E83: Market slide continues, and how to address Uvalde

00:00:00.400 | Hey, everybody, welcome to another episode of the all in podcast. It's been a crazy couple of weeks

00:00:07.520 | here we had the all in summit. And boy, was it amazing our bestie David Freiberg couldn't make

00:00:13.840 | it today. He had some personal things he had to attend to. So joining us again, is Brad Gershner.

00:00:20.720 | Welcome back to the fifth bestie on his Is this your fourth appearance now including the all in

00:00:26.560 | summit. I think you've been on four times now. Very good. All right. That's about 5% of the

00:00:31.680 | episodes. Nice, nice. I think that's a nice little chip in your in your in your your belt there.

00:00:37.760 | I mean, unworthy replacement to Freiberg but I do what I nobody can replace Freiberg that is the

00:00:42.880 | truth. Let your winners ride. Rain man David Sacks. We open source it to the fans and they've

00:00:54.560 | just gone crazy. Love you guys. I see you guys next time. Bye.

00:00:56.400 | Just going around the horn here. Chamath, did you have a favorite moment on stage a

00:01:04.400 | favorite moment off stage? What is your general impressions of the all in summit 2022?

00:01:10.640 | I thought the people I met were really impressive. I really enjoyed meeting people and

00:01:18.400 | learning what they did. I also thought you and your team organized really an

00:01:26.320 | incredible event. And I forgot how good you are at these things. But I give you a lot of credit. I

00:01:31.520 | really enjoyed participating. The only thing that I was nervous about during that whole thing, which

00:01:38.480 | probably limited a little bit of my fun was my mom was coming. She's 81. And so it was not I was not

00:01:46.720 | super psyched to really be in the throes of all the parties to be honest, just because I was like,

00:01:51.440 | I didn't I didn't necessarily want to get COVID. And I didn't want to introduce

00:01:56.240 | it to her and got it. Yes, you know, Nat ended up getting really, really sick, but more like a flu

00:02:02.560 | and a cold. Yeah. But you know, I've been fine. My mom's fine. I know a bunch of folks that came

00:02:10.160 | unfortunately tested positive. So that was the only that's the only downside where I would I

00:02:15.040 | would have wanted to be a little bit more carefree. But that was the only thing that was that but

00:02:20.560 | that's not in anybody's control. So yeah, I think it was second I recall that when I had a Christmas

00:02:26.160 | party. Like a week later, he called my Christmas party a super spreader even though I tested

00:02:34.160 | everybody at the door every single person was negative at this. So my parents went to this

00:02:41.840 | conference, they both got COVID. My aunt who lives in Miami, he was in her 70s. She got COVID.

00:02:47.920 | Are they okay? By the way? Are they? Yeah, they're most important.

00:02:51.920 | It's you know, it's Omicron. It was like, you know, it's like bad for two days.

00:02:56.080 | And then you get better. So they're gonna be fine. Thank God. Yeah, one did and one didn't.

00:03:01.120 | So my brother's got COVID. And so your brother's got it. Josh and Jamie both got it. And then

00:03:07.840 | Josh's wife got it. So she took the Paxlovid. And everybody's great now. But yeah, if you go to my a

00:03:15.040 | lot of people who came to the event, it was their first time out like this was for a lot of people,

00:03:19.760 | I think very emotional and exciting because it was their first venture out. And if you go to Miami,

00:03:24.960 | to a conference like

00:03:26.000 | you're gonna get

00:03:26.640 | COVID, especially if the event organizer doesn't test anybody.

00:03:31.440 | Impractical to test 850 people, nobody would come like not if you want to make a profit, right?

00:03:36.480 | Nah, it wouldn't have actually been that expensive. You could put that on the people,

00:03:39.920 | they could just, you know, share their results. But I think at this point, you know, even on the

00:03:44.000 | planes going out there, nobody's wearing masks. I don't know if you know, well, you guys are

00:03:47.760 | flying private. But you know, my flight out there, it was all you know, nobody's wearing

00:03:51.840 | masks anymore. But anyway, Jay Cal, I think everybody who went to the conference,

00:03:55.920 | took the risk upon themselves of COVID. And you know, it's not the end of the world or anything,

00:04:02.080 | they're all fine. But I'm just pointing out the hypocrisy. My hypocrisy. Yes, exactly. It's like

00:04:08.000 | you're like Nancy Pelosi or something where criticizing every time a Republican gets COVID,

00:04:13.920 | it's their fault. Yes, when you throw a super spreader, and I think AIS now stands for all in

00:04:19.440 | super spreader. Yeah, it's not your fault. It was well beyond your control. It was the virus. And in

00:04:24.720 | fact, it was probably just Florida. It was just yes, it's the sense of I was gonna bring it up.

00:04:29.920 | Both of you now have thrown super spreader events. Yes, but in mind, I tested. Yeah. It's not even

00:04:38.240 | proven that mine was a super spreader. All right. In all seriousness, did you have a favorite moment

00:04:43.280 | on stage or some reflections on the event? I thought the thing was really good, by the way.

00:04:47.680 | And the only thing I'll say is the Palmer lucky thing was pretty incredible. Which will be we will

00:04:53.680 | be releasing the palm. I'm excited to see that. I think that that episode is eye opening. Yeah,

00:05:01.360 | we don't want to say too much. But I think that you were really I think you handled yourself

00:05:06.560 | really well. Thank you for that. Chamath what actually happened? I wasn't there for that

00:05:11.840 | portion. I haven't heard anything about a mini summary here of it. I guess I'll give you the

00:05:16.960 | outside inversion. He gives what I can only describe as an incredibly

00:05:22.560 | motivating breakdown of American defense and what his company and you know, you have to remember to

00:05:30.240 | put it in context. This is a 29 year old young man who has now started to multi billion dollar

00:05:36.400 | unicorn. So you know this, he's going to be around for a long time doing amazing things.

00:05:41.360 | But he talks about Andrew, which is his defense company, really impressive. And then the whole,

00:05:47.920 | you know, everybody's kind of like rousing and cheering and applauding.

00:05:51.040 | And then he talks about the whole, you know, everybody's kind of like rousing and cheering and applauding.

00:05:51.440 | And then he said, you know, I have something else that I want to get off my chest. And I was

00:05:56.320 | standing beside Jason, backstage. Jason was looking at the monitor, I was looking at the

00:06:02.000 | mirror at myself. But and checking your sweater. And he said, you know, there's a person here that

00:06:10.880 | that has been, you know, really hard on me, you know, tried to ruin my life, attack my family,

00:06:15.120 | and represents, you know, these really this strain of very influential people in Silicon Valley.

00:06:21.600 | Who have gotten it totally wrong, basically. And he called out cancel culture, and then he

00:06:26.480 | called out J Cal. And to Jake's credit, after he was done, Jake was the first one that walked out

00:06:32.800 | on stage, shook Palmer's hand. And then we all sat down, we talked to him, and then the two ended up

00:06:37.520 | hugging it out at the end. But there were moments that were very heated in the middle of it. The

00:06:41.840 | whole thing was incredible to watch. I got to be honest with you. It was super dramatic. Yeah,

00:06:46.400 | incredible. I would I would say,

00:06:47.680 | that the most shocking and surprising aspect of the whole thing was that a person as important

00:06:55.040 | as Palmer and Lucky felt the need to get revenge on a person as unimportant as Jason.

00:07:00.240 | That was the part I mentioned when he was like, my career was

00:07:05.280 | when he said important people in Silicon Valley, I initially thought, Oh, my God,

00:07:09.280 | he's talking about me. What did I say? I was I was thrown by that, too. If I'm being honest,

00:07:16.160 | he's like my entire career.

00:07:17.600 | And I had to claw my way back, because Jason Calacanis said this. And I was like,

00:07:23.040 | no, actually, I'm looking forward to when you're going to be a great episode. It's

00:07:30.480 | going to be coming out next week. Thank you to all the speakers.

00:07:33.360 | Yeah, I want to give a shout out to

00:07:35.520 | Glenn Greenwald, Matt Taibbi and Antonio Garcia Martinez for appearing. And you know, we did two

00:07:41.920 | different panels. We did one on domestic politics with Glenn and Taibbi. And then the we did a

00:07:47.520 | debate on Ukraine, which has now been published between Glenn and Antonio. And particularly,

00:07:53.120 | I want to thank Antonio, because it did end up being a little bit of a two on one at the end,

00:07:57.760 | which wasn't my intention. But I have my own views on it, too. Although I did try to be

00:08:01.920 | somewhat restrained and even handed in the moderation. But it's a really good debate,

00:08:07.280 | we should have had longer, we only had about 30 minutes. But you can see that online right now.

00:08:12.400 | It actually is a great example of actually how to listen to somebody else having a completely

00:08:17.440 | diametrically opposed view and still be respectful. I thought those guys were great to

00:08:20.960 | listen to. I think it's a new format, Saxon. I think you know, somebody was like, hey, maybe you

00:08:24.400 | and J Cal could do it. I think you and I moderating like two people with different sides. It could be

00:08:27.920 | like a really interesting format for us for future events. Brad, did you have a favorite moment on

00:08:32.240 | stage? Maybe outside of Elon? Of course, you can mention I would say, you know, maybe both on stage

00:08:37.840 | and off stage. You know, I think listen, I think this podcast has taken some shots and probably

00:08:43.280 | appropriately so at times for being a bunch of men. You know, I think, you know, I think this

00:08:47.360 | is a great moment to be in the room, you know, a little bro culture, and the effort made to build

00:08:53.680 | authentic community and diversity into that room. I've been to a lot of conferences, whether it's

00:08:59.680 | Claire the alky, you know, Patty Wexler, extraordinary, you know, minds, women,

00:09:06.560 | all diverse cultures, economic backgrounds, when we walked around the floor, he you know, Indiana,

00:09:13.360 | Kentucky, West Virginia, everywhere, right, and who are starting companies,

00:09:17.280 | authentic conversations, and frankly, we're grateful for the community, and the advice that

00:09:23.040 | they were being given. These were from big startups to very small startups. And so for me,

00:09:28.800 | that was a highlight the effort you made, I don't know, almost 40% women, you know,

00:09:33.920 | both economic, I thought, as well as you know, geographic diversity. And then, you know,

00:09:40.080 | listen, I had a moment after Bill and I after Gurley and I got off stage. I was stopped by a group of

00:09:47.200 | founders. And they said, Hey, we need your help. I said, What? And they said, We are that company,

00:09:51.680 | you and Bill were just talking about and said was screwed. We raised $100 million last November from

00:09:58.640 | from Tiger at 100 times ARR, what do we do? Right? And like, like the fact that that you know, that

00:10:06.160 | those conversations are going on, of course, they're not screwed. And it's a very interesting

00:10:10.080 | company. But it led to a real conversation that you don't often have at conferences like that. And so I

00:10:17.120 | thought it was much more than just a bunch of talking heads on stage. I thought it was a real

00:10:21.520 | give and take in, you know, in the crowd afterwards, the parties, the in betweens.

00:10:27.280 | And so I really enjoyed that. The other big thing that we avoided failing on was

00:10:35.600 | putting back the AMAs. I think these AMAs are some of the most interesting parts of that

00:10:42.160 | conference. And I think that we should make sure that we probably do an AMA Jason, like, both days,

00:10:47.040 | we do a two day conference. The AMAs were awesome. Yeah, when the audience is asking us and just to

00:10:52.720 | explain to people how we were able to, you know, curate the audience, we asked people, I think it's

00:10:58.400 | a good playbook for other people if they want to steal it to, they could, they could pick the price

00:11:03.360 | they wanted to pay based on their station in life. And so people said, I want to come up a 500, I'll

00:11:07.920 | pay 1000, I'll pay 2500, instead of the 7500 ticket price, which was like 300 people in the audience.

00:11:13.200 | And we just said, Hey, what do you love about the show? You know, what would coming to the show,

00:11:16.960 | to the conference mean to you, and we kind of just sorted that and we look for people who are

00:11:20.320 | passionate about the show. And then, you know, the thing that stuck out to me, and I know Freeburg

00:11:25.280 | had a great time as well, was the passion of the audience and how much they appreciate what we do

00:11:31.760 | here every week. And so the love that we got people asking to take selfies, people telling

00:11:36.080 | us what the show meant to us, you know, and people coming from all different stations in life,

00:11:41.280 | really, it made it not elitist. But it felt like the people who were there, were all

00:11:46.880 | builders. And that was really an interesting part, what I instructed the team to do was anybody who

00:11:51.440 | was like a real estate broker, a money manager, a sales executive, a business development person,

00:11:56.320 | I said, let's not have them there. No offense to those, you know, critical functions, but

00:12:00.640 | a lot of people will come to the events to sell and get customers.

00:12:03.120 | But I said, anybody who's a builder and artists, they're making something in the world, let's give

00:12:07.840 | them the priority for these scholarship tickets. So, you know, when you met people, they were all

00:12:12.000 | building something interesting in the world. And no press, I think also created a certain

00:12:16.800 | vibe there. We didn't have the media there, criticizing every panel and, you know, every

00:12:22.480 | speaker. And so it I think it just Yeah, I made it so great. Well, I think it really couldn't do it

00:12:27.760 | without all you guys, and Freeburg and the besties and Brad, you were helping behind the scenes. So

00:12:31.840 | couldn't do without everybody. And my team turned out surprisingly well, I thought. I thought the

00:12:38.880 | whole thing was a J Cal grift. And it actually turned out there's been there's there's some

00:12:42.080 | grifting going on for sure. I haven't seen an accounting of exactly where all the money went. So

00:12:46.720 | it's close. We'll have that accounting any day now, Sachs any day now.

00:12:51.040 | What could you have done better? What would you change for the next time?

00:12:53.680 | You know, I just a great question. You know, we always do a document with lessons learned

00:13:00.480 | right after the event. So I went through my team. And I had 26 people for my team.

00:13:04.720 | 21 from launch, and I think five from insight came and, you know, helped staff the event,

00:13:10.400 | a little more time to work on the speakers in the agenda. If we had a little more time,

00:13:16.640 | I would have teased out of each bestie, you know, maybe five or 10 speakers or topics they wanted

00:13:21.360 | and worked backwards. So it's just a little more time to, to experiment with the format.

00:13:26.400 | But I took an experimental approach to it. We did have people who did solo dolo like Ted style talks,

00:13:32.000 | we then had people come on stage with the besties and do discussions. But having all besties on

00:13:37.680 | stage all the time is a little hard for for everybody. I know David likes to focus on maybe

00:13:42.080 | a couple of things. Other people like Chamath and I like to be on stage for everything, I think.

00:13:46.560 | But the format was experimental. And there was a couple of great moments, I think when we

00:13:51.200 | overlapped folks, so I think Nate Silver overlap with Keith raboi, you and Bill Gurley together,

00:13:57.040 | Tim Urban, I'm sorry, overlapped with Keith raboi. Those were magical moments, I think. And so I have

00:14:02.480 | something in my brain about weaving individual talks and data points with the besties and then

00:14:10.320 | having the next speaker on the stage, the next speaker, and I would have liked to have more time

00:14:13.600 | to refine that format, I think. Okay,

00:14:16.480 | my only question is, was the Palmer lucky deal? Was that a plant? Did you plan that?

00:14:21.360 | No, I

00:14:22.400 | secretly put that in there.

00:14:23.680 | I'll tell you the backstory is I you know, I had invited him on this week and starts before

00:14:27.840 | all in came out. Many times he said fuck you basically, in so many words, I hate Jake out.

00:14:33.200 | And then when all in came out, he's a fan of this show. I think he's particularly a fan of

00:14:37.280 | David Sachs is. And I think David knows a lot of the investors, the investor pools,

00:14:42.640 | I think overlap in a lot of different circles of ours. And,

00:14:46.400 | I said, Would you like to come to the summit? And I and I basically said to him heartfelt,

00:14:50.960 | like, Listen, I think the work you're doing to protect the country. Most people in Silicon Valley

00:14:55.680 | don't believe in building weapons systems. But I kind of am with you on this. So we probably have

00:14:59.520 | some common ground here. I think the mission of what you're doing is more important than our

00:15:02.880 | disagreement from, you know, the Hillary Clinton versus Trump days, maybe we could just, you know,

00:15:07.200 | put that aside and have you speak. And surprisingly, as people were like, Yes, I didn't know

00:15:11.600 | they were doing yes, because he had a plot to dunk on me. But who cares? You know, like, I don't mind

00:15:15.920 | being dunked.

00:15:16.320 | On. If I'm wrong about something, or I'm right. It's the whole spirit of this show is to, you know,

00:15:22.000 | to learn and grow and have great conversations. So with that, maybe we start the show now.

00:15:25.360 | Let's do it. All right, let's go. Let me Am I still allowed to do intros? Or is it too triggering?

00:15:30.800 | Because I do have interest for this week. Do it. Say do it. Okay, I got them. Only if they're nice.

00:15:35.760 | Well, yeah, that's the caveat that I cannot guarantee. But anyway, here we go. Getting

00:15:41.120 | ready to gallivant across the Italian countryside. He spent 40k at all in summit on

00:15:46.240 | food and wine. He took 400 selfies in three hours. Those sweaters my lord, they reek of power. The

00:15:51.440 | dictator himself is back. Chamath Palihapitiya. Welcome back to the show. Thank you, Jason.

00:15:56.240 | All right, his body looks like he doesn't eat cake. He's got a major stake in snowflake.

00:16:02.400 | You might have heard him earlier on the week with Bill Gurley.

00:16:05.360 | He's the crossover fund manager with that BD. Our fifth bestie the audience hangs on every

00:16:11.680 | word he has to say the dark night of namaste. Welcome back to the program. Brad Gerson.

00:16:16.160 | I like it.

00:16:17.680 | What's BDE?

00:16:18.880 | If you don't know, then you don't know. You can look that up urban dictionary.

00:16:23.600 | He's about to turn 50 but he looks like he's 65. After 72 hours in Miami, we're not sure he's still

00:16:30.240 | alive. The creep reaper is jealous of the facts under his eyes. His portfolio has been down for

00:16:35.280 | 35 straight days. No surprise. The Ray man himself is back. David Sachs. Too rough on

00:16:41.520 | sacks?

00:16:41.840 | No, it's okay.

00:16:42.720 | Is it okay? I felt like I might have gone too rough on sacks. All right. I get it. I get it. I get it.

00:16:46.080 | I guess we start with markets and S&P 500 down 15% year to date Dow down 11% to stocks of note that

00:16:54.880 | did particularly well during COVID. Zoom and snowflake reported their earnings this week and

00:16:59.680 | they beat expectations. Of course, that gives them no reprieve market cap for zoom 31 billion,

00:17:08.800 | got almost $6 billion in cash, which was a prescient move to cash up I guess during the

00:17:16.000 | boom times. Their stock jumped 18% after the earnings so great for them. Q1 revenue 2023

00:17:22.960 | 1 billion 12% year over year. They got an 80% gross margin for that business pretty impressive.

00:17:27.760 | 500 million adjusted free cash flow 7000 employees.

00:17:32.800 | They're at almost 500,000 per employee at this point and stock is still down 43% year to date

00:17:40.240 | but a little bump here so I guess we might be bumping along the bottoms and just to quickly

00:17:44.240 | recap snowflake and get

00:17:45.920 | your comments after that snowflake reported their quarterly earnings yesterday. $41 billion market

00:17:51.200 | cap. They got almost 4 billion in cash. They were down slightly at the taping of this episode today

00:17:57.760 | and they're down 67% from the peak of $409 a share in November so they're not in the 85%

00:18:03.280 | plus club like Coinbase and Peloton. But still they've lost two thirds of their

00:18:08.320 | market cap 422 million in revenue 85% year over year beat their expectations.

00:18:15.840 | And gross margin 72% net retention 174% 70% growth within within their existing customers to David

00:18:25.680 | Sachs his point about why SAS is so great. They got 4000 employees 6300 total customers. So I guess

00:18:34.560 | maybe starting with you Brad since you're in this in the thick of it. Thoughts on I know your major

00:18:39.760 | snowflake early supporter thoughts on what's happening in the market and maybe any indication

00:18:45.280 | from these two. Let's face it strong results in the bouncing along the bottom I think is how we'd

00:18:53.040 | all describe what's happening right now. Well, I think listen, what makes investing hard is

00:18:56.960 | sometimes you have to hold simultaneous truth. Right and the reality is there's a lot of cognitive

00:19:01.920 | dissonance when you see something down 30 40 50% but it may be still fair value. Right we were

00:19:07.840 | talking about last October, like make no mistake about it. Just take snowflake as an example. The

00:19:14.080 | move from 400 to $420 billion in revenue is a huge step forward. And that's because we're talking about

00:19:15.200 | a market that's going to be a little bit more competitive. And that's because we're talking about

00:19:15.280 | a market that's going to be a little bit more competitive. And that's because we're talking about

00:19:15.280 | to 200 was probably just what I would describe as normalization in a world where rates were going

00:19:22.480 | back to two and a half or 3%. Right the market last October had gone too high. We discussed it

00:19:29.680 | on this pod we discussed it on CNBC. And so I expected a return to what we call the five year

00:19:36.000 | average as we discussed at the summit. What's been surprising to me is the negative reflexivity

00:19:42.240 | that's kicked in as a result of the war in Ukraine.

00:19:45.120 | David Collum: Uncertainty about hyperinflation,

00:19:47.520 | uncertainty about hyper rates. And so now we're seeing software generally, all risk assets,

00:19:53.360 | growth assets trading now 30 40 50% below the five year average, right? So I don't think it's helpful

00:20:01.360 | to say well, none of that should have happened. No, the reality is normalization meant that all of

00:20:06.800 | this stuff was going to be down 20 to 50% because it was way overvalued last fall. We gaslighted

00:20:13.920 | ourselves in many respects.

00:20:15.040 | David Collum: We didn't hedge it perfectly in many respects.

00:20:17.920 | But that's, you know, that's what happens in late market cycles. So the question is,

00:20:22.640 | where are we today? And for example, like, why is the NASDAQ up 300 basis points today?

00:20:27.680 | Right? This it feels like whiplash, I come in one day, and you know, you have market caps up 10%

00:20:33.520 | one day down 10% the next. And so I think it's really important to help the people listening

00:20:39.440 | understand, you know, like what happened this week and what's going on.

00:20:43.600 | David Collum: It is been,

00:20:44.960 | kind of a pretty mixed bag this week, in fact, of things going down. Shamath, what are you going to

00:20:52.160 | take on this of what we're seeing in the market this week, specifically with precipitous drops,

00:20:56.720 | and then, you know, the bouncing up again?

00:20:58.960 | Shamath Nani: Look, we, we still had some amount of rate

00:21:03.280 | uncertainty from the Fed. I think people weren't sure how aggressively they were going to hike.

00:21:10.400 | But by early this week, it was pretty clear, there's going to be 250%

00:21:14.880 | point hikes, one in June, and one in July, and then effectively a pause,

00:21:20.240 | because then the Fed funds rate will be at around 2%. And everything from there will probably be

00:21:26.880 | path and data dependent. Okay, that's effectively what they said. Now, I think the the markets had

00:21:34.320 | actually already started to see that writing on the wall. So if you go back to you know,

00:21:39.920 | one of our favorite measures, which is the 10 year break, even it's effectively rolled over, which,

00:21:44.800 | which meant that, you know, which means that from the highs in sort of late April,

00:21:49.440 | it started to come down, which says that, you know, they were thinking that,

00:21:53.680 | you know, the inflation was not going to be as bad in the back half of the year.

00:21:57.840 | And then the second is that corporate credit, which is really what matters in some ways to

00:22:04.240 | the Fed, because that's where they can intervene, what is the spread above treasuries that a company

00:22:08.880 | can issue debt? When it goes crazy, and it goes up, it means oh, no, the cost of capital,

00:22:14.720 | the capital is going up, that's going to be hard for companies to raise money, they may have to lay

00:22:19.120 | people off, they may need to get into cost cutting mode, right? That's what goes through everybody's

00:22:22.880 | mind. But that's also now about 35 and 40 days rolled over, which means that the gap has started

00:22:30.160 | to shrink, you know, between the US Treasury price, and what you know, decent corporates can

00:22:36.560 | can issue debt at. So it looks like we are set up for potentially a decent little rally,

00:22:44.640 | here. The problem is, is it a rally that is sustainable? Or is it a rally that's basically

00:22:51.040 | what we call a dead cat bounce or a bear market rally, where, you know, you just get some one or

00:22:56.880 | two weeks of relief before the thing spears down again. And we're not going to know although

00:23:01.440 | tomorrow on Friday, there's going to be a really important set of inflation data that gets released.

00:23:06.720 | And I think everybody's going to be sweating these details. So right now we're in a moment of pause.

00:23:11.200 | And there is the potential

00:23:14.800 | if this data comes back as reasonably good, which means prices are, you know, not escalating as much

00:23:20.240 | as we thought inflation is not going to be as bad growth is going to be moderate, that that gives a

00:23:27.680 | lot of ammo for the Fed to kind of take their foot off the off the gas here. And in that case,

00:23:32.640 | markets will go boom, sacks. The interesting note, I think is

00:23:38.640 | what we talked about here, everything was correcting except housing. And we were wondering

00:23:44.320 | when

00:23:44.480 | this, you know, the increasing rates would hit mortgage rates mortgages way above 5%

00:23:50.480 | in the last two weeks, I think it's come down a little bit. But the mortgage rate

00:23:54.800 | basically doubled. And then we finally saw it earlier in this week.

00:23:58.960 | What day was it was two days ago. So we're taping this on Thursday. So I think on Tuesday,

00:24:05.600 | new home sales 591,000. They expected 749. And I think the last month before that was 763.

00:24:14.960 | Is that indicative of the raising the rates and slowing down inflation has finally occurred.

00:24:23.840 | And that went maybe we, the Fed maybe steer too much into the turn? How do you interpret

00:24:29.600 | that mass? It was a pretty massive miss in terms of home sales in the estimate?

00:24:33.440 | Well, the costs of buying a home are going way up because home loans are now more expensive. So

00:24:38.800 | that's going to factor into all sorts of consumer purchases. Anything that's financed can be more

00:24:43.440 | expensive. You're also seeing companies starting to slow down spending, really starting to slam on

00:24:49.920 | the brakes we see in startup land startups are all slashing costs right now. But that's eventually

00:24:54.640 | going to percolate up to big companies to you saw Dara's memo, basically, when he got back from Wall

00:24:59.680 | Street memory published that a couple of weeks ago saying we sharpen our pencils, cut everything.

00:25:03.840 | What Wall Street is looking for now is free cash flow. So it seems to me like we're headed into

00:25:11.200 | a pretty serious downturn or recession here. Yeah, I think that's a pretty serious downturn. And I'm

00:25:13.360 | going to say that we're headed into a recession here. I mean, I've been saying we're in a

00:25:14.560 | recession for months. The the the tricky thing for the Fed is that they don't have a lot of good

00:25:22.000 | options because we have a lot of recession indicators blinking red right now. At the same

00:25:28.080 | time, inflation is still high. So they're kind of caught between a rock and a hard place. I think

00:25:32.560 | what the Fed should have done is in 2020 hindsight is back last summer, we first got that shock CPI

00:25:41.120 | print. Remember, it was like 5.1%. And then we got that shock CPI print. And then we got that

00:25:43.280 | 5.1%. And then we got that 5.1%. And then we got that 5.1%. And then we got that 5.1%. And then we got

00:25:43.920 | that 5.1%. And then we got that 5.1%. And then we got that 5.1%. And then we got that 5.1%. And then we got

00:25:44.240 | to come out of the blue, because for years and years, we've been talking about deflation.

00:25:48.080 | Nobody thought inflation was a problem. All of a sudden, we got that 5.1% print. They were in total

00:25:53.600 | denial about it. They just dismissed it saying that inflation was transitory. And Yellen said the

00:25:59.280 | same thing. And so basically, everyone just ignored the data for six months. And what they

00:26:05.120 | should have done was stop QE right then and there, they could have taken a little bit of time to

00:26:09.600 | think out, you know, a rate increase strategy. But they were still basically engaging in QE

00:26:16.880 | for nine months after that, you know, first inflation warning.

00:26:21.200 | And if they had stopped QE there, then we wouldn't have had this asset bubble

00:26:25.200 | in the second half of last year, that's when it inflated the most. And we could have had

00:26:30.960 | more of a soft landing. Unfortunately, now, they let the they kept inflating. And really,

00:26:38.000 | until the end of Q1. And then they let the they kept inflating. And really, until the end of Q1,

00:26:40.000 | and they've yanked away the punch bowl so violently that I think the real economies

00:26:43.840 | can go into recession. So that's where we are right now. I mean, I don't know what the what

00:26:48.960 | the right answer is now. Given that we're in this, you know, almost stagflationary position.

00:26:54.400 | Let's try and answer that, Brad, what is if, if we didn't act soon enough,

00:26:58.560 | if you agree with Sax's point, pretty hard to disagree with. And we didn't take the

00:27:03.280 | medicine a little bit at a time. And now maybe we've overreacted, or maybe it's going to get

00:27:09.040 | worse. What is the right thing for us to be doing now? Because all these companies doing hiring

00:27:14.880 | freezes layoffs, at the same time that the housing market tanks at the same time crypto tanks at the

00:27:19.440 | same time the stock market tanks? This feels like a major shock to the system. Is it time to maybe

00:27:26.480 | reconsider some of these? No, you know, for the Fed to reconsider or just slow and steady wins

00:27:33.520 | the race here? What's the best option? First, we should erect statues to Senator Manchin, for

00:27:38.960 | saving the republic by vetoing stimmy to that would have been bill devastating. That would have

00:27:45.520 | been devastating. So we'll revisit that. Listen, the Fed said two really important things this week.

00:27:50.960 | They said number one, our communications have been helpful in shifting market expectations.

00:27:58.560 | What that means the Fed is the air traffic control.

00:28:02.000 | They said to the markets at the beginning of the year, you're 90 degrees off runway heading.

00:28:08.880 | Get your ass back on runway heading. It was a slap in the face to markets, and it was a radical

00:28:15.200 | adjustment. Now you hear the Fed in these little statements this week, they said, Hey,

00:28:20.720 | we're well positioned this year to assess the effects of policy firming in the back half. So

00:28:26.880 | they're saying, we're going to hit it with 5050. And then we're going to take a look. So now think

00:28:32.400 | of it as air traffic control your two degrees to the left your two degrees to the right. They're

00:28:37.440 | steering us on runway heading. I don't think the Fed wants to do anything at this moment to lose

00:28:42.800 | credibility in the inflation fight, we're going to get 50, we're going to get another 50. But

00:28:49.200 | they're doing what they want to do, which is keeping markets sufficiently tight, right? They

00:28:55.040 | wanted to take the crypto market down. They wanted to take all the excessive risks in the stock

00:29:00.080 | market down, right? You're absolutely right, the inventory of $350,000 homes spiked from four months

00:29:07.360 | to nine months, right used car prices are rolling over the last three months, all the things they

00:29:13.520 | needed to do they're doing, right, they need to stay the course. However, the hyperventilation

00:29:19.760 | this week by Bill Ackman on Twitter, that the Fed needs to be doing radically more that somehow we

00:29:25.600 | need to be raising rates to six, seven, 8%. In order to squash inflation, to me seems highly

00:29:32.960 | misdirected, and totally out of touch with the fact that on layoffs.com/fairfax, we're going to

00:29:37.280 | get to the bottom of this. I think we're in a we're in a pretty reasonable place here, the real, the

00:29:52.000 | real question is now, what do you need to take the market lower? And this is more of a nuance. But

00:29:57.040 | you know, when you look at companies that are now quote unquote, cheap,

00:30:01.440 | right, let's take an example like you, you know, what we hear a lot about Google

00:30:07.200 | or Facebook, right? And people will say, my gosh, this is cheap, because if you run a screen on it,

00:30:10.880 | it's like 1011 12 times price to earnings. Well, the price, you know, because you can look on the

00:30:17.520 | screen. The real question is, are the earnings right? And the thing that can take the market

00:30:24.080 | lower is if you actually think earnings are modeled incorrectly. Right. So we saw this week

00:30:30.960 | as well. Snap. I mean, completely just blew themselves 46% down.

00:30:37.120 | And for day yesterday, I just want to say something about one day,

00:30:40.320 | they have the most incredible propensity to self immolate on earnings calls than any other company

00:30:46.720 | I've ever seen. There's probably been three times no less than three times over the last four years,

00:30:52.160 | where I don't know whether it's just poorly scripted, or not well rehearsed, or the people

00:31:00.560 | that are helping Evan get ready for these things. But these are disastrous calls. You know, Facebook,

00:31:07.040 | I've had a couple in its lifetime, but snap consistently, probably once every 18 months,

00:31:11.920 | we'll do this. Anyways, the thing just completely implodes, the stock implodes by 48%, or something.

00:31:19.360 | And then it, you know, rolls over to companies like Facebook and Google, who then are off eight

00:31:23.920 | or 10%. My point in telling you the story is that if you think Facebook and Google just as an example,

00:31:29.600 | again, are cheap at 10 times, while you better hope that the earnings are right,

00:31:33.840 | because the earnings are actually wrong. That's actually

00:31:36.960 | 27 times and 19 times, you know, I'm making these numbers up to give you the example,

00:31:40.880 | because the earnings are fundamentally wrong. So that's the risk now that's left in the market,

00:31:45.360 | in my opinion, that could take it much, much lower is if that, you know, all of this slowdown really

00:31:50.400 | contracts spend, and the earnings are actually not accurate. The forecasted earnings will need

00:31:57.120 | to be revised over the next two or three quarters. And that's where we will probably see the low.

00:32:02.800 | If however, growth is muted, and the Fed can

00:32:06.880 | as Brad said, it's a really good analogy now just course correct by degrees, you know, a degree here

00:32:12.320 | degree there. We've probably consolidated the lows. So said another way, we look at a company

00:32:18.960 | like Snap, or Google, a lot of their expected value has to do with people's ad spend, we now

00:32:26.640 | see less homes being sold. So maybe people in real estate stop spending less on ads, they're a major

00:32:31.360 | advertising category, maybe direct to consumer, people are not buying because of supply chain

00:32:36.160 | issues. This is a major advertising category. Maybe direct to consumer, people are not buying

00:32:36.800 | because of supply chain issues. This is a major advertising category. Maybe direct to consumer,

00:32:37.040 | people are not buying because of supply chain issues. This is a major advertising category.

00:32:38.240 | And we're not going to spend on ads. And so all of this ad revenue, that's some of the first to

00:32:43.520 | come out of people's budgets. So, you know, even as great as snaps results actually look, they were

00:32:50.560 | up 38% year over year, they're generating over 100 million in free cash flow,

00:32:55.360 | the guide was terrible, because what they said was our E, right, our earnings,

00:33:01.200 | right, are not modeled accurately. Right. And so that's the risk that you now have to take to every

00:33:06.720 | company, you cannot look at a screen on Yahoo Finance or Bloomberg, look at a price to earnings

00:33:11.920 | ratio and say, wow, seven times that's so cheap. It may not be seven, you have to do your own work,

00:33:18.080 | it could actually be much higher than that, because your earnings may be at risk.

00:33:21.040 | The earnings being at risk is this contagion that we talked about, I don't know, six, maybe

00:33:27.680 | we're going on almost a year now, sacks, we talked about a contagion happening, because

00:33:31.520 | we've all experienced it in the last two recessions to the dotcom bust in the Great Recession.

00:33:36.640 | So what are you seeing in terms of at companies, this contagion risk? Are people canceling SaaS

00:33:42.640 | contracts on the margins? Obviously, people are doing hiring freezes, obviously, people are laying

00:33:48.160 | people off? Are people going to start renegotiating salaries? You know, what's the next couple of shoes

00:33:54.880 | to drop your sacks? And that would signal to you a true bottom here? Like, have you seen,

00:33:59.840 | I thought maybe one would be if somebody offered somebody an investment with a two or three times

00:34:05.040 | liquidation preference? Have you seen one of those?

00:34:06.560 | Yet? Have you seen people say we're going to renegotiate salaries? Because that's when it

00:34:09.840 | was really dark, right? The last two times? Yeah, no, it's gonna take time to get to that point. I

00:34:15.600 | mean, where you start seeing structure and deal is in deals is when a founder is trying to preserve

00:34:21.600 | evaluation they got last year. And that can't really be justified, but they don't want to just

00:34:25.360 | take the down round. So you try to preserve the optics last round by building all these

00:34:29.680 | preferential terms. We don't like to do deals that way. But you'll start to see them happen

00:34:34.400 | later this year, when you know, companies get more and more of these deals.

00:34:36.480 | More desperate. That's not the first thing that happens, though. I think that that to your point

00:34:41.840 | about the talent market, it's definitely going to happen. Has it happened yet? No. What has to

00:34:46.640 | happen is first all these open recs get cancelled companies freeze their hiring plans, then

00:34:51.200 | eventually they do layoffs that's coming. And then the things are here. Both are here. So what's the

00:34:57.520 | next in talent wars? Well, yeah, I mean, look, but within the next six months, the talent market

00:35:02.320 | is not gonna be as hot. And you know, in the same way that startups aren't

00:35:06.400 | getting 10 term sheets, now that maybe they get one or two, if they're a good company,

00:35:11.120 | same thing with talent, right? They're not gonna have 10 job offers, they might have one or two.

00:35:14.960 | And that's gonna create, that's not gonna create the same upward pressure, continuing upward

00:35:19.840 | pressure for, for increases in comp. To your point about like, will SaaS contracts be cut? I mean,

00:35:27.280 | I think software is pretty sticky. I mean, if it's a good product, will deal cycles get longer? Yes.

00:35:35.680 | Will there be

00:35:36.320 | more mortality risk in the startup or SMB customer basis of companies? Yes.

00:35:43.040 | I think one concept that startups may want to wrap their heads around is what I would call deferred

00:35:50.560 | mortality risk, meaning that during the last few years during the boom times, the graduation rate

00:35:55.840 | from C to series A to series B was very high, perhaps artificially high. So there's a lot of

00:36:00.880 | companies that got funded in advance to the next round, where in more normal times, they wouldn't

00:36:05.760 | have made it.

00:36:06.240 | Got it.

00:36:07.040 | Now, if those companies haven't really fixed their issues, they've just deferred

00:36:10.960 | the mortality. So I think all of us probably in SaaS land need to be modeling out higher logo churn

00:36:18.320 | for, for customer bases that are skewed towards startups or SMBs. And we don't know what those

00:36:25.840 | numbers are going to be yet. But that is likely to happen.

00:36:28.960 | I think that that's right. I think the other thing is that

00:36:31.360 | there, there's a lot of companies that are going to have to get religion on free cash flow conversion.

00:36:36.160 | ASAP. And I just think that most CEOs to be very blunt, are poorly educated and enumerate.

00:36:44.800 | So their level of numeracy to even understand this is pretty poor. And most board directors are

00:36:52.160 | equally.

00:36:52.560 | Can you unpack it right now? What does it mean to get the business to free cash flow? What does it

00:36:59.440 | take? Why is it important? And what are the how do those businesses look differently to spend less?

00:37:05.200 | Yeah.

00:37:06.180 | Then you make, okay, hold on, I just want to make sure I got it correct. You make money,

00:37:11.780 | but the number of the money you make is higher than the number of the money you spend.

00:37:15.780 | Got it. Okay. And then there's a delta there, there's some difference between those two numbers.

00:37:20.820 | And that number is important to some people is what you're saying.

00:37:22.900 | I think increasingly getting that number to be greater than zero is going to be really important.

00:37:28.660 | It, it allows you again, everybody starts to throw out this whole thing, which is, oh, my God,

00:37:35.620 | you can never slow growth and the company will die. And yeah, maybe in a vacuum that that's true.

00:37:42.100 | But when every other company is fighting tooth and nail to survive, the only thing that you need to

00:37:47.460 | do is actually survive by surviving you win. And if you can basically make your cash last as long

00:37:54.180 | as possible, even if you cut to the bone and stop growing, if you come out the other end,

00:37:59.780 | and you're the only company that's left, you will win and run over the market, you may have pushed

00:38:04.820 | to the right a few years, your plans of world dominance, but they're still available to you.

00:38:09.620 | It's the company that foolishly thinks that they can continue to spend money at the same rate or in

00:38:14.260 | the same ways that are going to learn this hard lesson. Because I think that investors

00:38:20.340 | are not going to tolerate being able to, you know, provide incremental capital to organizations

00:38:27.940 | funds, who are then you know, miss allocating that capital to basically support a poorly marked

00:38:34.740 | portfolio. And I think that is going to be the real come to Jesus that actually makes all of this

00:38:39.300 | thing come clean, like pension funds, family offices, endowments, all these organizations

00:38:44.820 | are smart enough to realize that they're giving good money after bad if what those folks are going

00:38:50.340 | to do is not demand portfolio rehabilitation, and instead are just going to basically keep the marks

00:38:56.260 | of their old funds because they're just in a in a game of waiting it out. Where the hope taking

00:39:02.100 | action, greater than, you know, blind hope and just going, you know, steady doing what you've

00:39:07.620 | been doing, you got to make some changes. I mean, look, I love Brad's reaction, I think that

00:39:11.300 | most growth oriented funds are looking at their portfolios. And they're trying to balance two

00:39:18.420 | strategies. Strategy one is get into massive rehabilitation mode. The problem is, most of

00:39:23.300 | these people have never built or run a company. So they have no idea how to rehabilitate anything.

00:39:27.620 | They're, you know, market momentum folks, and in that they were excellent, but in actually

00:39:32.020 | helping CEOs build and rebuild a business, I think that they're not as well suited doesn't

00:39:36.820 | mean they can't do it, but they're not as well suited. That's Path A. But I think that path is

00:39:42.180 | very painful. And it requires you to take medicine, the bitter medicine, which is to basically mark

00:39:47.380 | your portfolio down 50 or 60%. Just like the public market, terminal valuations have gone down.

00:39:53.060 | The other alternative is to basically raise enough money

00:39:56.500 | to do, for example, unpriced converts into those same companies so that

00:40:01.940 | you don't have to remark so that the auditors will be allowed to carry these fake valuations,

00:40:06.900 | you can maybe market down 10 or 15%. But you don't have to market down 50 or 60%. And hope

00:40:12.420 | the market returns to his previous state. But as we've all talked about, that previous state

00:40:19.860 | is probably unreliable, because it was a moment where we had a global pandemic where we took rates

00:40:24.420 | to zero. And we printed nine or $10 trillion of excess liquidity that inflated these things. So

00:40:31.860 | I got to think that, you know, prices in 2019 were a little bit ticking up 2020. We're really ticking

00:40:39.460 | up 2021 was egregious and 2022 is the come is you know, where it all comes home to roost.

00:40:44.580 | Brad, explain to us, we hear free cash flow, we hear income, net income, EBITDA, we hear all these

00:40:53.620 | terms. Now free cash flow is what everybody is focused on. I believe that seems to be the

00:40:59.140 | predominant rallying cross. I believe that seems to be the predominant rallying cross.

00:41:01.780 | I think that's a great point. And I think it's a great point. I think it's a great point. And I think

00:41:02.340 | public market companies now, can you explain to people what the difference between these things

00:41:06.100 | are? Because people kind of bundle them together? Why would somebody like Dara at Uber, just say,

00:41:11.700 | Hey, you know, we've been talking about adjusted EBITDA, EBITDA, income, net income, all this stuff.

00:41:15.940 | But free cash flow is what we want to focus on now? Or is that correct? Yeah,

00:41:19.220 | you know, and our friend Bill Gurley, rails on this adjusted adjusted. And you know, look to your

00:41:25.940 | left, look to your right adjusted one more time EBITDA, right? Like in markets like this, what

00:41:31.060 | people want to know about is, is that the way that we want to see the market? What people want to know

00:41:31.700 | or what's the green stuff I can take out of the business and put under my mattress, free cash flow,

00:41:37.620 | distributable free cash flow. And not only that, how much per share? I think the single biggest

00:41:44.500 | issue growth investors are focused on today is the easy way out for all these companies, they'll tap

00:41:50.340 | down a little bit on their hiring, they'll tap down on their spend. But out of the back door, they want

00:41:55.540 | to give a bunch of free stock to employees to help offset that pain. This is really important to

00:42:01.620 | understand. Because stock is a real expense, right? When a company goes public, the more shares you

00:42:08.020 | have, the lower your price. So it is a real expense to everybody, the founders, the employees, the

00:42:14.100 | investors, right? And so what's what I think the single biggest conversation going on in boardrooms

00:42:19.780 | in Silicon Valley today is, hey, can we have a little bit more stock this year, whether it's

00:42:25.940 | options or whether it's outright RSUs to give to employees because if we don't give it to employees,

00:42:31.060 | they tell us, hey, we're going to give you a bunch of free stock. And so we're going to give it to

00:42:31.540 | they're going to leave this is a real hard truth i had a ceo of an incredible company call me

00:42:37.860 | and say listen we pay our engineers a million bucks ahead but we give them stock that over

00:42:44.020 | the last five years has been worth another million dollars each year so they built their lives as

00:42:50.260 | though they had two million dollars a year in income they bought a house they bought cars they

00:42:55.460 | sent their kids to private schools based upon that two million dollars and now when we tell them

00:43:01.220 | that this upcoming year the mill we're not making whole on that million it can't be when when we win

00:43:07.380 | you win and when we when we lose you win so the tough conversation is we're not re-upping you

00:43:13.300 | because the stock's been cut in half and so now that engineer's saying yeah but this year that

00:43:18.820 | means i'm only getting paid 1.2 million and the answer the tough answer is yes right shared

00:43:26.180 | sacrifice you should have never assumed that that was going to be worth an incremental million

00:43:30.900 | dollars a year but that takes leadership that takes courage that takes a board that knows what

00:43:35.860 | they're doing to explain that over the full arc of that employment and the first thing the mercenary

00:43:41.940 | employee says is well i'll just go work somewhere else and the right answer for a good leader is okay

00:43:48.580 | if that's your approach to this business then you need to go work somewhere else i mean you just did

00:43:54.260 | a great test right that's a great filter you you uh you're a mercenary and you know you were with

00:43:59.700 | us when we're up but you're not working somewhere else that's a great filter you you're a mercenary

00:44:00.580 | you're not with us when we have to take some austerity measures is this the end of entitlement

00:44:05.540 | across the board sax i mean we had an entitlement class everybody thought they could raise a vc fund

00:44:10.100 | everybody thought they would have 100 irr because they would just buy nfts and flip crypto projects

00:44:14.820 | that had no released product and the same with employees they just thought i can just keep you

00:44:20.740 | know raising my salary x amount and now it looks like apple said everybody comes back to work three

00:44:26.340 | days a week and we don't see a lot of people quitting apple because there may not be another

00:44:30.260 | option and maybe a lot of the firings that are occurring i'm thinking of cameo here had top three

00:44:36.340 | of their top like six or seven leaders leave i interpreted that as maybe they had really big comp

00:44:42.580 | packages and when they did the layoffs they said you know what the number twos in these positions

00:44:46.740 | can get the job done for a third of the price maybe that's better for the business so is this

00:44:52.820 | the end of austerity the end of entitlement i think so or a lot of it there's a great article

00:44:58.260 | here uh in well that was that came out recently about netflix where netflix they're finally

00:45:04.020 | getting real about their kind of entitled their woke entitled employee problem and this is in the

00:45:10.740 | new york post but there's many other newspapers that covered it basically it says here netflix

00:45:15.860 | tells woke workers to quit if they're offended if you find it hard to support our content breath

00:45:20.660 | netflix may not be the best place for you said the memo so period full stop yeah they're just sick of

00:45:26.580 | it they're just not going to put up with it anymore they're sick of being held hostage by

00:45:29.940 | their employees who think that they can kind of muscle the leaders of the company by starting a

00:45:35.540 | petition or boycott campaign every time they want to drive the company in a certain direction and so

00:45:40.340 | i think companies are finally figuring out this is the only way to react to basically being held

00:45:45.300 | hostage if you don't like it quit if you don't have seven eight job offers you know and recruiters

00:45:51.060 | calling you constantly because everybody's on the hiring freeze well then maybe people will appreciate

00:45:56.100 | the contract of i work for you you give me money and then everything else is superfluous on that

00:46:01.540 | note did anybody see the ricky gervais netflix special yet if not netflix it's on netflix it's

00:46:09.140 | unbelievable i mean dave chappelle you know in terms of bravery ricky gervais was like i've already

00:46:16.740 | made my money i'm burning the whole building down i mean he went full equal opportunist and i mean i think

00:46:25.620 | the trans issue became like 10 or 20 percent of the of his latest special so it does seem like

00:46:32.020 | the comedians are saying you know what we're going to make jokes we're going to make jokes about

00:46:35.620 | everybody we're not going to buy into this you can't cancel us we're just going to keep making

00:46:39.860 | jokes and we're going to keep making money and and that whole concept that you know people are

00:46:44.660 | going to be held hostage i think is over independent of what you think of making jokes of

00:46:49.220 | you know various marginalized or smaller groups of people okay can we please go back to something

00:46:55.140 | brad said a while back about how mansion saved the democratic party because i think there's actually

00:47:00.180 | an interesting point there yeah yeah such notorious right-wingers as jeff bezos have

00:47:04.980 | said something very similar lately when uh do you see that where biden tried biden tried to blame

00:47:10.740 | billionaires for the inflation and bezos was having none of it he said no listen it's not

00:47:15.380 | because of us or our companies because you printed too much money and joe biden or he

00:47:20.500 | said mansion saved you from yourself because it would have been another four trillion of

00:47:24.740 | of spending on top of all the other trillions of spending that we had last year so it's absolutely

00:47:30.260 | the case that that if the administration was left just to own devices remember they were touting

00:47:34.740 | back in december they were touting the idea that this four trillion of buildback better spending

00:47:39.700 | would somehow be the cure to inflation imagine if they had poured that gasoline onto the fire i mean

00:47:44.340 | we would go to 20 inflation we might have had a currency uh you know like a serious currency issue

00:47:50.420 | no chamath but but i mean hold on but let me just finish the points i don't want to just make a

00:47:53.780 | partisan point here i'm going to go to the next question and then we'll get to the next question

00:47:54.180 | point here i want to there's there's a serious economics point here with or learning i hope our

00:47:58.740 | policy makers learn from this which is what happened over the last couple of years we had

00:48:03.460 | 10 trillion dollars of money printing right why did they do that they thought that they could

00:48:08.820 | stimulate our way out of this covid recession that they had induced with lockdowns in any event the

00:48:14.500 | point is they thought they could stimulate economic activity by printing money and maybe cynically

00:48:19.300 | politically they thought it'd be good for them in the midterms what actually happened that 10 trillion

00:48:23.700 | goes into the economy but there's no corresponding increase in the output of goods and services

00:48:29.380 | so two things happen first price levels rise and we get inflation and second we get an asset bubble

00:48:34.900 | in the stock market and then the way both those things sort of come crashing down to earth is the

00:48:40.420 | fed looks at this inflation and suddenly has to jack up interest rates that pops the asset bubble

00:48:46.020 | it vaporizes something like 14 percent of global wealth and then simultaneously

00:48:50.340 | workers feel a lot poorer because their wages haven't kept up with inflation

00:48:53.220 | so this whole idea that you can just print money as a way to create wealth and prosperity

00:48:58.100 | i hope what we take away from this i think recession that we're going into is that is not

00:49:03.060 | a viable strategy the only thing that creates wealth in a society is the output of goods and

00:49:08.180 | services that people want and you just can't try to sort of play games with that by creating phantom

00:49:15.780 | this sort of phantom money that doesn't represent a real increase in good services or productivity

00:49:21.540 | yeah i think that's a good point

00:49:22.740 | yeah it's hard for people not to take this all as partisan but if you just look at the objective

00:49:27.860 | facts the last two administrations have printed money like drunken sellers and it's a mess right

00:49:33.140 | now so you you can divorce yourself from any conception that this is partisan trump spent a

00:49:38.820 | ton of money and so did uh biden and who's more qualified than trump and biden elon bezos the

00:49:45.540 | people who appear on this podcast we have much more of a pulse on what's happening in the actual

00:49:50.980 | real economy and in entrepreneurship and in the real world and so i think that's a good point

00:49:52.260 | i think that's a good point i think that's a good point i think that's a good point i think that's a

00:49:53.540 | good point i think that's a good point i think that's a good point i think that's a good point

00:49:54.500 | and i love the fact that now you know bezos is a poster he just doesn't get he doesn't care

00:50:00.660 | and i think we're having like an honest discussion now right one of the one of the areas where

00:50:05.780 | i i don't think elon gets enough credit is when he explains macroeconomics i think he actually

00:50:11.060 | really understands the the what an economy is i mean an economy is basically a trading system

00:50:18.020 | for the production of goods and services if you were to go this is a point he's made if

00:50:22.020 | you were to go to a desert island and somebody just gives you a billion dollars when you're

00:50:27.220 | sitting there on that island you can't buy anything it doesn't make you wealthier what

00:50:31.460 | makes you wealthier is the production of goods and services that people want and that's ultimately

00:50:35.860 | what an economy is money is just the accounting system the dollars is the accounting system if you

00:50:41.140 | start printing lots of money all you're doing is debasing the accounting system it doesn't make

00:50:44.580 | anyone richer and yet you know the way that conversations around economics really take place

00:50:51.380 | the only thing you ever hear about is stimulating demand you never really hear anything about

00:50:55.780 | production and i mean this is an old debate that goes back to the 1980s about you know supply-side

00:51:00.820 | economics but regardless of what you call it wealth ultimately comes from our capacity to

00:51:07.300 | produce goods and services that people want it's a great point chamath all this adds up to companies

00:51:12.820 | and the government's balance sheet becoming tighter and more efficient so the talent diffusion across

00:51:20.900 | the industry is going to be a huge factor in the development of the economy and the development of

00:51:21.140 | the industry perhaps everybody being entitled and getting overpaid people not wanting to go to work

00:51:26.500 | people who have jobs not wanting to go to the office all of this seems to have

00:51:30.180 | actually reversed in three months so this medicine we're taking we stopped eating the bad food we

00:51:37.540 | started working out we're getting better sleep this is going to turn around for the the companies

00:51:42.820 | that take the medicine the management teams the capital allocators who do the hard work

00:51:46.580 | and sharpen their pencils as we've talked about this will all result in a more efficient

00:51:51.620 | and vibrant economy yes i think for the most part i think there's still going to continue to be

00:51:57.060 | examples of folks who basically run themselves into a brick wall because they don't want to

00:52:01.860 | make the hard decisions that is going to be more exaggerated in silicon valley because

00:52:06.980 | we have a culture of tolerance and we have an economic business model that supports

00:52:13.060 | kind of irresponsible decision making and supports poor governance you know look i've said this many

00:52:20.420 | times but a fund's job ultimately is to make a very important decision about whether they truly

00:52:27.540 | care about generating massive returns or whether the fee income becomes so meaningful so as to

00:52:35.220 | drown out every other incentive that they have and i think by and large in silicon valley if you track

00:52:41.300 | all of the increased frequency and fundraising you can also probably follow those dollars and

00:52:50.180 | they generally will be the most poorly run they'll be held the least accountable

00:52:56.180 | and i think those will have the largest negative outcomes and then instead if you follow the

00:53:03.940 | dollars of the the real practitioners who have discipline they look kind of sheepish and silly

00:53:11.140 | for years in the middle of a rally but they're the ones that are able to really reset

00:53:15.860 | and help some of these few companies really win and i think that you're going to go through that

00:53:20.900 | cycle over the next four or five years and so you know i think it's super well said because

00:53:27.460 | i have felt at where i've been made to feel silly by some folks who said why are you asking to do

00:53:33.220 | diligence why do you want to have a board seat why do you want to talk to customers

00:53:37.140 | why are you asking for month-by-month revenue you made a sub-economic decision like the idea

00:53:42.180 | that over the last four or five years you optimized for anything except the market beta

00:53:46.580 | was kind of dumb you know and it's and and the worst thing that you could have done in that

00:53:51.620 | period was confuse alpha and beta meaning alpha is what you are able to do because of your discrete

00:53:58.500 | skill versus anybody else beta is when just the market goes up said differently you could take

00:54:06.660 | any nba player and put them on a high school basketball team

00:54:11.940 | and they would be the you know college player of the year any single one okay that's beta

00:54:17.620 | yeah if you then can be the mvp of the nba that's alpha yeah okay and i think that a lot of folks um

00:54:26.500 | were made to feel very silly or you know a downer or a wet blanket um in these last few years who

00:54:34.420 | will probably have the last laugh it's been unbelievable brad to watch the changing of attitudes

00:54:41.700 | and the entitlement in fundraising and private markets in the last 60 days and it's been even

00:54:48.100 | more pronounced in the last 30. i literally have people we talked to last month who had

00:54:52.820 | really crazy expectations they've come down by 50 they wanted 50 now they're at 25. they didn't want

00:54:59.060 | board seats now they're okay with board seats information rights they were fighting against

00:55:03.300 | information rights i don't know why that's a hill to die on now they're like information rights

00:55:07.460 | yeah sure here's our cfo's email we need to get money in the doors but they're not going to get

00:55:11.460 | money in the doors so um i guess what's the silver lining here it does seem to me as a great setup

00:55:16.180 | right now wait jason let me ask you a question hold on yeah like or to brad like and then you're

00:55:20.900 | forgetting one other key thing in in the in the race to raise all of this money what did these

00:55:26.580 | folks do they hired these mid-level kids as partners into their venture firms and gave

00:55:32.740 | them money to put into companies what do these people know no mentoring i'm not saying it

00:55:37.780 | disparagingly i'm just like what do they know how do they know how to actually invest in the business

00:55:41.220 | invest investing is just not you see it you just say okay well i think it sounds cool you know

00:55:46.740 | there are some of those uh younger folks who are going to turn out to be all-stars in there

00:55:52.100 | just like in the nba and they're going to be some that you know prove to be right in the

00:55:55.460 | beta but let me answer jason's question because you know maybe end on a on a note of uh optimism

00:56:01.060 | you know in some countries you know notably china right now they're doing

00:56:06.500 | a lot to prop up a bunch of companies that should be allowed to fail right one of the

00:56:10.980 | beautiful things about free market capitalism the creative destruction the cycle time on creative

00:56:16.500 | destruction in this country has never been faster right make no mistake about it if you took money

00:56:23.620 | at a valuation over a billion dollars okay last year you're not that's not a venture capital bet

00:56:31.940 | i call it quasi public right you stepped into the bigs and you said i will deliver this plan

00:56:39.060 | and if you don't deliver the plan there's not going to be a lot of tolerance

00:56:44.260 | there's not going to be tolerance for just giving away a bunch of more stock there's not going to be

00:56:48.900 | tolerance for no course correction right maybe in seed or series a right there's a lot of tolerance

00:56:55.620 | because you sign up to a lot of unpredictability but the level of tolerance that you'll see out of

00:57:01.460 | late stage growth investors is going to be akin to what they do with a public company

00:57:07.380 | that runs them off a cliff you know how that is you've been on those earning calls

00:57:11.220 | so i think this is going to shine a light on the bifurcation that we really have we call all of

00:57:18.500 | this venture capital but the truth of the matter is series c and before is venture once you're

00:57:25.700 | stepping into the bigs and taking money at a billion two billions the expectations are different

00:57:30.980 | your access to capital will be different um the expected course correction will be different

00:57:36.660 | right but i take it as a um i take it as a sign of strength that we're going to work through this

00:57:42.820 | we're going to have you know the the private markets are absolutely going to go through a reset

00:57:48.020 | but we'll get through it and the winners will win and those who fail to course correct and

00:57:51.460 | want to fly into the wall will do that and we'll get on with the next generation of incredible

00:57:56.180 | entrepreneurs solving big problems the secular curve of technology

00:58:00.500 | is the only way to get through it and the cycles that overlay that secular curve are not suspended

00:58:06.180 | we have not suspended wars we have not suspended economic cycles and so we're going to have to get

00:58:10.900 | through this one it's happening in record pace actually that's an interesting point i want to

00:58:15.700 | let me ask about a question about that which is what's the potential here for more of like a v

00:58:21.380 | shaped recession where to your point the market's correct more rapidly and violently than ever and

00:58:27.140 | it's not going to be a recession it's going to be a recession and it's going to be a recession

00:58:30.020 | and it's going to be a recession and it's going to be a recession and it's going to be a recession

00:58:30.900 | snap misses a you know issues a new forecast down 40 percent um is there a possibility that

00:58:38.420 | this thing gets resolved in say six months that's not to say that uh valuation levels

00:58:43.460 | are ever back to where they were you know in the second half of 2021 but in six months could

00:58:48.820 | we have sort of done this big reset washed out a lot of the problems and um you know again

00:58:55.220 | valuations are not back but the market becomes the the capital markets become unfrozen

00:58:59.540 | and we're back to a more normal operating environment as opposed to say yeah as opposed

00:59:05.460 | to say like more of a u where we're kind of bouncing around the bottoms here in this volatile

00:59:11.060 | state for about 18 months um you know and then it's more like the dot-com crash we come out of it

00:59:16.820 | in two years i see smart people on both sides of this i hear jason lemkin's been saying i think this

00:59:21.700 | is kind of short deep sweet six month reset fred wilson just wrote 18 months at least i think sequoia

00:59:29.220 | two years i mean i think our instinct is 18 months to two years but what do you think the

00:59:34.660 | possibility is that we could be in a more normal environment in six months right so let's let's

00:59:39.700 | separate public markets and venture markets because venture markets as you know have a six to

00:59:44.020 | 12 month lag just in terms of the reset but i would say you know the future is a distribution

00:59:49.620 | of probable outcomes there's a downside case an upside case in a base case

00:59:53.700 | i think the base cases by this fall will have very good evidence right of

00:59:58.580 | where inflation's rolling over i think it is rolling over what the fed is likely to do the

01:00:03.220 | upward bound on on interest rates and i think we'll be at a point where we can start underwriting to

01:00:08.900 | the five-year average again make no mistake about it the s p and the nasdaq today are still 30 above

01:00:17.700 | where they were in january of 2020 30 above where they were in january 2020 how much better is the

01:00:26.340 | world today than where it was in the past year and i think we're going to see a lot of growth in the

01:00:26.900 | world today than where it was in the past year and i think we're going to see a lot of growth in the

01:00:28.100 | where it was in january 2020 well i think what the market is saying is that we've grown the

01:00:33.620 | economy on a nominal basis about 15 percent during that time and earnings have about doubled right

01:00:40.820 | the earnings margins of those companies are about have about doubled so you would expect

01:00:44.580 | normal course and trajectory maybe that those companies would be 30 percent more valuable the

01:00:50.180 | problem is as we look ahead to chamath's point the earnings are likely to come down profit margins are

01:00:57.620 | being squeezed so i think there's a decent decent argument there's more pain to come in the public

01:01:02.580 | markets that we haven't seen the bottom however i do think that the fed is taking a good course here

01:01:08.180 | i don't think that we have runaway inflation i think that um you know we're going to have an

01:01:13.220 | investable environment come this fall however i think for venture there's a six to a 12-month lag

01:01:19.940 | to that so i think you got to add it to those six months to really get to the market clearing prices

01:01:25.780 | for all these companies but i think it's incumbent upon all of us to give really good feedback today

01:01:31.620 | and i see a lot of it right to entrepreneurs about making that course correction if they're only

01:01:37.220 | turning the plane 10 degrees when they see lightning dead ahead they're making a huge mistake

01:01:43.060 | the default action by every founder today should be a 90 degree course correction unless

01:01:49.780 | they have very good idiosyncratic reason in that business in terms of their output

01:01:55.300 | in terms of their outperformance to stay the course plan for the worst hope for the best yeah

01:02:01.700 | and you could even bifurcate the companies in private markets to ones that have strong product

01:02:08.260 | market fit and the ones that don't there's a lot of companies to david's point that we're getting

01:02:12.900 | series b's without product market fit you know it's one thing to get your series a when you have

01:02:17.620 | this like weak product market fit and a great story but when you start seeing series b's

01:02:22.260 | happening on momentum it's like that to me is a very good thing to see that's a good thing to see

01:02:24.820 | that's a good thing to see that's a good thing to do so i think that's a great thing to do and i think

01:02:26.740 | that's a great thing to do and i think that to me is is is going to be impossible to resolve that

01:02:31.460 | company has to go to zero or has to reset or give even give money back to founders those are really

01:02:35.860 | the three things i would see as a true bottom like the really dark moment where people have two or

01:02:41.220 | three liquidation preferences people reset reset comp and tell people listen we're going to cut

01:02:45.860 | comp 30 across the board for management if you don't like it leave um and then finally people

01:02:51.940 | saying you know what we're going to give the 60 cents on the dollar back to investors those are

01:02:54.340 | the two down terms you're saying something that i think is also important that's not

01:02:57.940 | really talked about which is that there's going to be a lot of really good companies

01:03:00.900 | with really horrible capital structures really terrible cap tables really bad valuations really

01:03:07.620 | big overhangs of preference stock that are going to have to get worked out and

01:03:12.420 | in getting that worked out going back to what brad said the person that course corrects 90 degrees

01:03:18.500 | will win and the reason they'll win may not even because they're being that courageous

01:03:23.860 | they're just being less stupid than everybody else quite honestly because you have to remember

01:03:27.860 | in most of these markets over the last four or five years we funded four or five versions of

01:03:32.980 | every imaginable company right and there's going to be two winners 70 and 30 percent yeah and and

01:03:38.980 | there's really only going to be one winner and then there's going to be a marginal second kind

01:03:43.380 | of also ran that captures some value and everybody else is not that valuable and

01:03:48.500 | you know that's roughly been true but the reason we were able to support that was that every company

01:03:53.380 | looked kind of interesting anyone with traction um could be you know competed against because the

01:03:58.900 | only differentiator at the time was very cheap money that was effectively free and it was flowing

01:04:03.300 | in you know faster than you could count so all of that has to get sorted out so i just think that

01:04:09.700 | that those dynamics shouldn't be ignored and so you know again hard work too i mean to the thing

01:04:15.060 | we've been saying here it's hard work for a board and founders to do this but what choice do you have

01:04:19.460 | well the problem is the problem if you take much more sophisticated markets like the market market

01:04:22.900 | markets like the debt markets which i would say are much more sophisticated okay cutthroat liquid

01:04:28.420 | covenants when you see the people that make the money two things are true number one is

01:04:34.740 | they're incredibly sharp elbowed and number two is they make money in moments like this

01:04:38.740 | right if you look at apollo's great returns or blackstone's great returns or cerebras

01:04:43.220 | you know these folks were the you know they they really were the barbarians at the gates

01:04:47.460 | and they made all the money in moments of true dislocation if you apply

01:04:52.420 | that construct here you know we've never had to go through a period where there are some real terms

01:04:59.060 | and conditions attached to the incremental dollar um and i think that if that does come to pass in

01:05:04.660 | silicon valley you're just going to have a reckoning and i think that that what it'll

01:05:08.660 | really do is just sort out the winners and the losers and it'll sort out the folks that were

01:05:13.620 | able to get to default or close to default alive or at least default life support saxon investable

01:05:21.940 | um i mean sax made a great tweet he basically said it's not default alive or dead

01:05:25.940 | investable or not and that's an even finer filter well default default alive is fantastic if you can

01:05:32.740 | get there basically just means cash flow positive i mean all default alive means is that you're

01:05:36.660 | cash flow positive or you're going to be cash flow positive based on the money you have in the

01:05:39.940 | you don't need money yeah exactly you don't need money well of course that's the best

01:05:42.980 | place to be is you don't need money but i think you know for early stage companies that's

01:05:47.540 | almost an impossible standard you know it takes time to get to the point of being cash flow

01:05:51.460 | positive so therefore i was trying to propose a standard that i thought was more actionable for

01:05:56.660 | founders because it was because it wasn't impossible and i call it default investable which

01:06:01.540 | is here are the metrics that you need at least i can tell you what they are in the sas world you

01:06:06.660 | know here's what great metrics look like here's what good metrics look like here's some danger zone

01:06:10.900 | metrics and you need you know out of the five key metrics you really need three or four great ones

01:06:15.700 | and one or two good ones to raise in this environment and no dangerous metrics and if you don't

01:06:20.980 | have those you need to give yourself the time to fix the problems in your business to get to those

01:06:25.780 | metrics um on that note you know sequoia had a really good chart called survival the quickest

01:06:31.860 | that illustrates this concept of giving yourself time and i threw it in the chat but basically what

01:06:37.940 | it shows is there's a green line and an orange line the the green line is the company that

01:06:43.300 | realizes in may of 2022 that we've gone into a very different environment and they slash their

01:06:49.460 | burn in half and they're going to have to go back and do it again and they're going to have to go back

01:06:50.500 | and do it again and they're going to have to go back and do it again and they basically double

01:06:52.260 | their runway and then there's the other company that just keeps going along the same path they

01:06:56.420 | were at until they realize oh wait a second you know and then you know some point in the future

01:07:01.860 | they realize there's been a change they make a small cut they make another small cut and they're

01:07:05.860 | always behind the eight ball and i've seen this so many times before that the company doesn't make

01:07:11.380 | cuts until they're forced to and so they never really lengthen their runway and then when they

01:07:16.100 | finally do make the cuts they go into a death spiral and die and now they're over the atlantic

01:07:20.020 | and there's not enough fuel to get to a landing strip and you just plunge into the cold ocean and

01:07:25.540 | die founders really have to think about the the asymmetry of the risks that they face right which

01:07:30.820 | is let's say that you cut too much and the environment is better than you think it's

01:07:36.500 | going to be well you can always hire back i promise you a lower price in all likelihood

01:07:40.180 | i promise you you'll be able to hire back okay but on the other hand if you don't cut

01:07:44.100 | enough and the situation is worse than you think then you just die so you this is why

01:07:49.540 | andy gross said only the paranoid survive you've got to think about the downside risk and be more

01:07:55.300 | skewed towards the bad scenario than sort of the the sort of wishful thinking scenario hey

01:08:01.540 | david just just one final point here you know because we have all these decks flying around

01:08:07.620 | now by venture capitalists telling founders to go make these really tough decisions being a little

01:08:14.180 | self-reflective where were we all six months ago

01:08:19.060 | where were we in october when we were putting more money in and they were hiring like crazy

01:08:24.900 | where were we in november right i remember some of the conversations that we were having

01:08:29.620 | but i look i posted in in chat layoffs.fyi right the number one company on that list gets here

01:08:37.940 | sequoia company okay are they making a course correction you bet your ass they are they're

01:08:43.540 | laying a 4 500 people 15 of the workforce and they're making a course correction

01:08:49.060 | the second company on that list lacework an altimeter software company that's doing

01:08:53.380 | terrific growing hundreds of percent laying off 300 people 20 right a 90 degrees turn of the plane

01:09:01.940 | right that company will never need cash again but it's not just flying toward the lightning

01:09:07.220 | they're making the tough decisions because that's what leaders do in businesses that are even good

01:09:12.340 | businesses there are a lot of companies that are businesses that should be on this list but

01:09:17.300 | they're bumbling along the way they're not they're not making money they're making money they're not

01:09:17.860 | bumbling along and not making the tough decisions we need venture capitalists that instead of

01:09:23.780 | you know this being a popularity contest venture capitalists need to look inside as well and say

01:09:29.460 | what about our firm didn't didn't work right why weren't we issuing these course corrections and

01:09:37.140 | telling people to tap the brakes a little bit when we knew markets were overheated last year

01:09:41.700 | right and so i think this there's a lot of responsibility that sits on both sides of the table

01:09:47.380 | um but i'm you know there's 714 startups on this list by the time we're done there are going to be

01:09:53.060 | at least 3 000 startups on that i was about to say at a zero at a zero that's another reason

01:09:58.180 | i say the fed is getting what it wants right this labor market is

01:10:02.100 | you know is cooling down very quickly at least in silicon valley well i mean and the fact that

01:10:06.820 | people felt like they didn't need to take a job and they could live off credit and there would

01:10:10.820 | always be jobs for them i think people are going to have to rethink like can i be fun ployed forever

01:10:16.420 | and you know do i need to take my career seriously do i need to pay down my debt do i need to have a

01:10:21.140 | balanced uh balance sheet do i need to my personal balance sheet needs to be in order as well i think

01:10:27.140 | that's what individual workers need to think about yeah i mean brad's right that there's certainly

01:10:32.740 | enough blame to go around in the ecosystem and you know vc's bought into these frothy evaluation

01:10:38.260 | levels last year um to some degree we were all by by the fed and these low interest rate policies i

01:10:44.740 | wrote my post about burn multiple and how to measure capital efficiency two years ago

01:10:48.420 | um it's getting a lot more retweets now than it did back then but uh but look do vcs have some

01:10:55.220 | self-reflecting to do definitely but you know i'm seeing a lot of tweets going around basically

01:10:59.540 | saying like people objecting to this advice on the grounds you'll hear something like if you vcs

01:11:07.620 | wanted us to operate more efficiently then you should have invested more efficiently or if you

01:11:13.220 | wanted us to be disciplined you should have been more disciplined in your investing and to me

01:11:17.540 | that's kind of missing the point it's kind of cutting off your nose to spite your face the

01:11:21.140 | reason we're giving this advice is because we just want our companies to survive and we've been

01:11:26.340 | we don't want a zero we don't want a zero we've been through multiple down cycles and the truth

01:11:30.740 | of matter is unless you've been in the business world for over 14 years you've never been through

01:11:35.620 | a down cycle i mean that means that you know no founder under the age of what like 36 has even seen

01:11:43.380 | a down cycle before they don't know what it can be like when you go into a two-year nuclear

01:11:48.420 | probably they probably weren't the pilots at that time anyway so it's more like people who are 40 45

01:11:53.220 | have the scar tissue because they were in the pilot seat totally totally so the reason you're

01:11:56.980 | hearing all these vcs all of a sudden say get more disciplined is is mainly because we've seen this

01:12:02.420 | movie before and we don't want our companies to run out of money and die i think you can say if

01:12:08.740 | you could the stock of all of these

01:12:12.900 | random peanut gallery ceos tweeting their disdain on twitter if you're right that would be a great

01:12:18.660 | index index down fixing stuff just write that company to zero yeah just turn your twitter

01:12:24.500 | out and just sharpen your pencils um i i we we would be remiss if we didn't talk about uh at

01:12:30.100 | least for this last segment about the tragedy in uvalde uvalde texas uh 80 miles west of san antonio

01:12:39.220 | on tuesday 19 elementary kids in twitter and we're gonna talk about that in the next segment but i'm

01:12:40.980 | gonna end this video here and i'm gonna wrap up this episode and i'll see you in the next one bye bye

01:12:40.980 | bye bye

01:12:41.860 | two adults were murdered um how are we gonna talk about this without losing our

01:12:47.220 | it's really hard i think maybe the roadmap i did give this a lot of thought it was like why

01:12:52.500 | why is this first segment on the market trundling along on life support for an hour and

01:12:57.060 | 10 minutes and i think part of it is because none of us can really talk about this without losing

01:13:00.900 | our cool it's really hard and but i do think we did good work chamath i i was thinking about the

01:13:05.860 | good work we did in the episode of roe v wade and we actually came to a point where we said

01:13:10.900 | you know here are the extreme positions and then you're like hey wait a second i found this data

01:13:14.980 | point i found this data point and we actually figured out hey 80 of people want this definition

01:13:21.060 | of abortion in the united states so i i'll throw it to you chamath you know we're all outraged

01:13:26.900 | we're all frustrated but maybe we could start there is there a consensus of what could be

01:13:32.100 | accomplished here that you've come to i've started to think about it a whole bunch but you know

01:13:37.220 | we're all outraged we could all yell and scream here but

01:13:40.580 | we're all outraged we could all yell and scream here but a path forward is where my mind goes

01:13:43.220 | i'll just tell you what i what i um have been thinking about

01:13:47.220 | okay this is just a random stream of consciousness let's do it

01:13:51.620 | i think that the democrats will not make any progress because

01:13:59.860 | they try to make this unfortunately uh a moral virtue signaling issue the republicans will not

01:14:09.300 | make any progress

01:14:10.340 | because they become sort of very binary adamant um absolutists about constitutional rights and the

01:14:17.220 | interpretation of that right in a very specific way um the truth is in the middle you know if you

01:14:23.860 | go back before we talk about uvalde um peyton jondron who was the kid that shot up a tops

01:14:29.860 | supermarket in buffalo and killed umpteen you know black shoppers

01:14:37.300 | he was a black shopper

01:14:39.300 | lived in a state where there was a red flag law for those that don't understand what red flag

01:14:44.980 | laws are david you know tweeted some stuff about it as well but

01:14:48.420 | essentially it allows a community member or a family member or a school

01:14:52.100 | teacher or a police officer to essentially put a restraining order around an individual that they

01:14:58.900 | think could cause harm and use that as a way to confiscate their weapons people have talked about

01:15:04.580 | red flag laws as being possible while he lived in a state the kid was you know put under a psych hold

01:15:10.100 | you know a year ago and it it all just falls through the cracks now you know ted cruz or

01:15:16.740 | somebody else said let's spend 10 billion dollars and only have one door into a school and put an

01:15:21.940 | armed guard there well then you find out that uvalde you know doubled their security spend

01:15:28.260 | over the last two or three years they actually had a person that may or may not have just kind of like

01:15:34.420 | stepped to the side or something to let them in the police according to the uh ap showed up and

01:15:41.060 | stood around for 40 minutes before they were able to actually breach the school you know so much so

01:15:46.100 | that the quote in the ap article was that there was a parent that tried to get other parents to

01:15:50.740 | for 40 minutes they were standing there you know in california you have you know very restrictive

01:15:58.420 | measures um but we've had you know in san bernardino and other places we've had mass shootings

01:16:03.620 | here as well because the police are not there to protect the school they're not there to protect the

01:16:04.400 | guns can just get transported across state lines and there's there's no real way to stop this

01:16:08.080 | the nra i find out just so if you guys are interested uh mitt romney took 13.6 million

01:16:16.320 | dollars from the nra this is the moral finger wagger of the republican side who you know last

01:16:23.360 | time i checked is a multi-centi millionaire but somehow still needs to take 13 million dollars

01:16:28.000 | from these folks rich burr took 7 million roy blunt 4.5 million tom tillis 4.4 million

01:16:34.320 | cory gardner 4 million marco rubio 3.3 million there's no effective counter lobby that says

01:16:41.440 | how about we have a more moderate and restrained pro-gun set of rights and field candidates on the

01:16:48.480 | left and the right that could jason find this middle ground and so you know we're in this two

01:16:54.720 | or three day period it seems like where folks will get extreme and then nothing will happen

01:17:01.920 | here's one thing that i think we can all

01:17:04.400 | agree as well if you look at the underlying family situation of all of these mass shooters

01:17:10.720 | there is a really disturbing theme that i think is worth putting out there

01:17:14.640 | these are all universally young men 18 19 odd years old

01:17:19.920 | they come from broken families this individual salvator ramos

01:17:26.240 | um father was absent uh again according to the times in the wall street journal article i read

01:17:32.960 | mother

01:17:33.360 | intermittent drug use issues, lived with the grandmother.

01:17:35.940 | Bullied.

01:17:36.720 | They're unemployed, barely graduated, if graduated at all

01:17:40.840 | in high school.

01:17:41.440 | They harbored these deep resentments towards women or

01:17:45.280 | minority groups.

01:17:45.940 | They then project a lot of their frustration.

01:17:49.080 | They were bullied potentially in high school growing up, and

01:17:53.600 | all of the, they were posting all kinds of very challenging

01:17:57.700 | content.

01:17:58.280 | You know, apparently this kid had a one TikTok of where he

01:18:02.240 | sat in a car with a dead cat in a paper bag.

01:18:04.720 | You know, he would post on Instagram of assault rifles, and

01:18:09.560 | nothing happens.

01:18:10.360 | So I just think that we have to acknowledge that there's a

01:18:13.360 | complete failure of our politicians.

01:18:17.340 | And at this point, I think they should all be replaced, writ

01:18:21.380 | large, every single one.

01:18:22.560 | Nobody has added value to this solution.

01:18:24.960 | Nobody has really tried to figure this out.

01:18:27.560 | But then also, like, parents have to do something.

01:18:32.000 | Incrementally more from the perspective of the community,

01:18:35.540 | because these kids are going to school with our kids.

01:18:38.840 | And the red flags are there.

01:18:40.160 | The red flags are there.

01:18:41.060 | So just one last thing.

01:18:41.880 | And I said, I said, Brad, I said to my kids, when you interact

01:18:45.320 | with your friends, I just want you to understand when you're

01:18:47.240 | on social media, and you encounter this content.

01:18:49.120 | I hope you're never like either scared or embarrassed or unsure

01:18:54.380 | enough to just show somebody when this stuff is happening, so

01:18:58.000 | that you can let somebody with a little bit more maturity and

01:19:00.240 | judgment, try to figure out what to do, if anything.

01:19:01.880 | And I think that's the key.

01:19:02.880 | And I think that's the key.

01:19:03.880 | And I think that's the key.

01:19:04.880 | And I think that's the key.

01:19:05.880 | And I think that's the key.

01:19:06.880 | And I think that's the key.

01:19:07.880 | And I think that's the key.

01:19:08.880 | And I think that's the key.

01:19:09.880 | And I think that's the key.

01:19:10.880 | And I think that's the key.

01:19:11.880 | And I think that's the key.

01:19:12.880 | And I think that's the key.

01:19:13.880 | And I think that's the key.

01:19:14.880 | And I think that's the key.

01:19:15.880 | And I think that's the key.

01:19:16.880 | And I think that's the key.

01:19:17.880 | And I think that's the key.

01:19:18.880 | And I think that's the key.

01:19:19.880 | And I think that's the key.

01:19:20.880 | And I think that's the key.

01:19:21.880 | And I think that's the key.

01:19:22.880 | And I think that's the key.

01:19:23.880 | And I think that's the key.

01:19:24.880 | And I think that's the key.

01:19:25.880 | And I think that's the key.

01:19:26.880 | And I think that's the key.

01:19:27.880 | And I think that's the key.

01:19:28.880 | And I think that's the key.

01:19:29.880 | And I think that's the key.

01:19:30.880 | And I think that's the key.

01:19:31.880 | And I think that's the key.

01:19:32.880 | And I think that's the key.

01:19:33.880 | And I think that's the key.

01:19:34.880 | And I think that's the key.

01:19:35.880 | And I think that's the key.

01:19:36.880 | And I think that's the key.

01:19:37.880 | And I think that's the key.

01:19:38.880 | And I think that's the key.

01:19:39.880 | And I think that's the key.

01:19:40.880 | And I think that's the key.

01:19:41.880 | And I think that's the key.

01:19:42.880 | And I think that's the key.

01:19:43.880 | And I think that's the key.

01:19:44.880 | And I think that's the key.

01:19:45.880 | And I think that's the key.

01:19:46.880 | And I think that's the key.

01:19:47.880 | And I think that's the key.

01:19:48.880 | And I think that's the key.

01:19:49.880 | And I think that's the key.

01:19:50.880 | And I think that's the key.

01:19:51.880 | And I think that's the key.

01:19:52.880 | And I think that's the key.

01:19:53.880 | And I think that's the key.

01:19:54.880 | And I think that's the key.

01:19:55.880 | And I think that's the key.

01:19:56.880 | And I think that's the key.

01:19:57.880 | And I think that's the key.

01:19:58.880 | And I think that's the key.

01:19:59.880 | And I think that's the key.

01:20:00.880 | And I think that's the key.

01:20:01.880 | And I think that's the key.

01:20:02.880 | And I think that's the key.

01:20:03.880 | And I think that's the key.

01:20:04.880 | And I think that's the key.

01:20:05.880 | And I think that's the key.

01:20:06.880 | And I think that's the key.

01:20:07.880 | And I think that's the key.

01:20:08.880 | And I think that's the key.

01:20:09.880 | And I think that's the key.

01:20:10.880 | And I think that's the key.

01:20:11.880 | And I think that's the key.

01:20:12.880 | And I think that's the key.

01:20:13.880 | And I think that's the key.

01:20:14.880 | And I think that's the key.

01:20:15.880 | And I think that's the key.

01:20:16.880 | And I think that's the key.

01:20:17.880 | And I think that's the key.

01:20:18.880 | And I think that's the key.

01:20:19.880 | And I think that's the key.

01:20:20.880 | And I think that's the key.

01:20:21.880 | And I think that's the key.

01:20:22.880 | And I think that's the key.

01:20:23.880 | And I think that's the key.

01:20:24.880 | And I think that's the key.

01:20:25.880 | And I think that's the key.

01:20:26.880 | And I think that's the key.

01:20:27.880 | And I think that's the key.

01:20:28.880 | And I think that's the key.

01:20:29.880 | And I think that's the key.

01:20:30.880 | And I think that's the key.

01:20:31.880 | And I think that's the key.

01:20:32.880 | And I think that's the key.

01:20:33.880 | And I think that's the key.

01:20:34.880 | And I think that's the key.

01:20:35.880 | And I think that's the key.

01:20:36.880 | And I think that's the key.

01:20:37.880 | And I think that's the key.

01:20:38.880 | And I think that's the key.

01:20:39.880 | And I think that's the key.

01:20:40.880 | And I think that's the key.

01:20:41.880 | And I think that's the key.

01:20:42.880 | And I think that's the key.

01:20:43.880 | And I think that's the key.

01:20:44.880 | And I think that's the key.

01:20:45.880 | And I think that's the key.

01:20:46.880 | And I think that's the key.

01:20:47.880 | And I think that's the key.

01:20:48.880 | And I think that's the key.

01:20:49.880 | And I think that's the key.

01:20:50.880 | And I think that's the key.

01:20:51.880 | And I think that's the key.

01:20:52.880 | And I think that's the key.

01:20:53.880 | And I think that's the key.

01:20:54.880 | And I think that's the key.

01:20:55.880 | And I think that's the key.

01:20:56.880 | And I think that's the key.

01:20:57.880 | And I think that's the key.

01:20:58.880 | And I think that's the key.

01:20:59.880 | And I think that's the key.

01:21:00.880 | And I think that's the key.

01:21:01.880 | And I think that's the key.

01:21:02.880 | And I think that's the key.

01:21:03.880 | And I think that's the key.

01:21:04.880 | And I think that's the key.

01:21:05.880 | And I think that's the key.

01:21:06.880 | And I think that's the key.

01:21:07.880 | And I think that's the key.

01:21:08.880 | And I think that's the key.

01:21:09.880 | And I think that's the key.

01:21:10.880 | And I think that's the key.

01:21:11.880 | And I think that's the key.

01:21:12.880 | And I think that's the key.

01:21:13.880 | And I think that's the key.

01:21:14.880 | And I think that's the key.

01:21:15.880 | And I think that's the key.

01:21:16.880 | And I think that's the key.

01:21:17.880 | And I think that's the key.

01:21:18.880 | And I think that's the key.

01:21:19.880 | And I think that's the key.

01:21:20.880 | And I think that's the key.

01:21:21.880 | And I think that's the key.

01:21:22.880 | And I think that's the key.

01:21:23.880 | And I think that's the key.

01:21:24.880 | And I think that's the key.

01:21:25.880 | And I think that's the key.

01:21:26.880 | And I think that's the key.

01:21:27.880 | And I think that's the key.

01:21:28.880 | And I think that's the key.

01:21:29.880 | And I think that's the key.

01:21:30.880 | And I think that's the key.

01:21:31.880 | And I think that's the key.

01:21:32.880 | And I think that's the key.

01:21:33.880 | And I think that's the key.

01:21:34.880 | And I think that's the key.

01:21:35.880 | And I think that's the key.

01:21:36.880 | And I think that's the key.

01:21:37.880 | And I think that's the key.

01:21:38.880 | And I think that's the key.

01:21:39.880 | And I think that's the key.

01:21:40.880 | And I think that's the key.

01:21:41.880 | And I think that's the key.

01:21:42.880 | And I think that's the key.

01:21:43.880 | And I think that's the key.

01:21:44.880 | And I think that's the key.

01:21:45.880 | And I think that's the key.

01:21:46.880 | And I think that's the key.

01:21:47.880 | And I think that's the key.

01:21:48.880 | And I think that's the key.

01:21:49.880 | And I think that's the key.

01:21:50.880 | And I think that's the key.

01:21:51.880 | And I think that's the key.

01:21:52.880 | And I think that's the key.

01:21:53.880 | And I think that's the key.

01:21:54.880 | And I think that's the key.

01:21:55.880 | And I think that's the key.

01:21:56.880 | And I think that's the key.

01:21:57.880 | And I think that's the key.

01:21:58.880 | And I think that's the key.

01:21:59.880 | And I think that's the key.

01:22:00.880 | And I think that's the key.

01:22:01.880 | And I think that's the key.

01:22:02.880 | And I think that's the key.

01:22:03.880 | And I think that's the key.

01:22:04.880 | And I think that's the key.

01:22:05.880 | And I think that's the key.

01:22:06.880 | And I think that's the key.

01:22:07.880 | And I think that's the key.

01:22:08.880 | And I think that's the key.

01:22:09.880 | And I think that's the key.

01:22:10.880 | And I think that's the key.

01:22:11.880 | And I think that's the key.

01:22:12.880 | And I think that's the key.

01:22:13.880 | And I think that's the key.

01:22:14.880 | And I think that's the key.

01:22:15.880 | And I think that's the key.

01:22:16.880 | And I think that's the key.

01:22:17.880 | And I think that's the key.

01:22:18.880 | And I think that's the key.

01:22:19.880 | And I think that's the key.

01:22:20.880 | And I think that's the key.

01:22:21.880 | And I think that's the key.

01:22:22.880 | And I think that's the key.

01:22:23.880 | And I think that's the key.

01:22:24.880 | And I think that's the key.

01:22:25.880 | And I think that's the key.

01:22:26.880 | And I think that's the key.

01:22:27.880 | And I think that's the key.

01:22:28.880 | And I think that's the key.

01:22:29.880 | And I think that's the key.

01:22:30.880 | And I think that's the key.

01:22:31.880 | And I think that's the key.

01:22:32.880 | And I think that's the key.

01:22:33.880 | And I think that's the key.

01:22:34.880 | And I think that's the key.

01:22:35.880 | And I think that's the key.

01:22:36.880 | And I think that's the key.

01:22:37.880 | And I think that's the key.

01:22:38.880 | And I think that's the key.

01:22:39.880 | And I think that's the key.

01:22:40.880 | And I think that's the key.

01:22:41.880 | And I think that's the key.

01:22:42.880 | And I think that's the key.

01:22:43.880 | And I think that's the key.

01:22:44.880 | And I think that's the key.

01:22:45.880 | And I think that's the key.

01:22:46.880 | And I think that's the key.

01:22:47.880 | And I think that's the key.

01:22:48.880 | And I think that's the key.

01:22:49.880 | And I think that's the key.

01:22:50.880 | And I think that's the key.

01:22:51.880 | And I think that's the key.

01:22:52.880 | And I think that's the key.

01:22:53.880 | And I think that's the key.

01:22:54.880 | And I think that's the key.

01:22:55.880 | And I think that's the key.

01:22:56.880 | And I think that's the key.

01:22:57.880 | And I think that's the key.

01:22:58.880 | And I think that's the key.

01:22:59.880 | And I think that's the key.

01:23:00.880 | And I think that's the key.

01:23:01.880 | And I think that's the key.

01:23:02.880 | And I think that's the key.

01:23:03.880 | And I think that's the key.

01:23:04.880 | And I think that's the key.

01:23:05.880 | And I think that's the key.

01:23:06.880 | And I think that's the key.

01:23:07.880 | And I think that's the key.

01:23:08.880 | And I think that's the key.

01:23:09.880 | And I think that's the key.

01:23:10.880 | And I think that's the key.

01:23:11.880 | And I think that's the key.

01:23:12.880 | And I think that's the key.

01:23:13.880 | And I think that's the key.

01:23:14.880 | And I think that's the key.

01:23:15.880 | And I think that's the key.

01:23:16.880 | And I think that's the key.

01:23:17.880 | And I think that's the key.

01:23:18.880 | And I think that's the key.

01:23:19.880 | And I think that's the key.

01:23:20.880 | And I think that's the key.

01:23:21.880 | And I think that's the key.

01:23:22.880 | And I think that's the key.

01:23:23.880 | And I think that's the key.

01:23:24.880 | And I think that's the key.

01:23:25.880 | And I think that's the key.

01:23:26.880 | And I think that's the key.

01:23:27.880 | And I think that's the key.

01:23:28.880 | And I think that's the key.

01:23:29.880 | And I think that's the key.

01:23:30.880 | And I think that's the key.

01:23:31.880 | And I think that's the key.

01:23:32.880 | And I think that's the key.

01:23:33.880 | And I think that's the key.

01:23:34.880 | And I think that's the key.

01:23:35.880 | And I think that's the key.

01:23:36.880 | And I think that's the key.

01:23:37.880 | And I think that's the key.

01:23:38.880 | And I think that's the key.

01:23:39.880 | And I think that's the key.

01:23:40.880 | And I think that's the key.

01:23:41.880 | And I think that's the key.

01:23:42.880 | And I think that's the key.

01:23:43.880 | And I think that's the key.

01:23:44.880 | And I think that's the key.

01:23:45.880 | And I think that's the key.

01:23:46.880 | And I think that's the key.

01:23:47.880 | And I think that's the key.

01:23:48.880 | And I think that's the key.

01:23:49.880 | And I think that's the key.

01:23:50.880 | And I think that's the key.

01:23:51.880 | And I think that's the key.

01:23:52.880 | And I think that's the key.

01:23:53.880 | And I think that's the key.

01:23:54.880 | And I think that's the key.

01:23:55.880 | And I think that's the key.

01:23:56.880 | And I think that's the key.

01:23:57.880 | And I think that's the key.

01:23:58.880 | And I think that's the key.

01:23:59.880 | And I think that's the key.

01:24:00.880 | And I think that's the key.

01:24:01.880 | And I think that's the key.

01:24:02.880 | And I think that's the key.

01:24:03.880 | And I think that's the key.

01:24:04.880 | And I think that's the key.

01:24:05.880 | And I think that's the key.

01:24:06.880 | And I think that's the key.

01:24:07.880 | And I think that's the key.

01:24:08.880 | And I think that's the key.

01:24:09.880 | And I think that's the key.

01:24:10.880 | And I think that's the key.

01:24:11.880 | And I think that's the key.

01:24:12.880 | And I think that's the key.

01:24:13.880 | And I think that's the key.

01:24:14.880 | And I think that's the key.

01:24:15.880 | And I think that's the key.

01:24:16.880 | And I think that's the key.

01:24:17.880 | And I think that's the key.

01:24:18.880 | And I think that's the key.

01:24:19.880 | And I think that's the key.

01:24:20.880 | And I think that's the key.

01:24:21.880 | And I think that's the key.

01:24:22.880 | And I think that's the key.

01:24:23.880 | And I think that's the key.

01:24:24.880 | And I think that's the key.

01:24:25.880 | And I think that's the key.

01:24:26.880 | And I think that's the key.

01:24:27.880 | And I think that's the key.

01:24:28.880 | And I think that's the key.

01:24:29.880 | And I think that's the key.

01:24:30.880 | And I think that's the key.

01:24:31.880 | And I think that's the key.

01:24:32.880 | And I think that's the key.

01:24:33.880 | And I think that's the key.

01:24:34.880 | And I think that's the key.

01:24:35.880 | And I think that's the key.

01:24:36.880 | And I think that's the key.

01:24:37.880 | And I think that's the key.

01:24:38.880 | And I think that's the key.

01:24:39.880 | And I think that's the key.

01:24:40.880 | And I think that's the key.

01:24:41.880 | And I think that's the key.

01:24:42.880 | And I think that's the key.

01:24:43.880 | And I think that's the key.

01:24:44.880 | And I think that's the key.

01:24:45.880 | And I think that's the key.

01:24:46.880 | And I think that's the key.

01:24:47.880 | And I think that's the key.

01:24:48.880 | And I think that's the key.

01:24:49.880 | And I think that's the key.

01:24:50.880 | And I think that's the key.

01:24:51.880 | And I think that's the key.

01:24:52.880 | And I think that's the key.

01:24:53.880 | And I think that's the key.

01:24:54.880 | And I think that's the key.

01:24:55.880 | And I think that's the key.

01:24:56.880 | And I think that's the key.

01:24:57.880 | And I think that's the key.

01:24:58.880 | And I think that's the key.

01:24:59.880 | And I think that's the key.

01:25:00.880 | And I think that's the key.

01:25:01.880 | And I think that's the key.

01:25:02.880 | And I think that's the key.

01:25:03.880 | And I think that's the key.

01:25:04.880 | And I think that's the key.

01:25:05.880 | And I think that's the key.

01:25:06.880 | And I think that's the key.

01:25:07.880 | And I think that's the key.

01:25:08.880 | And I think that's the key.

01:25:09.880 | And I think that's the key.

01:25:10.880 | And I think that's the key.

01:25:11.880 | And I think that's the key.

01:25:12.880 | And I think that's the key.

01:25:13.880 | And I think that's the key.

01:25:14.880 | And I think that's the key.

01:25:15.880 | And I think that's the key.

01:25:16.880 | And I think that's the key.

01:25:17.880 | And I think that's the key.

01:25:18.880 | And I think that's the key.

01:25:19.880 | And I think that's the key.

01:25:20.880 | And I think that's the key.

01:25:21.880 | And I think that's the key.

01:25:22.880 | And I think that's the key.

01:25:23.880 | And I think that's the key.

01:25:24.880 | And I think that's the key.

01:25:25.880 | And I think that's the key.

01:25:26.880 | And I think that's the key.

01:25:27.880 | And I think that's the key.

01:25:28.880 | And I think that's the key.

01:25:29.880 | And I think that's the key.

01:25:30.880 | And I think that's the key.

01:25:31.880 | And I think that's the key.

01:25:32.880 | And I think that's the key.

01:25:33.880 | And I think that's the key.

01:25:34.880 | And I think that's the key.

01:25:35.880 | And I think that's the key.

01:25:36.880 | And I think that's the key.

01:25:37.880 | And I think that's the key.

01:25:38.880 | And I think that's the key.

01:25:39.880 | And I think that's the key.

01:25:40.880 | And I think that's the key.

01:25:41.880 | And I think that's the key.

01:25:42.880 | And I think that's the key.

01:25:43.880 | And I think that's the key.

01:25:44.880 | And I think that's the key.

01:25:45.880 | And I think that's the key.

01:25:46.880 | And I think that's the key.

01:25:47.880 | And I think that's the key.

01:25:48.880 | And I think that's the key.

01:25:49.880 | And I think that's the key.

01:25:50.880 | And I think that's the key.

01:25:51.880 | And I think that's the key.

01:25:52.880 | And I think that's the key.

01:25:53.880 | And I think that's the key.

01:25:54.880 | And I think that's the key.

01:25:55.880 | And I think that's the key.

01:25:56.880 | And I think that's the key.

01:25:57.880 | And I think that's the key.

01:25:58.880 | And I think that's the key.

01:25:59.880 | And I think that's the key.

01:26:00.880 | And I think that's the key.

01:26:01.880 | And I think that's the key.

01:26:02.880 | And I think that's the key.

01:26:03.880 | And I think that's the key.

01:26:04.880 | And I think that's the key.

01:26:05.880 | And I think that's the key.

01:26:06.880 | And I think that's the key.

01:26:07.880 | And I think that's the key.

01:26:08.880 | And I think that's the key.

01:26:09.880 | And I think that's the key.

01:26:10.880 | And I think that's the key.

01:26:11.880 | And I think that's the key.

01:26:12.880 | And I think that's the key.

01:26:13.880 | And I think that's the key.

01:26:14.880 | And I think that's the key.

01:26:15.880 | And I think that's the key.

01:26:16.880 | And I think that's the key.

01:26:17.880 | And I think that's the key.

01:26:18.880 | And I think that's the key.

01:26:19.880 | And I think that's the key.

01:26:20.880 | And I think that's the key.

01:26:21.880 | And I think that's the key.

01:26:22.880 | And I think that's the key.

01:26:23.880 | And I think that's the key.

01:26:24.880 | And I think that's the key.

01:26:25.880 | And I think that's the key.

01:26:26.880 | And I think that's the key.

01:26:27.880 | And I think that's the key.

01:26:28.880 | And I think that's the key.

01:26:29.880 | And I think that's the key.

01:26:30.880 | And I think that's the key.

01:26:31.880 | And I think that's the key.

01:26:32.880 | And I think that's the key.

01:26:33.880 | And I think that's the key.

01:26:34.880 | And I think that's the key.

01:26:35.880 | And I think that's the key.

01:26:36.880 | And I think that's the key.

01:26:37.880 | And I think that's the key.

01:26:38.880 | And I think that's the key.

01:26:39.880 | And I think that's the key.

01:26:40.880 | And I think that's the key.

01:26:41.880 | And I think that's the key.

01:26:42.880 | And I think that's the key.

01:26:43.880 | And I think that's the key.

01:26:44.880 | And I think that's the key.

01:26:45.880 | And I think that's the key.

01:26:46.880 | And I think that's the key.

01:26:47.880 | And I think that's the key.

01:26:48.880 | And I think that's the key.

01:26:49.880 | And I think that's the key.

01:26:50.880 | And I think that's the key.

01:26:51.880 | And I think that's the key.

01:26:52.880 | And I think that's the key.

01:26:53.880 | And I think that's the key.

01:26:54.880 | And I think that's the key.

01:26:55.880 | And I think that's the key.

01:26:56.880 | And I think that's the key.

01:26:57.880 | And I think that's the key.

01:26:58.880 | And I think that's the key.

01:26:59.880 | And I think that's the key.

01:27:00.880 | And I think that's the key.

01:27:01.880 | And I think that's the key.

01:27:02.880 | And I think that's the key.

01:27:03.880 | And I think that's the key.

01:27:04.880 | And I think that's the key.

01:27:05.880 | And I think that's the key.

01:27:06.880 | And I think that's the key.

01:27:07.880 | And I think that's the key.

01:27:08.880 | And I think that's the key.

01:27:09.880 | And I think that's the key.

01:27:10.880 | And I think that's the key.

01:27:11.880 | And I think that's the key.

01:27:12.880 | And I think that's the key.

01:27:13.880 | And I think that's the key.

01:27:14.880 | And I think that's the key.

01:27:15.880 | And I think that's the key.

01:27:16.880 | And I think that's the key.

01:27:17.880 | And I think that's the key.

01:27:18.880 | And I think that's the key.

01:27:19.880 | And I think that's the key.

01:27:20.880 | And I think that's the key.

01:27:21.880 | And I think that's the key.

01:27:22.880 | And I think that's the key.

01:27:23.880 | And I think that's the key.

01:27:24.880 | And I think that's the key.

01:27:25.880 | And I think that's the key.

01:27:26.880 | And I think that's the key.

01:27:27.880 | And I think that's the key.

01:27:28.880 | And I think that's the key.

01:27:29.880 | And I think that's the key.

01:27:30.880 | And I think that's the key.

01:27:31.880 | And I think that's the key.

01:27:32.880 | And I think that's the key.

01:27:33.880 | And I think that's the key.

01:27:34.880 | And I think that's the key.

01:27:35.880 | And I think that's the key.

01:27:36.880 | And I think that's the key.

01:27:37.880 | And I think that's the key.

01:27:38.880 | And I think that's the key.

01:27:39.880 | And I think that's the key.

01:27:40.880 | And I think that's the key.

01:27:41.880 | And I think that's the key.

01:27:42.880 | And I think that's the key.

01:27:43.880 | And I think that's the key.

01:27:44.880 | And I think that's the key.

01:27:45.880 | And I think that's the key.

01:27:46.880 | And I think that's the key.

01:27:47.880 | And I think that's the key.

01:27:48.880 | And I think that's the key.

01:27:49.880 | And I think that's the key.

01:27:50.880 | And I think that's the key.

01:27:51.880 | And I think that's the key.

01:27:52.880 | And I think that's the key.

01:27:53.880 | And I think that's the key.

01:27:54.880 | And I think that's the key.

01:27:55.880 | And I think that's the key.

01:27:56.880 | And I think that's the key.

01:27:57.880 | And I think that's the key.

01:27:58.880 | And I think that's the key.

01:27:59.880 | And I think that's the key.

01:28:00.880 | And I think that's the key.

01:28:01.880 | And I think that's the key.

01:28:02.880 | And I think that's the key.

01:28:03.880 | And I think that's the key.

01:28:04.880 | And I think that's the key.

01:28:05.880 | And I think that's the key.

01:28:06.880 | And I think that's the key.

01:28:07.880 | And I think that's the key.

01:28:08.880 | And I think that's the key.

01:28:09.880 | And I think that's the key.

01:28:10.880 | And I think that's the key.

01:28:11.880 | And I think that's the key.

01:28:12.880 | And I think that's the key.

01:28:13.880 | And I think that's the key.

01:28:14.880 | And I think that's the key.

01:28:15.880 | And I think that's the key.

01:28:16.880 | And I think that's the key.

01:28:17.880 | And I think that's the key.

01:28:18.880 | And I think that's the key.

01:28:19.880 | And I think that's the key.

01:28:20.880 | And I think that's the key.

01:28:21.880 | And I think that's the key.

01:28:22.880 | And I think that's the key.

01:28:23.880 | And I think that's the key.

01:28:24.880 | And I think that's the key.

01:28:25.880 | And I think that's the key.

01:28:26.880 | And I think that's the key.

01:28:27.880 | And I think that's the key.

01:28:28.880 | And I think that's the key.

01:28:29.880 | And I think that's the key.

01:28:30.880 | And I think that's the key.

01:28:31.880 | And I think that's the key.

01:28:32.880 | And I think that's the key.

01:28:33.880 | And I think that's the key.

01:28:34.880 | And I think that's the key.

01:28:35.880 | And I think that's the key.

01:28:36.880 | And I think that's the key.

01:28:37.880 | And I think that's the key.

01:28:38.880 | And I think that's the key.

01:28:39.880 | And I think that's the key.

01:28:40.880 | And I think that's the key.

01:28:41.880 | And I think that's the key.

01:28:42.880 | And I think that's the key.

01:28:43.880 | And I think that's the key.

01:28:44.880 | And I think that's the key.

01:28:45.880 | And I think that's the key.

01:28:46.880 | And I think that's the key.

01:28:47.880 | And I think that's the key.

01:28:48.880 | And I think that's the key.

01:28:49.880 | And I think that's the key.

01:28:50.880 | And I think that's the key.

01:28:51.880 | And I think that's the key.

01:28:52.880 | And I think that's the key.

01:28:53.880 | And I think that's the key.

01:28:54.880 | And I think that's the key.

01:28:55.880 | And I think that's the key.

01:28:56.880 | And I think that's the key.

01:28:57.880 | And I think that's the key.

01:28:58.880 | And I think that's the key.

01:28:59.880 | And I think that's the key.

01:29:00.880 | And I think that's the key.

01:29:01.880 | And I think that's the key.

01:29:02.880 | And I think that's the key.

01:29:03.880 | And I think that's the key.

01:29:04.880 | And I think that's the key.

01:29:05.880 | And I think that's the key.

01:29:06.880 | And I think that's the key.

01:29:07.880 | And I think that's the key.

01:29:08.880 | And I think that's the key.

01:29:09.880 | And I think that's the key.

01:29:10.880 | And I think that's the key.

01:29:11.880 | And I think that's the key.

01:29:12.880 | And I think that's the key.

01:29:13.880 | And I think that's the key.

01:29:14.880 | And I think that's the key.

01:29:15.880 | And I think that's the key.

01:29:16.880 | And I think that's the key.

01:29:17.880 | And I think that's the key.

01:29:18.880 | And I think that's the key.

01:29:19.880 | And I think that's the key.

01:29:20.880 | And I think that's the key.

01:29:21.880 | And I think that's the key.

01:29:22.880 | And I think that's the key.

01:29:23.880 | And I think that's the key.

01:29:24.880 | And I think that's the key.

01:29:25.880 | And I think that's the key.

01:29:26.880 | And I think that's the key.

01:29:27.880 | And I think that's the key.

01:29:28.880 | And I think that's the key.

01:29:29.880 | And I think that's the key.

01:29:30.880 | And I think that's the key.

01:29:31.880 | And I think that's the key.

01:29:32.880 | And I think that's the key.

01:29:33.880 | And I think that's the key.

01:29:34.880 | And I think that's the key.

01:29:35.880 | And I think that's the key.

01:29:36.880 | And I think that's the key.

01:29:37.880 | And I think that's the key.

01:29:38.880 | And I think that's the key.

01:29:39.880 | And I think that's the key.

01:29:40.880 | And I think that's the key.

01:29:41.880 | And I think that's the key.

01:29:42.880 | And I think that's the key.

01:29:43.880 | And I think that's the key.

01:29:44.880 | And I think that's the key.

01:29:45.880 | And I think that's the key.

01:29:46.880 | And I think that's the key.

01:29:47.880 | And I think that's the key.

01:29:48.880 | And I think that's the key.

01:29:49.880 | And I think that's the key.

01:29:50.880 | And I think that's the key.

01:29:51.880 | And I think that's the key.

01:29:52.880 | And I think that's the key.

01:29:53.880 | And I think that's the key.

01:29:54.880 | And I think that's the key.

01:29:55.880 | And I think that's the key.

01:29:56.880 | And I think that's the key.

01:29:57.880 | And I think that's the key.

01:29:58.880 | And I think that's the key.

01:29:59.880 | And I think that's the key.

01:30:00.880 | And I think that's the key.

01:30:01.880 | And I think that's the key.

01:30:02.880 | And I think that's the key.

01:30:03.880 | And I think that's the key.

01:30:04.880 | And I think that's the key.

01:30:05.880 | And I think that's the key.

01:30:06.880 | And I think that's the key.

01:30:07.880 | And I think that's the key.

01:30:08.880 | And I think that's the key.

01:30:09.880 | And I think that's the key.

01:30:10.880 | And I think that's the key.

01:30:11.880 | And I think that's the key.

01:30:12.880 | And I think that's the key.

01:30:13.880 | And I think that's the key.

01:30:14.880 | And I think that's the key.

01:30:15.880 | And I think that's the key.

01:30:16.880 | And I think that's the key.

01:30:17.880 | And I think that's the key.

01:30:18.880 | And I think that's the key.

01:30:19.880 | And I think that's the key.

01:30:20.880 | And I think that's the key.

01:30:21.880 | And I think that's the key.

01:30:22.880 | And I think that's the key.

01:30:23.880 | And I think that's the key.

01:30:24.880 | And I think that's the key.

01:30:25.880 | And I think that's the key.

01:30:26.880 | And I think that's the key.

01:30:27.880 | And I think that's the key.

01:30:28.880 | And I think that's the key.

01:30:29.880 | And I think that's the key.

01:30:30.880 | And I think that's the key.

01:30:31.880 | And I think that's the key.

01:30:32.880 | And I think that's the key.

01:30:33.880 | And I think that's the key.

01:30:34.880 | And I think that's the key.

01:30:35.880 | And I think that's the key.

01:30:36.880 | And I think that's the key.

01:30:37.880 | And I think that's the key.

01:30:38.880 | And I think that's the key.

01:30:39.880 | And I think that's the key.

01:30:40.880 | And I think that's the key.

01:30:41.880 | And I think that's the key.

01:30:42.880 | And I think that's the key.

01:30:43.880 | And I think that's the key.

01:30:44.880 | And I think that's the key.

01:30:45.880 | And I think that's the key.

01:30:46.880 | And I think that's the key.

01:30:47.880 | And I think that's the key.

01:30:48.880 | And I think that's the key.

01:30:49.880 | And I think that's the key.

01:30:50.880 | And I think that's the key.

01:30:51.880 | And I think that's the key.

01:30:52.880 | And I think that's the key.

01:30:53.880 | And I think that's the key.

01:30:54.880 | And I think that's the key.

01:30:55.880 | And I think that's the key.

01:30:56.880 | And I think that's the key.

01:30:57.880 | And I think that's the key.

01:30:58.880 | And I think that's the key.

01:30:59.880 | And I think that's the key.

01:31:00.880 | And I think that's the key.

01:31:01.880 | And I think that's the key.

01:31:02.880 | And I think that's the key.

01:31:03.880 | And I think that's the key.

01:31:04.880 | And I think that's the key.

01:31:05.880 | And I think that's the key.

01:31:06.880 | And I think that's the key.

01:31:07.880 | And I think that's the key.

01:31:08.880 | And I think that's the key.

01:31:09.880 | And I think that's the key.

01:31:10.880 | And I think that's the key.

01:31:11.880 | And I think that's the key.

01:31:12.880 | And I think that's the key.

01:31:13.880 | And I think that's the key.

01:31:14.880 | And I think that's the key.

01:31:15.880 | And I think that's the key.

01:31:16.880 | And I think that's the key.

01:31:17.880 | And I think that's the key.

01:31:18.880 | And I think that's the key.

01:31:19.880 | And I think that's the key.

01:31:20.880 | And I think that's the key.

01:31:21.880 | And I think that's the key.

01:31:22.880 | And I think that's the key.

01:31:23.880 | And I think that's the key.

01:31:24.880 | And I think that's the key.

01:31:25.880 | And I think that's the key.

01:31:26.880 | And I think that's the key.

01:31:27.880 | And I think that's the key.

01:31:28.880 | And I think that's the key.

01:31:29.880 | And I think that's the key.

01:31:30.880 | And I think that's the key.

01:31:31.880 | And I think that's the key.

01:31:32.880 | And I think that's the key.

01:31:33.880 | And I think that's the key.

01:31:34.880 | And I think that's the key.

01:31:35.880 | And I think that's the key.

01:31:36.880 | And I think that's the key.

01:31:37.880 | And I think that's the key.

01:31:38.880 | And I think that's the key.

01:31:39.880 | And I think that's the key.

01:31:40.880 | And I think that's the key.

01:31:41.880 | And I think that's the key.

01:31:42.880 | And I think that's the key.

01:31:43.880 | And I think that's the key.

01:31:44.880 | And I think that's the key.

01:31:45.880 | And I think that's the key.

01:31:46.880 | And I think that's the key.

01:31:47.880 | And I think that's the key.

01:31:48.880 | And I think that's the key.

01:31:49.880 | And I think that's the key.

01:31:50.880 | And I think that's the key.

01:31:51.880 | And I think that's the key.

01:31:52.880 | And I think that's the key.

01:31:53.880 | And I think that's the key.

01:31:54.880 | And I think that's the key.

01:31:55.880 | And I think that's the key.

01:31:56.880 | And I think that's the key.

01:31:57.880 | And I think that's the key.

01:31:58.880 | And I think that's the key.

01:31:59.880 | And I think that's the key.

01:32:00.880 | And I think that's the key.

01:32:01.880 | And I think that's the key.

01:32:02.880 | And I think that's the key.

01:32:03.880 | And I think that's the key.

01:32:04.880 | And I think that's the key.

01:32:05.880 | And I think that's the key.

01:32:06.880 | And I think that's the key.

01:32:07.880 | And I think that's the key.

01:32:08.880 | And I think that's the key.

01:32:09.880 | And I think that's the key.

01:32:10.880 | And I think that's the key.

01:32:11.880 | And I think that's the key.

01:32:12.880 | And I think that's the key.

01:32:13.880 | And I think that's the key.

01:32:14.880 | And I think that's the key.

01:32:15.880 | And I think that's the key.

01:32:16.880 | And I think that's the key.

01:32:17.880 | And I think that's the key.

01:32:18.880 | And I think that's the key.

01:32:19.880 | And I think that's the key.

01:32:20.880 | And I think that's the key.

01:32:21.880 | And I think that's the key.

01:32:22.880 | And I think that's the key.

01:32:23.880 | And I think that's the key.

01:32:24.880 | And I think that's the key.

01:32:25.880 | And I think that's the key.

01:32:26.880 | And I think that's the key.

01:32:27.880 | And I think that's the key.

01:32:28.880 | And I think that's the key.

01:32:29.880 | And I think that's the key.

01:32:30.880 | And I think that's the key.

01:32:31.880 | And I think that's the key.

01:32:32.880 | And I think that's the key.

01:32:33.880 | And I think that's the key.

01:32:34.880 | And I think that's the key.

01:32:35.880 | And I think that's the key.

01:32:36.880 | And I think that's the key.

01:32:37.880 | And I think that's the key.

01:32:38.880 | And I think that's the key.

01:32:39.880 | And I think that's the key.

01:32:40.880 | And I think that's the key.

01:32:41.880 | And I think that's the key.

01:32:42.880 | And I think that's the key.

01:32:43.880 | And I think that's the key.

01:32:44.880 | And I think that's the key.

01:32:45.880 | And I think that's the key.

01:32:46.880 | And I think that's the key.

01:32:47.880 | And I think that's the key.

01:32:48.880 | And I think that's the key.

01:32:49.880 | And I think that's the key.

01:32:50.880 | And I think that's the key.

01:32:51.880 | And I think that's the key.

01:32:52.880 | And I think that's the key.

01:32:53.880 | And I think that's the key.

01:32:54.880 | And I think that's the key.

01:32:55.880 | And I think that's the key.

01:32:56.880 | And I think that's the key.

01:32:57.880 | And I think that's the key.

01:32:58.880 | And I think that's the key.

01:32:59.880 | And I think that's the key.

01:33:00.880 | And I think that's the key.

01:33:01.880 | And I think that's the key.

01:33:02.880 | And I think that's the key.

01:33:03.880 | And I think that's the key.

01:33:04.880 | And I think that's the key.

01:33:05.880 | And I think that's the key.

01:33:06.880 | And I think that's the key.

01:33:07.880 | And I think that's the key.

01:33:08.880 | And I think that's the key.

01:33:09.880 | And I think that's the key.

01:33:10.880 | And I think that's the key.

01:33:11.880 | And I think that's the key.

01:33:12.880 | And I think that's the key.

01:33:13.880 | And I think that's the key.

01:33:14.880 | And I think that's the key.

01:33:15.880 | And I think that's the key.

01:33:16.880 | And I think that's the key.

01:33:17.880 | And I think that's the key.

01:33:18.880 | And I think that's the key.

01:33:19.880 | And I think that's the key.

01:33:20.880 | And I think that's the key.

01:33:21.880 | And I think that's the key.

01:33:22.880 | And I think that's the key.

01:33:23.880 | And I think that's the key.

01:33:24.880 | And I think that's the key.

01:33:25.880 | And I think that's the key.

01:33:26.880 | And I think that's the key.

01:33:27.880 | And I think that's the key.

01:33:28.880 | And I think that's the key.

01:33:29.880 | And I think that's the key.

01:33:30.880 | And I think that's the key.

01:33:31.880 | And I think that's the key.

01:33:32.880 | And I think that's the key.

01:33:33.880 | And I think that's the key.

01:33:34.880 | And I think that's the key.

01:33:35.880 | And I think that's the key.

01:33:36.880 | And I think that's the key.

01:33:37.880 | And I think that's the key.

01:33:38.880 | And I think that's the key.

01:33:39.880 | And I think that's the key.

01:33:40.880 | And I think that's the key.

01:33:41.880 | And I think that's the key.

01:33:42.880 | And I think that's the key.

01:33:43.880 | And I think that's the key.

01:33:44.880 | And I think that's the key.

01:33:45.880 | And I think that's the key.

01:33:46.880 | And I think that's the key.

01:33:47.880 | And I think that's the key.

01:33:48.880 | And I think that's the key.

01:33:49.880 | And I think that's the key.

01:33:50.880 | And I think that's the key.

01:33:51.880 | And I think that's the key.

01:33:52.880 | And I think that's the key.

01:33:53.880 | And I think that's the key.

01:33:54.880 | And I think that's the key.

01:33:55.880 | And I think that's the key.

01:33:56.880 | And I think that's the key.

01:33:57.880 | And I think that's the key.

01:33:58.880 | And I think that's the key.

01:33:59.880 | And I think that's the key.

01:34:00.880 | And I think that's the key.

01:34:01.880 | And I think that's the key.

01:34:02.880 | And I think that's the key.

01:34:03.880 | And I think that's the key.

01:34:04.880 | And I think that's the key.

01:34:05.880 | And I think that's the key.

01:34:06.880 | And I think that's the key.

01:34:07.880 | And I think that's the key.

01:34:08.880 | And I think that's the key.

01:34:09.880 | And I think that's the key.

01:34:10.880 | And I think that's the key.

01:34:11.880 | And I think that's the key.

01:34:12.880 | And I think that's the key.

01:34:13.880 | And I think that's the key.

01:34:14.880 | And I think that's the key.

01:34:15.880 | And I think that's the key.

01:34:16.880 | And I think that's the key.

01:34:17.880 | And I think that's the key.

01:34:18.880 | And I think that's the key.

01:34:19.880 | And I think that's the key.

01:34:20.880 | And I think that's the key.

01:34:21.880 | And I think that's the key.

01:34:22.880 | And I think that's the key.

01:34:23.880 | And I think that's the key.

01:34:24.880 | And I think that's the key.

01:34:25.880 | And I think that's the key.

01:34:26.880 | And I think that's the key.

01:34:27.880 | And I think that's the key.

01:34:28.880 | And I think that's the key.

01:34:29.880 | And I think that's the key.

01:34:30.880 | And I think that's the key.

01:34:31.880 | And I think that's the key.

01:34:32.880 | And I think that's the key.

01:34:33.880 | And I think that's the key.

01:34:34.880 | And I think that's the key.

01:34:35.880 | And I think that's the key.

01:34:36.880 | And I think that's the key.

01:34:37.880 | And I think that's the key.

01:34:38.880 | And I think that's the key.

01:34:39.880 | And I think that's the key.

01:34:40.880 | And I think that's the key.

01:34:41.880 | And I think that's the key.

01:34:42.880 | And I think that's the key.

01:34:43.880 | And I think that's the key.

01:34:44.880 | And I think that's the key.

01:34:45.880 | And I think that's the key.

01:34:46.880 | And I think that's the key.

01:34:47.880 | And I think that's the key.

01:34:48.880 | And I think that's the key.

01:34:49.880 | And I think that's the key.

01:34:50.880 | And I think that's the key.

01:34:51.880 | And I think that's the key.

01:34:52.880 | And I think that's the key.

01:34:53.880 | And I think that's the key.

01:34:54.880 | And I think that's the key.

01:34:55.880 | And I think that's the key.

01:34:56.880 | And I think that's the key.

01:34:57.880 | And I think that's the key.

01:34:58.880 | And I think that's the key.

01:34:59.880 | And I think that's the key.

01:35:00.880 | And I think that's the key.

01:35:01.880 | And I think that's the key.

01:35:02.880 | And I think that's the key.

01:35:03.880 | And I think that's the key.

01:35:04.880 | And I think that's the key.

01:35:05.880 | And I think that's the key.

01:35:06.880 | And I think that's the key.

01:35:07.880 | And I think that's the key.

01:35:08.880 | And I think that's the key.

01:35:09.880 | And I think that's the key.

01:35:10.880 | And I think that's the key.

01:35:11.880 | And I think that's the key.

01:35:12.880 | And I think that's the key.

01:35:13.880 | And I think that's the key.

01:35:14.880 | And I think that's the key.

01:35:15.880 | And I think that's the key.

01:35:16.880 | And I think that's the key.

01:35:17.880 | And I think that's the key.

01:35:18.880 | And I think that's the key.

01:35:19.880 | And I think that's the key.

01:35:20.880 | And I think that's the key.

01:35:21.880 | And I think that's the key.

01:35:22.880 | And I think that's the key.

01:35:23.880 | And I think that's the key.

01:35:24.880 | And I think that's the key.

01:35:25.880 | And I think that's the key.

01:35:26.880 | And I think that's the key.

01:35:27.880 | And I think that's the key.

01:35:28.880 | And I think that's the key.

01:35:29.880 | And I think that's the key.

01:35:30.880 | And I think that's the key.

01:35:31.880 | And I think that's the key.

01:35:32.880 | And I think that's the key.

01:35:33.880 | And I think that's the key.

01:35:34.880 | And I think that's the key.

01:35:35.880 | And I think that's the key.

01:35:36.880 | And I think that's the key.

01:35:37.880 | And I think that's the key.

01:35:38.880 | And I think that's the key.

01:35:39.880 | And I think that's the key.

01:35:40.880 | And I think that's the key.

01:35:41.880 | And I think that's the key.

01:35:42.880 | And I think that's the key.

01:35:43.880 | And I think that's the key.

01:35:44.880 | And I think that's the key.

01:35:45.880 | And I think that's the key.

01:35:46.880 | And I think that's the key.

01:35:47.880 | And I think that's the key.

01:35:48.880 | And I think that's the key.

01:35:49.880 | And I think that's the key.

01:35:50.880 | And I think that's the key.

01:35:51.880 | And I think that's the key.

01:35:52.880 | And I think that's the key.

01:35:53.880 | And I think that's the key.

01:35:54.880 | And I think that's the key.

01:35:55.880 | And I think that's the key.

01:35:56.880 | And I think that's the key.

01:35:57.880 | And I think that's the key.

01:35:58.880 | And I think that's the key.

01:35:59.880 | And I think that's the key.

01:36:00.880 | And I think that's the key.

01:36:01.880 | And I think that's the key.

01:36:02.880 | And I think that's the key.

01:36:03.880 | And I think that's the key.

01:36:04.880 | And I think that's the key.

01:36:05.880 | And I think that's the key.

01:36:06.880 | And I think that's the key.

01:36:07.880 | And I think that's the key.

01:36:08.880 | And I think that's the key.

01:36:09.880 | And I think that's the key.

01:36:10.880 | And I think that's the key.

01:36:11.880 | And I think that's the key.

01:36:12.880 | And I think that's the key.

01:36:13.880 | And I think that's the key.

01:36:14.880 | And I think that's the key.

01:36:15.880 | And I think that's the key.

01:36:16.880 | And I think that's the key.

01:36:17.880 | And I think that's the key.

01:36:18.880 | And I think that's the key.

01:36:19.880 | And I think that's the key.

01:36:20.880 | And I think that's the key.

01:36:21.880 | And I think that's the key.

01:36:22.880 | And I think that's the key.

01:36:23.880 | And I think that's the key.

01:36:24.880 | And I think that's the key.

01:36:25.880 | And I think that's the key.

01:36:26.880 | And I think that's the key.

01:36:27.880 | And I think that's the key.

01:36:28.880 | And I think that's the key.

01:36:29.880 | And I think that's the key.

01:36:30.880 | And I think that's the key.

01:36:31.880 | And I think that's the key.

01:36:32.880 | And I think that's the key.

01:36:33.880 | And I think that's the key.

01:36:34.880 | And I think that's the key.

01:36:35.880 | And I think that's the key.

01:36:36.880 | And I think that's the key.

01:36:37.880 | And I think that's the key.

01:36:38.880 | And I think that's the key.

01:36:39.880 | And I think that's the key.

01:36:40.880 | And I think that's the key.

01:36:41.880 | And I think that's the key.

01:36:42.880 | And I think that's the key.

01:36:43.880 | And I think that's the key.

01:36:44.880 | And I think that's the key.

01:36:45.880 | And I think that's the key.

01:36:46.880 | And I think that's the key.

01:36:47.880 | And I think that's the key.

01:36:48.880 | And I think that's the key.

01:36:49.880 | And I think that's the key.

01:36:50.880 | And I think that's the key.

01:36:51.880 | And I think that's the key.

01:36:52.880 | And I think that's the key.

01:36:53.880 | And I think that's the key.

01:36:54.880 | And I think that's the key.

01:36:55.880 | And I think that's the key.

01:36:56.880 | And I think that's the key.

01:36:57.880 | And I think that's the key.

01:36:58.880 | And I think that's the key.

01:36:59.880 | And I think that's the key.

01:37:00.880 | And I think that's the key.

01:37:01.880 | And I think that's the key.

01:37:02.880 | And I think that's the key.

01:37:03.880 | And I think that's the key.

01:37:04.880 | And I think that's the key.

01:37:05.880 | And I think that's the key.

01:37:06.880 | And I think that's the key.

01:37:07.880 | And I think that's the key.

01:37:08.880 | And I think that's the key.

01:37:09.880 | And I think that's the key.

01:37:10.880 | And I think that's the key.

01:37:11.880 | And I think that's the key.

01:37:12.880 | And I think that's the key.

01:37:13.880 | And I think that's the key.

01:37:14.880 | And I think that's the key.

01:37:15.880 | And I think that's the key.

01:37:16.880 | And I think that's the key.

01:37:17.880 | And I think that's the key.

01:37:18.880 | And I think that's the key.

01:37:19.880 | And I think that's the key.

01:37:20.880 | And I think that's the key.

01:37:21.880 | And I think that's the key.

01:37:22.880 | And I think that's the key.

01:37:23.880 | And I think that's the key.

01:37:24.880 | And I think that's the key.

01:37:25.880 | And I think that's the key.

01:37:26.880 | And I think that's the key.

01:37:27.880 | And I think that's the key.

01:37:28.880 | And I think that's the key.

01:37:29.880 | And I think that's the key.

01:37:30.880 | And I think that's the key.

01:37:31.880 | And I think that's the key.

01:37:32.880 | And I think that's the key.

01:37:33.880 | And I think that's the key.

01:37:34.880 | And I think that's the key.

01:37:35.880 | And I think that's the key.

01:37:36.880 | And I think that's the key.

01:37:37.880 | And I think that's the key.

01:37:38.880 | And I think that's the key.

01:37:39.880 | And I think that's the key.

01:37:40.880 | And I think that's the key.

01:37:41.880 | And I think that's the key.

01:37:42.880 | And I think that's the key.

01:37:43.880 | And I think that's the key.

01:37:44.880 | And I think that's the key.

01:37:45.880 | And I think that's the key.

01:37:46.880 | And I think that's the key.

01:37:47.880 | And I think that's the key.

01:37:48.880 | And I think that's the key.

01:37:49.880 | And I think that's the key.

01:37:50.880 | And I think that's the key.

01:37:51.880 | And I think that's the key.

01:37:52.880 | And I think that's the key.

01:37:53.880 | And I think that's the key.

01:37:54.880 | And I think that's the key.

01:37:55.880 | And I think that's the key.

01:37:56.880 | And I think that's the key.

01:37:57.880 | And I think that's the key.

01:37:58.880 | And I think that's the key.

01:37:59.880 | And I think that's the key.

01:38:00.880 | And I think that's the key.

01:38:01.880 | And I think that's the key.

01:38:02.880 | And I think that's the key.

01:38:03.880 | And I think that's the key.

01:38:04.880 | And I think that's the key.

01:38:05.880 | And I think that's the key.

01:38:06.880 | And I think that's the key.

01:38:07.880 | And I think that's the key.

01:38:08.880 | And I think that's the key.

01:38:09.880 | And I think that's the key.

01:38:10.880 | And I think that's the key.

01:38:11.880 | And I think that's the key.

01:38:12.880 | And I think that's the key.

01:38:13.880 | And I think that's the key.

01:38:14.880 | And I think that's the key.

01:38:15.880 | And I think that's the key.

01:38:16.880 | And I think that's the key.

01:38:17.880 | And I think that's the key.

01:38:18.880 | And I think that's the key.

01:38:19.880 | And I think that's the key.

01:38:20.880 | And I think that's the key.

01:38:21.880 | And I think that's the key.

01:38:22.880 | And I think that's the key.

01:38:23.880 | And I think that's the key.

01:38:24.880 | And I think that's the key.

01:38:25.880 | And I think that's the key.

01:38:26.880 | And I think that's the key.

01:38:27.880 | And I think that's the key.

01:38:28.880 | And I think that's the key.

01:38:29.880 | And I think that's the key.

01:38:30.880 | And I think that's the key.

01:38:31.880 | And I think that's the key.

01:38:32.880 | And I think that's the key.

01:38:33.880 | And I think that's the key.

01:38:34.880 | And I think that's the key.

01:38:35.880 | And I think that's the key.

01:38:36.880 | And I think that's the key.

01:38:37.880 | And I think that's the key.

01:38:38.880 | And I think that's the key.

01:38:39.880 | And I think that's the key.

01:38:40.880 | And I think that's the key.

01:38:41.880 | And I think that's the key.

01:38:42.880 | And I think that's the key.

01:38:43.880 | And I think that's the key.

01:38:44.880 | And I think that's the key.

01:38:45.880 | And I think that's the key.

01:38:46.880 | And I think that's the key.

01:38:47.880 | And I think that's the key.

01:38:48.880 | And I think that's the key.

01:38:49.880 | And I think that's the key.

01:38:50.880 | And I think that's the key.

01:38:51.880 | And I think that's the key.

01:38:52.880 | And I think that's the key.

01:38:53.880 | And I think that's the key.

01:38:54.880 | And I think that's the key.

01:38:55.880 | And I think that's the key.

01:38:56.880 | And I think that's the key.

01:38:57.880 | And I think that's the key.

01:38:58.880 | And I think that's the key.

01:38:59.880 | And I think that's the key.

01:39:00.880 | And I think that's the key.

01:39:01.880 | And I think that's the key.

01:39:02.880 | And I think that's the key.

01:39:03.880 | And I think that's the key.

01:39:04.880 | And I think that's the key.

01:39:05.880 | And I think that's the key.

01:39:06.880 | And I think that's the key.

01:39:07.880 | And I think that's the key.

01:39:08.880 | And I think that's the key.

01:39:09.880 | And I think that's the key.

01:39:10.880 | And I think that's the key.

01:39:11.880 | And I think that's the key.

01:39:12.880 | And I think that's the key.

01:39:13.880 | And I think that's the key.

01:39:14.880 | And I think that's the key.

01:39:15.880 | And I think that's the key.

01:39:16.880 | And I think that's the key.

01:39:17.880 | And I think that's the key.

01:39:18.880 | And I think that's the key.

01:39:19.880 | And I think that's the key.

01:39:20.880 | And I think that's the key.

01:39:21.880 | And I think that's the key.

01:39:22.880 | And I think that's the key.

01:39:23.880 | And I think that's the key.

01:39:24.880 | And I think that's the key.

01:39:25.880 | And I think that's the key.

01:39:26.880 | And I think that's the key.

01:39:27.880 | And I think that's the key.

01:39:28.880 | And I think that's the key.

01:39:29.880 | And I think that's the key.

01:39:30.880 | And I think that's the key.

01:39:31.880 | And I think that's the key.

01:39:32.880 | And I think that's the key.

01:39:33.880 | And I think that's the key.

01:39:34.880 | And I think that's the key.

01:39:35.880 | And I think that's the key.

01:39:36.880 | And I think that's the key.

01:39:37.880 | And I think that's the key.

01:39:38.880 | And I think that's the key.

01:39:39.880 | And I think that's the key.

01:39:40.880 | And I think that's the key.

01:39:41.880 | And I think that's the key.

01:39:42.880 | And I think that's the key.

01:39:43.880 | And I think that's the key.

01:39:44.880 | And I think that's the key.

01:39:45.880 | And I think that's the key.

01:39:46.880 | And I think that's the key.

01:39:47.880 | And I think that's the key.

01:39:48.880 | And I think that's the key.

01:39:49.880 | And I think that's the key.

01:39:50.880 | And I think that's the key.

01:39:51.880 | And I think that's the key.

01:39:52.880 | And I think that's the key.

01:39:53.880 | And I think that's the key.

01:39:54.880 | And I think that's the key.

01:39:55.880 | And I think that's the key.

01:39:56.880 | And I think that's the key.

01:39:57.880 | And I think that's the key.

01:39:58.880 | And I think that's the key.

01:39:59.880 | And I think that's the key.

01:40:00.880 | And I think that's the key.

01:40:01.880 | And I think that's the key.

01:40:02.880 | And I think that's the key.

01:40:03.880 | And I think that's the key.

01:40:04.880 | And I think that's the key.

01:40:05.880 | And I think that's the key.

01:40:06.880 | And I think that's the key.

01:40:07.880 | And I think that's the key.

01:40:08.880 | And I think that's the key.

01:40:09.880 | And I think that's the key.

01:40:10.880 | And I think that's the key.

01:40:11.880 | And I think that's the key.

01:40:12.880 | And I think that's the key.

01:40:13.880 | And I think that's the key.

01:40:14.880 | And I think that's the key.

01:40:15.880 | And I think that's the key.

01:40:16.880 | And I think that's the key.

01:40:17.880 | And I think that's the key.

01:40:18.880 | And I think that's the key.

01:40:19.880 | And I think that's the key.

01:40:20.880 | And I think that's the key.

01:40:21.880 | And I think that's the key.

01:40:22.880 | And I think that's the key.

01:40:23.880 | And I think that's the key.

01:40:24.880 | And I think that's the key.

01:40:25.880 | And I think that's the key.

01:40:26.880 | And I think that's the key.

01:40:27.880 | And I think that's the key.

01:40:28.880 | And I think that's the key.

01:40:29.880 | And I think that's the key.

01:40:30.880 | And I think that's the key.

01:40:31.880 | And I think that's the key.

01:40:32.880 | And I think that's the key.

01:40:33.880 | And I think that's the key.

01:40:34.880 | And I think that's the key.

01:40:35.880 | And I think that's the key.

01:40:36.880 | And I think that's the key.

01:40:37.880 | And I think that's the key.

01:40:38.880 | And I think that's the key.

01:40:39.880 | And I think that's the key.

01:40:40.880 | And I think that's the key.

01:40:41.880 | And I think that's the key.

01:40:42.880 | And I think that's the key.

01:40:43.880 | And I think that's the key.

01:40:44.880 | And I think that's the key.

01:40:45.880 | And I think that's the key.

01:40:46.880 | And I think that's the key.

01:40:47.880 | And I think that's the key.

01:40:48.880 | And I think that's the key.

01:40:49.880 | And I think that's the key.

01:40:50.880 | And I think that's the key.

01:40:51.880 | And I think that's the key.

01:40:52.880 | And I think that's the key.

01:40:53.880 | And I think that's the key.

01:40:54.880 | And I think that's the key.

01:40:55.880 | And I think that's the key.

01:40:56.880 | And I think that's the key.

01:40:57.880 | And I think that's the key.

01:40:58.880 | And I think that's the key.

01:40:59.880 | And I think that's the key.

01:41:00.880 | And I think that's the key.

01:41:01.880 | And I think that's the key.

01:41:02.880 | And I think that's the key.

01:41:03.880 | And I think that's the key.

01:41:04.880 | And I think that's the key.

01:41:05.880 | And I think that's the key.

01:41:06.880 | And I think that's the key.

01:41:07.880 | And I think that's the key.

01:41:08.880 | And I think that's the key.

01:41:09.880 | And I think that's the key.

01:41:10.880 | And I think that's the key.

01:41:11.880 | And I think that's the key.

01:41:12.880 | And I think that's the key.

01:41:13.880 | And I think that's the key.

01:41:14.880 | And I think that's the key.

01:41:15.880 | And I think that's the key.

01:41:16.880 | And I think that's the key.

01:41:17.880 | And I think that's the key.

01:41:18.880 | And I think that's the key.

01:41:19.880 | And I think that's the key.

01:41:20.880 | And I think that's the key.

01:41:21.880 | And I think that's the key.

01:41:22.880 | And I think that's the key.

01:41:23.880 | And I think that's the key.

01:41:24.880 | And I think that's the key.

01:41:25.880 | And I think that's the key.

01:41:26.880 | And I think that's the key.

01:41:27.880 | And I think that's the key.

01:41:28.880 | And I think that's the key.

01:41:29.880 | And I think that's the key.

01:41:30.880 | And I think that's the key.

01:41:31.880 | And I think that's the key.

01:41:32.880 | And I think that's the key.

01:41:33.880 | And I think that's the key.

01:41:34.880 | And I think that's the key.

01:41:35.880 | And I think that's the key.

01:41:36.880 | And I think that's the key.

01:41:37.880 | And I think that's the key.

01:41:38.880 | And I think that's the key.

01:41:39.880 | And I think that's the key.

01:41:40.880 | And I think that's the key.

01:41:41.880 | And I think that's the key.

01:41:42.880 | And I think that's the key.

01:41:43.880 | And I think that's the key.

01:41:44.880 | And I think that's the key.

01:41:45.880 | And I think that's the key.

01:41:46.880 | And I think that's the key.

01:41:47.880 | And I think that's the key.

01:41:48.880 | And I think that's the key.

01:41:49.880 | And I think that's the key.

01:41:50.880 | And I think that's the key.

01:41:51.880 | And I think that's the key.

01:41:52.880 | And I think that's the key.

01:41:53.880 | And I think that's the key.

01:41:54.880 | And I think that's the key.

01:41:55.880 | And I think that's the key.

01:41:56.880 | And I think that's the key.

01:41:57.880 | And I think that's the key.

01:41:58.880 | And I think that's the key.

01:41:59.880 | And I think that's the key.

01:42:00.880 | And I think that's the key.

01:42:01.880 | And I think that's the key.

01:42:02.880 | And I think that's the key.

01:42:03.880 | And I think that's the key.

01:42:04.880 | And I think that's the key.

01:42:05.880 | And I think that's the key.

01:42:06.880 | And I think that's the key.

01:42:07.880 | And I think that's the key.

01:42:08.880 | And I think that's the key.

01:42:09.880 | And I think that's the key.

01:42:10.880 | And I think that's the key.

01:42:11.880 | And I think that's the key.

01:42:12.880 | And I think that's the key.

01:42:13.880 | And I think that's the key.

01:42:14.880 | And I think that's the key.

01:42:15.880 | And I think that's the key.

01:42:16.880 | And I think that's the key.

01:42:17.880 | And I think that's the key.

01:42:18.880 | And I think that's the key.

01:42:19.880 | And I think that's the key.

01:42:20.880 | And I think that's the key.

01:42:21.880 | And I think that's the key.

01:42:22.880 | And I think that's the key.

01:42:23.880 | And I think that's the key.

01:42:24.880 | And I think that's the key.

01:42:25.880 | And I think that's the key.

01:42:26.880 | And I think that's the key.

01:42:27.880 | And I think that's the key.

01:42:28.880 | And I think that's the key.

01:42:29.880 | And I think that's the key.

01:42:30.880 | And I think that's the key.

01:42:31.880 | And I think that's the key.

01:42:32.880 | And I think that's the key.

01:42:33.880 | And I think that's the key.

01:42:34.880 | And I think that's the key.

01:42:35.880 | And I think that's the key.

01:42:36.880 | And I think that's the key.

01:42:37.880 | And I think that's the key.

01:42:38.880 | And I think that's the key.

01:42:39.880 | And I think that's the key.

01:42:40.880 | And I think that's the key.

01:42:41.880 | And I think that's the key.

01:42:42.880 | And I think that's the key.

01:42:43.880 | And I think that's the key.

01:42:44.880 | And I think that's the key.

01:42:45.880 | And I think that's the key.

01:42:46.880 | And I think that's the key.

01:42:47.880 | And I think that's the key.

01:42:48.880 | And I think that's the key.

01:42:49.880 | And I think that's the key.

01:42:50.880 | And I think that's the key.

01:42:51.880 | And I think that's the key.

01:42:52.880 | And I think that's the key.

01:42:53.880 | And I think that's the key.

01:42:54.880 | And I think that's the key.

01:42:55.880 | And I think that's the key.

01:42:56.880 | And I think that's the key.

01:42:57.880 | And I think that's the key.

01:42:58.880 | And I think that's the key.

01:42:59.880 | And I think that's the key.

01:43:00.880 | And I think that's the key.

01:43:01.880 | And I think that's the key.

01:43:02.880 | And I think that's the key.

01:43:03.880 | And I think that's the key.

01:43:04.880 | And I think that's the key.

01:43:05.880 | And I think that's the key.

01:43:06.880 | And I think that's the key.

01:43:07.880 | And I think that's the key.

01:43:08.880 | And I think that's the key.

01:43:09.880 | And I think that's the key.

01:43:10.880 | And I think that's the key.

01:43:11.880 | And I think that's the key.

01:43:12.880 | And I think that's the key.

01:43:13.880 | And I think that's the key.

01:43:14.880 | And I think that's the key.

01:43:15.880 | And I think that's the key.

01:43:16.880 | And I think that's the key.

01:43:17.880 | And I think that's the key.

01:43:18.880 | And I think that's the key.

01:43:19.880 | And I think that's the key.

01:43:20.880 | And I think that's the key.

01:43:21.880 | And I think that's the key.

01:43:22.880 | And I think that's the key.

01:43:23.880 | And I think that's the key.

01:43:24.880 | And I think that's the key.

01:43:25.880 | And I think that's the key.

01:43:26.880 | And I think that's the key.

01:43:27.880 | And I think that's the key.

01:43:28.880 | And I think that's the key.

01:43:29.880 | And I think that's the key.

01:43:30.880 | And I think that's the key.

01:43:31.880 | And I think that's the key.

01:43:32.880 | And I think that's the key.

01:43:33.880 | And I think that's the key.

01:43:34.880 | And I think that's the key.

01:43:35.880 | And I think that's the key.

01:43:36.880 | And I think that's the key.

01:43:37.880 | And I think that's the key.

01:43:38.880 | And I think that's the key.

01:43:39.880 | And I think that's the key.

01:43:40.880 | And I think that's the key.

01:43:41.880 | And I think that's the key.

01:43:42.880 | And I think that's the key.

01:43:43.880 | And I think that's the key.

01:43:44.880 | And I think that's the key.

01:43:45.880 | And I think that's the key.

01:43:46.880 | And I think that's the key.

01:43:47.880 | And I think that's the key.

01:43:48.880 | And I think that's the key.

01:43:49.880 | And I think that's the key.

01:43:50.880 | And I think that's the key.

01:43:51.880 | And I think that's the key.

01:43:52.880 | And I think that's the key.

01:43:53.880 | And I think that's the key.

01:43:54.880 | And I think that's the key.

01:43:55.880 | And I think that's the key.

01:43:56.880 | And I think that's the key.

01:43:57.880 | And I think that's the key.

01:43:58.880 | And I think that's the key.

01:43:59.880 | And I think that's the key.

01:44:00.880 | And I think that's the key.

01:44:01.880 | And I think that's the key.

01:44:02.880 | And I think that's the key.

01:44:03.880 | And I think that's the key.

01:44:04.880 | And I think that's the key.

01:44:05.880 | And I think that's the key.

01:44:06.880 | And I think that's the key.

01:44:07.880 | And I think that's the key.

01:44:08.880 | And I think that's the key.

01:44:09.880 | And I think that's the key.

01:44:10.880 | And I think that's the key.

01:44:11.880 | And I think that's the key.

01:44:12.880 | And I think that's the key.

01:44:13.880 | And I think that's the key.

01:44:14.880 | And I think that's the key.

01:44:15.880 | And I think that's the key.

01:44:16.880 | And I think that's the key.

01:44:17.880 | And I think that's the key.

01:44:18.880 | And I think that's the key.

01:44:19.880 | And I think that's the key.

01:44:20.880 | And I think that's the key.

01:44:21.880 | And I think that's the key.

01:44:22.880 | And I think that's the key.

01:44:23.880 | And I think that's the key.

01:44:24.880 | And I think that's the key.

01:44:25.880 | And I think that's the key.

01:44:26.880 | And I think that's the key.

01:44:27.880 | And I think that's the key.

01:44:28.880 | And I think that's the key.

01:44:29.880 | And I think that's the key.

01:44:30.880 | And I think that's the key.

01:44:31.880 | And I think that's the key.

01:44:32.880 | And I think that's the key.

01:44:33.880 | And I think that's the key.

01:44:34.880 | And I think that's the key.

01:44:35.880 | And I think that's the key.

01:44:36.880 | And I think that's the key.

01:44:37.880 | And I think that's the key.

01:44:38.880 | And I think that's the key.

01:44:39.880 | And I think that's the key.

01:44:40.880 | And I think that's the key.

01:44:41.880 | And I think that's the key.

01:44:42.880 | And I think that's the key.

01:44:43.880 | And I think that's the key.

01:44:44.880 | And I think that's the key.

01:44:45.880 | And I think that's the key.

01:44:46.880 | And I think that's the key.

01:44:47.880 | And I think that's the key.

01:44:48.880 | And I think that's the key.

01:44:49.880 | And I think that's the key.

01:44:50.880 | And I think that's the key.

01:44:51.880 | And I think that's the key.

01:44:52.880 | And I think that's the key.

01:44:53.880 | And I think that's the key.

01:44:54.880 | And I think that's the key.

01:44:55.880 | And I think that's the key.

01:44:56.880 | And I think that's the key.

01:44:57.880 | And I think that's the key.

01:44:58.880 | And I think that's the key.

01:44:59.880 | And I think that's the key.

01:45:00.880 | And I think that's the key.

01:45:01.880 | And I think that's the key.

01:45:02.880 | And I think that's the key.

01:45:03.880 | And I think that's the key.

01:45:04.880 | And I think that's the key.

01:45:05.880 | And I think that's the key.

01:45:06.880 | And I think that's the key.

01:45:07.880 | And I think that's the key.

01:45:08.880 | And I think that's the key.

01:45:09.880 | And I think that's the key.

01:45:10.880 | And I think that's the key.

01:45:11.880 | And I think that's the key.

01:45:12.880 | And I think that's the key.

01:45:13.880 | And I think that's the key.

01:45:14.880 | And I think that's the key.

01:45:15.880 | And I think that's the key.

01:45:16.880 | And I think that's the key.

01:45:17.880 | And I think that's the key.

01:45:18.880 | And I think that's the key.

01:45:19.880 | And I think that's the key.

01:45:20.880 | And I think that's the key.

01:45:21.880 | And I think that's the key.

01:45:22.880 | And I think that's the key.

01:45:23.880 | And I think that's the key.

01:45:24.880 | And I think that's the key.

01:45:25.880 | And I think that's the key.

01:45:26.880 | And I think that's the key.

01:45:27.880 | And I think that's the key.

01:45:28.880 | And I think that's the key.

01:45:29.880 | And I think that's the key.

01:45:30.880 | And I think that's the key.

01:45:31.880 | And I think that's the key.

01:45:32.880 | And I think that's the key.

01:45:33.880 | And I think that's the key.

01:45:34.880 | And I think that's the key.

01:45:35.880 | And I think that's the key.

01:45:36.880 | And I think that's the key.

01:45:37.880 | And I think that's the key.

01:45:38.880 | And I think that's the key.

01:45:39.880 | And I think that's the key.

01:45:40.880 | And I think that's the key.

01:45:41.880 | And I think that's the key.

01:45:42.880 | And I think that's the key.

01:45:43.880 | And I think that's the key.

01:45:44.880 | And I think that's the key.

01:45:45.880 | And I think that's the key.

01:45:46.880 | And I think that's the key.

01:45:47.880 | And I think that's the key.

01:45:48.880 | And I think that's the key.

01:45:49.880 | And I think that's the key.

01:45:50.880 | And I think that's the key.

01:45:51.880 | And I think that's the key.

01:45:52.880 | And I think that's the key.

01:45:53.880 | And I think that's the key.

01:45:54.880 | And I think that's the key.

01:45:55.880 | And I think that's the key.

01:45:56.880 | And I think that's the key.

01:45:57.880 | And I think that's the key.

01:45:58.880 | And I think that's the key.

01:45:59.880 | And I think that's the key.

01:46:00.880 | And I think that's the key.

01:46:01.880 | And I think that's the key.

01:46:02.880 | And I think that's the key.

01:46:03.880 | And I think that's the key.

01:46:04.880 | And I think that's the key.

01:46:05.880 | And I think that's the key.

01:46:06.880 | And I think that's the key.

01:46:07.880 | And I think that's the key.

01:46:08.880 | And I think that's the key.

01:46:09.880 | And I think that's the key.

01:46:10.880 | And I think that's the key.

01:46:11.880 | And I think that's the key.

01:46:12.880 | And I think that's the key.

01:46:13.880 | And I think that's the key.

01:46:14.880 | And I think that's the key.

01:46:15.880 | And I think that's the key.

01:46:16.880 | And I think that's the key.

01:46:17.880 | And I think that's the key.

01:46:18.880 | And I think that's the key.

01:46:19.880 | And I think that's the key.

01:46:20.880 | And I think that's the key.

01:46:21.880 | And I think that's the key.

01:46:22.880 | And I think that's the key.

01:46:23.880 | And I think that's the key.

01:46:24.880 | And I think that's the key.

01:46:25.880 | And I think that's the key.

01:46:26.880 | And I think that's the key.

01:46:27.880 | And I think that's the key.

01:46:28.880 | And I think that's the key.

01:46:29.880 | And I think that's the key.

01:46:30.880 | And I think that's the key.

01:46:31.880 | And I think that's the key.

01:46:32.880 | And I think that's the key.

01:46:33.880 | And I think that's the key.

01:46:34.880 | And I think that's the key.

01:46:35.880 | And I think that's the key.

01:46:36.880 | And I think that's the key.

01:46:37.880 | And I think that's the key.

01:46:38.880 | And I think that's the key.

01:46:39.880 | And I think that's the key.

01:46:40.880 | And I think that's the key.

01:46:41.880 | And I think that's the key.

01:46:42.880 | And I think that's the key.

01:46:43.880 | And I think that's the key.

01:46:44.880 | And I think that's the key.

01:46:45.880 | And I think that's the key.

01:46:46.880 | And I think that's the key.

01:46:47.880 | And I think that's the key.

01:46:48.880 | And I think that's the key.

01:46:49.880 | And I think that's the key.

01:46:50.880 | And I think that's the key.

01:46:51.880 | And I think that's the key.

01:46:52.880 | And I think that's the key.

01:46:53.880 | And I think that's the key.

01:46:54.880 | And I think that's the key.

01:46:55.880 | And I think that's the key.

01:46:56.880 | And I think that's the key.

01:46:57.880 | And I think that's the key.

01:46:58.880 | And I think that's the key.

01:46:59.880 | And I think that's the key.

01:47:00.880 | And I think that's the key.

01:47:01.880 | And I think that's the key.

01:47:02.880 | And I think that's the key.

01:47:03.880 | And I think that's the key.

01:47:04.880 | And I think that's the key.

01:47:05.880 | And I think that's the key.

01:47:06.880 | And I think that's the key.

01:47:07.880 | And I think that's the key.

01:47:08.880 | And I think that's the key.

01:47:09.880 | And I think that's the key.

01:47:10.880 | And I think that's the key.

01:47:11.880 | And I think that's the key.

01:47:12.880 | And I think that's the key.

01:47:13.880 | And I think that's the key.

01:47:14.880 | And I think that's the key.

01:47:15.880 | And I think that's the key.

01:47:16.880 | And I think that's the key.

01:47:17.880 | And I think that's the key.

01:47:18.880 | And I think that's the key.

01:47:19.880 | And I think that's the key.

01:47:20.880 | And I think that's the key.

01:47:21.880 | And I think that's the key.

01:47:22.880 | And I think that's the key.

01:47:23.880 | And I think that's the key.

01:47:24.880 | And I think that's the key.

01:47:25.880 | And I think that's the key.

01:47:26.880 | And I think that's the key.

01:47:27.880 | And I think that's the key.

01:47:28.880 | And I think that's the key.

01:47:29.880 | And I think that's the key.

01:47:30.880 | And I think that's the key.

01:47:31.880 | And I think that's the key.

01:47:32.880 | And I think that's the key.

01:47:33.880 | And I think that's the key.

01:47:34.880 | And I think that's the key.

01:47:35.880 | And I think that's the key.

01:47:36.880 | And I think that's the key.

01:47:37.880 | And I think that's the key.

01:47:38.880 | And I think that's the key.

01:47:39.880 | And I think that's the key.

01:47:40.880 | And I think that's the key.

01:47:41.880 | And I think that's the key.

01:47:42.880 | And I think that's the key.

01:47:43.880 | And I think that's the key.

01:47:44.880 | And I think that's the key.

01:47:45.880 | And I think that's the key.

01:47:46.880 | And I think that's the key.

01:47:47.880 | And I think that's the key.

01:47:48.880 | And I think that's the key.

01:47:49.880 | And I think that's the key.

01:47:50.880 | And I think that's the key.

01:47:51.880 | And I think that's the key.

01:47:52.880 | And I think that's the key.

01:47:53.880 | And I think that's the key.

01:47:54.880 | And I think that's the key.

01:47:55.880 | And I think that's the key.

01:47:56.880 | And I think that's the key.

01:47:57.880 | And I think that's the key.

01:47:58.880 | And I think that's the key.

01:47:59.880 | And I think that's the key.

01:48:00.880 | And I think that's the key.

01:48:01.880 | And I think that's the key.

01:48:02.880 | And I think that's the key.

01:48:03.880 | And I think that's the key.

01:48:04.880 | And I think that's the key.

01:48:05.880 | And I think that's the key.

01:48:06.880 | And I think that's the key.

01:48:07.880 | And I think that's the key.

01:48:08.880 | And I think that's the key.

01:48:09.880 | And I think that's the key.

01:48:10.880 | And I think that's the key.

01:48:11.880 | And I think that's the key.

01:48:12.880 | And I think that's the key.

01:48:13.880 | And I think that's the key.

01:48:14.880 | And I think that's the key.

01:48:15.880 | And I think that's the key.

01:48:16.880 | And I think that's the key.

01:48:17.880 | And I think that's the key.

01:48:18.880 | And I think that's the key.

01:48:19.880 | And I think that's the key.

01:48:20.880 | And I think that's the key.

01:48:21.880 | And I think that's the key.

01:48:22.880 | And I think that's the key.

01:48:23.880 | And I think that's the key.

01:48:24.880 | And I think that's the key.

01:48:25.880 | And I think that's the key.

01:48:26.880 | And I think that's the key.

01:48:27.880 | And I think that's the key.

01:48:28.880 | And I think that's the key.

01:48:29.880 | And I think that's the key.

01:48:30.880 | And I think that's the key.

01:48:31.880 | And I think that's the key.

01:48:32.880 | And I think that's the key.

01:48:33.880 | And I think that's the key.

01:48:34.880 | And I think that's the key.

01:48:35.880 | And I think that's the key.

01:48:36.880 | And I think that's the key.

01:48:37.880 | And I think that's the key.

01:48:38.880 | And I think that's the key.

01:48:39.880 | And I think that's the key.

01:48:40.880 | And I think that's the key.

01:48:41.880 | And I think that's the key.

01:48:42.880 | And I think that's the key.

01:48:43.880 | And I think that's the key.

01:48:44.880 | And I think that's the key.

01:48:45.880 | And I think that's the key.

01:48:46.880 | And I think that's the key.

01:48:47.880 | And I think that's the key.

01:48:48.880 | And I think that's the key.

01:48:49.880 | And I think that's the key.

01:48:50.880 | And I think that's the key.

01:48:51.880 | And I think that's the key.

01:48:52.880 | And I think that's the key.

01:48:53.880 | And I think that's the key.

01:48:54.880 | And I think that's the key.

01:48:55.880 | And I think that's the key.

01:48:56.880 | And I think that's the key.

01:48:57.880 | And I think that's the key.

01:48:58.880 | And I think that's the key.

01:48:59.880 | And I think that's the key.

01:49:00.880 | And I think that's the key.

01:49:01.880 | And I think that's the key.

01:49:02.880 | And I think that's the key.

01:49:03.880 | And I think that's the key.

01:49:04.880 | And I think that's the key.

01:49:05.880 | And I think that's the key.

01:49:06.880 | And I think that's the key.

01:49:07.880 | And I think that's the key.

01:49:08.880 | And I think that's the key.

01:49:09.880 | And I think that's the key.

01:49:10.880 | And I think that's the key.

01:49:11.880 | And I think that's the key.

01:49:12.880 | And I think that's the key.

01:49:13.880 | And I think that's the key.

01:49:14.880 | And I think that's the key.

01:49:15.880 | And I think that's the key.

01:49:16.880 | And I think that's the key.

01:49:17.880 | And I think that's the key.

01:49:18.880 | And I think that's the key.

01:49:19.880 | And I think that's the key.

01:49:20.880 | And I think that's the key.

01:49:21.880 | And I think that's the key.

01:49:22.880 | And I think that's the key.

01:49:23.880 | And I think that's the key.

01:49:24.880 | And I think that's the key.

E83: Market slide continues, and how to address Uvalde

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