1 00:00:00,040 --> 00:00:03,080 So I think if you're interested in global policy, I, if you're 2 00:00:03,080 --> 00:00:07,000 interested in your stance and how the world is working around 3 00:00:07,040 --> 00:00:09,920 you and how that impacts you, I think this is a very, very 4 00:00:09,920 --> 00:00:13,840 important podcast, right? Ultimately, you don't live in 5 00:00:13,840 --> 00:00:17,280 your own economy better self. You're living in a competitive 6 00:00:17,280 --> 00:00:20,120 environment and whatever happens somewhere else in the world, it 7 00:00:20,120 --> 00:00:22,840 impacts you in one way or the other, maybe with massive 8 00:00:22,840 --> 00:00:26,680 delays, but it impacts you. So being educated about global 9 00:00:26,680 --> 00:00:29,840 policy, being educated by international economics is 10 00:00:29,840 --> 00:00:32,479 critically important to see where you stand in the world and 11 00:00:32,479 --> 00:00:36,640 what affects you and how you can actually monetize that. 12 00:00:37,560 --> 00:00:39,960 So that that's what I would argue is, is how critical to 13 00:00:39,960 --> 00:00:43,240 this. Number two, it's any podcasts 14 00:00:43,360 --> 00:00:48,520 and and podcasts are a great way of becoming more in tuned when 15 00:00:48,520 --> 00:00:51,600 the industries and segments that you're in and learning from 16 00:00:51,600 --> 00:00:54,880 other people's experiences, right, is to build a larger 17 00:00:54,880 --> 00:00:58,680 library of experience knowledge. And you don't have to experience 18 00:00:58,680 --> 00:01:00,760 everything yourself, but you can actually read about it and learn 19 00:01:00,760 --> 00:01:04,080 from other people's experiences. So that's why podcasts become so 20 00:01:04,080 --> 00:01:05,760 critically important. Before we dive back into today's 21 00:01:05,760 --> 00:01:07,200 conversation, I want to share something important. 22 00:01:07,280 --> 00:01:09,280 This episode includes a pay partnership with Better Help, a 23 00:01:09,320 --> 00:01:11,080 platform designed to make starting therapy easier. 24 00:01:11,200 --> 00:01:12,920 I know for my own journey as a leader and entrepreneur that 25 00:01:12,920 --> 00:01:14,160 life can sometimes feel overwhelming. 26 00:01:14,280 --> 00:01:15,880 There are seasons, severe stressed, uncertainty and 27 00:01:15,880 --> 00:01:18,000 pressure pewed up, and you need to save space to process it all 28 00:01:18,160 --> 00:01:20,480 that severe therapy comes in. Therapy isn't only for people 29 00:01:20,480 --> 00:01:23,120 facing clinical challenges. It't the space to reflect, grow, 30 00:01:23,160 --> 00:01:25,440 and find better ways to see my stress, relationships, and 31 00:01:25,440 --> 00:01:27,840 personal goals. It takes courage to see how, but 32 00:01:27,840 --> 00:01:29,880 it's also one of the smartest investments you can make in your 33 00:01:29,880 --> 00:01:31,880 mental and emotional welding. That's why I'm proud to 34 00:01:31,880 --> 00:01:33,640 highlight Better Help. With Better Help, you simply 35 00:01:33,640 --> 00:01:35,200 feel out a short question there and get matched to the 36 00:01:35,200 --> 00:01:36,720 credential therapist in just a couple of days. 37 00:01:36,720 --> 00:01:38,840 If the first match doesn't feel like the right field, you can 38 00:01:38,840 --> 00:01:40,960 easily switch Therapist at no actual cost until you find 39 00:01:40,960 --> 00:01:42,880 someone who connects with you. Inside the platform, you'll also 40 00:01:42,880 --> 00:01:44,720 find tools like Donelline and group sessions on different 41 00:01:44,720 --> 00:01:45,880 topics that can support your growth. 42 00:01:46,000 --> 00:01:49,000 And with over 7000 reviews and 4.5 trust validation, Better 43 00:01:49,000 --> 00:01:50,200 Help is a platform you can rely on. 44 00:01:50,360 --> 00:01:52,560 So if you feel like you feel like you feel the therapist, 45 00:01:52,560 --> 00:01:56,720 this Data help.com/kinggames That's Data help.com/games to 46 00:01:56,720 --> 00:01:59,600 get 10% off to your festival 30. Once again, this is OK 47 00:01:59,600 --> 00:02:01,320 partnership with their help and I encourage you to take that 48 00:02:01,320 --> 00:02:02,560 first step. If you've been thinking about 49 00:02:02,560 --> 00:02:03,840 it. Sometimes the best investment 50 00:02:03,840 --> 00:02:11,870 you can make easy yourself. Welcome to the King Dems 51 00:02:11,870 --> 00:02:15,190 Podcast, where we share the stories of extraordinary people 52 00:02:15,190 --> 00:02:18,390 and dissect hot, relevant topics that shape our world. 53 00:02:18,710 --> 00:02:21,430 From visionary leaders to trailblazing creatives, we 54 00:02:21,430 --> 00:02:24,750 uncover the mindset, strategy, and grit behind greatness. 55 00:02:25,030 --> 00:02:28,270 Whether it's business, culture or personal growth, we ask the 56 00:02:28,270 --> 00:02:30,720 real questions. This isn't just conversation, 57 00:02:30,720 --> 00:02:34,280 it's transformation. The Kingdom's podcast, Your Next 58 00:02:34,280 --> 00:02:38,080 Breakthrough, starts here. Music licensing reimagined. 59 00:02:41,440 --> 00:02:44,520 Your life, ladies and gentlemen, who once again welcome to the 60 00:02:44,520 --> 00:02:48,080 Kingdom's podcast and Diary of a CFO. 61 00:02:48,160 --> 00:02:52,680 Today our club will be a very, very important guest fighting 62 00:02:53,000 --> 00:02:58,120 out of New York by way of Washington, DC, United States of 63 00:02:58,120 --> 00:03:03,640 America. Beck, Walker, Bobberg or Fuzzy. 64 00:03:04,320 --> 00:03:06,360 How are you, Bobby? Oh good, thank you. 65 00:03:06,360 --> 00:03:09,040 Wow, now I feel like I'm boxing and the lights are missing. 66 00:03:10,880 --> 00:03:13,480 Whoa, that is the Bruce Bluffer introduction. 67 00:03:13,480 --> 00:03:16,360 That's big special arts. You know, life is a fight 68 00:03:16,360 --> 00:03:20,440 anyway, so welcome to the economic fight. 69 00:03:21,360 --> 00:03:23,480 Wow. So I've actually prepared your 70 00:03:23,480 --> 00:03:26,760 your fantastic introduction based off your fantastic 71 00:03:26,760 --> 00:03:29,840 profile. So sit back and let me give you 72 00:03:29,840 --> 00:03:34,760 your flowers today on the King James Podcast and Diary of a 73 00:03:34,800 --> 00:03:36,920 CFO. We are joined by a global 74 00:03:36,920 --> 00:03:40,720 business strategist, news advisors, shaped Fortune 500 75 00:03:40,720 --> 00:03:46,000 CEOs, governments, investors and entrepreneurs across continents. 76 00:03:46,360 --> 00:03:51,280 From guiding Morgan Stanley during the IPO to advising 77 00:03:51,880 --> 00:03:55,040 international government and scaling companies worldwide, 78 00:03:55,480 --> 00:03:59,160 Baba Khashezi needs a true authority in strategy, risk 79 00:03:59,320 --> 00:04:02,080 growth and international market expansion. 80 00:04:02,440 --> 00:04:08,200 As the founder and CEO of Hafezi Capital International Consulting 81 00:04:08,280 --> 00:04:12,720 and agent, Professor of the International Business Arts, 82 00:04:13,120 --> 00:04:18,320 American University, Babak, a wealth of experience that blames 83 00:04:18,320 --> 00:04:20,839 academic figure with the real world impact. 84 00:04:21,399 --> 00:04:24,960 Bob Buck, it's a privilege to have you on here. 85 00:04:25,040 --> 00:04:27,720 Welcome to the show once again. Thank you very much. 86 00:04:28,560 --> 00:04:31,240 Thank you. And that was a mouthful, that. 87 00:04:31,240 --> 00:04:37,080 Was a mouthful because your career is a handful. 88 00:04:38,800 --> 00:04:42,120 No, no, no. It's one that hard for maybe 89 00:04:42,160 --> 00:04:46,560 maybe a globe for because it's amount of the whole globe. 90 00:04:47,920 --> 00:04:50,080 Well, it's good to have an impact, right? 91 00:04:50,200 --> 00:04:52,440 Ultimately, I think that we all live to make impact. 92 00:04:53,320 --> 00:04:55,360 Absolutely. That that's, that's the main 93 00:04:55,360 --> 00:04:56,720 goal. You know, I always tell people 94 00:04:56,720 --> 00:04:59,280 that I'd rather impact obedient lives than make a billion 95 00:04:59,280 --> 00:05:02,240 dollars because that is what legacy is about. 96 00:05:02,600 --> 00:05:06,520 But you know, talking about the globe, right, it's interesting 97 00:05:06,640 --> 00:05:09,680 for us to know about globalization and that's 98 00:05:09,680 --> 00:05:12,800 something that is very, very what I say important to you as 99 00:05:12,800 --> 00:05:17,920 well, given how your body of work has been able to keep 100 00:05:18,120 --> 00:05:20,720 global impact. Our love for each educators 101 00:05:20,720 --> 00:05:26,280 about globalization and how it speaks to what we have been put 102 00:05:26,280 --> 00:05:28,840 together Many thanks to quoted right. 103 00:05:29,080 --> 00:05:33,760 We talk about the China U.S. Trade and industrialization 104 00:05:33,760 --> 00:05:36,240 policies. So let's start from 105 00:05:36,400 --> 00:05:39,880 globalization. Yeah, I think one of the key 106 00:05:39,880 --> 00:05:42,400 elements of globalization and I think one of the key reasons 107 00:05:42,400 --> 00:05:47,640 that we became so globalized is because we lived in a world, you 108 00:05:47,640 --> 00:05:51,080 know, pre World War Two, in a world that was very combative, 109 00:05:51,080 --> 00:05:54,040 where, you know, friends and foes were always at war. 110 00:05:54,560 --> 00:05:58,480 And that it did not allow for economic development on a large 111 00:05:58,480 --> 00:06:01,920 scale and limited people. And it created a lot of 112 00:06:01,920 --> 00:06:03,680 instabilities, economically speaking. 113 00:06:04,080 --> 00:06:06,760 So we designed a system after World War 2 with the Bretton 114 00:06:06,760 --> 00:06:09,680 Woods agreement to to really integrate the world and and 115 00:06:09,880 --> 00:06:11,960 create institutions. And this is a keyword 116 00:06:11,960 --> 00:06:17,560 institutions to really be able to systemize and and allow us to 117 00:06:17,600 --> 00:06:21,560 engage in trade. And that system became very 118 00:06:21,560 --> 00:06:25,360 America centric early on in the 50s and 60s and all the way to 119 00:06:25,360 --> 00:06:29,360 about the early set, America was a big recipient and a winner of 120 00:06:29,360 --> 00:06:32,720 that because the factors around Japan and the European markets 121 00:06:32,720 --> 00:06:36,520 had, you know, this is created after World War 2 and America 122 00:06:36,520 --> 00:06:38,720 was the only fact that was open for business. 123 00:06:38,720 --> 00:06:41,720 But then when competition started, when Japan came back to 124 00:06:41,720 --> 00:06:44,920 the market, when Europe came back to the market, it relocated 125 00:06:45,120 --> 00:06:48,640 positive competition. And then in the late 70's, the 126 00:06:48,640 --> 00:06:52,200 beginning of the late 70s and early 80s, we have the financial 127 00:06:52,200 --> 00:06:55,560 behemoth, which is China, which back then was really nothing 128 00:06:55,560 --> 00:06:58,560 economically speaking. And they started becoming 129 00:06:58,560 --> 00:07:00,160 competitive in a global market sale. 130 00:07:00,840 --> 00:07:04,960 And in the 80s and 90s and 2000s, they became the 131 00:07:04,960 --> 00:07:08,760 manufacturing hub of the world. And we have seen massive 132 00:07:08,760 --> 00:07:14,200 dislodgements globally in terms of manufacturing jobs in in 133 00:07:14,200 --> 00:07:17,120 terms of economic growth in certain sectors. 134 00:07:18,040 --> 00:07:20,680 And so this has become a social challenge. 135 00:07:20,680 --> 00:07:23,960 It started in economics, entered politics and then now it's 136 00:07:23,960 --> 00:07:26,480 social. So it's impacting us on, on, on 137 00:07:26,480 --> 00:07:32,240 multi layers. Social Economy wow, so you know, 138 00:07:32,440 --> 00:07:37,640 I remember doing my first degree in economics and being taught 139 00:07:38,120 --> 00:07:41,200 the theory of comparative advantage, right. 140 00:07:41,280 --> 00:07:45,800 So there are sectors in which China, for example, has 141 00:07:45,800 --> 00:07:49,800 comparative advantage and America has comparative 142 00:07:49,800 --> 00:07:53,560 advantage. The basics in economics is a 143 00:07:53,560 --> 00:07:57,240 country should focus on the area where they have the comparative 144 00:07:57,240 --> 00:08:02,440 advantage, right And I from other countries, you know 145 00:08:02,840 --> 00:08:06,680 products guarantee not or they lack the comparative advantage, 146 00:08:06,760 --> 00:08:08,680 right. So bringing it to like a 147 00:08:08,840 --> 00:08:13,080 personal and individual level. But for me growing up, I was 148 00:08:13,080 --> 00:08:17,120 talented at music as talented as speaking, but I always met 149 00:08:17,120 --> 00:08:20,680 people who were more talented musically, but I really did not 150 00:08:20,680 --> 00:08:24,040 meet people who were that talented as me speaking wise and 151 00:08:24,040 --> 00:08:26,320 I decided to focus on speaking right. 152 00:08:26,560 --> 00:08:32,799 So taking it back to America versus China, right, there's 153 00:08:32,799 --> 00:08:35,400 something I love to see. Why hate when you can 154 00:08:35,400 --> 00:08:41,760 collaborate, right? So globalization has broken down 155 00:08:42,039 --> 00:08:46,720 the pivotal physical walls or physical barriers that we used 156 00:08:46,720 --> 00:08:50,920 to have prior to technology to advancement. 157 00:08:51,120 --> 00:08:57,200 So what is your opinion on what really needs to be done right in 158 00:08:57,200 --> 00:09:02,920 order for US, China, the rest of the world to collaborate instead 159 00:09:02,920 --> 00:09:08,480 of Haiti and, you know, we have global economic prosperity. 160 00:09:09,920 --> 00:09:12,480 So absolutely the notion of comparative advantage at this is 161 00:09:12,480 --> 00:09:16,680 a critical notion economics that that is that part in central. 162 00:09:16,920 --> 00:09:19,600 But you have to understand economics is not always foreign 163 00:09:19,600 --> 00:09:22,480 policy, right? And this is where economics and 164 00:09:22,480 --> 00:09:25,800 foreign policy kind of go in two different critical ways. 165 00:09:26,440 --> 00:09:29,040 And in a sense that if you're a hegemonic power like the United 166 00:09:29,040 --> 00:09:30,960 States is, and you want to maintain hegemonic power, 167 00:09:31,680 --> 00:09:34,600 economic coercion and economic power is critically important 168 00:09:34,600 --> 00:09:39,200 because that is what you need to force other countries into to be 169 00:09:39,200 --> 00:09:41,200 able to, to still remain powerful, right? 170 00:09:41,920 --> 00:09:44,480 I would argue that globalization can actually be divided into 171 00:09:44,480 --> 00:09:47,000 kind 6 narratives. And those six narratives are 172 00:09:47,000 --> 00:09:48,920 kind of the establishment narrative, right? 173 00:09:48,920 --> 00:09:51,240 The the establishment narrative. Is that what you're talking 174 00:09:51,240 --> 00:09:52,840 about? That comparative advantage is 175 00:09:52,840 --> 00:09:55,240 important. We we win in certain industries, 176 00:09:55,240 --> 00:09:58,000 we lose in certain industries, but everybody wins in the 177 00:09:58,000 --> 00:10:00,680 process. You also have this what's called 178 00:10:00,680 --> 00:10:04,880 the left wing narrative, which is a win lose situation. 179 00:10:04,880 --> 00:10:07,880 We have actually four win, lose situations, right, depending on 180 00:10:07,880 --> 00:10:10,240 where on the political spectrum that you're in. 181 00:10:10,600 --> 00:10:14,160 And that is that the elites are the ones who are winning, right? 182 00:10:14,400 --> 00:10:16,800 That in this case of globalization, the elites are 183 00:10:16,800 --> 00:10:19,320 the winners and everybody else loses in the process. 184 00:10:19,360 --> 00:10:23,760 The third way is the corporate of power narrative, which is the 185 00:10:23,760 --> 00:10:26,480 corporations win, especially multinational corporations win 186 00:10:26,840 --> 00:10:30,480 at the expense of people. The the right wing populist 187 00:10:30,480 --> 00:10:33,720 argument is that the people on the other side of the world in 188 00:10:33,720 --> 00:10:36,800 developing countries are winning against us, that we'll lose it 189 00:10:37,000 --> 00:10:40,280 in the process, right. And then again still win, lose. 190 00:10:40,360 --> 00:10:42,640 Then you have a Geo economic narrative. 191 00:10:42,640 --> 00:10:45,640 This one is the one in economics, you know, for us to 192 00:10:45,640 --> 00:10:49,920 maintain our competitive powers economically that we need to 193 00:10:50,360 --> 00:10:54,040 diminish other people's economic powers and we're becoming too 194 00:10:54,040 --> 00:10:58,200 reliant at others. And the last one is the global 195 00:10:58,200 --> 00:11:02,240 threat narrative, which is a lose, lose narrative, is that 196 00:11:02,240 --> 00:11:04,960 everybody loses in this right. We're losing our jobs, we're 197 00:11:04,960 --> 00:11:07,520 losing our autonomy, we're losing all these different 198 00:11:07,520 --> 00:11:09,120 elements. And everybody else is, you know, 199 00:11:09,520 --> 00:11:13,600 and then you don't have you don't have critical critical 200 00:11:13,600 --> 00:11:16,480 manufacturing domestically, you lose talents. 201 00:11:16,480 --> 00:11:18,360 So all of those are kind of the narrative. 202 00:11:18,360 --> 00:11:21,040 So those are the six narratives of globalization and where you 203 00:11:21,040 --> 00:11:24,960 fall economically, where do you fall socio politically? 204 00:11:25,600 --> 00:11:27,200 It impacts the way you see the world. 205 00:11:27,320 --> 00:11:29,960 And I wouldn't argue. And so the way you perceive it, 206 00:11:29,960 --> 00:11:33,800 the way where you where you see the world impacts the policies 207 00:11:33,800 --> 00:11:36,720 you implement. Absolutely. 208 00:11:37,280 --> 00:11:39,600 So think about it from a Brexit perspective, right? 209 00:11:40,720 --> 00:11:43,760 The, the Brexit perspective was to certain degree of Geo 210 00:11:43,760 --> 00:11:47,720 economic narrative that that we don't want to give power up to 211 00:11:47,720 --> 00:11:50,480 the EU, that we wouldn't have our own autonomy, that we 212 00:11:50,480 --> 00:11:55,640 wouldn't grow internally, right? That was an argument and we only 213 00:11:55,640 --> 00:11:59,160 dominate by somebody else. So that that Geo economic is 214 00:11:59,160 --> 00:12:03,720 also a geopolitical argument. And that got intensified more 215 00:12:03,720 --> 00:12:07,640 after COVID, like if you think about what the impact of COVID 216 00:12:07,640 --> 00:12:11,440 and the inability for us to access materials easily globally 217 00:12:11,440 --> 00:12:13,000 because of supply chain disruptions. 218 00:12:13,520 --> 00:12:17,680 And that really impacted our mental models per SE of how we 219 00:12:17,680 --> 00:12:21,080 see the world. And that has kind of changed the 220 00:12:21,080 --> 00:12:24,600 narratives of how we see the world and hence economics. 221 00:12:24,680 --> 00:12:28,160 This is actually very true and a lot to unpack. 222 00:12:28,320 --> 00:12:31,800 Right? The Geo economics is looking at 223 00:12:32,560 --> 00:12:39,880 the way perspectives are aligned based off the geography. 224 00:12:39,920 --> 00:12:44,320 And you really can't blame people for wanting to protect 225 00:12:44,320 --> 00:12:47,080 their territory because man is a social animal. 226 00:12:47,640 --> 00:12:50,000 Human beings are territorial in nature. 227 00:12:50,680 --> 00:12:54,920 You identify with the territory in which you inhabit, right? 228 00:12:55,240 --> 00:13:00,280 To protect it. But a lot of times we cannot see 229 00:13:00,320 --> 00:13:02,920 the bigger picture and that's why I I see this. 230 00:13:02,920 --> 00:13:06,640 I've said this on the podcast before that the capacity of a 231 00:13:06,640 --> 00:13:11,520 man is dependent on 4E's, right? That is their education, their 232 00:13:11,520 --> 00:13:15,040 exposure, their experience and their enlightenment. 233 00:13:16,000 --> 00:13:18,320 And that is why we have platforms like this, you know, 234 00:13:18,360 --> 00:13:21,200 to bring that enlightenment to help people understand the 235 00:13:21,200 --> 00:13:25,640 bigger future, right? The the, the, the first law of 236 00:13:25,640 --> 00:13:29,960 the jungle is self preservation. But a lot of times you don't 237 00:13:29,960 --> 00:13:34,320 realize that being greedy and not looking out for others is 238 00:13:34,320 --> 00:13:38,640 counter intuitive in pursuing self preservation. 239 00:13:38,800 --> 00:13:41,840 So I'd like for you to touch on that from an economic 240 00:13:41,840 --> 00:13:48,680 perspective and also within the industrial policies, right, 241 00:13:48,680 --> 00:13:50,320 Titus? Industrial policies. 242 00:13:50,640 --> 00:13:55,000 How does you know industrial policies and instances of 243 00:13:55,000 --> 00:13:58,600 overproduction? EG you know steel, solar, 244 00:13:59,080 --> 00:14:02,560 impacts of global markets and US based industries. 245 00:14:03,600 --> 00:14:05,680 Right. So I think there's another 246 00:14:05,680 --> 00:14:08,400 element that there's an R missing in your word, which is 247 00:14:08,400 --> 00:14:11,600 risk that humans are in generally not willing to take 248 00:14:11,600 --> 00:14:15,080 excess amount of risk, right. And when your livelihood is 249 00:14:15,080 --> 00:14:18,000 being threatened, that is because that becomes the, the 250 00:14:18,400 --> 00:14:21,800 nasty, the protectionism. It's how can I protect my, you 251 00:14:21,800 --> 00:14:24,480 know, my industry? How can I protect my livelihood? 252 00:14:24,520 --> 00:14:26,080 It's the best. And then sometimes in that 253 00:14:26,080 --> 00:14:28,200 process, I mean, you thinking you're doing a good thing, 254 00:14:28,400 --> 00:14:31,520 you're actually creating more barriers for your sustainability 255 00:14:31,720 --> 00:14:34,240 and you're making yourself less competitive in the global market 256 00:14:34,240 --> 00:14:36,280 space. And that's where human. 257 00:14:37,240 --> 00:14:41,520 Exactly, exactly, exactly. So that is where where we are, 258 00:14:41,520 --> 00:14:42,960 you know, we were being challenged. 259 00:14:44,080 --> 00:14:47,040 So when we talk about, I think it's really important that we 260 00:14:47,040 --> 00:14:51,120 look at when we use the word China, we shouldn't look at it 261 00:14:51,120 --> 00:14:55,160 from a Chinese perspective in terms of a country, because many 262 00:14:55,160 --> 00:14:59,240 times the in the West, when we use the word China, we think of 263 00:14:59,240 --> 00:15:01,960 the central government making this decisions, which if we look 264 00:15:01,960 --> 00:15:04,480 at from a, from a company perspective, it's not, it's 265 00:15:04,480 --> 00:15:08,800 actually much more distributed. You know, there is no central 266 00:15:08,800 --> 00:15:13,200 authority in in China that's setting policy in terms of 267 00:15:13,200 --> 00:15:15,960 economic, in terms of business policy, right? 268 00:15:16,360 --> 00:15:18,400 What I mean by that is that there's no person in the Chinese 269 00:15:18,400 --> 00:15:20,240 government says this is how much steel we're going to produce 270 00:15:20,240 --> 00:15:22,280 every single year. And it's what's happening very 271 00:15:22,280 --> 00:15:23,880 similar to what the USSR used to do. 272 00:15:24,040 --> 00:15:26,360 It doesn't exist per SE is corporations. 273 00:15:26,520 --> 00:15:29,760 These are capitalistic corporations that have access to 274 00:15:29,760 --> 00:15:32,440 raw materials that they have created infrastructures with the 275 00:15:32,440 --> 00:15:34,720 help of government. Obviously in sourcing Robert 276 00:15:34,840 --> 00:15:36,960 products. Most of us are coming from 277 00:15:36,960 --> 00:15:38,560 emerging markets and frontier markets. 278 00:15:38,840 --> 00:15:42,040 So we're talking about Africa as a continent, We're talking about 279 00:15:42,640 --> 00:15:45,000 South America as a continent. That's where the Roth models are 280 00:15:45,000 --> 00:15:47,600 coming from. So that's because they have that 281 00:15:47,600 --> 00:15:51,560 much capacity, they're producing to decrease the cost as much as 282 00:15:51,560 --> 00:15:54,080 the possible can to remain globally competitive. 283 00:15:54,440 --> 00:15:57,480 And that's why you have overproduction in China now. 284 00:15:58,120 --> 00:16:02,800 In the early 2000s, you did have dumping where they brought 285 00:16:03,000 --> 00:16:05,720 things like tires into the US market, right? 286 00:16:06,240 --> 00:16:08,000 And they dumped it into the US market. 287 00:16:08,000 --> 00:16:09,080 Don't. Forget. 288 00:16:09,080 --> 00:16:09,920 Africa. Don't. 289 00:16:09,920 --> 00:16:13,400 Forget Africa 100% of course, but the problem with Africa and 290 00:16:13,400 --> 00:16:16,320 institutions are weak, right? And because institutions are 291 00:16:16,320 --> 00:16:18,920 weak, they they cannot contact. Individuals. 292 00:16:18,960 --> 00:16:21,520 Weak institutions. Correct, correct. 293 00:16:21,520 --> 00:16:24,280 Correct. So because Africa, the African 294 00:16:24,280 --> 00:16:26,800 continent in general does not have strong institutions to 295 00:16:26,800 --> 00:16:30,400 protect businesses, what ends up happening is the African economy 296 00:16:30,400 --> 00:16:34,680 suffers from it, but the US was able to actually win and they 297 00:16:34,680 --> 00:16:36,320 won. In the case of tires in the 298 00:16:36,320 --> 00:16:39,560 United States, the problem again is the institutions are too 299 00:16:39,720 --> 00:16:42,040 weak. They were designed for the 1960s 300 00:16:42,040 --> 00:16:45,360 and 70s and 80s or all the way to the 90s, but they're not 301 00:16:45,360 --> 00:16:48,160 designed for the 2000s where speed is critical. 302 00:16:48,400 --> 00:16:51,000 So when you take a case to the World Trade Organization, it may 303 00:16:51,000 --> 00:16:55,760 take 3456 years for it to be fully determined. 304 00:16:55,760 --> 00:16:57,920 Right By that time any industry is dead. 305 00:16:58,160 --> 00:17:03,040 So we need to refine institutions, including the WTO 306 00:17:03,360 --> 00:17:06,880 to, to, to short to showcase faster processes of 307 00:17:06,880 --> 00:17:10,240 enlightenment, of, of legal enlightenment and, and, and 308 00:17:10,240 --> 00:17:11,960 education. So it's really, really 309 00:17:11,960 --> 00:17:14,000 critically important. But unfortunately what's 310 00:17:14,000 --> 00:17:16,079 happening is that our institutions are not keeping up 311 00:17:16,079 --> 00:17:19,359 with the rate of business, where businesses speed has 312 00:17:19,359 --> 00:17:24,200 dramatically increased and the instant institutions that are 313 00:17:24,200 --> 00:17:28,680 behind it are not keeping up. And it's creating massive gaps 314 00:17:28,960 --> 00:17:31,520 that are created that's creating these uncertainties in the 315 00:17:31,520 --> 00:17:33,360 market. Industrial policy is being 316 00:17:33,360 --> 00:17:36,600 damaged in one way or the other, and delays are happening and job 317 00:17:36,600 --> 00:17:38,320 losses are. You know, Speaking of the speed, 318 00:17:39,320 --> 00:17:43,040 the speed keeps increasing over time, and we now have something 319 00:17:43,040 --> 00:17:47,040 that is very, very dear to my heart and links to my government 320 00:17:47,040 --> 00:17:49,880 name, AI Artificially Intelligent. 321 00:17:50,240 --> 00:17:53,280 I often joke about it that it's like my parents saw something 322 00:17:53,280 --> 00:17:54,840 that other people did not see coming. 323 00:17:55,440 --> 00:18:00,240 My name is Adam. And why am I sharing the same 324 00:18:00,240 --> 00:18:02,480 initials as artificial intelligence? 325 00:18:02,480 --> 00:18:05,560 And artificial intelligence is something I have personally 326 00:18:05,640 --> 00:18:08,160 used, you know, to build my video career. 327 00:18:08,160 --> 00:18:15,120 My company and I see the speed of this large language models. 328 00:18:15,160 --> 00:18:22,640 I train AI models and I see that speed at which they respond and 329 00:18:22,640 --> 00:18:27,560 adapt, innovate. It's really, really what I see 330 00:18:27,560 --> 00:18:31,200 alarming that the institutions that are meant to be protecting 331 00:18:31,200 --> 00:18:36,400 our interests, right, are not adapted to the times. 332 00:18:36,560 --> 00:18:39,960 So like, what do we need to be saying to the policy makers? 333 00:18:39,960 --> 00:18:43,800 How do we need to drum these into the ears that if you don't 334 00:18:44,280 --> 00:18:50,240 speed up in terms of your adapting to what is happening, 335 00:18:50,240 --> 00:18:54,080 especially with AI in business, I think we we are probably going 336 00:18:54,080 --> 00:18:56,840 to have another World War. I don't know. 337 00:18:56,840 --> 00:19:01,160 I think that's probably I. Mean don't don't forget the both 338 00:19:01,160 --> 00:19:04,240 things can be true right? Large learning models are 339 00:19:04,240 --> 00:19:06,920 extracting data from from outside sources. 340 00:19:07,160 --> 00:19:09,680 So large language laws to certain degree are actually 341 00:19:10,000 --> 00:19:12,920 infringing in IP laws. Think about all the data that 342 00:19:12,920 --> 00:19:15,280 are extracting to create the LM models, right? 343 00:19:15,640 --> 00:19:18,280 Many of them are based on extraction of IP laws. 344 00:19:18,480 --> 00:19:22,520 So we there's no protection in IP in that sense. 1 #2 What 345 00:19:22,520 --> 00:19:29,440 happens if a an adversary wants to degrade our LM and create 346 00:19:29,440 --> 00:19:32,040 content that is absorbed by the AI? 347 00:19:32,400 --> 00:19:34,280 So we don't have any systems around that either yet. 348 00:19:34,680 --> 00:19:38,200 So I think that we're in a completely blue ocean over here 349 00:19:38,680 --> 00:19:41,280 and that there is no regulation. We don't know where we're going 350 00:19:41,640 --> 00:19:44,680 and there could be massive social implications and 351 00:19:44,680 --> 00:19:48,760 challenges ahead of time. We have had remember that we had 352 00:19:48,760 --> 00:19:52,120 a different word for artificial intelligence up to about 3 or 4 353 00:19:52,120 --> 00:19:55,760 years ago and that was called machine learning, right. 354 00:19:56,040 --> 00:19:58,760 Machine learning was very systemized, was very, very, you 355 00:19:58,760 --> 00:20:00,200 know, there, there were systems in place. 356 00:20:00,200 --> 00:20:03,400 But artificial intelligence has taken at a different route and, 357 00:20:03,800 --> 00:20:06,920 and for example, things like things like landing an airplane 358 00:20:07,800 --> 00:20:10,080 and, and flying an airplane, they have been part of the 359 00:20:10,080 --> 00:20:11,880 machine learning process for decades. 360 00:20:12,200 --> 00:20:14,960 We have ample amount of data, but because we have such refined 361 00:20:14,960 --> 00:20:18,200 data, because we have had so many issues that we were able to 362 00:20:18,200 --> 00:20:20,400 solve. Because we know what the 363 00:20:20,400 --> 00:20:23,440 outliers are, where the anomalies are, when we're going 364 00:20:23,440 --> 00:20:25,840 to solve for that. We haven't had that right now 365 00:20:26,160 --> 00:20:29,000 with AI because it's on a massive scale, right? 366 00:20:29,280 --> 00:20:32,520 And I think that we're going to see massive amounts of legal 367 00:20:32,520 --> 00:20:35,360 issues and social issues that are going to come up in a 368 00:20:35,920 --> 00:20:38,240 negative way. So both positive, but also in 369 00:20:38,240 --> 00:20:41,520 the negative way that we have no legal protection from, which is 370 00:20:41,520 --> 00:20:47,480 going to be quite worrisome. It's, it's really crazy, you 371 00:20:47,480 --> 00:20:49,800 know, how can you regulate something that you don't 372 00:20:49,800 --> 00:20:52,000 understand? Well, the same, you know, we 373 00:20:52,000 --> 00:20:53,520 don't understand. I mean, I mean, think about it. 374 00:20:53,520 --> 00:20:57,280 I mean, for example, right now we let's talk about artificial 375 00:20:57,280 --> 00:21:01,680 intelligence in in, in an autonomous driving cars, right? 376 00:21:01,800 --> 00:21:04,600 As of right now, main insurance companies in the United States, 377 00:21:04,640 --> 00:21:08,320 if you get an interaction with an autonomous car, the automatic 378 00:21:08,320 --> 00:21:11,560 fault is on you, the human, and not on the on the machine. 379 00:21:12,760 --> 00:21:14,680 So what they're saying is the machine could not actually 380 00:21:14,680 --> 00:21:16,440 create an error. It is you that created the 381 00:21:16,440 --> 00:21:21,040 error, right? So even our mental models around 382 00:21:22,080 --> 00:21:25,840 AI still not refined correctly and we're saying that the 383 00:21:25,840 --> 00:21:29,440 machine makes better choices than humans do, which in many 384 00:21:29,440 --> 00:21:32,800 cases they may, but it doesn't. That's not totally true for all 385 00:21:32,800 --> 00:21:34,880 circumstances because the variables are difficult. 386 00:21:35,840 --> 00:21:38,480 So this idea that that's the way that we're, we should go ahead 387 00:21:38,480 --> 00:21:40,640 and, and be is, is, is, is weird. 388 00:21:40,800 --> 00:21:43,600 So I think that the fact is, I think people do not understand 389 00:21:43,600 --> 00:21:45,040 and comprehend the fatality of it. 390 00:21:45,480 --> 00:21:48,680 And rather than saying, listen, we're going to put this in a in 391 00:21:48,680 --> 00:21:51,640 a box and and figure out how this played in a box and then 392 00:21:51,640 --> 00:21:54,560 extract the T humanity in general, we have just unleashed 393 00:21:54,560 --> 00:21:58,040 in the humanity and say, let's figure it out and go along as we 394 00:21:58,040 --> 00:22:02,320 can and see what happens. And that is freewilling 395 00:22:02,440 --> 00:22:05,400 optimism. And freewilling optimism can 396 00:22:05,400 --> 00:22:08,920 actually lead to so many undesired or unwanted 397 00:22:09,240 --> 00:22:11,600 consequences and outcome, Right, right, right. 398 00:22:12,040 --> 00:22:15,040 We can only hope for the best. So let's talk about, you know, 399 00:22:15,040 --> 00:22:17,600 the trade negotiations. Like in your own view, how 400 00:22:17,640 --> 00:22:22,080 effective are current US, China trade negotiations that's 401 00:22:22,080 --> 00:22:25,640 addressing long term economic imbalances? 402 00:22:27,000 --> 00:22:29,120 And the the first thing I'm going to say is I don't think 403 00:22:29,120 --> 00:22:32,400 tariffs by the nature are bad. Let me explain what I mean is 404 00:22:32,400 --> 00:22:35,640 tariffs if they're implemented cohesively and concurrently with 405 00:22:35,720 --> 00:22:39,360 a very well designed foreign policy can actually be very 406 00:22:39,360 --> 00:22:43,240 effective as a form of really feeding change in the market, 407 00:22:43,240 --> 00:22:45,240 positive change in the market. And we have seen that 408 00:22:45,280 --> 00:22:47,480 throughout. You know, we have for example, 409 00:22:47,480 --> 00:22:50,520 sanction, sanctions are also form of tariffs, right? 410 00:22:50,520 --> 00:22:52,720 It's the restrictive trade policy as well. 411 00:22:53,040 --> 00:22:56,120 So you can see how sanctions can be effective in economic 412 00:22:56,400 --> 00:23:00,240 limitation and, and, and create increases in cost for certain 413 00:23:00,240 --> 00:23:02,160 countries. We've seen them in Iran, we're 414 00:23:02,160 --> 00:23:04,280 seeing that in Russia. So we've seen in, in, in 415 00:23:04,280 --> 00:23:06,040 Myanmar. So we've seen those throughout 416 00:23:06,040 --> 00:23:08,840 history. And they and yes, they're not a 417 00:23:08,840 --> 00:23:12,440 panacea for regime change or for anything else, but economically 418 00:23:12,440 --> 00:23:14,840 speaking, they're pretty powerful and increasing domestic 419 00:23:14,840 --> 00:23:17,880 costs. But the current unfortunate, the 420 00:23:17,880 --> 00:23:21,000 current process of tariffs and the way they have been 421 00:23:21,000 --> 00:23:25,760 implemented by US are quite half hazard, I would argue. 422 00:23:25,760 --> 00:23:30,080 Meaning that they actually did not achieve any real goal other 423 00:23:30,080 --> 00:23:34,680 than creating, you know, a, a system of making America an 424 00:23:34,680 --> 00:23:39,360 antagonist against even it's friends, even it's allies, right 425 00:23:39,800 --> 00:23:45,000 to to, to have high tariffs against Canada, against Mexico, 426 00:23:45,160 --> 00:23:48,560 which are your key trading partners against the United 427 00:23:48,560 --> 00:23:54,000 European Union in general. It is honestly a repressive form 428 00:23:54,000 --> 00:23:57,640 of economic warfare that does not help in any meaningful way 429 00:23:58,600 --> 00:24:01,160 the US economy. As a matter of fact, it 430 00:24:01,160 --> 00:24:03,520 decreases foreign direct investment into United States. 431 00:24:03,920 --> 00:24:07,560 It creates massive uncertainty in terms of where the US stands 432 00:24:07,560 --> 00:24:11,240 and what the policy is. And #3 it decreases innovation 433 00:24:11,320 --> 00:24:14,440 as well because ultimately we need for us to invest our 434 00:24:14,440 --> 00:24:17,120 country to increase innovation because there's a lot of things 435 00:24:17,120 --> 00:24:20,720 that we do not know. And hence foreign people bring 436 00:24:21,000 --> 00:24:23,320 new knowledge, new know house into the US market. 437 00:24:23,720 --> 00:24:26,720 And that's the, the, the beauty of, of, of global trade is that 438 00:24:26,720 --> 00:24:29,400 you, you bring different minds together and you create 439 00:24:29,400 --> 00:24:31,560 something completely new that you wouldn't do individually. 440 00:24:31,960 --> 00:24:35,080 So I think that the, the form and the method methodology 441 00:24:35,080 --> 00:24:39,080 that's been imposed is actually creating a system which is 442 00:24:39,320 --> 00:24:44,280 making the US less competitive globally and as making the US 443 00:24:44,440 --> 00:24:47,840 less investable. And I don't believe that 444 00:24:48,320 --> 00:24:50,880 manufacturing is going to come back and mass the United States. 445 00:24:51,320 --> 00:24:53,280 And if it does, it's predominantly going to be 446 00:24:53,280 --> 00:24:55,800 automated manufacturing. It's going to be things that are 447 00:24:56,120 --> 00:24:58,840 that you know that that automation can handle much 448 00:24:58,840 --> 00:25:00,480 easier. So I agree with. 449 00:25:00,640 --> 00:25:01,840 You. Yeah. 450 00:25:01,840 --> 00:25:06,840 So automation is going to be the key element of of job reduction 451 00:25:06,840 --> 00:25:09,200 in the US at a larger scale. And I'll give you, for example, 452 00:25:09,200 --> 00:25:13,480 one nuanced case. McDonald's right now is working 453 00:25:13,480 --> 00:25:17,760 on a process to limit the number of employees to about 3 to 4 454 00:25:17,760 --> 00:25:20,640 employees per McDonald's. Everything is going to be all 455 00:25:20,640 --> 00:25:22,360 automated. So that's a lot of low income 456 00:25:22,360 --> 00:25:25,560 jobs that are going to be gone. And if McDonald's is good at 457 00:25:25,560 --> 00:25:27,600 doing it, correct. If McDonald's is doing it, then 458 00:25:27,640 --> 00:25:30,480 all the other competitors have to do it as well to remain 459 00:25:30,480 --> 00:25:33,000 competitive and to remain to regain pricing power. 460 00:25:33,240 --> 00:25:36,800 So ultimately the machines are the one that that have been the 461 00:25:36,800 --> 00:25:41,520 biggest evil in human history. You know, it is not different 462 00:25:41,520 --> 00:25:43,200 colored people from different parts of the world. 463 00:25:43,600 --> 00:25:47,040 It is machines who are the biggest job destroyers in our 464 00:25:47,040 --> 00:25:48,840 livelihood. And honestly, artificial 465 00:25:49,000 --> 00:25:50,920 intelligence is going to make it even worse. 466 00:25:51,000 --> 00:25:55,880 So it's the, it's the extension of that machinery from Steam 467 00:25:55,880 --> 00:25:59,880 into, you know, LLM that's going to completely change the way 468 00:25:59,880 --> 00:26:03,440 that we actually do. I hope, I hope I'm not going to 469 00:26:03,440 --> 00:26:08,120 get new enemies because of my because of my initials. 470 00:26:08,120 --> 00:26:11,800 AIA lot of people already showing me hate. 471 00:26:12,240 --> 00:26:15,320 They're like your AI. I heard you're coming for our 472 00:26:15,320 --> 00:26:17,600 jobs, but I'm not coming for jobs. 473 00:26:18,280 --> 00:26:22,160 I'm here to help you. I mean, like for example, the 474 00:26:22,160 --> 00:26:26,440 steel industry, right, 8090 years ago had 300,000 employees. 475 00:26:26,440 --> 00:26:29,120 Now you're running with 2030 thousand employees. 476 00:26:29,400 --> 00:26:33,840 You just don't need the issues. And even even in cheap, cheap 477 00:26:33,840 --> 00:26:36,600 countries like labor, in terms of Labor compared to the 478 00:26:36,600 --> 00:26:41,120 developed world, right, like China, Chinese are also using 479 00:26:41,120 --> 00:26:43,920 automation and it's creating less jobs in China, right? 480 00:26:44,120 --> 00:26:45,320 So this. Is not. 481 00:26:45,320 --> 00:26:48,880 This is not a purely, you know, Western concept. 482 00:26:48,880 --> 00:26:52,320 It's a global concept. So this is no, and you're not 483 00:26:52,320 --> 00:26:54,320 getting it. You're not getting. 484 00:26:54,320 --> 00:26:56,040 It sadly, sadly. You know what? 485 00:26:56,080 --> 00:27:00,560 When people ask me like why are we losing jobs? 486 00:27:00,640 --> 00:27:06,920 Why are jobs being caught, I tell them just two words. 2 487 00:27:06,920 --> 00:27:11,480 words are the answer number one word is automation #2 word is 488 00:27:11,480 --> 00:27:13,360 recession. There you go. 489 00:27:13,360 --> 00:27:15,440 I don't know, do you? Do you have an opposing view? 490 00:27:16,360 --> 00:27:18,440 No, no, I would. I would add another is lack of 491 00:27:18,440 --> 00:27:20,520 innovation. I think lack of innovation is 492 00:27:20,520 --> 00:27:23,440 another one, right, Because how do you produce new jobs, good 493 00:27:23,440 --> 00:27:25,400 jobs? It's innovation, it's new fields 494 00:27:25,560 --> 00:27:27,840 that it cannot be replicated in cheaper country because of 495 00:27:27,840 --> 00:27:30,360 knowledge, isn't there. The best example I'll give you 496 00:27:30,440 --> 00:27:35,600 is back in 2008, 2009, when the US and economy was hemorrhaging 497 00:27:36,280 --> 00:27:39,800 about jobs, specifically in the car industry, there was a small 498 00:27:39,800 --> 00:27:43,680 little electronic car company called Tesla that was producing 499 00:27:43,680 --> 00:27:46,240 jobs and increasing jobs and creating a new market that 500 00:27:46,240 --> 00:27:49,120 didn't exist, right. Whatever you think about you 501 00:27:49,120 --> 00:27:52,040 think about politically from Elon Musk, let's put that aside. 502 00:27:52,360 --> 00:27:56,120 But from what he's done in in creating a market in the US that 503 00:27:56,120 --> 00:27:58,800 it was, it was one of the hardest markets probably to to 504 00:27:58,800 --> 00:28:01,080 enter. He did a fabulous job in 505 00:28:01,080 --> 00:28:03,360 entering the market and changing it and creating jobs, 506 00:28:03,600 --> 00:28:07,280 manufacturing jobs when the the audit industry in the US was 507 00:28:07,280 --> 00:28:11,240 hemorrhaging jobs and and went bankrupt because of it, right. 508 00:28:12,120 --> 00:28:15,560 And that's a great example of where we need innovation and 509 00:28:15,560 --> 00:28:19,120 innovation is a critical component to our growth, which 510 00:28:19,120 --> 00:28:21,880 means for innovation to happen, we in good education systems, 511 00:28:22,280 --> 00:28:25,640 not just the college level, but from primary all the way to 12th 512 00:28:25,640 --> 00:28:28,800 grade and then also into the college system and, and, and 513 00:28:28,800 --> 00:28:31,640 post post, you know, bad for system. 514 00:28:31,880 --> 00:28:34,360 So we need good education. That's critically important. 515 00:28:34,360 --> 00:28:36,880 Those are the kind of things and elements that we really need is 516 00:28:36,880 --> 00:28:39,120 innovation. That's what's going to create 517 00:28:39,120 --> 00:28:40,520 new industries. That's what's going to create 518 00:28:40,520 --> 00:28:45,480 new jobs and good quality jobs. I one of the things that I, that 519 00:28:45,480 --> 00:28:50,000 frustrates me so much is that we don't necessarily want our kids 520 00:28:50,000 --> 00:28:54,080 to go and work in a factory floor working 10-15 hours, you 521 00:28:54,080 --> 00:28:57,720 know, in a job that may not have a great quality of life. 522 00:28:57,720 --> 00:29:01,360 I mean, that was the point of, of growth and, and development 523 00:29:01,360 --> 00:29:04,320 is that we don't want to be in a really, really dirty jobs, 524 00:29:04,520 --> 00:29:06,280 right? We want to be in clean 525 00:29:06,280 --> 00:29:08,560 educational jobs that we add value to society. 526 00:29:08,840 --> 00:29:10,840 I'm not diminishing the value of dirty jobs. 527 00:29:10,840 --> 00:29:14,120 They're they're in critically important, but everybody, every 528 00:29:14,120 --> 00:29:16,600 parent wants their two kids to have a better quality of life. 529 00:29:16,800 --> 00:29:20,080 So why are we regressing now? Why are we thinking that a 530 00:29:20,080 --> 00:29:22,960 regression is the model that's going to impact humanity in a 531 00:29:22,960 --> 00:29:24,640 positive way? And that's the answer big 532 00:29:24,640 --> 00:29:29,000 challenge it's. Actually very true. 533 00:29:29,040 --> 00:29:33,640 You know, dignity in labor is very, very important, right? 534 00:29:34,080 --> 00:29:36,560 And nobody deserves to use that dignity. 535 00:29:36,560 --> 00:29:41,000 I respect every, every job, you know, I say I respect hustle, 536 00:29:41,160 --> 00:29:45,480 people's hustles hard percent. It's as legitimate, right? 537 00:29:45,680 --> 00:29:49,080 Right. Dirty hands make clean money. 538 00:29:49,920 --> 00:29:53,680 100% this is not, this is not an issue of degrading jobs, right? 539 00:29:53,840 --> 00:29:57,360 It's an issue of that as a society, we, we, we don't want 540 00:29:57,360 --> 00:29:59,360 everybody to be a farmer. That's why we, we moved from 541 00:29:59,360 --> 00:30:02,720 farming 400 years ago into now having different jobs. 542 00:30:02,720 --> 00:30:04,040 Otherwise we could still be in farming. 543 00:30:04,120 --> 00:30:05,600 I mean. Well, somebody has to do it. 544 00:30:06,480 --> 00:30:08,440 You're 100%. I'm not, I'm not diminishing 545 00:30:08,440 --> 00:30:11,480 farming, right, But I'm just saying that we have moved from 546 00:30:11,480 --> 00:30:14,360 farming because there are other jobs that are also the pay 547 00:30:14,360 --> 00:30:16,400 better that have a higher quality of life, right. 548 00:30:16,480 --> 00:30:18,720 And even farming, think about how much technology plays in 549 00:30:18,720 --> 00:30:21,760 farming and that created massive amounts of efficiencies. 550 00:30:21,960 --> 00:30:24,560 And we're not doing everything by hand anymore or with animals 551 00:30:24,560 --> 00:30:26,040 anymore. We're doing with machines and 552 00:30:26,040 --> 00:30:28,080 ideal curve has gone up dramatically in that. 553 00:30:28,080 --> 00:30:32,360 So it's an notion of innovation and innovation is critically 554 00:30:32,360 --> 00:30:36,200 important to a better quality of life for all of us, number one. 555 00:30:36,200 --> 00:30:39,920 And #2 to also create new industries and new segments that 556 00:30:39,920 --> 00:30:45,000 will pay high quality jobs. I, I love, I love that word 557 00:30:45,000 --> 00:30:47,040 innovation. It's a word that is very, very 558 00:30:47,040 --> 00:30:49,520 dear to my heart. As a matter of fact, if you go 559 00:30:49,560 --> 00:30:54,040 onto my company's website, it reads where finance expertise 560 00:30:54,080 --> 00:30:58,920 meets tech and media innovation. So if it wasn't documented, it 561 00:30:58,920 --> 00:31:03,240 wasn't done innovation because like you rightly said, with 562 00:31:03,240 --> 00:31:08,080 innovation, we were able to execute view ocean strategies 563 00:31:08,360 --> 00:31:13,280 and then to uncontested market spaces and create, you know, new 564 00:31:13,280 --> 00:31:16,320 opportunities for yourself and for people and create new 565 00:31:16,320 --> 00:31:20,200 livelihoods for people. I think I very much appreciate 566 00:31:20,200 --> 00:31:22,840 that perspective. But let's talk about the noble 567 00:31:22,840 --> 00:31:26,400 supply chains. With the shifts in supply chain 568 00:31:26,400 --> 00:31:29,480 strategies like, how should businesses and policymakers 569 00:31:29,480 --> 00:31:33,360 think about diversification and resilience outside of China? 570 00:31:35,320 --> 00:31:36,880 So I think that that has already happened. 571 00:31:36,960 --> 00:31:39,960 If we look at for example, Walmart and one of the largest 572 00:31:39,960 --> 00:31:43,600 companies in terms of sales in the world, retail companies 573 00:31:43,600 --> 00:31:46,640 around the world. Walmart back in the since before 574 00:31:46,640 --> 00:31:50,400 the first trip administration, their total exposure in in 575 00:31:50,400 --> 00:31:53,520 procurement from products from China was somewhere in the 80 to 576 00:31:53,520 --> 00:31:55,560 90th percentile depending on the quarter. 577 00:31:55,560 --> 00:31:59,840 So about 80 to 90% of everything came from when it came when it 578 00:31:59,840 --> 00:32:03,280 came to Walmart. Today that number is about 60%, 579 00:32:03,800 --> 00:32:06,720 right. So it's a pretty large shift if 580 00:32:06,720 --> 00:32:10,080 you think about it from the largest retailer in the world. 581 00:32:10,880 --> 00:32:15,160 We are seeing this notion of shifts depending on what country 582 00:32:15,240 --> 00:32:17,280 you're from. If you're in the US as an 583 00:32:17,280 --> 00:32:21,920 example, the shifts went from China to Vietnam, Cambodia, 584 00:32:21,920 --> 00:32:25,800 Indonesia and Malaysia. And so that's where the shifting 585 00:32:25,800 --> 00:32:29,360 happened also to Mexico, obviously, you know, for, for 586 00:32:29,360 --> 00:32:32,960 the, the lower production price qualities, they shifted there. 587 00:32:33,480 --> 00:32:36,760 So we, we're seeing that the shifts are happening to other 588 00:32:36,760 --> 00:32:39,720 countries around the world. Another element of, of this is 589 00:32:39,720 --> 00:32:45,360 that the, the, the issue simultaneously is that because 590 00:32:45,520 --> 00:32:48,720 the US system, the way that it's being run right now is in silos, 591 00:32:49,000 --> 00:32:52,600 meaning that immigration is not aligned with trade policy. 592 00:32:53,040 --> 00:32:56,320 When you have a company like Hyundai who is investing in the, 593 00:32:56,520 --> 00:32:59,920 you know, 4 is creating a factory, investing $4 billion in 594 00:32:59,920 --> 00:33:03,320 the US and they are about 6 months before opening and they 595 00:33:03,320 --> 00:33:05,160 send their engineers to train everybody. 596 00:33:05,680 --> 00:33:09,760 And then ICE picks all the engineers up, puts them in, in, 597 00:33:09,800 --> 00:33:12,920 in, you know, in handcuffs and jails them without water. 598 00:33:13,360 --> 00:33:16,720 And then that creates a massive economic imbalance, risks that 599 00:33:16,720 --> 00:33:19,880 were not there before. So if you're looking for foreign 600 00:33:19,880 --> 00:33:22,720 direct investment into the US and manufacturing into the US, 601 00:33:23,040 --> 00:33:26,760 your immigration policy and every single other vertical has 602 00:33:26,760 --> 00:33:29,360 to align to be able to allow for that. 603 00:33:29,880 --> 00:33:33,440 You cannot say you need to invest $4 billion into the US, 604 00:33:33,760 --> 00:33:36,120 but you cannot have any of your employees come over here and 605 00:33:36,120 --> 00:33:39,920 train people. That just can't happen, right? 606 00:33:40,240 --> 00:33:42,160 So you cannot have one without the other. 607 00:33:42,160 --> 00:33:43,480 You need everything to be aligned. 608 00:33:44,000 --> 00:33:47,800 So when it comes to policies, we are not running cohesive 609 00:33:47,800 --> 00:33:51,200 structured policies. Now, one of the key elements 610 00:33:51,200 --> 00:33:55,240 that kind of COVID implemented is that it taught us that we 611 00:33:55,240 --> 00:33:59,880 need to rethink cost versus security, meaning that, you 612 00:33:59,880 --> 00:34:02,600 know, this comparative advantage notion was that we have to go to 613 00:34:02,600 --> 00:34:04,160 the cheapest country around the world. 614 00:34:04,800 --> 00:34:08,199 I think that COVID showed us that no no longer should go to 615 00:34:08,199 --> 00:34:09,280 the cheapest country in the world. 616 00:34:09,280 --> 00:34:11,560 We need to go to the securest country in the world, or we can 617 00:34:11,560 --> 00:34:13,199 make sure that we have good relations with them. 618 00:34:13,199 --> 00:34:16,000 We can extract and do things whenever we need to. 619 00:34:16,320 --> 00:34:19,760 So we we, we, we are in this process of going through what we 620 00:34:19,760 --> 00:34:25,679 call a re establishment of production autonomy, right? 621 00:34:25,679 --> 00:34:28,920 That's kind of in the process that we're going through and I 622 00:34:28,920 --> 00:34:31,800 think it's a very healthy thing. I think that that's going to 623 00:34:31,800 --> 00:34:34,920 obviously increase costs. So we're probably going to be in 624 00:34:34,920 --> 00:34:37,600 an environment where inflation is going to be continuous. 625 00:34:38,520 --> 00:34:41,600 And the reasoning is because we went from the lowest production 626 00:34:41,600 --> 00:34:44,719 country in the world to now going to the securest country in 627 00:34:44,719 --> 00:34:46,880 the world. And that obviously is going to 628 00:34:46,880 --> 00:34:51,560 have inflationary elements built into it until we can create mass 629 00:34:51,560 --> 00:34:55,199 scale, until we can create structures that enable price 630 00:34:55,199 --> 00:34:57,720 decreases. But in the short term we're 631 00:34:57,720 --> 00:35:01,000 going to be there. And then also I think we're 632 00:35:01,000 --> 00:35:04,040 trying to re establish who are, who do we want to deal with? 633 00:35:04,560 --> 00:35:07,880 Are their values concurrent with ours believe there that's where 634 00:35:07,880 --> 00:35:11,360 we are figuring or assess. We're figuring where we are. 635 00:35:11,360 --> 00:35:13,120 We're assessing where our trade policy is. 636 00:35:13,600 --> 00:35:17,200 And I think that's where we find ourselves both in the EU, in the 637 00:35:17,200 --> 00:35:21,360 UK, in in North America. That's where we are right now. 638 00:35:21,880 --> 00:35:25,080 Obviously if we look at the bricks they are looking at very 639 00:35:25,080 --> 00:35:28,600 differently from the Burke's perspective is how can we make 640 00:35:28,600 --> 00:35:31,920 sure that the powerful countries that we have been dealing with, 641 00:35:32,280 --> 00:35:35,240 who in many times were our colonizers, how do we create 642 00:35:35,240 --> 00:35:39,080 independence from them and allow the ourselves to actually run 643 00:35:39,080 --> 00:35:42,520 our economic policy without dependency on them in terms of 644 00:35:42,520 --> 00:35:45,640 economic policy, in terms of trade policy, in terms of 645 00:35:45,640 --> 00:35:48,160 banking. So where can we create systems 646 00:35:48,160 --> 00:35:51,040 where we can, in a sense of the front, run them or circumvent 647 00:35:51,040 --> 00:35:53,200 them if they decide not to work with us? 648 00:35:53,880 --> 00:35:56,440 And I think that's where BRICS is becoming the powerful player 649 00:35:56,440 --> 00:36:01,920 there. I had that block of countries 650 00:36:01,960 --> 00:36:09,440 with, would I say, strong economic power on a global 651 00:36:09,440 --> 00:36:12,200 scale. So just for the lead man, I 652 00:36:12,200 --> 00:36:16,000 think the BRICS countries we're looking at Brazil, Russia, 653 00:36:16,360 --> 00:36:17,760 India. India. 654 00:36:18,520 --> 00:36:20,080 Who? Else China and it's. 655 00:36:20,160 --> 00:36:21,760 China. South Africa. 656 00:36:22,080 --> 00:36:23,240 Korea. Africa has been added. 657 00:36:23,800 --> 00:36:26,080 Yeah, Korea. South Korea. 658 00:36:26,080 --> 00:36:26,960 There's not Korea. Korea. 659 00:36:26,960 --> 00:36:28,960 Sorry that. There's no key, right? 660 00:36:29,120 --> 00:36:30,960 China, South Africa, right? Yeah. 661 00:36:31,120 --> 00:36:31,880 Yeah. So we're looking. 662 00:36:31,920 --> 00:36:35,120 At how many countries here BRICS right? 663 00:36:36,000 --> 00:36:38,000 Yes, but we have others that have joined as well. 664 00:36:38,000 --> 00:36:40,960 For example, Iran has joined them, North Korea has joined 665 00:36:40,960 --> 00:36:42,760 them. So we have, you know, so, yeah. 666 00:36:42,760 --> 00:36:46,480 So this bricks is the acronym for the for the, you know, it's 667 00:36:46,480 --> 00:36:50,920 1980s acronyms of the biggest countries of his growth, but 668 00:36:51,040 --> 00:36:54,040 they have been expanded down to include other countries as well. 669 00:36:55,400 --> 00:37:01,320 So like from a global economy perspective, right, for the 670 00:37:01,320 --> 00:37:05,480 audience to be able to understand the implication of 671 00:37:06,320 --> 00:37:11,120 decisions made by bricks, you know, on the global economy. 672 00:37:11,120 --> 00:37:15,160 So if you're looking at from a percentile or percentage 673 00:37:15,160 --> 00:37:19,600 perspective, what percentage of the global economy the bricks 674 00:37:20,000 --> 00:37:23,760 are blocked? They're somewhere between a 30 675 00:37:23,760 --> 00:37:26,680 to 40 and 40% of the global economy, right? 676 00:37:27,040 --> 00:37:29,440 They're pretty substantial, large amount of economy. 677 00:37:30,200 --> 00:37:34,960 They're also growing rapidly. They some of them are very raw 678 00:37:34,960 --> 00:37:37,600 commodity focused. So think about Brazil as an 679 00:37:37,600 --> 00:37:40,560 example. Heavily raw commodity South. 680 00:37:40,760 --> 00:37:43,560 Africa. Heavily raw commodity, right. 681 00:37:44,160 --> 00:37:47,520 Russia have a raw commodity, you know, and then China is 682 00:37:47,520 --> 00:37:50,160 manufacturing has less raw commodities, right. 683 00:37:50,400 --> 00:37:54,800 India has some raw commodities in natural, in some natural 684 00:37:54,800 --> 00:37:58,360 resources, but also again very similar to China, the next 685 00:37:58,360 --> 00:38:01,680 manufacturing hub there, right. And it's the secondary 686 00:38:01,680 --> 00:38:04,600 implications, what we call second derivatives are all the 687 00:38:04,600 --> 00:38:09,320 contracts and negotiations that can go into developing blocks 688 00:38:09,560 --> 00:38:13,480 that allow trade to, to decrease the the frictions of trade to 689 00:38:13,480 --> 00:38:15,840 decrease between countries. And I think that that's exactly 690 00:38:15,840 --> 00:38:20,000 what BRICS is doing is how can we create systems within our 691 00:38:20,000 --> 00:38:24,120 existing network of countries to decrease the friction of trade 692 00:38:24,120 --> 00:38:29,880 between US and to also limit the choke points that countries in 693 00:38:29,880 --> 00:38:33,400 the in the West could have, for example, choke points on 694 00:38:33,400 --> 00:38:36,160 banking, right? Think about that, this idea that 695 00:38:36,160 --> 00:38:39,160 everything has to be determined into dollars first before it 696 00:38:39,160 --> 00:38:42,720 clears into the system. If we circumvent that in the US 697 00:38:42,720 --> 00:38:45,320 loses a certain type of a hegemony and the dollar uses a 698 00:38:45,320 --> 00:38:47,680 certain type of value. And that's what they're working 699 00:38:47,680 --> 00:38:51,200 on right now is how they can go ahead and limit the, the, the 700 00:38:51,400 --> 00:38:54,800 the issues around that is how can we go ahead and trade 701 00:38:54,800 --> 00:38:58,240 directly within our currencies without converting it into 702 00:38:58,240 --> 00:39:02,360 either EUR or dollars? So. 703 00:39:02,840 --> 00:39:06,600 From. An automation perspective. 704 00:39:07,120 --> 00:39:15,000 Now, how has industrialization and technology right we shaped 705 00:39:15,120 --> 00:39:18,080 that industrial landscape globally? 706 00:39:18,120 --> 00:39:24,880 And what is the role of the Greeks in this power play? 707 00:39:26,480 --> 00:39:28,840 Well, they are. I mean, that's where the raw 708 00:39:28,840 --> 00:39:31,040 commodity comes from. I mean, every single cell phone 709 00:39:31,040 --> 00:39:34,800 manufactured starts somewhere in the African continent, right? 710 00:39:35,080 --> 00:39:36,960 That's where the raw commodities are. 711 00:39:37,360 --> 00:39:39,120 When you talk about raw commodities, that's where they 712 00:39:39,120 --> 00:39:41,480 come from. And they need to be taking away, 713 00:39:41,480 --> 00:39:46,400 you know, away from think about this, a small piece of metal of 714 00:39:46,400 --> 00:39:49,960 some sort keep gold, silver, whatever it is, is extracted 715 00:39:49,960 --> 00:39:55,600 from somewhere in Africa, moved, you know, by by truck to a port, 716 00:39:56,040 --> 00:39:59,920 maybe transferring from anywhere from, you know, Nigeria all the 717 00:39:59,920 --> 00:40:02,560 way to Djibouti. To be able to, to from Djibouti 718 00:40:02,560 --> 00:40:07,240 to be placed on a, on a boat to travel to China and then to be 719 00:40:07,240 --> 00:40:10,080 redeveloped into a part of the chip, right. 720 00:40:10,360 --> 00:40:14,040 So this entire supply chain is, is dependent on rock 721 00:40:14,040 --> 00:40:17,000 commodities. So how can you speed up 722 00:40:17,000 --> 00:40:19,000 industrialization? How can you speed up 723 00:40:19,000 --> 00:40:21,600 manufacturing of chips? How can the speed of the 724 00:40:21,600 --> 00:40:24,960 manufacturing of natural products that go into what we 725 00:40:24,960 --> 00:40:28,600 call intermediary products that go into larger products, How can 726 00:40:28,600 --> 00:40:32,120 you all do that systematically? And if we look at China, for 727 00:40:32,120 --> 00:40:36,160 example, one of the numbers I saw was they control about 90% 728 00:40:36,400 --> 00:40:39,840 of rare earth middle development and about 60% of the raw aspects 729 00:40:39,840 --> 00:40:42,760 of it. So they have a monopoly of raw 730 00:40:42,760 --> 00:40:47,320 earth minerals, and that's what goes entirely into modern 731 00:40:47,320 --> 00:40:49,800 technology. Everything from missiles that we 732 00:40:49,800 --> 00:40:55,480 use to bomb those parts go into there all the way to your newest 733 00:40:55,480 --> 00:40:58,080 iPhone. So that is necessary. 734 00:40:58,280 --> 00:41:00,680 You know, that is not that this is a necessary tool. 735 00:41:01,040 --> 00:41:04,920 And China has been very, very good at creating monopolistic 736 00:41:05,000 --> 00:41:08,520 powers, both on the raw side as well as on the naturalization 737 00:41:08,520 --> 00:41:13,920 side, which again, if we moved out towards security, you see 738 00:41:13,920 --> 00:41:16,920 how that becomes kind of critically important for for 739 00:41:17,240 --> 00:41:20,800 demonic powers to create resilience against that. 740 00:41:22,640 --> 00:41:24,440 Yeah. And of course, you know from a 741 00:41:24,440 --> 00:41:28,320 broader global impact perspective, what are the 742 00:41:28,320 --> 00:41:32,560 brother implications of the US China tree relations for 743 00:41:33,000 --> 00:41:37,920 international trade, policy, geopolitics, and of course, the 744 00:41:37,920 --> 00:41:42,280 global economy at large. Well, the way it's looking right 745 00:41:42,280 --> 00:41:44,800 now and if if we move forward and I think that this is where 746 00:41:44,800 --> 00:41:48,240 it's going everybody segment A multiplarity where we're we're 747 00:41:48,240 --> 00:41:51,960 going to go back from A1 unified system of global trade to a 748 00:41:52,000 --> 00:41:54,320 multi polar system of global trade. 749 00:41:54,760 --> 00:42:00,520 We're varying hegemonic powers, regional hegemonic powers are 750 00:42:00,520 --> 00:42:03,360 going to go into different segments and and trading blocks. 751 00:42:03,360 --> 00:42:06,200 And so that we're see we're going to see a multipolarity. 752 00:42:06,200 --> 00:42:08,160 I don't believe in the multipolarity argument. 753 00:42:08,160 --> 00:42:11,400 I think that one of the things in trade is the larger the 754 00:42:11,400 --> 00:42:14,640 systems are, the better it is. So I believe that we're probably 755 00:42:14,640 --> 00:42:17,560 most likely going to go into bipolar model and we may go into 756 00:42:17,560 --> 00:42:20,560 multipolar beginning and then eventually go into bipolar 757 00:42:20,640 --> 00:42:22,600 model. And the bipolar model is going 758 00:42:22,600 --> 00:42:25,760 to be an American LED system of global trade, a meaning that the 759 00:42:25,760 --> 00:42:28,400 American system will be American banking institutions, American 760 00:42:28,400 --> 00:42:32,240 economic, economic and political institutions and dollar based 761 00:42:32,480 --> 00:42:34,600 trade. And we're going to go most 762 00:42:34,600 --> 00:42:39,160 likely in a Chinese based model of international trade, which is 763 00:42:39,160 --> 00:42:43,160 based on not necessarily on the RMB, because I don't think China 764 00:42:43,160 --> 00:42:46,760 wants to actually make the RMB a global market because there's a 765 00:42:46,760 --> 00:42:50,440 lot of issues domestically that creates and allows for, you 766 00:42:50,440 --> 00:42:54,280 know, for for for flight of capital outside of China. 767 00:42:54,600 --> 00:42:57,880 So they mean use a BRICS currency, a secondary currency 768 00:42:57,880 --> 00:43:01,760 to be able to achieve that and protect their domestic currency. 769 00:43:02,200 --> 00:43:06,440 And so we, we most likely will see a BRICS style or a secondary 770 00:43:06,520 --> 00:43:10,360 currency that will challenge it. So we may have more integration 771 00:43:10,360 --> 00:43:15,920 between the EU, the UK and and the US and Canada and Mexico. 772 00:43:16,320 --> 00:43:18,960 And then we're going to have a bipolarization of the world with 773 00:43:18,960 --> 00:43:22,760 China and many of the developing markets joining them. 774 00:43:23,400 --> 00:43:26,000 And so the, the, the question from a global perspective is 775 00:43:26,000 --> 00:43:28,240 what do you do if you Saudi Arabia as an example? 776 00:43:28,680 --> 00:43:31,800 So Saudi Arabia's largest trading partner is China. 18% of 777 00:43:31,800 --> 00:43:36,280 Saudi oil is sold to China. It's it's its largest partner in 778 00:43:36,280 --> 00:43:38,480 terms of oil. Whereas in militarist, 779 00:43:38,520 --> 00:43:42,200 militaristically you are based into the US, but economically 780 00:43:42,200 --> 00:43:44,560 you're dependent on China. Which one will you choose, 781 00:43:45,160 --> 00:43:46,920 right. So those are the kinds that are 782 00:43:46,920 --> 00:43:50,760 in particular dilemma. No, those are the questions that 783 00:43:50,760 --> 00:43:52,600 you're going to have. Or for example, a country like 784 00:43:52,600 --> 00:43:55,480 Mongolia, right? A country like Mongolia, which 785 00:43:55,480 --> 00:43:59,040 is trapped between Russia and China, but it's looking, it 786 00:43:59,040 --> 00:44:03,080 prefers to look to Washington for economic, you know, liberty. 787 00:44:03,280 --> 00:44:05,920 So what do you do when you're those countries, when you are 788 00:44:06,240 --> 00:44:08,960 when you do so this is the challenge of the next 789 00:44:08,960 --> 00:44:11,360 multipolarity system. These are the elements which 790 00:44:11,360 --> 00:44:14,720 will, you know, countries will have to decide based on their 791 00:44:14,720 --> 00:44:18,120 own self-interest and motivations by the different 792 00:44:18,120 --> 00:44:20,480 blocks to entice them to come into under system. 793 00:44:20,960 --> 00:44:25,240 And so we're going to see is it reshaping of the global system 794 00:44:26,120 --> 00:44:29,520 in a probably once it's one of those once in a lifetime shifts. 795 00:44:29,880 --> 00:44:33,320 The same way that I talked about the Bretton Woods system, how 796 00:44:33,320 --> 00:44:36,120 critical that was in reshaping global economic policy. 797 00:44:36,440 --> 00:44:38,640 I think this next move is going to be one of those. 798 00:44:38,880 --> 00:44:41,800 It's going to impact our next global economic policy for at 799 00:44:41,800 --> 00:44:46,120 least 50 to 100 years. Interesting stuff. 800 00:44:46,120 --> 00:44:48,680 So let's let's look into the future, right? 801 00:44:48,760 --> 00:44:54,920 If you were advising the US government or multinational CEOs 802 00:44:54,920 --> 00:45:00,520 today, C-Suite executives, what strategies would you recommend 803 00:45:00,880 --> 00:45:05,320 to navigate news uncertainties around the US, China trade 804 00:45:05,400 --> 00:45:08,680 relations? So one of the, in the short 805 00:45:08,680 --> 00:45:11,840 term, it's really hard, right? In the short term, it's very, 806 00:45:11,840 --> 00:45:14,120 very hard because you don't know what's happening if you wake up 807 00:45:14,120 --> 00:45:16,600 1 morning and then you have another tariff. 808 00:45:16,600 --> 00:45:20,600 Like for example, over the weekend we woke up to in the US 809 00:45:20,840 --> 00:45:23,760 having new tariffs on pharmaceutical products, as an 810 00:45:23,760 --> 00:45:26,920 example, or kitchen cabinets. So right now it's exceptionally 811 00:45:26,920 --> 00:45:30,200 hard to kind of do anything because you have to assume that 812 00:45:30,200 --> 00:45:33,240 eventually they'll get to your industry and sector in terms of 813 00:45:33,240 --> 00:45:36,520 tariffs. So the question becomes, what do 814 00:45:36,520 --> 00:45:39,520 you do outside of the US? Right now, the powers of most of 815 00:45:39,520 --> 00:45:42,400 these organizations is outside of the US because it's much more 816 00:45:42,400 --> 00:45:45,400 stable, right? So I think that what you do is 817 00:45:45,400 --> 00:45:48,200 you have to create outside entities and you have to create 818 00:45:48,480 --> 00:45:52,120 those identities with, you need to use those outside entities as 819 00:45:52,120 --> 00:45:55,600 a means of trading and and also creating relationships with the, 820 00:45:55,640 --> 00:45:56,920 with the regional governments there. 821 00:45:57,360 --> 00:46:00,160 Saying that just because of this is more corporate perspective, 822 00:46:00,160 --> 00:46:04,240 just because of the government is doing AB and C, We as company 823 00:46:04,240 --> 00:46:07,480 A do not believe necessarily in the same policies and we would 824 00:46:07,480 --> 00:46:10,720 like to still be heavily invested here and then maybe not 825 00:46:10,720 --> 00:46:14,240 trade with the US, but to trade with other markets that we're 826 00:46:14,240 --> 00:46:16,400 in. It's important to understand 827 00:46:16,400 --> 00:46:23,440 that 60 percent, 60 percent of the S&P 500 brings its money 828 00:46:23,440 --> 00:46:25,640 from outside of the US, So they're selling out to the US. 829 00:46:25,640 --> 00:46:29,040 So global sales for US corporations are critically 830 00:46:29,040 --> 00:46:33,120 important, critically important. So we cannot, we, we cannot walk 831 00:46:33,120 --> 00:46:35,320 away from that. That has become, so it becomes 832 00:46:35,320 --> 00:46:37,640 to look outside of the US versus in the US. 833 00:46:37,640 --> 00:46:41,800 Once we have much more clarity and we know what the policy is 834 00:46:41,800 --> 00:46:44,800 and it's not going to change every weekend, that's when we 835 00:46:44,800 --> 00:46:47,880 can start looking domestically as to what to do then and how do 836 00:46:47,880 --> 00:46:50,680 we reshape those relationships that we have created externally. 837 00:46:51,040 --> 00:46:53,360 We're the ones that we have domestically, right. 838 00:46:54,240 --> 00:46:57,200 We also have to look at resiliency in terms of what 839 00:46:57,200 --> 00:47:00,600 other supply chains and where other where, where else we can 840 00:47:00,600 --> 00:47:02,280 do our supply chains fairly quickly. 841 00:47:02,760 --> 00:47:06,760 So creating options A through Z in terms of countries and 842 00:47:06,760 --> 00:47:09,040 identifying production facilities outside will become 843 00:47:09,040 --> 00:47:13,200 critically important just so we know where we can go to just in 844 00:47:13,200 --> 00:47:16,800 case of tariffs are implemented. And the number 3 is how can we 845 00:47:16,800 --> 00:47:21,120 use arbitrage as it comes out to A minimizing the tax 846 00:47:21,120 --> 00:47:22,920 liabilities. So we know that we have tax 847 00:47:22,920 --> 00:47:26,400 liabilities from 125% all the way to 10%. 848 00:47:26,680 --> 00:47:30,000 How can we use arbitrage to minimize the cost and move it to 849 00:47:30,000 --> 00:47:33,280 countries that are much more efficient in terms of tariff 850 00:47:33,280 --> 00:47:35,680 policy? So those are the elements that 851 00:47:35,680 --> 00:47:38,960 we're we have to go through and that's what most corporations 852 00:47:38,960 --> 00:47:41,520 right now are going through. Unfortunately, by the time they 853 00:47:41,520 --> 00:47:45,280 go through it, it may be null, void, because it's a very strong 854 00:47:45,280 --> 00:47:47,520 chance, very, very strong chance that most of these tariff 855 00:47:47,520 --> 00:47:51,760 policies are going to be deemed unconstitutional by the Supreme 856 00:47:51,760 --> 00:47:53,560 Court. We already have two courts in 857 00:47:53,560 --> 00:47:55,920 the United States that I've said that they're, they're, they're 858 00:47:55,920 --> 00:47:58,120 unconstitutional. We're waiting for it to go to 859 00:47:58,120 --> 00:48:00,160 Supreme Court next. And, and, and there's a very 860 00:48:00,160 --> 00:48:04,680 strong chance, somewhere between a 60 to 80% chance the, the 861 00:48:04,720 --> 00:48:06,240 Supreme Court will say the same thing. 862 00:48:06,560 --> 00:48:10,040 So if that happens, then we're back to .0, right? 863 00:48:11,840 --> 00:48:14,760 Exactly. But the, the issue is that one 864 00:48:14,760 --> 00:48:17,600 thing about this administration is that they're consistently 865 00:48:17,600 --> 00:48:20,520 looking for other small points to go after. 866 00:48:20,520 --> 00:48:23,640 So just because this one is teaming unconstitutional, it 867 00:48:23,640 --> 00:48:26,160 does not mean they have three or four other things that they can 868 00:48:26,160 --> 00:48:29,200 go in and implement. And then it will have to go 869 00:48:29,200 --> 00:48:31,560 through the judiciary system. And we'll take another a year 870 00:48:31,560 --> 00:48:33,680 and a half to two years to figure it out. 871 00:48:34,000 --> 00:48:38,600 And, and so we, we, we may be in a different dilemma, same 872 00:48:38,600 --> 00:48:42,880 dilemma, different circumstances in the next 18 months. 873 00:48:43,080 --> 00:48:48,800 So that's why holding tight and not investing domestically is 874 00:48:48,800 --> 00:48:51,720 going to be probably the the smartest policies right now. 875 00:48:52,240 --> 00:48:55,520 Also domestic manufacturing, you cannot base your domestic 876 00:48:55,520 --> 00:48:58,680 manufacturing on a one to five year timeline. 877 00:48:58,960 --> 00:49:01,520 You're generally looking at a 10 to 30 year timeline for this. 878 00:49:01,760 --> 00:49:05,040 So you, you, you again, you cannot repatriate everything and 879 00:49:05,040 --> 00:49:08,520 create things domestically if you do not have clarity on that. 880 00:49:09,880 --> 00:49:12,400 So those are all the issues that you have. 881 00:49:12,600 --> 00:49:15,880 And obviously every corporation has its own sub issues because 882 00:49:15,880 --> 00:49:17,720 how they manage the organization, how to manage the 883 00:49:17,720 --> 00:49:21,480 supply chain, always implement all those, actually implement 884 00:49:21,880 --> 00:49:25,040 differences and striations and implementation. 885 00:49:25,040 --> 00:49:26,800 So that those are all the elements that we got to take a 886 00:49:26,800 --> 00:49:30,160 look at. I'll say follow the money, 887 00:49:30,160 --> 00:49:33,000 chill. Even Peter Piper dictates the 888 00:49:33,000 --> 00:49:36,960 tune. So I hope, I hope that pirable 889 00:49:36,960 --> 00:49:39,960 sounds thus far right. Wow. 890 00:49:40,360 --> 00:49:43,320 So thank you very much again for being on the show. 891 00:49:43,320 --> 00:49:48,040 I have to close this with the five question quick fire round. 892 00:49:48,200 --> 00:49:51,640 Are you ready to rumble? Let's see what happens. 893 00:49:52,320 --> 00:49:55,440 OK. So number one question, what's 894 00:49:55,440 --> 00:49:58,680 one book that has profoundly shaped your thinking on East as 895 00:49:58,680 --> 00:50:02,920 and leadership? So it wasn't a book. 896 00:50:02,920 --> 00:50:08,000 It was a class that I took in System Dynamics and it is a 897 00:50:08,000 --> 00:50:13,640 system dynamics book, right? And it is it was a great book. 898 00:50:13,640 --> 00:50:15,160 It was a great class that I took. 899 00:50:15,160 --> 00:50:18,680 And it was all about how to think outside of the general 900 00:50:18,680 --> 00:50:21,680 notions of black and white and to look at the Gray area. 901 00:50:22,360 --> 00:50:25,800 I think that we live more in Gray matter that then we look in 902 00:50:25,800 --> 00:50:28,080 the black and white. And I think that that's that was 903 00:50:28,080 --> 00:50:32,160 a the system dynamics class, and the book was the most critical 904 00:50:32,160 --> 00:50:35,400 part of how it changed my perspective of life. 905 00:50:36,960 --> 00:50:39,040 Interesting. I love that it's quite 906 00:50:39,040 --> 00:50:40,880 documented. I always talk about kicking 907 00:50:40,920 --> 00:50:44,200 outside of the box, but who wrote that book so we can have 908 00:50:44,200 --> 00:50:46,960 that book in the description? It was Professor Sherman. 909 00:50:47,240 --> 00:50:49,000 Professor Sherman, I think, wrote the book. 910 00:50:49,000 --> 00:50:51,480 OK. I will find that it will keep. 911 00:50:51,480 --> 00:50:55,320 You It's a very, very thick college book, but the amount of 912 00:50:55,320 --> 00:51:01,480 the plethora of stories that it has on, on mental models, on how 913 00:51:01,480 --> 00:51:04,680 we see the world and how we structured the world and how 914 00:51:04,680 --> 00:51:08,920 that impacts our cognitive and how cognitive biases impact our 915 00:51:09,240 --> 00:51:13,440 perspective of life really, really is absolutely amazing. 916 00:51:14,360 --> 00:51:17,720 I love that you mentioned the cognitive biases because I have 917 00:51:17,720 --> 00:51:22,480 identified that in a number of people and you know that you 918 00:51:22,480 --> 00:51:26,800 realize that you're actually making decisions based on a 919 00:51:26,800 --> 00:51:29,480 cognitive bias, but people cannot see it. 920 00:51:29,760 --> 00:51:31,760 A very good example is a recency bias. 921 00:51:32,320 --> 00:51:34,960 You're making a decision based on recency bias. 922 00:51:35,400 --> 00:51:38,600 You should know that because that's the last item that was 923 00:51:39,200 --> 00:51:41,520 that had an impression on your mind and that's why you think 924 00:51:41,520 --> 00:51:44,560 that is the best, but that is not necessarily the best. 925 00:51:44,760 --> 00:51:49,400 So I think it is any time we need to learn to be when I say 926 00:51:49,480 --> 00:51:52,520 unbiased, neutral, you know, you know that you'll be able to 927 00:51:52,520 --> 00:51:55,200 make, you know a better informed decisions. 928 00:51:55,400 --> 00:51:56,760 Thank you very much for that one. 929 00:51:57,720 --> 00:52:02,800 OK, so the next one is if you could give one piece of advice 930 00:52:02,800 --> 00:52:06,040 to your 25 year old self, what would it be? 931 00:52:08,640 --> 00:52:12,240 So I always tell my students, if you're not growing, you're 932 00:52:12,240 --> 00:52:14,360 dying. And what I mean by that is that 933 00:52:14,360 --> 00:52:18,160 if you're not learning every single day something new, you're 934 00:52:18,160 --> 00:52:21,680 falling behind and you're becoming you're, you're left 935 00:52:21,680 --> 00:52:26,280 behind, right? Think about going back 345000 936 00:52:26,280 --> 00:52:30,000 years when we're trying to fight for food every single day, 937 00:52:30,040 --> 00:52:31,520 right? The difference between living 938 00:52:31,520 --> 00:52:34,120 and dying is people who, you know, they tried new things. 939 00:52:34,520 --> 00:52:38,000 And if you know, if they found different foods to eat, the one 940 00:52:38,000 --> 00:52:41,000 nutritious, they found two different ways of actually 941 00:52:41,000 --> 00:52:44,400 engaging in warfare to be able to hunt and to eat right. 942 00:52:44,960 --> 00:52:48,480 That was all about learning. So if you're not learning, 943 00:52:48,600 --> 00:52:51,800 you're dying. I love that survival of the 944 00:52:51,840 --> 00:52:55,520 fetus that there is there is a proof of we are come from a 945 00:52:55,520 --> 00:53:02,360 Nigeria in Yoruba land PC that the day we die is the day we 946 00:53:02,360 --> 00:53:07,600 rest that learning is a lifelong exercise right We keep learning 947 00:53:07,640 --> 00:53:09,840 every day and. Every single day. 948 00:53:09,880 --> 00:53:12,920 Learning is the day you die. It just didn't stuff. 949 00:53:13,200 --> 00:53:16,320 So coffee, tea or something stronger. 950 00:53:16,320 --> 00:53:21,560 What fills your work days? So I'm very biased towards 951 00:53:21,560 --> 00:53:24,040 coffee. Very good guys, what's coffee? 952 00:53:25,240 --> 00:53:27,880 The point that one of my students actually opened up a 953 00:53:27,880 --> 00:53:29,800 coffee shop and I joined them in the process. 954 00:53:30,120 --> 00:53:35,320 So I am very biased towards coffee and yes, there's nothing 955 00:53:35,320 --> 00:53:37,120 more refreshing. Listen, I come from a Middle 956 00:53:37,120 --> 00:53:39,520 Eastern tea drinking establishment. 957 00:53:39,520 --> 00:53:45,400 A good tea always hits the spot, but a good latte is also 958 00:53:45,400 --> 00:53:48,080 amazing. OK, OK, OK. 959 00:53:48,080 --> 00:53:49,280 Cheers. Just do that. 960 00:53:49,560 --> 00:53:53,440 OK, So which country or culture has influenced your world view 961 00:53:53,680 --> 00:53:59,560 the most and why? So I'm a so I grew up. 962 00:53:59,600 --> 00:54:02,520 I'm an Iranian who fled Iran because of the revolution. 963 00:54:02,960 --> 00:54:06,960 We went to Austria. I grew up in Austria, I grew up. 964 00:54:06,960 --> 00:54:10,360 And then from there, we ended up moving to Spain from Spain, we 965 00:54:10,360 --> 00:54:12,520 ended up moving to Australia, from Australia to the United 966 00:54:12,520 --> 00:54:13,640 States. And then I went to boarding 967 00:54:13,640 --> 00:54:16,920 school in Madrid. I believe that every single 968 00:54:16,920 --> 00:54:22,000 country, every single country in the world has an amazing way of 969 00:54:22,000 --> 00:54:25,200 reshaping and shaping us. So every touch point with every 970 00:54:25,200 --> 00:54:31,360 country for me is an awakening as as as a person, as an 971 00:54:31,360 --> 00:54:33,280 awakening in in terms of learning. 972 00:54:33,320 --> 00:54:35,720 And it's also seeing the world from a different perspective. 973 00:54:36,640 --> 00:54:41,200 It also sheds discrimination because as you see the world, as 974 00:54:41,200 --> 00:54:45,360 you see how other people live, as you humanize everybody else, 975 00:54:45,360 --> 00:54:50,240 in the process, it allows you to really see that we are 99.9% the 976 00:54:50,240 --> 00:54:52,920 same, right? As humans are differentiating 977 00:54:52,920 --> 00:54:57,680 factors and our DNA is minimal. So I don't want to say there's 978 00:54:57,760 --> 00:54:59,760 one country because it's not true. 979 00:55:00,000 --> 00:55:02,840 It's every country, right? Every country, every touch 980 00:55:02,880 --> 00:55:06,360 point, every background, every form of learning makes me more 981 00:55:06,360 --> 00:55:09,360 complete as a human and it makes me see the world from a 982 00:55:09,360 --> 00:55:12,400 different perspective, which I think is the beauty of life. 983 00:55:12,960 --> 00:55:15,720 That there's no one true sense. It's the multiple sense, the 984 00:55:15,720 --> 00:55:19,120 multi layered sense. And that how every single person 985 00:55:19,120 --> 00:55:21,560 lives their life is a is a natural beautiful thing. 986 00:55:21,960 --> 00:55:24,840 And for us to be in their shoes to live it is what makes us 987 00:55:24,840 --> 00:55:26,520 human. But empathy? 988 00:55:27,480 --> 00:55:30,200 Well, I, I love that and how that, you know, it's interesting 989 00:55:30,200 --> 00:55:34,040 how you mention it, a couple of countries, Austria, Spain, we 990 00:55:34,040 --> 00:55:39,400 are on the Apple top 100 charts in Spain, in Austria. 991 00:55:39,480 --> 00:55:42,520 Beautiful. I think in India, in Poland, I 992 00:55:42,520 --> 00:55:47,160 think we're #17 in Poland today #5 in Zimbabwe, top 100 in the a 993 00:55:47,160 --> 00:55:49,680 number of countries. That's quite interesting. 994 00:55:49,760 --> 00:55:53,880 And you think about it, even in Saudi Arabia as well-being top 995 00:55:53,880 --> 00:55:58,640 100, It speaks to what you say. Yeah, I mean. 996 00:55:59,120 --> 00:56:02,200 Information. 100% I think that one of the things that, you 997 00:56:02,200 --> 00:56:05,040 know, one of the things I always thought is, oh, I'm educated. 998 00:56:05,400 --> 00:56:08,320 I will not fall for propaganda. And sometimes you realize, wow, 999 00:56:08,800 --> 00:56:10,560 you really fell for the propaganda. 1000 00:56:11,800 --> 00:56:15,680 You really fell for that, right? Your biases are really, really 1001 00:56:15,680 --> 00:56:17,400 bad. And when you go to foreign 1002 00:56:17,400 --> 00:56:20,480 countries and you see what's on the ground versus everything you 1003 00:56:20,480 --> 00:56:24,480 have been fed, you start realizing, wow, there's a huge 1004 00:56:24,480 --> 00:56:26,520 difference. And that's why I love 1005 00:56:26,560 --> 00:56:28,120 travelling. That's why I love seeing people 1006 00:56:28,120 --> 00:56:31,000 for who they are, not to be informed by others in the 1007 00:56:31,000 --> 00:56:32,720 process. Exactly, exactly. 1008 00:56:32,720 --> 00:56:37,080 I I left that, you know, quite interesting have some countries 1009 00:56:37,080 --> 00:56:40,320 that I'm from Africa, you know, the way people, especially the 1010 00:56:40,320 --> 00:56:42,560 western world paid. So African countries, they're 1011 00:56:42,560 --> 00:56:44,960 like. 100%. Have you been there? 1012 00:56:44,960 --> 00:56:49,040 You see what is on ground like it's a deeper reality. 1013 00:56:49,240 --> 00:56:51,640 So say less. I go there and find out by 1014 00:56:51,640 --> 00:56:52,640 yourself. Wow. 1015 00:56:52,920 --> 00:56:56,800 I mean, they'd love to put Africa like the 1984 Ethiopian 1016 00:56:56,800 --> 00:56:59,360 famine crisis. And that's the mental model that 1017 00:56:59,440 --> 00:57:03,320 Africa lives in, sadly, right? They have not seen the level of 1018 00:57:03,320 --> 00:57:09,360 wealth of Lagos, of Casablanca, of Rabat, Alexandria. 1019 00:57:09,360 --> 00:57:12,840 So you haven't seen the level of development that has happened. 1020 00:57:12,880 --> 00:57:14,920 And then what happens is that's the issue, right? 1021 00:57:15,160 --> 00:57:17,520 When you, when you have good leadership and you when you have 1022 00:57:17,520 --> 00:57:21,120 good institutions that are redeveloping the country and 1023 00:57:21,120 --> 00:57:23,480 then where the West is not investing in that. 1024 00:57:23,840 --> 00:57:26,760 And then you you start traveling there, you see the airports are 1025 00:57:26,760 --> 00:57:29,000 better than our airports. There's an issue. 1026 00:57:30,200 --> 00:57:33,520 It's a massive issue. I, you know, was it 2 years ago? 1027 00:57:33,520 --> 00:57:35,600 I was in Morocco and I had a good time. 1028 00:57:35,600 --> 00:57:40,200 I'm like, OK, why interested. Yes, exactly. 1029 00:57:40,200 --> 00:57:41,960 Wow. So it's kind of interesting. 1030 00:57:41,960 --> 00:57:45,040 I think people should travel more and you know. 100%. 1031 00:57:45,480 --> 00:57:49,800 Find out more by traveling more. Last year I was in Lithuania. 1032 00:57:49,800 --> 00:57:52,600 And so it was asking like, what did you go to do in Lithuania? 1033 00:57:52,960 --> 00:57:54,640 OK. I'm like, OK, I got this. 1034 00:57:54,640 --> 00:57:56,040 I got this from Lithuania, you know. 1035 00:57:56,320 --> 00:57:57,480 Nice, I think. Very. 1036 00:57:57,480 --> 00:57:59,640 Were you in Vilnus? Were you in Vilnus? 1037 00:58:00,320 --> 00:58:03,400 Yeah, I was in juniors. I was in the corners as well. 1038 00:58:03,960 --> 00:58:06,280 I am beautiful, beautiful country. 1039 00:58:06,280 --> 00:58:08,400 I am. Beautiful place, beautiful 1040 00:58:08,400 --> 00:58:09,920 place. And of course you've got 1041 00:58:09,920 --> 00:58:12,640 Estonia. You've also got Latvia as well. 1042 00:58:13,080 --> 00:58:15,840 Correct. Amazing place, amazing people, 1043 00:58:15,840 --> 00:58:19,400 but you know, people only want to travel to the popular places. 1044 00:58:19,840 --> 00:58:21,600 I'm not both about popular places, you know. 1045 00:58:21,800 --> 00:58:24,400 So I, I think that that's changing, right, especially with 1046 00:58:24,400 --> 00:58:27,120 like for example, we talked about before we came on the, 1047 00:58:27,120 --> 00:58:30,080 the, the, the depreciation of price of cost of travel. 1048 00:58:30,080 --> 00:58:32,800 Think about that how how much that has changed right from the 1049 00:58:32,800 --> 00:58:36,760 70s until the 80's, the price of travel has substantially 1050 00:58:36,760 --> 00:58:39,080 decreased. The quality has also decreased 1051 00:58:39,080 --> 00:58:42,480 to certain decree. But the, but the, the, the 1052 00:58:42,480 --> 00:58:47,440 accessibility of traveling right for, for, for a person, for a 1053 00:58:47,440 --> 00:58:52,040 person to pay 1617 lbs and to travel from, you know, one of 1054 00:58:52,040 --> 00:58:56,040 the airports in, in London to, to anywhere in Europe. 1055 00:58:56,040 --> 00:59:00,640 It's pretty, pretty amazing. So, but the point is, don't go 1056 00:59:00,640 --> 00:59:03,560 to Ibiza. Choose other markets. 1057 00:59:05,080 --> 00:59:08,320 Now, now you're attempting me. You're attempting me to call out 1058 00:59:08,800 --> 00:59:14,560 to airlines. You're attempting me anyways. 1059 00:59:15,440 --> 00:59:17,640 I'm going to call them out. I'm going to call them out. 1060 00:59:17,920 --> 00:59:19,120 Don't call them out. They could become. 1061 00:59:19,120 --> 00:59:27,440 Partners EasyJet a riot air please you guys can do better, 1062 00:59:27,440 --> 00:59:29,600 right? You guys can do better and of 1063 00:59:29,600 --> 00:59:31,280 course PG can become partners, you know? 1064 00:59:31,440 --> 00:59:34,800 Exactly, exactly, exactly. We'll do our next podcast from 1065 00:59:34,800 --> 00:59:35,840 the aircraft. How about that? 1066 00:59:36,960 --> 00:59:39,040 That would be great. That would be fantastic. 1067 00:59:39,480 --> 00:59:43,400 I I I need to play, I need a seat in was a pool in business 1068 00:59:43,400 --> 00:59:45,400 class. But the crazy thing is I think a 1069 00:59:45,400 --> 00:59:49,200 lot of EasyJet and right air fly study will have a business 1070 00:59:49,200 --> 00:59:50,560 class. So how can you do that? 1071 00:59:50,560 --> 00:59:51,440 No, they don't. They don't. 1072 00:59:51,440 --> 00:59:52,680 They don't. OK. 1073 00:59:52,680 --> 00:59:55,880 So let me call my preferred partner, British Airways. 1074 00:59:55,960 --> 01:00:00,400 Yeah, you are. What's up, British Airways? 1075 01:00:00,400 --> 01:00:03,160 I think British Airways was the first one, the very first 1076 01:00:03,160 --> 01:00:06,840 business class. Flight I I ever had I I did have 1077 01:00:06,840 --> 01:00:10,240 a good time with them. So guys, I spent my money on you 1078 01:00:10,240 --> 01:00:11,480 guys. So it's time for you guys to 1079 01:00:11,480 --> 01:00:16,040 spend your money on me following you guys Co sponsor the podcast 1080 01:00:16,040 --> 01:00:18,640 at first. Let us have our next episode. 1081 01:00:18,800 --> 01:00:22,840 Myself and Barbara Percy on the British Airways. 1082 01:00:22,840 --> 01:00:26,360 I'm pulling it now and of course, you guys, I'll get to 1083 01:00:26,360 --> 01:00:29,200 tag you. So the last question right here 1084 01:00:29,200 --> 01:00:33,080 is what's 1 quote for mantra you need by that our listeners can 1085 01:00:33,080 --> 01:00:37,240 take away today? So one of the things I feature 1086 01:00:37,240 --> 01:00:39,760 glad on learning from failure, right? 1087 01:00:40,320 --> 01:00:43,680 And and and anything related to failure. 1088 01:00:43,680 --> 01:00:46,720 I think it's wonderful. I think that ultimately failure 1089 01:00:46,720 --> 01:00:49,080 is what allows humans to good failure. 1090 01:00:49,080 --> 01:00:54,080 Intelligent failures allows us to to really become better at 1091 01:00:54,080 --> 01:00:57,520 what we are. So to me, again, it goes back to 1092 01:00:57,520 --> 01:00:59,080 this notion. If you're not trying new things 1093 01:00:59,080 --> 01:01:02,040 and learning new things every single day that you are falling 1094 01:01:02,040 --> 01:01:04,040 behind and you're dying and you're failing. 1095 01:01:04,640 --> 01:01:07,640 So that to me is the mantra of life is try new things. 1096 01:01:08,360 --> 01:01:12,400 Don't be, you know, learn research as much as you can, 1097 01:01:13,280 --> 01:01:15,640 learn with others where others have failed and why. 1098 01:01:16,440 --> 01:01:21,120 And then try, if it's a really, really big risk, try and small, 1099 01:01:21,960 --> 01:01:24,880 small portions. And then as you become 1100 01:01:24,880 --> 01:01:29,080 successful and learn scale. So that's kind of a the mantra 1101 01:01:29,080 --> 01:01:33,240 of my life is so you are ever evolving, you're ever learning, 1102 01:01:33,240 --> 01:01:36,400 the mark is changing on you. And the only way you can become 1103 01:01:36,400 --> 01:01:39,120 competitive is really to understand where the market is 1104 01:01:39,120 --> 01:01:42,720 and where you are and how you can finance yourself and become 1105 01:01:43,240 --> 01:01:47,560 the best version of yourself. I love that absolutely this is a 1106 01:01:47,560 --> 01:01:49,400 man that allies with my philosophies. 1107 01:01:49,400 --> 01:01:52,600 I really appreciate and of course, you know, I always love 1108 01:01:52,600 --> 01:01:54,920 to say not even gratitude is good attitude. 1109 01:01:54,920 --> 01:01:57,320 And when a person shares the time with you, they share their 1110 01:01:57,320 --> 01:02:00,720 life with you because the SI unit of veteran life this time. 1111 01:02:00,880 --> 01:02:02,560 So once again, thank you very much. 1112 01:02:02,640 --> 01:02:06,920 I love and respect to you, to the audience, to the audience, 1113 01:02:07,160 --> 01:02:10,000 conceive beliefs, try to thrive and achieve. 1114 01:02:10,040 --> 01:02:12,160 For me, it's goodbye. Brethren. 1115 01:02:12,160 --> 01:02:15,800 Barber, do you want to leave a shout out to anybody? 1116 01:02:15,800 --> 01:02:17,080 And who do you want us to go back to? 1117 01:02:18,440 --> 01:02:20,880 I just wanted to say that the world's inclusive. 1118 01:02:20,880 --> 01:02:22,760 An inclusive world is better than an exclusive world. 1119 01:02:23,120 --> 01:02:26,840 So let's strive to to bring everybody in and make everybody 1120 01:02:27,840 --> 01:02:32,880 live a better life. Wow, thank you very much guys. 1121 01:02:33,000 --> 01:02:34,120 It's goodbye for me.