55:46.888> this<00:55:47.450> and<00:55:48.429> do<00:55:48.590> it<00:55:48.734> for<00:55:48.975> kind<00:55:49.087> of<00:55:49.152> the<00:55:49.312> betterment<00:55:49.697> of<00:55:49.778> society?

00:55:50.918 --> 00:56:00.006
I<00:55:50.998> think<00:55:51.223> that's<00:55:51.480> the<00:55:51.705> thing<00:55:51.865> that<00:55:51.913> needs<00:55:52.379> to<00:55:53.326> get<00:55:53.487> figured<00:55:53.792> out<00:55:54.049> first<00:55:54.290> and<00:55:54.450> foremost<00:55:55.076> is<00:55:55.173> how<00:55:55.333> do<00:55:55.398> you<00:55:55.494> figure<00:55:55.799> out<00:55:56.120> why<00:55:57.180> they<00:55:57.260> should<00:55:57.501> be<00:55:57.662> working<00:55:57.983> together<00:55:58.384> instead<00:55:58.785> of<00:55:59.187> against<00:55:59.653> each<00:55:59.829> other?

00:56:00.391 --> 00:56:02.703
Because<00:56:00.777> the<00:56:00.889> natural<00:56:01.499> thing<00:56:01.676> is<00:56:01.772> to<00:56:01.900> work<00:56:02.077> against<00:56:02.414> each<00:56:02.559> other.

00:56:03.747 --> 00:56:04.293
It<00:56:04.229> is.

00:56:04.406 --> 00:56:14.094
And<00:56:04.551> look,<00:56:04.888> I<00:56:05.193> agree<00:56:05.756> with<00:56:05.932> the<00:56:06.077> comment<00:56:07.218> that<00:56:07.780> the<00:56:08.021> need<00:56:08.985> doesn't<00:56:09.370> exist<00:56:10.334> in<00:56:10.431> the<00:56:10.511> near<00:56:10.897> term,<00:56:11.812> nor<00:56:12.278> is<00:56:12.905> it<00:56:13.387> always<00:56:13.789> obvious.

00:56:14.929 --> 00:56:36.794
But<00:56:15.026> I<00:56:15.090> think<00:56:15.347> if<00:56:15.476> you<00:56:15.588> step<00:56:15.958> back<00:56:16.231> and<00:56:17.243> you<00:56:17.420> contemplate<00:56:19.091> what<00:56:19.348> might<00:56:19.669> happen<00:56:20.794> if<00:56:21.018> we<00:56:21.195> meet<00:56:21.436> in<00:56:21.581> the<00:56:21.677> middle<00:56:22.625> and<00:56:22.786> we<00:56:22.962> bring<00:56:23.220> some<00:56:23.605> innovation<00:56:24.810> to<00:56:24.955> government<00:56:25.613> and<00:56:25.758> to<00:56:25.919> process,<00:56:27.220> and<00:56:27.381> we<00:56:27.606> recognize<00:56:28.489> on<00:56:28.570> the<00:56:28.666> private<00:56:29.052> sector<00:56:29.405> side<00:56:30.192> that<00:56:30.594> there's<00:56:31.236> a<00:56:31.381> way<00:56:31.558> to<00:56:31.718> do<00:56:31.959> this,<00:56:32.200> which<00:56:32.505> is<00:56:33.084> let's<00:56:33.308> consider<00:56:33.871> our<00:56:33.967> stakeholders,<00:56:35.156> let's<00:56:35.332> measure<00:56:35.718> twice<00:56:36.119> and<00:56:36.216> cut<00:56:36.521> once.

00:56:37.164 --> 00:56:38.947
And<00:56:37.501> that's<00:56:37.694> just<00:56:37.886> not<00:56:38.047> what<00:56:38.143> entrepreneurs<00:56:38.850> do.

00:56:39.894 --> 00:56:48.279
If<00:56:40.376> we<00:56:40.472> understand<00:56:41.035> there's<00:56:41.533> value<00:56:42.336> to<00:56:42.480> both<00:56:42.786> perspectives,<00:56:44.874> what<00:56:45.131> might<00:56:45.452> we<00:56:45.597> accomplish<00:56:47.219> if<00:56:47.380> we<00:56:47.604> work<00:56:47.845> together?

00:56:49.050 --> 00:57:02.490
And<00:56:49.130> so,<00:56:49.243> then<00:56:49.371> you<00:56:49.468> step<00:56:49.789> back<00:56:50.046> and<00:56:50.110> say,<00:56:50.351> "Well,<00:56:50.978> I<00:56:51.074> don't<00:56:51.331> need,<00:56:52.439> but<00:56:52.536> if<00:56:52.761> I'm<00:56:53.323> willing<00:56:53.580> to<00:56:53.724> think<00:56:54.030> about<00:56:54.768> possible<00:56:55.475> outcomes<00:56:56.214> and<00:56:56.310> an<00:56:56.375> abundance<00:56:57.017> mentality,<00:56:58.210> what<00:56:58.394> might<00:56:58.979> we<00:56:59.147> accomplish,<00:57:01.162> those<00:57:01.818> are<00:57:01.900> the<00:57:02.047> incentives.

00:57:02.801 --> 00:57:04.818
The<00:57:02.949> incentives<00:57:03.523> are<00:57:03.687> we<00:57:03.785> can<00:57:04.014> do<00:57:04.195> more<00:57:04.424> together.

00:57:06.190 --> 00:57:13.598
But<00:57:06.447> it<00:57:06.608> really<00:57:07.091> requires,<00:57:08.476> it<00:57:08.621> does<00:57:08.799> require<00:57:09.266> humility<00:57:10.006> and<00:57:10.103> it<00:57:10.232> requires<00:57:10.796> patience<00:57:12.003> and<00:57:12.068> it<00:57:12.165> requires<00:57:12.809> willingness<00:57:13.227> to<00:57:13.469> learn.

00:57:14.339 --> 00:57:29.566
But<00:57:14.419> I'm<00:57:15.321> a<00:57:15.483> big<00:57:15.725> believer<00:57:16.856> that<00:57:17.179> if<00:57:17.405> we<00:57:17.502> figure<00:57:17.825> out<00:57:17.971> how<00:57:18.003> to<00:57:18.229> work<00:57:18.455> together<00:57:19.344> and<00:57:19.425> I've<00:57:20.734> got<00:57:21.687> some<00:57:22.010> limited<00:57:22.430> views<00:57:22.915> of,<00:57:23.816> business<00:57:24.298> leaders<00:57:25.262> and<00:57:25.503> politicians<00:57:26.306> working<00:57:26.643> together<00:57:27.767> in<00:57:27.928> public-private<00:57:28.811> partnerships.

00:57:30.160 --> 00:57:33.966
And<00:57:30.240> you<00:57:30.337> see<00:57:30.578> that<00:57:30.883> happening,<00:57:31.284> you<00:57:31.461> realize<00:57:32.585> it<00:57:32.730> was<00:57:32.971> good<00:57:33.147> for<00:57:33.372> so<00:57:33.790> many.

00:57:34.047 --> 00:57:35.765
It<00:57:34.978> was<00:57:35.075> good<00:57:35.235> for<00:57:35.380> so<00:57:35.556> many.

00:57:36.135 --> 00:57:43.956
Neither<00:57:36.665> one<00:57:37.002> would<00:57:37.130> have<00:57:37.323> done<00:57:37.548> those<00:57:37.869> things<00:57:38.752> on<00:57:38.833> their<00:57:39.090> own,<00:57:39.812> but<00:57:40.037> together<00:57:40.599> they<00:57:40.921> did<00:57:41.097> them<00:57:41.964> and<00:57:42.221> society<00:57:43.265> benefited.

00:57:44.614 --> 00:57:50.027
You<00:57:44.775> know,<00:57:44.952> I<00:57:45.032> think<00:57:45.289> it<00:57:46.301> just<00:57:46.542> requires<00:57:47.666> looking<00:57:47.923> at<00:57:48.083> problems<00:57:48.565> from<00:57:48.742> a<00:57:48.886> bit<00:57:48.983> of<00:57:49.127> a<00:57:49.208> different<00:57:49.513> perspective.

00:57:51.272 --> 00:58:02.231
How<00:57:51.369> do<00:57:51.434> you<00:57:51.595> keep<00:57:51.789> your<00:57:51.934> optimism<00:57:53.049> as<00:57:53.211> we<00:57:53.308> close<00:57:53.631> here<00:57:54.746> and<00:57:54.924> kind<00:57:55.085> of<00:57:55.231> keep<00:57:55.554> your<00:57:55.812> team<00:57:56.216> optimistic<00:57:57.105> and<00:57:57.250> keep<00:57:58.947> kind<00:57:59.109> of<00:57:59.206> everyone<00:57:59.529> around<00:57:59.820> you<00:57:59.919> optimistic<00:58:00.668> as<00:58:00.834> like<00:58:01.017> the<00:58:01.100> headwinds<00:58:01.582> are<00:58:01.699> so<00:58:01.931> strong?

00:58:03.780 --> 00:58:04.052
You<00:58:03.863> know<00:58:03.989> what?

00:58:05.668 --> 00:58:16.605
I<00:58:05.733> think<00:58:07.034> I've<00:58:07.261> really<00:58:07.521> thought<00:58:08.350> about—<00:58:09.862> I've<00:58:09.959> thought<00:58:10.187> a<00:58:10.268> lot<00:58:10.463> about<00:58:10.853> what<00:58:11.097> drives<00:58:11.666> people,<00:58:13.959> what<00:58:14.139> drives<00:58:14.449> them<00:58:14.514> in<00:58:14.629> the<00:58:14.694> near<00:58:15.021> term<00:58:15.217> and<00:58:15.364> what<00:58:15.609> drives<00:58:16.001> them<00:58:16.181> long<00:58:16.426> term.

00:58:17.357 --> 00:58:19.877
And<00:58:18.336> we're<00:58:18.481> not<00:58:18.753> going<00:58:19.042> to<00:58:19.219> win<00:58:19.443> next<00:58:19.764> year.

00:58:20.342 --> 00:58:30.999
Like,<00:58:20.583> I<00:58:20.663> can't<00:58:20.920> stand<00:58:21.225> in<00:58:21.289> front<00:58:21.450> of<00:58:21.530> my<00:58:21.690> company<00:58:22.011> and<00:58:22.108> say,<00:58:22.830> "Consumers<00:58:23.472> get<00:58:23.616> stronger,<00:58:24.098> inflation<00:58:24.611> is<00:58:24.740> going<00:58:24.997> down,<00:58:25.719> and<00:58:25.863> we're<00:58:25.960> going<00:58:26.056> to<00:58:26.120> freaking<00:58:26.762> crush<00:58:26.939> it."<00:58:28.030> And<00:58:28.126> so,<00:58:28.913> happiness<00:58:30.052> is<00:58:30.213> not<00:58:30.453> the<00:58:30.534> P&L.

00:58:32.139 --> 00:58:36.392
The<00:58:32.299> P&L<00:58:33.102> is<00:58:33.888> the<00:58:34.129> output<00:58:34.883> of<00:58:35.172> all<00:58:35.268> of<00:58:35.413> the<00:58:35.509> things<00:58:35.910> that<00:58:36.135> you<00:58:36.231> do.

00:58:37.275 --> 00:58:42.651
And<00:58:37.419> so,<00:58:38.221> we've<00:58:38.558> spent<00:58:38.863> a<00:58:38.879> lot<00:58:39.120> of<00:58:39.200> time<00:58:39.505> thinking<00:58:39.858> about<00:58:41.110> how<00:58:41.207> do<00:58:41.287> we<00:58:41.447> double<00:58:41.768> down<00:58:42.009> on<00:58:42.234> culture?

00:58:43.277 --> 00:58:44.271
Culture<00:58:43.678> is<00:58:43.774> important.

00:58:44.560 --> 00:58:48.073
Culture<00:58:44.753> is<00:58:44.833> important<00:58:45.298> at<00:58:45.459> all<00:58:45.619> times,<00:58:46.421> but<00:58:46.485> it's<00:58:46.646> actually<00:58:46.967> more<00:58:47.063> important<00:58:47.528> in<00:58:47.624> the<00:58:47.704> tough<00:58:47.945> times.

00:58:48.683 --> 00:58:53.416
So<00:58:48.827> how<00:58:49.020> do<00:58:49.068> we<00:58:49.148> make<00:58:49.389> sure<00:58:49.630> that<00:58:50.271> our<00:58:50.432> culture<00:58:51.779> is<00:58:52.100> elevating<00:58:52.597> human<00:58:53.143> beings?

00:58:53.480 --> 00:58:58.501
How<00:58:53.576> do<00:58:53.656> we<00:58:53.736> make<00:58:53.961> sure<00:58:54.202> that<00:58:54.907> it's<00:58:55.084> driving<00:58:55.710> more<00:58:56.544> sense<00:58:56.929> of<00:58:57.089> purpose<00:58:57.795> and<00:58:57.972> belonging?

00:58:59.319 --> 00:59:09.153
How<00:58:59.431> do<00:58:59.560> we<00:58:59.656> make<00:58:59.897> sure<00:59:00.201> that<00:59:00.859> these<00:59:01.180> people<00:59:01.565> are<00:59:01.661> finding<00:59:04.212> a<00:59:04.469> willingness<00:59:05.351> to<00:59:05.511> get<00:59:05.912> better<00:59:06.939> and<00:59:07.292> a<00:59:07.437> belief<00:59:07.902> that<00:59:08.142> we're<00:59:08.239> investing<00:59:08.880> in<00:59:09.025> them?

00:59:09.590 --> 00:59:13.162
How<00:59:09.688> do<00:59:09.770> they<00:59:09.933> find<00:59:10.406> joy<00:59:11.303> in<00:59:11.466> getting<00:59:11.890> better<00:59:12.232> as<00:59:12.461> human<00:59:12.868> beings?

00:59:15.422 --> 00:59:21.512
And<00:59:15.502> then,<00:59:15.743> how<00:59:16.225> do<00:59:16.306> we<00:59:16.466> give<00:59:16.707> them<00:59:16.868> a<00:59:17.013> long-term<00:59:18.378> vision<00:59:19.423> of<00:59:19.600> what<00:59:19.744> success<00:59:20.323> looks<00:59:20.548> like<00:59:20.981> as<00:59:21.110> a<00:59:21.142> business?

00:59:21.849 --> 00:59:24.018
Like,<00:59:22.074> ultimately,<00:59:22.556> economic<00:59:23.054> alignment<00:59:23.536> does<00:59:23.777> matter.

00:59:24.790 --> 00:59:26.632
Financial<00:59:25.048> security<00:59:25.468> is<00:59:25.565> an<00:59:25.727> important<00:59:26.180> part<00:59:26.341> of<00:59:26.438> life.

00:59:27.554 --> 00:59:39.095
And<00:59:27.667> so,<00:59:28.621> we're<00:59:29.251> honest<00:59:29.979> and<00:59:30.318> transparent<00:59:30.965> around<00:59:31.126> the<00:59:31.207> challenges<00:59:31.838> that<00:59:31.935> we're<00:59:32.080> going<00:59:32.355> through,<00:59:33.292> but<00:59:33.454> we<00:59:33.551> look<00:59:33.729> a<00:59:33.858> couple<00:59:34.117> of<00:59:34.182> years<00:59:34.295> ahead<00:59:34.588> and<00:59:34.702> say,<00:59:35.040> Look<00:59:35.232> what<00:59:35.456> we're<00:59:35.553> doing<00:59:35.857> now<00:59:36.979> and<00:59:37.075> how<00:59:37.332> this<00:59:37.572> is<00:59:37.701> going<00:59:37.941> to<00:59:38.037> play<00:59:38.278> out<00:59:38.374> in<00:59:38.518> 2<00:59:38.759> years.

00:59:39.544 --> 00:59:40.971
This<00:59:39.721> is<00:59:39.801> going<00:59:39.913> to<00:59:39.961> be<00:59:40.105> incredible<00:59:40.683> for<00:59:40.843> us.

00:59:42.029 --> 00:59:51.632
And<00:59:43.007> then<00:59:43.488> as<00:59:43.632> you're<00:59:43.793> going<00:59:44.049> through<00:59:44.225> the<00:59:44.354> grinding<00:59:44.851> moments<00:59:45.893> when<00:59:46.053> the<00:59:46.277> business<00:59:46.919> commercially<00:59:47.576> isn't—<00:59:48.281> it's<00:59:48.394> not<00:59:48.618> generating<00:59:49.323> cash,<00:59:49.740> it's<00:59:49.900> not<00:59:50.125> growing,<00:59:50.462> your<00:59:50.622> margins<00:59:51.039> are<00:59:51.119> struggling.

00:59:52.209 --> 00:59:54.293
How<00:59:52.321> do<00:59:52.449> you<00:59:52.690> gamify<00:59:53.347> the<00:59:53.508> moment<00:59:53.892> that<00:59:53.988> you're<00:59:54.229> in?

00:59:55.095 --> 01:00:00.369
How<00:59:55.191> do<00:59:55.335> you<00:59:55.415> find<00:59:56.457> opportunities<00:59:57.195> to<00:59:57.595> gamify<00:59:58.798> and<00:59:58.878> then<00:59:59.038> celebrate<01:00:00.000> wins?

01:00:00.882 --> 01:00:01.812
And<01:00:01.123> build<01:00:01.427> energy.

01:00:02.631 --> 01:00:13.315
And<01:00:04.075> this<01:00:04.267> is<01:00:04.395> to<01:00:04.492> me,<01:00:04.716> honestly,<01:00:05.695> like<01:00:05.919> for<01:00:06.706> me,<01:00:06.898> step<01:00:07.363> 1<01:00:08.326> as<01:00:08.486> a<01:00:08.566> human<01:00:09.064> being,<01:00:10.411> as<01:00:10.588> a<01:00:10.732> leader,<01:00:11.534> was<01:00:11.695> figure<01:00:11.935> out<01:00:12.032> how<01:00:12.288> do<01:00:12.433> I<01:00:12.593> do<01:00:12.754> it<01:00:12.834> myself?

01:00:14.101 --> 01:00:16.732
How<01:00:14.197> do<01:00:14.342> I<01:00:14.438> bring<01:00:14.679> myself<01:00:15.401> through<01:00:15.625> this<01:00:16.026> optimistically?

01:00:17.486 --> 01:00:23.229
But<01:00:18.754> it's<01:00:19.074> really<01:00:19.395> cool<01:00:19.636> when<01:00:19.796> you<01:00:19.828> start<01:00:21.176> to<01:00:21.497> look<01:00:21.738> inward<01:00:21.978> and<01:00:22.139> saying,<01:00:22.844> I'm<01:00:23.021> good.

01:00:23.743 --> 01:00:26.663
Like,<01:00:24.288> I<01:00:24.385> can't<01:00:24.721> lift<01:00:25.010> someone<01:00:25.427> when<01:00:25.588> I'm<01:00:25.748> not<01:00:25.973> on<01:00:26.069> the<01:00:26.149> pedestal.

01:00:27.417 --> 01:00:27.899
But<01:00:27.530> I<01:00:27.738> am.

01:00:28.172 --> 01:00:28.734
I'm<01:00:28.461> good.

01:00:28.879 --> 01:00:29.489
I've<01:00:29.120> got<01:00:29.425> this.

01:00:30.083 --> 01:00:32.332
Now,<01:00:31.352> how<01:00:31.465> do<01:00:31.593> I<01:00:31.609> share<01:00:32.171> that?

01:00:32.476 --> 01:00:34.420
How<01:00:32.573> do<01:00:32.717> I<01:00:32.878> bring<01:00:33.199> other<01:00:33.456> people<01:00:33.697> along<01:00:34.018> with<01:00:34.324> it?

01:00:34.982 --> 01:00:40.523
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It's<01:00:54.014> 18%<01:00:54.158> of<01:00:54.239> our<01:00:54.399> workforce.

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I've<01:00:55.297> never<01:00:55.602> done<01:00:55.779> that<01:00:56.019> before.

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That<01:00:57.062> was<01:00:57.287> hard.

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01:01:04.217 --> 01:01:05.180
The<01:01:04.361> culture<01:01:04.682> feels<01:01:04.843> like<01:01:05.003> a<01:01:05.067> family.

01:01:05.308 --> 01:01:15.174
You<01:01:06.287> know,<01:01:06.431> how<01:01:06.527> do<01:01:06.591> you<01:01:06.832> bring<01:01:07.073> people<01:01:07.394> back<01:01:07.650> together<01:01:08.115> and<01:01:08.212> say,<01:01:09.238> we<01:01:09.399> loved<01:01:09.720> all<01:01:09.896> of<01:01:10.041> those<01:01:10.297> people,<01:01:11.180> we<01:01:11.324> took<01:01:11.565> really<01:01:11.821> good<01:01:11.982> care<01:01:12.303> of<01:01:12.383> them,<01:01:13.666> but<01:01:14.452> this<01:01:14.645> is<01:01:14.853> it<01:01:14.966> now.

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And<01:01:17.099> then<01:01:17.260> how<01:01:17.436> do<01:01:17.500> you<01:01:17.565> infuse<01:01:18.142> optimism<01:01:18.639> and<01:01:18.800> energy?

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Like,<01:01:22.050> I<01:01:22.211> am<01:01:22.357> a<01:01:22.598> work<01:01:22.792> in<01:01:22.937> progress<01:01:24.130> and<01:01:24.468> I'm<01:01:24.871> really<01:01:25.516> every<01:01:25.903> single<01:01:26.419> day<01:01:26.644> trying<01:01:26.967> to<01:01:27.047> figure<01:01:27.289> this<01:01:27.531> out.

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And<01:01:28.498> what's<01:01:28.740> cool<01:01:28.982> is<01:01:29.732> I<01:01:29.797> feel<01:01:29.992> like<01:01:30.139> I'm<01:01:30.270> a<01:01:30.286> lot<01:01:30.612> better<01:01:30.856> than<01:01:31.003> I<01:01:31.101> was<01:01:31.329> 3<01:01:31.573> months<01:01:31.834> ago<01:01:32.176> and<01:01:32.258> 6<01:01:32.632> months<01:01:32.877> ago.

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And<01:01:35.952> you<01:01:36.050> know<01:01:36.164> what?

01:01:36.587 --> 01:01:40.610
Then<01:01:36.669> you<01:01:36.766> got<01:01:36.880> to<01:01:36.929> wake<01:01:37.108> up<01:01:37.190> and<01:01:37.320> be<01:01:37.418> optimistic<01:01:38.004> every<01:01:38.167> day<01:01:39.372> and<01:01:39.519> you<01:01:39.600> got<01:01:39.682> to<01:01:39.763> practice<01:01:40.170> what<01:01:40.284> you<01:01:40.414> preach.

01:01:42.210 --> 01:01:45.215
Jeremy,<01:01:42.324> this<01:01:42.571> is<01:01:42.719> an<01:01:42.834> incredible<01:01:43.474> pep<01:01:43.737> talk<01:01:44.049> going<01:01:44.377> into<01:01:44.541> next<01:01:44.886> year.

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Thanks<01:01:46.589> so<01:01:46.670> much<01:01:47.300> for<01:01:48.125> coming<01:01:48.432> on<01:01:49.079> and<01:01:49.419> for<01:01:49.565> talking<01:01:50.050> and<01:01:50.939> really<01:01:51.117> being<01:01:51.425> as<01:01:51.667> open<01:01:51.861> and<01:01:52.023> honest<01:01:52.330> as<01:01:52.492> you<01:01:52.573> were,<01:01:52.751> my<01:01:52.912> friend.

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Thank<01:01:53.446> you<01:01:53.527> so<01:01:53.640> much.

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Good<01:01:54.725> to<01:01:54.791> see<01:01:54.939> you,<01:01:55.086> Clint.

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Great<01:01:55.743> conversation.

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I<01:01:56.811> really<01:01:57.041> enjoyed<01:01:57.385> it.