E81: All-In Summit: Bill Gurley & Brad Gerstner on markets, downturns & investment cycles
Chapters
0:0 Bill Gurley & Brad Gerstner break down the state and historical significance of 2022's market downturn12:27 How VCs will handle capital commitments from LPs, underwriting startups in the new reality
24:14 Bull run mistakes, why VCs don't underwrite lower valuations, handling distributions
33:52 Gurley's take on WeCrashed & Super Pumped TV series, how sophisticated investors got "gaslit" by the market, influx of capital creating consumer-surplus businesses
47:54 Brad predicts the market for next year, Bill gives post-Benchmark plans
00:00:00.000 | BG Squared.
00:00:01.000 | This is our BG Squared panel.
00:00:03.000 | Everybody knows Friends of the Pod.
00:00:05.000 | Brad Gerstner and Bill Gurley give it up for our guest.
00:00:27.000 | Bill, you predicted five of the last three recessions.
00:00:36.000 | A broken clock is still right twice a day.
00:00:39.000 | Here we are again.
00:00:41.000 | You've sounded the alarm bell and of course you're right.
00:00:44.000 | You've seen this movie before for all of us younger capital allocators who are experiencing it for the second or third time,
00:00:53.000 | but you've experienced it a couple more times.
00:00:54.000 | Not bad.
00:00:56.000 | How do you see it?
00:00:57.000 | It's pretty old.
00:00:58.000 | How does this one measure up to Great Recession, dot-com bust, '87, and the many ones we've seen in between?
00:01:08.000 | One thing that I think is super important to put this into context, I'll try and tell this quick.
00:01:14.000 | I had a meeting once with Howard Marks who I'd wanted to meet for a long period of time.
00:01:18.000 | He's a famous bond investor that does a lot of writing.
00:01:22.000 | For 15 minutes, he asked me questions about the venture industry.
00:01:26.000 | A lot of structural questions.
00:01:28.000 | I told him my answers best I could.
00:01:32.000 | He said, "Man, that's a really shitty industry."
00:01:35.000 | I said, "Well, why do you say that? What do you mean?"
00:01:37.000 | He says, "Cyclical collapse is built into the structure."
00:01:43.000 | We have funds that are committed to that have 10 to 15 year lives.
00:01:51.000 | You have low barriers to entry, but you have very high barriers to exit.
00:01:55.000 | He felt that it was just systematically set up to rise and crash, rise and crash.
00:02:01.000 | One thing that I realized coming out of that is that it doesn't happen like a sine curve, which is what we all imagine when we think of a cyclical business.
00:02:12.000 | It's more like a sawtooth.
00:02:14.000 | Risk on is a very slow process.
00:02:18.000 | It's reflexive, so it grows and grows and grows and grows.
00:02:21.000 | Then risk off tends to be very abrupt.
00:02:24.000 | We've seen that here.
00:02:26.000 | This cycle, risk on was from '09 to five months ago.
00:02:33.000 | That's really well said.
00:02:34.000 | Risk off is five months.
00:02:36.000 | The thing that's really tough about that is it requires mental adjustment very quickly because it didn't gradually change.
00:02:48.000 | It abruptly changed.
00:02:50.000 | Cap charts might have systematic changes.
00:02:53.000 | It's not systematic issues that are stuck because too much lick prep relative to the new reality.
00:02:59.000 | Valuations have shifted.
00:03:01.000 | The cost of capital is radically different.
00:03:03.000 | You may have, on the way up as people took more risk, you tried crazier things.
00:03:10.000 | You're willing to make investments in businesses you might not if the cost of capital is a lot lower.
00:03:17.000 | You name a stadium for five years as a crypto company.
00:03:19.000 | You might do that.
00:03:21.000 | Then all of a sudden, it's a lot lower.
00:03:22.000 | Then all of a sudden, it's gone.
00:03:24.000 | Now the commitment to naming the stadium is greater than the market cap.
00:03:31.000 | I assume you're referring to so far.
00:03:33.000 | That may not be true for FTX.
00:03:35.000 | Just as an example, it might be a disproportionate value of your market cap.
00:03:41.000 | Anyway, it's tough.
00:03:43.000 | In this particular case, because that's what you asked, it turns out '09 wasn't that bad.
00:03:48.000 | If we have an '09, that'll be pretty good.
00:03:50.000 | Things got turned around pretty quickly.
00:03:51.000 | '01 was very abrupt.
00:03:53.000 | We didn't really start to see liquidity again until, with a few exceptions, Elon mentioned PayPal, but '05, '06.
00:04:02.000 | It was a long walk in the desert.
00:04:04.000 | A lot of great companies were started, but a lot of founders gave up at that time, right?
00:04:08.000 | Yeah.
00:04:09.000 | Look, I think if you're an early-stage investor or if you're an early-stage founder that's just getting going or even an early-stage company,
00:04:18.000 | because if you haven't scaled out yet, this price is going to go up.
00:04:20.000 | If you haven't scaled out yet, this probably hasn't affected you.
00:04:22.000 | It could be wonderful.
00:04:25.000 | Your access to talent is going to be a lot easier.
00:04:28.000 | People are going to be more pragmatic and rational, but it's usually a long window on the other side.
00:04:33.000 | The other challenge you have here is in '20, we basically had a mini pullback in March of 2020,
00:04:41.000 | but then the Fed hit so hard that things just blasted off again.
00:04:46.000 | Now, you guys have talked about this, but that tool is not in the toolbox.
00:04:49.000 | Brad?
00:04:51.000 | So one of the things I was talking to somebody last night, and this audience is amazing.
00:04:55.000 | I was talking to somebody last night, and they said, "So how does it work?
00:04:58.000 | You just get together and talk?"
00:05:00.000 | And I said, "What I love about this group is there are hundreds of hours of data and research that we're constantly challenged with.
00:05:07.000 | We all know where we are.
00:05:09.000 | We know what just happened."
00:05:11.000 | And I think grounding ourselves in just a few facts to try to figure out what the next step is,
00:05:18.000 | what the next six months are going to be, because we have founders here trying to run their businesses.
00:05:23.000 | Can I raise capital?
00:05:24.000 | Are we bouncing straight back from where we were?
00:05:26.000 | So very quickly, this chart just tells us, you know, the iron law of investing is interest rates.
00:05:33.000 | A 1% change in rates leads to a 15% or 20% change in a multiple.
00:05:40.000 | And so the reason multiples have collapsed here for all these businesses is because expectations as to inflation
00:05:47.000 | and rates has changed dramatically.
00:05:50.000 | I hear a lot of talk about 1999, 2000.
00:05:53.000 | So if it's all about rates, let's just look at those two things.
00:05:57.000 | We plotted them here together.
00:05:59.000 | This is 19 to 22 on the bottom.
00:06:02.000 | It shows what rates did.
00:06:03.000 | We took them to zero.
00:06:05.000 | The Fed is now saying our neutral rate is 2% to 3%, and people are hyperventilating.
00:06:10.000 | Look at where we were in 2000.
00:06:12.000 | Look at what the cost of capital was in 2000.
00:06:15.000 | Crazy, right?
00:06:16.000 | And so this idea --
00:06:17.000 | 8% mortgage rates.
00:06:18.000 | And by the way, the delta there, right?
00:06:20.000 | We went from just above 5 up to 6 and a half, right?
00:06:24.000 | So we're talking about going from 2 and a half back to 2 and a half or 3.
00:06:28.000 | But the big question is, are we going back to 2 and a half or 3, or are they behind the curve, lost in the weeds,
00:06:34.000 | and we're going to have to go to 4 to 5 to kill inflation?
00:06:37.000 | Well, everybody was saying inflation, you know, inflation is here to stay forever.
00:06:43.000 | Remember, when we report on core CPI,
00:06:45.000 | it's what happened last month.
00:06:46.000 | It is not a forward-looking indicator.
00:06:48.000 | So we peaked in core CPI.
00:06:50.000 | Consumer price index, explain what it is.
00:06:52.000 | Consumer price -- this is the basket of goods and services that we all go out and spend money on.
00:06:56.000 | So the Fed is focused on the demand side of the equation.
00:06:59.000 | They know they hopped us up on a bunch of Red Bull and cocaine to survive the pandemic.
00:07:03.000 | And now --
00:07:04.000 | I thought you were talking about last night for sacks, but keep going.
00:07:07.000 | You still haven't said a word all day.
00:07:10.000 | Look at you.
00:07:11.000 | I'm not going to say a word.
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00:12:09.000 | I'm going to say a word.
00:12:10.000 | I'm going to say a word.
00:12:11.000 | I'm going to say a word.
00:12:12.000 | I'm going to say a word.
00:12:13.000 | I'm going to say a word.
00:12:14.000 | I'm going to say a word.
00:12:15.000 | I'm going to say a word.
00:12:16.000 | I'm going to say a word.
00:12:17.000 | I'm going to say a word.
00:12:18.000 | I'm going to say a word.
00:12:19.000 | I'm going to say a word.
00:12:20.000 | I'm going to say a word.
00:12:21.000 | I'm going to say a word.
00:12:22.000 | I'm going to say a word.
00:12:23.000 | I'm going to say a word.
00:12:24.000 | I'm going to say a word.
00:12:25.000 | I'm going to say a word.
00:12:26.000 | I'm going to say a word.
00:12:27.000 | I'm going to say a word.
00:12:28.000 | I'm going to say a word.
00:12:29.000 | I'm going to say a word.
00:12:30.000 | I'm going to say a word.
00:12:31.000 | I'm going to say a word.
00:12:32.000 | I'm going to say a word.
00:12:33.000 | I'm going to say a word.
00:12:34.000 | I'm going to say a word.
00:12:35.000 | I'm going to say a word.
00:12:36.000 | I'm going to say a word.
00:12:37.000 | I'm going to say a word.
00:12:38.000 | I'm going to say a word.
00:12:39.000 | I'm going to say a word.
00:12:40.000 | I'm going to say a word.
00:12:41.000 | I'm going to say a word.
00:12:42.000 | I'm going to say a word.
00:12:43.000 | I'm going to say a word.
00:12:44.000 | I'm going to say a word.
00:12:45.000 | I'm going to say a word.
00:12:46.000 | I'm going to say a word.
00:12:47.000 | I'm going to say a word.
00:12:48.000 | I'm going to say a word.
00:12:49.000 | I'm going to say a word.
00:12:50.000 | I'm going to say a word.
00:12:51.000 | I'm going to say a word.
00:12:52.000 | I'm going to say a word.
00:12:53.000 | I'm going to say a word.
00:12:54.000 | I'm going to say a word.
00:12:55.000 | I'm going to say a word.
00:12:56.000 | I'm going to say a word.
00:12:57.000 | I'm going to say a word.
00:12:58.000 | I'm going to say a word.
00:12:59.000 | I'm going to say a word.
00:13:00.000 | I'm going to say a word.
00:13:01.000 | I'm going to say a word.
00:13:02.000 | I'm going to say a word.
00:13:03.000 | I'm going to say a word.
00:13:04.000 | I'm going to say a word.
00:13:05.000 | I'm going to say a word.
00:13:06.000 | I'm going to say a word.
00:13:07.000 | I'm going to say a word.
00:13:08.000 | I'm going to say a word.
00:13:09.000 | I'm going to say a word.
00:13:10.000 | I'm going to say a word.
00:13:11.000 | I'm going to say a word.
00:13:12.000 | I'm going to say a word.
00:13:13.000 | I'm going to say a word.
00:13:14.000 | I'm going to say a word.
00:13:15.000 | I'm going to say a word.
00:13:16.000 | I'm going to say a word.
00:13:17.000 | I'm going to say a word.
00:13:18.000 | I'm going to say a word.
00:13:19.000 | I'm going to say a word.
00:13:20.000 | I'm going to say a word.
00:13:21.000 | I'm going to say a word.
00:13:22.000 | I'm going to say a word.
00:13:23.000 | I'm going to say a word.
00:13:24.000 | I'm going to say a word.
00:13:25.000 | I'm going to say a word.
00:13:26.000 | I'm going to say a word.
00:13:27.000 | I'm going to say a word.
00:13:28.000 | I'm going to say a word.
00:13:29.000 | I'm going to say a word.
00:13:30.000 | I'm going to say a word.
00:13:31.000 | I'm going to say a word.
00:13:32.000 | I'm going to say a word.
00:13:33.000 | I'm going to say a word.
00:13:34.000 | I'm going to say a word.
00:13:35.000 | I'm going to say a word.
00:13:36.000 | I'm going to say a word.
00:13:37.000 | I'm going to say a word.
00:13:38.000 | I'm going to say a word.
00:13:39.000 | I'm going to say a word.
00:13:40.000 | I'm going to say a word.
00:13:41.000 | I'm going to say a word.
00:13:42.000 | I'm going to say a word.
00:13:43.000 | I'm going to say a word.
00:13:44.000 | I'm going to say a word.
00:13:45.000 | I'm going to say a word.
00:13:46.000 | I'm going to say a word.
00:13:47.000 | I'm going to say a word.
00:13:48.000 | I'm going to say a word.
00:13:49.000 | I'm going to say a word.
00:13:50.000 | I'm going to say a word.
00:13:51.000 | I'm going to say a word.
00:13:52.000 | I'm going to say a word.
00:13:53.000 | I'm going to say a word.
00:13:54.000 | I'm going to say a word.
00:13:55.000 | I'm going to say a word.
00:13:56.000 | I'm going to say a word.
00:13:57.000 | I'm going to say a word.
00:13:58.000 | I'm going to say a word.
00:13:59.000 | I'm going to say a word.
00:14:00.000 | I'm going to say a word.
00:14:01.000 | I'm going to say a word.
00:14:02.000 | I'm going to say a word.
00:14:03.000 | I'm going to say a word.
00:14:04.000 | I'm going to say a word.
00:14:05.000 | I'm going to say a word.
00:14:06.000 | I'm going to say a word.
00:14:07.000 | I'm going to say a word.
00:14:08.000 | I'm going to say a word.
00:14:09.000 | I'm going to say a word.
00:14:10.000 | I'm going to say a word.
00:14:11.000 | I'm going to say a word.
00:14:12.000 | I'm going to say a word.
00:14:13.000 | I'm going to say a word.
00:14:14.000 | I'm going to say a word.
00:14:15.000 | I'm going to say a word.
00:14:16.000 | I'm going to say a word.
00:14:17.000 | I'm going to say a word.
00:14:18.000 | I'm going to say a word.
00:14:19.000 | I'm going to say a word.
00:14:20.000 | I'm going to say a word.
00:14:21.000 | I'm going to say a word.
00:14:22.000 | I'm going to say a word.
00:14:23.000 | I'm going to say a word.
00:14:24.000 | I'm going to say a word.
00:14:25.000 | I'm going to say a word.
00:14:26.000 | I'm going to say a word.
00:14:27.000 | I'm going to say a word.
00:14:28.000 | I'm going to say a word.
00:14:29.000 | I'm going to say a word.
00:14:30.000 | I'm going to say a word.
00:14:31.000 | I'm going to say a word.
00:14:32.000 | I'm going to say a word.
00:14:33.000 | I'm going to say a word.
00:14:34.000 | I'm going to say a word.
00:14:35.000 | I'm going to say a word.
00:14:36.000 | I'm going to say a word.
00:14:37.000 | I'm going to say a word.
00:14:38.000 | I'm going to say a word.
00:14:39.000 | I'm going to say a word.
00:14:40.000 | I'm going to say a word.
00:14:41.000 | I'm going to say a word.
00:14:42.000 | I'm going to say a word.
00:14:43.000 | I'm going to say a word.
00:14:44.000 | I'm going to say a word.
00:14:45.000 | I'm going to say a word.
00:14:46.000 | I'm going to say a word.
00:14:47.000 | I'm going to say a word.
00:14:48.000 | I'm going to say a word.
00:14:49.000 | I'm going to say a word.
00:14:50.000 | I'm going to say a word.
00:14:51.000 | I'm going to say a word.
00:14:52.000 | I'm going to say a word.
00:14:53.000 | I'm going to say a word.
00:14:54.000 | I'm going to say a word.
00:14:55.000 | I'm going to say a word.
00:14:56.000 | I'm going to say a word.
00:14:57.000 | I'm going to say a word.
00:14:58.000 | I'm going to say a word.
00:14:59.000 | I'm going to say a word.
00:15:00.000 | I'm going to say a word.
00:15:01.000 | I'm going to say a word.
00:15:02.000 | I'm going to say a word.
00:15:03.000 | I'm going to say a word.
00:15:04.000 | I'm going to say a word.
00:15:05.000 | I'm going to say a word.
00:15:06.000 | I'm going to say a word.
00:15:07.000 | I'm going to say a word.
00:15:08.000 | I'm going to say a word.
00:15:09.000 | I'm going to say a word.
00:15:10.000 | I'm going to say a word.
00:15:11.000 | I'm going to say a word.
00:15:12.000 | I'm going to say a word.
00:15:13.000 | I'm going to say a word.
00:15:14.000 | I'm going to say a word.
00:15:15.000 | I'm going to say a word.
00:15:16.000 | I'm going to say a word.
00:15:17.000 | I'm going to say a word.
00:15:18.000 | I'm going to say a word.
00:15:19.000 | I'm going to say a word.
00:15:20.000 | I'm going to say a word.
00:15:21.000 | I'm going to say a word.
00:15:22.000 | I'm going to say a word.
00:15:23.000 | I'm going to say a word.
00:15:24.000 | I'm going to say a word.
00:15:25.000 | I'm going to say a word.
00:15:26.000 | I'm going to say a word.
00:15:27.000 | I'm going to say a word.
00:15:28.000 | I'm going to say a word.
00:15:29.000 | I'm going to say a word.
00:15:30.000 | I'm going to say a word.
00:15:31.000 | I'm going to say a word.
00:15:32.000 | I'm going to say a word.
00:15:33.000 | I'm going to say a word.
00:15:34.000 | I'm going to say a word.
00:15:35.000 | I'm going to say a word.
00:15:36.000 | I'm going to say a word.
00:15:37.000 | I'm going to say a word.
00:15:38.000 | I'm going to say a word.
00:15:39.000 | I'm going to say a word.
00:15:40.000 | I'm going to say a word.
00:15:41.000 | I'm going to say a word.
00:15:42.000 | I'm going to say a word.
00:15:43.000 | I'm going to say a word.
00:15:44.000 | I'm going to say a word.
00:15:45.000 | I'm going to say a word.
00:15:46.000 | I'm going to say a word.
00:15:47.000 | I'm going to say a word.
00:15:48.000 | I'm going to say a word.
00:15:49.000 | I'm going to say a word.
00:15:50.000 | I'm going to say a word.
00:15:51.000 | I'm going to say a word.
00:15:52.000 | I'm going to say a word.
00:15:53.000 | I'm going to say a word.
00:15:54.000 | I'm going to say a word.
00:15:55.000 | I'm going to say a word.
00:15:56.000 | I'm going to say a word.
00:15:57.000 | I'm going to say a word.
00:15:58.000 | I'm going to say a word.
00:15:59.000 | I'm going to say a word.
00:16:00.000 | I'm going to say a word.
00:16:01.000 | I'm going to say a word.
00:16:02.000 | I'm going to say a word.
00:16:03.000 | I'm going to say a word.
00:16:04.000 | I'm going to say a word.
00:16:05.000 | I'm going to say a word.
00:16:06.000 | I'm going to say a word.
00:16:07.000 | I'm going to say a word.
00:16:08.000 | I'm going to say a word.
00:16:09.000 | I'm going to say a word.
00:16:10.000 | I'm going to say a word.
00:16:11.000 | I'm going to say a word.
00:16:12.000 | I'm going to say a word.
00:16:13.000 | I'm going to say a word.
00:16:14.000 | I'm going to say a word.
00:16:15.000 | I'm going to say a word.
00:16:16.000 | I'm going to say a word.
00:16:17.000 | I'm going to say a word.
00:16:18.000 | I'm going to say a word.
00:16:19.000 | I'm going to say a word.
00:16:20.000 | I'm going to say a word.
00:16:21.000 | I'm going to say a word.
00:16:22.000 | I'm going to say a word.
00:16:23.000 | I'm going to say a word.
00:16:24.000 | I'm going to say a word.
00:16:25.000 | I'm going to say a word.
00:16:26.000 | I'm going to say a word.
00:16:27.000 | I'm going to say a word.
00:16:28.000 | I'm going to say a word.
00:16:29.000 | I'm going to say a word.
00:16:30.000 | I'm going to say a word.
00:16:31.000 | I'm going to say a word.
00:16:32.000 | I'm going to say a word.
00:16:33.000 | I'm going to say a word.
00:16:34.000 | I'm going to say a word.
00:16:35.000 | I'm going to say a word.
00:16:36.000 | I'm going to say a word.
00:16:37.000 | I'm going to say a word.
00:16:38.000 | I'm going to say a word.
00:16:39.000 | I'm going to say a word.
00:16:40.000 | I'm going to say a word.
00:16:41.000 | I'm going to say a word.
00:16:42.000 | I'm going to say a word.
00:16:43.000 | I'm going to say a word.
00:16:44.000 | I'm going to say a word.
00:16:45.000 | I'm going to say a word.
00:16:46.000 | I'm going to say a word.
00:16:47.000 | I'm going to say a word.
00:16:48.000 | I'm going to say a word.
00:16:49.000 | I'm going to say a word.
00:16:50.000 | I'm going to say a word.
00:16:51.000 | I'm going to say a word.
00:16:52.000 | I'm going to say a word.
00:16:53.000 | I'm going to say a word.
00:16:54.000 | I'm going to say a word.
00:16:55.000 | I'm going to say a word.
00:16:56.000 | I'm going to say a word.
00:16:57.000 | I'm going to say a word.
00:16:58.000 | I'm going to say a word.
00:16:59.000 | I'm going to say a word.
00:17:00.000 | I'm going to say a word.
00:17:01.000 | I'm going to say a word.
00:17:02.000 | I'm going to say a word.
00:17:03.000 | I'm going to say a word.
00:17:04.000 | I'm going to say a word.
00:17:05.000 | I'm going to say a word.
00:17:06.000 | I'm going to say a word.
00:17:07.000 | I'm going to say a word.
00:17:08.000 | I'm going to say a word.
00:17:09.000 | I'm going to say a word.
00:17:10.000 | I'm going to say a word.
00:17:11.000 | I'm going to say a word.
00:17:12.000 | I'm going to say a word.
00:17:13.000 | I'm going to say a word.
00:17:14.000 | I'm going to say a word.
00:17:15.000 | I'm going to say a word.
00:17:16.000 | I'm going to say a word.
00:17:17.000 | I'm going to say a word.
00:17:18.000 | I'm going to say a word.
00:17:19.000 | I'm going to say a word.
00:17:20.000 | I'm going to say a word.
00:17:21.000 | I'm going to say a word.
00:17:22.000 | I'm going to say a word.
00:17:23.000 | I'm going to say a word.
00:17:24.000 | I'm going to say a word.
00:17:25.000 | I'm going to say a word.
00:17:26.000 | I'm going to say a word.
00:17:27.000 | I'm going to say a word.
00:17:28.000 | I'm going to say a word.
00:17:29.000 | I'm going to say a word.
00:17:30.000 | I'm going to say a word.
00:17:31.000 | I'm going to say a word.
00:17:32.000 | I'm going to say a word.
00:17:33.000 | I'm going to say a word.
00:17:34.000 | I'm going to say a word.
00:17:35.000 | I'm going to say a word.
00:17:36.000 | I'm going to say a word.
00:17:37.000 | I'm going to say a word.
00:17:38.000 | I'm going to say a word.
00:17:39.000 | I'm going to say a word.
00:17:40.000 | I'm going to say a word.
00:17:41.000 | I'm going to say a word.
00:17:42.000 | I'm going to say a word.
00:17:43.000 | I'm going to say a word.
00:17:44.000 | I'm going to say a word.
00:17:45.000 | I'm going to say a word.
00:17:46.000 | I'm going to say a word.
00:17:47.000 | I'm going to say a word.
00:17:48.000 | I'm going to say a word.
00:17:49.000 | I'm going to say a word.
00:17:50.000 | I'm going to say a word.
00:17:51.000 | I'm going to say a word.
00:17:52.000 | I'm going to say a word.
00:17:53.000 | I'm going to say a word.
00:17:54.000 | I'm going to say a word.
00:17:55.000 | I'm going to say a word.
00:17:56.000 | I'm going to say a word.
00:17:57.000 | I'm going to say a word.
00:17:58.000 | I'm going to say a word.
00:17:59.000 | I'm going to say a word.
00:18:00.000 | I'm going to say a word.
00:18:01.000 | I'm going to say a word.
00:18:02.000 | I'm going to say a word.
00:18:03.000 | I'm going to say a word.
00:18:04.000 | I'm going to say a word.
00:18:05.000 | I'm going to say a word.
00:18:06.000 | I'm going to say a word.
00:18:07.000 | I'm going to say a word.
00:18:08.000 | I'm going to say a word.
00:18:09.000 | I'm going to say a word.
00:18:10.000 | I'm going to say a word.
00:18:11.000 | I'm going to say a word.
00:18:12.000 | I'm going to say a word.
00:18:13.000 | I'm going to say a word.
00:18:14.000 | I'm going to say a word.
00:18:15.000 | I'm going to say a word.
00:18:16.000 | I'm going to say a word.
00:18:17.000 | I'm going to say a word.
00:18:18.000 | I'm going to say a word.
00:18:19.000 | I'm going to say a word.
00:18:20.000 | I'm going to say a word.
00:18:21.000 | I'm going to say a word.
00:18:22.000 | I'm going to say a word.
00:18:23.000 | I'm going to say a word.
00:18:24.000 | I'm going to say a word.
00:18:25.000 | I'm going to say a word.
00:18:26.000 | I'm going to say a word.
00:18:27.000 | I'm going to say a word.
00:18:28.000 | I'm going to say a word.
00:18:29.000 | I'm going to say a word.
00:18:30.000 | I'm going to say a word.
00:18:31.000 | I'm going to say a word.
00:18:32.000 | I'm going to say a word.
00:18:33.000 | I'm going to say a word.
00:18:34.000 | I'm going to say a word.
00:18:35.000 | I'm going to say a word.
00:18:36.000 | I'm going to say a word.
00:18:37.000 | I'm going to say a word.
00:18:38.000 | I'm going to say a word.
00:18:39.000 | I'm going to say a word.
00:18:40.000 | I'm going to say a word.
00:18:41.000 | I'm going to say a word.
00:18:42.000 | I'm going to say a word.
00:18:43.000 | I'm going to say a word.
00:18:44.000 | I'm going to say a word.
00:18:45.000 | I'm going to say a word.
00:18:46.000 | I'm going to say a word.
00:18:47.000 | I'm going to say a word.
00:18:48.000 | I'm going to say a word.
00:18:49.000 | I'm going to say a word.
00:18:50.000 | I'm going to say a word.
00:18:51.000 | I'm going to say a word.
00:18:52.000 | I'm going to say a word.
00:18:53.000 | I'm going to say a word.
00:18:54.000 | I'm going to say a word.
00:18:55.000 | I'm going to say a word.
00:18:56.000 | I'm going to say a word.
00:18:57.000 | I'm going to say a word.
00:18:58.000 | I'm going to say a word.
00:18:59.000 | I'm going to say a word.
00:19:00.000 | I'm going to say a word.
00:19:01.000 | I'm going to say a word.
00:19:02.000 | I'm going to say a word.
00:19:03.000 | I'm going to say a word.
00:19:04.000 | I'm going to say a word.
00:19:05.000 | I'm going to say a word.
00:19:06.000 | I'm going to say a word.
00:19:07.000 | I'm going to say a word.
00:19:08.000 | I'm going to say a word.
00:19:09.000 | I'm going to say a word.
00:19:10.000 | I'm going to say a word.
00:19:11.000 | I'm going to say a word.
00:19:12.000 | I'm going to say a word.
00:19:13.000 | I'm going to say a word.
00:19:14.000 | I'm going to say a word.
00:19:15.000 | I'm going to say a word.
00:19:16.000 | I'm going to say a word.
00:19:17.000 | I'm going to say a word.
00:19:18.000 | I'm going to say a word.
00:19:19.000 | I'm going to say a word.
00:19:20.000 | I'm going to say a word.
00:19:21.000 | I'm going to say a word.
00:19:22.000 | I'm going to say a word.
00:19:23.000 | I'm going to say a word.
00:19:24.000 | I'm going to say a word.
00:19:25.000 | I'm going to say a word.
00:19:26.000 | I'm going to say a word.
00:19:27.000 | I'm going to say a word.
00:19:28.000 | I'm going to say a word.
00:19:29.000 | I'm going to say a word.
00:19:30.000 | I'm going to say a word.
00:19:31.000 | I'm going to say a word.
00:19:32.000 | I'm going to say a word.
00:19:33.000 | I'm going to say a word.
00:19:34.000 | I'm going to say a word.
00:19:35.000 | I'm going to say a word.
00:19:36.000 | I'm going to say a word.
00:19:37.000 | I'm going to say a word.
00:19:38.000 | I'm going to say a word.
00:19:39.000 | I'm going to say a word.
00:19:40.000 | I'm going to say a word.
00:19:41.000 | I'm going to say a word.
00:19:42.000 | I'm going to say a word.
00:19:43.000 | I'm going to say a word.
00:19:44.000 | I'm going to say a word.
00:19:45.000 | I'm going to say a word.
00:19:46.000 | I'm going to say a word.
00:19:47.000 | I'm going to say a word.
00:19:48.000 | I'm going to say a word.
00:19:49.000 | I'm going to say a word.
00:19:50.000 | I'm going to say a word.
00:19:51.000 | I'm going to say a word.
00:19:52.000 | I'm going to say a word.
00:19:53.000 | I'm going to say a word.
00:19:54.000 | I'm going to say a word.
00:19:55.000 | I'm going to say a word.
00:19:56.000 | I'm going to say a word.
00:19:57.000 | I'm going to say a word.
00:19:58.000 | I'm going to say a word.
00:19:59.000 | I'm going to say a word.
00:20:00.000 | I'm going to say a word.
00:20:01.000 | I'm going to say a word.
00:20:02.000 | I'm going to say a word.
00:20:03.000 | I'm going to say a word.
00:20:04.000 | I'm going to say a word.
00:20:05.000 | I'm going to say a word.
00:20:06.000 | I'm going to say a word.
00:20:07.000 | I'm going to say a word.
00:20:08.000 | I'm going to say a word.
00:20:09.000 | I'm going to say a word.
00:20:10.000 | I'm going to say a word.
00:20:11.000 | I'm going to say a word.
00:20:12.000 | I'm going to say a word.
00:20:13.000 | I'm going to say a word.
00:20:14.000 | I'm going to say a word.
00:20:15.000 | I'm going to say a word.
00:20:16.000 | I'm going to say a word.
00:20:17.000 | I'm going to say a word.
00:20:18.000 | I'm going to say a word.
00:20:19.000 | I'm going to say a word.
00:20:20.000 | I'm going to say a word.
00:20:21.000 | I'm going to say a word.
00:20:22.000 | I'm going to say a word.
00:20:23.000 | I'm going to say a word.
00:20:24.000 | I'm going to say a word.
00:20:25.000 | I'm going to say a word.
00:20:26.000 | I'm going to say a word.
00:20:27.000 | I'm going to say a word.
00:20:28.000 | I'm going to say a word.
00:20:29.000 | I'm going to say a word.
00:20:30.000 | I'm going to say a word.
00:20:31.000 | I'm going to say a word.
00:20:32.000 | I'm going to say a word.
00:20:33.000 | I'm going to say a word.
00:20:34.000 | I'm going to say a word.
00:20:35.000 | I'm going to say a word.
00:20:36.000 | I'm going to say a word.
00:20:37.000 | I'm going to say a word.
00:20:38.000 | I'm going to say a word.
00:20:39.000 | I'm going to say a word.
00:20:40.000 | I'm going to say a word.
00:20:41.000 | I'm going to say a word.
00:20:42.000 | I'm going to say a word.
00:20:43.000 | I'm going to say a word.
00:20:44.000 | I'm going to say a word.
00:20:45.000 | I'm going to say a word.
00:20:46.000 | I'm going to say a word.
00:20:47.000 | I'm going to say a word.
00:20:48.000 | I'm going to say a word.
00:20:49.000 | I'm going to say a word.
00:20:50.000 | I'm going to say a word.
00:20:51.000 | I'm going to say a word.
00:20:52.000 | I'm going to say a word.
00:20:53.000 | I'm going to say a word.
00:20:54.000 | I'm going to say a word.
00:20:55.000 | I'm going to say a word.
00:20:56.000 | I'm going to say a word.
00:20:57.000 | I'm going to say a word.
00:20:58.000 | I'm going to say a word.
00:20:59.000 | I'm going to say a word.
00:21:00.000 | I'm going to say a word.
00:21:01.000 | I'm going to say a word.
00:21:02.000 | I'm going to say a word.
00:21:03.000 | I'm going to say a word.
00:21:04.000 | I'm going to say a word.
00:21:05.000 | I'm going to say a word.
00:21:06.000 | I'm going to say a word.
00:21:07.000 | I'm going to say a word.
00:21:08.000 | I'm going to say a word.
00:21:09.000 | I'm going to say a word.
00:21:10.000 | I'm going to say a word.
00:21:11.000 | I'm going to say a word.
00:21:12.000 | I'm going to say a word.
00:21:13.000 | I'm going to say a word.
00:21:14.000 | I'm going to say a word.
00:21:15.000 | I'm going to say a word.
00:21:16.000 | I'm going to say a word.
00:21:17.000 | I'm going to say a word.
00:21:18.000 | I'm going to say a word.
00:21:19.000 | I'm going to say a word.
00:21:20.000 | I'm going to say a word.
00:21:21.000 | I'm going to say a word.
00:21:22.000 | I'm going to say a word.
00:21:23.000 | I'm going to say a word.
00:21:24.000 | I'm going to say a word.
00:21:25.000 | I'm going to say a word.
00:21:26.000 | I'm going to say a word.
00:21:27.000 | I'm going to say a word.
00:21:28.000 | I'm going to say a word.
00:21:29.000 | I'm going to say a word.
00:21:30.000 | I'm going to say a word.
00:21:31.000 | I'm going to say a word.
00:21:32.000 | I'm going to say a word.
00:21:33.000 | I'm going to say a word.
00:21:34.000 | I'm going to say a word.
00:21:35.000 | I'm going to say a word.
00:21:36.000 | I'm going to say a word.
00:21:37.000 | I'm going to say a word.
00:21:38.000 | I'm going to say a word.
00:21:39.000 | I'm going to say a word.
00:21:40.000 | I'm going to say a word.
00:21:41.000 | I'm going to say a word.
00:21:42.000 | I'm going to say a word.
00:21:43.000 | I'm going to say a word.
00:21:44.000 | I'm going to say a word.
00:21:45.000 | I'm going to say a word.
00:21:46.000 | I'm going to say a word.
00:21:47.000 | I'm going to say a word.
00:21:48.000 | I'm going to say a word.
00:21:49.000 | I'm going to say a word.
00:21:50.000 | I'm going to say a word.
00:21:51.000 | I'm going to say a word.
00:21:52.000 | I'm going to say a word.
00:21:53.000 | I'm going to say a word.
00:21:54.000 | I'm going to say a word.
00:21:55.000 | I'm going to say a word.
00:21:56.000 | I'm going to say a word.
00:21:57.000 | I'm going to say a word.
00:21:58.000 | I'm going to say a word.
00:21:59.000 | I'm going to say a word.
00:22:00.000 | I'm going to say a word.
00:22:01.000 | I'm going to say a word.
00:22:02.000 | I'm going to say a word.
00:22:03.000 | I'm going to say a word.
00:22:04.000 | I'm going to say a word.
00:22:05.000 | I'm going to say a word.
00:22:06.000 | I'm going to say a word.
00:22:07.000 | I'm going to say a word.
00:22:08.000 | I'm going to say a word.
00:22:09.000 | I'm going to say a word.
00:22:10.000 | I'm going to say a word.
00:22:11.000 | I'm going to say a word.
00:22:12.000 | I'm going to say a word.
00:22:13.000 | I'm going to say a word.
00:22:14.000 | I'm going to say a word.
00:22:15.000 | I'm going to say a word.
00:22:16.000 | I'm going to say a word.
00:22:17.000 | I'm going to say a word.
00:22:18.000 | I'm going to say a word.
00:22:19.000 | I'm going to say a word.
00:22:20.000 | I'm going to say a word.
00:22:21.000 | I'm going to say a word.
00:22:22.000 | I'm going to say a word.
00:22:23.000 | I'm going to say a word.
00:22:24.000 | I'm going to say a word.
00:22:25.000 | I'm going to say a word.
00:22:26.000 | I'm going to say a word.
00:22:27.000 | I'm going to say a word.
00:22:28.000 | I'm going to say a word.
00:22:29.000 | I'm going to say a word.
00:22:30.000 | I'm going to say a word.
00:22:31.000 | I'm going to say a word.
00:22:32.000 | I'm going to say a word.
00:22:33.000 | I'm going to say a word.
00:22:34.000 | I'm going to say a word.
00:22:35.000 | I'm going to say a word.
00:22:36.000 | I'm going to say a word.
00:22:37.000 | I'm going to say a word.
00:22:38.000 | I'm going to say a word.
00:22:39.000 | I'm going to say a word.
00:22:40.000 | I'm going to say a word.
00:22:41.000 | I'm going to say a word.
00:22:42.000 | I'm going to say a word.
00:22:43.000 | I'm going to say a word.
00:22:44.000 | I'm going to say a word.
00:22:45.000 | I'm going to say a word.
00:22:46.000 | I'm going to say a word.
00:22:47.000 | I'm going to say a word.
00:22:48.000 | I'm going to say a word.
00:22:49.000 | I'm going to say a word.
00:22:50.000 | I'm going to say a word.
00:22:51.000 | I'm going to say a word.
00:22:52.000 | I'm going to say a word.
00:22:53.000 | I'm going to say a word.
00:22:54.000 | I'm going to say a word.
00:22:55.000 | I'm going to say a word.
00:22:56.000 | I'm going to say a word.
00:22:57.000 | I'm going to say a word.
00:22:58.000 | I'm going to say a word.
00:22:59.000 | I'm going to say a word.
00:23:00.000 | I'm going to say a word.
00:23:01.000 | I'm going to say a word.
00:23:02.000 | I'm going to say a word.
00:23:03.000 | I'm going to say a word.
00:23:04.000 | I'm going to say a word.
00:23:05.000 | I'm going to say a word.
00:23:06.000 | I'm going to say a word.
00:23:07.000 | I'm going to say a word.
00:23:08.000 | I'm going to say a word.
00:23:09.000 | I'm going to say a word.
00:23:10.000 | I'm going to say a word.
00:23:11.000 | I'm going to say a word.
00:23:12.000 | I'm going to say a word.
00:23:13.000 | I'm going to say a word.
00:23:14.000 | I'm going to say a word.
00:23:15.000 | I'm going to say a word.
00:23:16.000 | I'm going to say a word.
00:23:17.000 | I'm going to say a word.
00:23:18.000 | I'm going to say a word.
00:23:19.000 | I'm going to say a word.
00:23:20.000 | I'm going to say a word.
00:23:21.000 | I'm going to say a word.
00:23:22.000 | I'm going to say a word.
00:23:23.000 | I'm going to say a word.
00:23:24.000 | I'm going to say a word.
00:23:25.000 | I'm going to say a word.
00:23:26.000 | I'm going to say a word.
00:23:27.000 | I'm going to say a word.
00:23:28.000 | I'm going to say a word.
00:23:29.000 | I'm going to say a word.
00:23:30.000 | I'm going to say a word.
00:23:31.000 | I'm going to say a word.
00:23:32.000 | I'm going to say a word.
00:23:33.000 | I'm going to say a word.
00:23:34.000 | I'm going to say a word.
00:23:35.000 | I'm going to say a word.
00:23:36.000 | I'm going to say a word.
00:23:37.000 | I'm going to say a word.
00:23:38.000 | I'm going to say a word.
00:23:39.000 | I'm going to say a word.
00:23:40.000 | I'm going to say a word.
00:23:41.000 | I'm going to say a word.
00:23:42.000 | I'm going to say a word.
00:23:43.000 | I'm going to say a word.
00:23:44.000 | I'm going to say a word.
00:23:45.000 | I'm going to say a word.
00:23:46.000 | I'm going to say a word.
00:23:47.000 | I'm going to say a word.
00:23:48.000 | I'm going to say a word.
00:23:49.000 | I'm going to say a word.
00:23:50.000 | I'm going to say a word.
00:23:51.000 | I'm going to say a word.
00:23:52.000 | I'm going to say a word.
00:23:53.000 | I'm going to say a word.
00:23:54.000 | I'm going to say a word.
00:23:55.000 | I'm going to say a word.
00:23:56.000 | I'm going to say a word.
00:23:57.000 | I'm going to say a word.
00:23:58.000 | I'm going to say a word.
00:23:59.000 | I'm going to say a word.
00:24:00.000 | I'm going to say a word.
00:24:01.000 | I'm going to say a word.
00:24:02.000 | I'm going to say a word.
00:24:03.000 | I'm going to say a word.
00:24:04.000 | I'm going to say a word.
00:24:05.000 | I'm going to say a word.
00:24:06.000 | I'm going to say a word.
00:24:07.000 | I'm going to say a word.
00:24:08.000 | I'm going to say a word.
00:24:09.000 | I'm going to say a word.
00:24:10.000 | I'm going to say a word.
00:24:11.000 | I'm going to say a word.
00:24:12.000 | I'm going to say a word.
00:24:13.000 | I'm going to say a word.
00:24:14.000 | I'm going to say a word.
00:24:15.000 | I'm going to say a word.
00:24:16.000 | I'm going to say a word.
00:24:17.000 | I'm going to say a word.
00:24:18.000 | I'm going to say a word.
00:24:19.000 | I'm going to say a word.
00:24:20.000 | I'm going to say a word.
00:24:21.000 | I'm going to say a word.
00:24:22.000 | I'm going to say a word.
00:24:23.000 | I'm going to say a word.
00:24:24.000 | I'm going to say a word.
00:24:25.000 | I'm going to say a word.
00:24:26.000 | I'm going to say a word.
00:24:27.000 | I'm going to say a word.
00:24:28.000 | I'm going to say a word.
00:24:29.000 | I'm going to say a word.
00:24:30.000 | I'm going to say a word.
00:24:31.000 | I'm going to say a word.
00:24:32.000 | I'm going to say a word.
00:24:33.000 | I'm going to say a word.
00:24:34.000 | I'm going to say a word.
00:24:35.000 | I'm going to say a word.
00:24:36.000 | I'm going to say a word.
00:24:37.000 | I'm going to say a word.
00:24:38.000 | I'm going to say a word.
00:24:39.000 | I'm going to say a word.
00:24:40.000 | I'm going to say a word.
00:24:41.000 | I'm going to say a word.
00:24:42.000 | I'm going to say a word.
00:24:43.000 | I'm going to say a word.
00:24:44.000 | I'm going to say a word.
00:24:45.000 | I'm going to say a word.
00:24:46.000 | I'm going to say a word.
00:24:47.000 | I'm going to say a word.
00:24:48.000 | I'm going to say a word.
00:24:49.000 | I'm going to say a word.
00:24:50.000 | I'm going to say a word.
00:24:51.000 | I'm going to say a word.
00:24:52.000 | I'm going to say a word.
00:24:53.000 | I'm going to say a word.
00:24:54.000 | I'm going to say a word.
00:24:55.000 | I'm going to say a word.
00:24:56.000 | I'm going to say a word.
00:24:57.000 | I'm going to say a word.
00:24:58.000 | I'm going to say a word.
00:24:59.000 | I'm going to say a word.
00:25:00.000 | I'm going to say a word.
00:25:01.000 | I'm going to say a word.
00:25:02.000 | I'm going to say a word.
00:25:03.000 | I'm going to say a word.
00:25:04.000 | I'm going to say a word.
00:25:05.000 | I'm going to say a word.
00:25:06.000 | I'm going to say a word.
00:25:07.000 | I'm going to say a word.
00:25:08.000 | I'm going to say a word.
00:25:09.000 | I'm going to say a word.
00:25:10.000 | I'm going to say a word.
00:25:11.000 | I'm going to say a word.
00:25:12.000 | I'm going to say a word.
00:25:13.000 | I'm going to say a word.
00:25:14.000 | I'm going to say a word.
00:25:15.000 | I'm going to say a word.
00:25:16.000 | I'm going to say a word.
00:25:17.000 | I'm going to say a word.
00:25:18.000 | I'm going to say a word.
00:25:19.000 | I'm going to say a word.
00:25:20.000 | I'm going to say a word.
00:25:21.000 | I'm going to say a word.
00:25:22.000 | I'm going to say a word.
00:25:23.000 | I'm going to say a word.
00:25:24.000 | I'm going to say a word.
00:25:25.000 | I'm going to say a word.
00:25:26.000 | I'm going to say a word.
00:25:27.000 | I'm going to say a word.
00:25:28.000 | I'm going to say a word.
00:25:29.000 | I'm going to say a word.
00:25:30.000 | I'm going to say a word.
00:25:31.000 | I'm going to say a word.
00:25:32.000 | I'm going to say a word.
00:25:33.000 | I'm going to say a word.
00:25:34.000 | I'm going to say a word.
00:25:35.000 | I'm going to say a word.
00:25:36.000 | I'm going to say a word.
00:25:37.000 | I'm going to say a word.
00:25:38.000 | I'm going to say a word.
00:25:39.000 | I'm going to say a word.
00:25:40.000 | I'm going to say a word.
00:25:41.000 | I'm going to say a word.
00:25:42.000 | I'm going to say a word.
00:25:43.000 | I'm going to say a word.
00:25:44.000 | I'm going to say a word.
00:25:45.000 | I'm going to say a word.
00:25:46.000 | I'm going to say a word.
00:25:47.000 | I'm going to say a word.
00:25:48.000 | I'm going to say a word.
00:25:49.000 | I'm going to say a word.
00:25:50.000 | I'm going to say a word.
00:25:51.000 | I'm going to say a word.
00:25:52.000 | I'm going to say a word.
00:25:53.000 | I'm going to say a word.
00:25:54.000 | I'm going to say a word.
00:25:55.000 | I'm going to say a word.
00:25:56.000 | I'm going to say a word.
00:25:57.000 | I'm going to say a word.
00:25:58.000 | I'm going to say a word.
00:25:59.000 | I'm going to say a word.
00:26:00.000 | I'm going to say a word.
00:26:01.000 | I'm going to say a word.
00:26:02.000 | I'm going to say a word.
00:26:03.000 | I'm going to say a word.
00:26:04.000 | I'm going to say a word.
00:26:05.000 | I'm going to say a word.
00:26:06.000 | I'm going to say a word.
00:26:07.000 | I'm going to say a word.
00:26:08.000 | I'm going to say a word.
00:26:09.000 | I'm going to say a word.
00:26:10.000 | I'm going to say a word.
00:26:11.000 | I'm going to say a word.
00:26:12.000 | I'm going to say a word.
00:26:13.000 | I'm going to say a word.
00:26:14.000 | I'm going to say a word.
00:26:15.000 | I'm going to say a word.
00:26:16.000 | I'm going to say a word.
00:26:17.000 | I'm going to say a word.
00:26:18.000 | I'm going to say a word.
00:26:19.000 | I'm going to say a word.
00:26:20.000 | I'm going to say a word.
00:26:21.000 | I'm going to say a word.
00:26:22.000 | I'm going to say a word.
00:26:23.000 | I'm going to say a word.
00:26:24.000 | I'm going to say a word.
00:26:25.000 | I'm going to say a word.
00:26:26.000 | I'm going to say a word.
00:26:27.000 | I'm going to say a word.
00:26:28.000 | I'm going to say a word.
00:26:29.000 | I'm going to say a word.
00:26:30.000 | I'm going to say a word.
00:26:31.000 | I'm going to say a word.
00:26:32.000 | I'm going to say a word.
00:26:33.000 | I'm going to say a word.
00:26:34.000 | I'm going to say a word.
00:26:35.000 | I'm going to say a word.
00:26:36.000 | I'm going to say a word.
00:26:37.000 | I'm going to say a word.
00:26:38.000 | I'm going to say a word.
00:26:39.000 | I'm going to say a word.
00:26:40.000 | I'm going to say a word.
00:26:41.000 | I'm going to say a word.
00:26:42.000 | I'm going to say a word.
00:26:43.000 | I'm going to say a word.
00:26:44.000 | I'm going to say a word.
00:26:45.000 | I'm going to say a word.
00:26:46.000 | I'm going to say a word.
00:26:47.000 | I'm going to say a word.
00:26:48.000 | I'm going to say a word.
00:26:49.000 | I'm going to say a word.
00:26:50.000 | I'm going to say a word.
00:26:51.000 | I'm going to say a word.
00:26:52.000 | I'm going to say a word.
00:26:53.000 | I'm going to say a word.
00:26:54.000 | I'm going to say a word.
00:26:55.000 | I'm going to say a word.
00:26:56.000 | I'm going to say a word.
00:26:57.000 | I'm going to say a word.
00:26:58.000 | I'm going to say a word.
00:26:59.000 | I'm going to say a word.
00:27:00.000 | I'm going to say a word.
00:27:01.000 | I'm going to say a word.
00:27:02.000 | I'm going to say a word.
00:27:03.000 | I'm going to say a word.
00:27:04.000 | I'm going to say a word.
00:27:05.000 | I'm going to say a word.
00:27:06.000 | I'm going to say a word.
00:27:07.000 | I'm going to say a word.
00:27:08.000 | I'm going to say a word.
00:27:09.000 | I'm going to say a word.
00:27:10.000 | I'm going to say a word.
00:27:11.000 | I'm going to say a word.
00:27:12.000 | I'm going to say a word.
00:27:13.000 | I'm going to say a word.
00:27:14.000 | I'm going to say a word.
00:27:15.000 | I'm going to say a word.
00:27:16.000 | I'm going to say a word.
00:27:17.000 | I'm going to say a word.
00:27:18.000 | I'm going to say a word.
00:27:19.000 | I'm going to say a word.
00:27:20.000 | I'm going to say a word.
00:27:21.000 | I'm going to say a word.
00:27:22.000 | I'm going to say a word.
00:27:23.000 | I'm going to say a word.
00:27:24.000 | I'm going to say a word.
00:27:25.000 | I'm going to say a word.
00:27:26.000 | I'm going to say a word.
00:27:27.000 | I'm going to say a word.
00:27:28.000 | I'm going to say a word.
00:27:29.000 | I'm going to say a word.
00:27:30.000 | I'm going to say a word.
00:27:31.000 | I'm going to say a word.
00:27:32.000 | I'm going to say a word.
00:27:33.000 | I'm going to say a word.
00:27:34.000 | I'm going to say a word.
00:27:35.000 | I'm going to say a word.
00:27:36.000 | I'm going to say a word.
00:27:37.000 | I'm going to say a word.
00:27:38.000 | I'm going to say a word.
00:27:39.000 | I'm going to say a word.
00:27:40.000 | I'm going to say a word.
00:27:41.000 | I'm going to say a word.
00:27:42.000 | I'm going to say a word.
00:27:43.000 | I'm going to say a word.
00:27:44.000 | I'm going to say a word.
00:27:45.000 | I'm going to say a word.
00:27:46.000 | I'm going to say a word.
00:27:47.000 | I'm going to say a word.
00:27:48.000 | I'm going to say a word.
00:27:49.000 | I'm going to say a word.
00:27:50.000 | I'm going to say a word.
00:27:51.000 | I'm going to say a word.
00:27:52.000 | I'm going to say a word.
00:27:53.000 | I'm going to say a word.
00:27:54.000 | I'm going to say a word.
00:27:55.000 | I'm going to say a word.
00:27:56.000 | I'm going to say a word.
00:27:57.000 | I'm going to say a word.
00:27:58.000 | I'm going to say a word.
00:27:59.000 | I'm going to say a word.
00:28:00.000 | I'm going to say a word.
00:28:01.000 | I'm going to say a word.
00:28:02.000 | I'm going to say a word.
00:28:03.000 | I'm going to say a word.
00:28:04.000 | I'm going to say a word.
00:28:05.000 | I'm going to say a word.
00:28:06.000 | I'm going to say a word.
00:28:07.000 | I'm going to say a word.
00:28:08.000 | I'm going to say a word.
00:28:09.000 | I'm going to say a word.
00:28:10.000 | I'm going to say a word.
00:28:11.000 | I'm going to say a word.
00:28:12.000 | I'm going to say a word.
00:28:13.000 | I'm going to say a word.
00:28:14.000 | I'm going to say a word.
00:28:15.000 | I'm going to say a word.
00:28:16.000 | I'm going to say a word.
00:28:17.000 | I'm going to say a word.
00:28:18.000 | I'm going to say a word.
00:28:19.000 | I'm going to say a word.
00:28:20.000 | I'm going to say a word.
00:28:21.000 | I'm going to say a word.
00:28:22.000 | I'm going to say a word.
00:28:23.000 | I'm going to say a word.
00:28:24.000 | I'm going to say a word.
00:28:25.000 | I'm going to say a word.
00:28:26.000 | I'm going to say a word.
00:28:27.000 | I'm going to say a word.
00:28:28.000 | I'm going to say a word.
00:28:29.000 | I'm going to say a word.
00:28:30.000 | I'm going to say a word.
00:28:31.000 | I'm going to say a word.
00:28:32.000 | I'm going to say a word.
00:28:33.000 | I'm going to say a word.
00:28:34.000 | I'm going to say a word.
00:28:35.000 | I'm going to say a word.
00:28:36.000 | I'm going to say a word.
00:28:37.000 | I'm going to say a word.
00:28:38.000 | I'm going to say a word.
00:28:39.000 | I'm going to say a word.
00:28:40.000 | I'm going to say a word.
00:28:41.000 | I'm going to say a word.
00:28:42.000 | I'm going to say a word.
00:28:43.000 | I'm going to say a word.
00:28:44.000 | I'm going to say a word.
00:28:45.000 | I'm going to say a word.
00:28:46.000 | I'm going to say a word.
00:28:47.000 | I'm going to say a word.
00:28:48.000 | I'm going to say a word.
00:28:49.000 | I'm going to say a word.
00:28:50.000 | I'm going to say a word.
00:28:51.000 | I'm going to say a word.
00:28:52.000 | I'm going to say a word.
00:28:53.000 | I'm going to say a word.
00:28:54.000 | I'm going to say a word.
00:28:55.000 | I'm going to say a word.
00:28:56.000 | I'm going to say a word.
00:28:57.000 | I'm going to say a word.
00:28:58.000 | I'm going to say a word.
00:28:59.000 | I'm going to say a word.
00:29:00.000 | I'm going to say a word.
00:29:01.000 | I'm going to say a word.
00:29:02.000 | I'm going to say a word.
00:29:03.000 | I'm going to say a word.
00:29:04.000 | I'm going to say a word.
00:29:05.000 | I'm going to say a word.
00:29:06.000 | I'm going to say a word.
00:29:07.000 | I'm going to say a word.
00:29:08.000 | I'm going to say a word.
00:29:09.000 | I'm going to say a word.
00:29:10.000 | I'm going to say a word.
00:29:11.000 | I'm going to say a word.
00:29:12.000 | I'm going to say a word.
00:29:13.000 | I'm going to say a word.
00:29:14.000 | I'm going to say a word.
00:29:15.000 | I'm going to say a word.
00:29:16.000 | I'm going to say a word.
00:29:17.000 | I'm going to say a word.
00:29:18.000 | I'm going to say a word.
00:29:19.000 | I'm going to say a word.
00:29:20.000 | I'm going to say a word.
00:29:21.000 | I'm going to say a word.
00:29:22.000 | I'm going to say a word.
00:29:23.000 | I'm going to say a word.
00:29:24.000 | I'm going to say a word.
00:29:25.000 | I'm going to say a word.
00:29:26.000 | I'm going to say a word.
00:29:27.000 | I'm going to say a word.
00:29:28.000 | I'm going to say a word.
00:29:29.000 | I'm going to say a word.
00:29:30.000 | I'm going to say a word.
00:29:31.000 | I'm going to say a word.
00:29:32.000 | I'm going to say a word.
00:29:33.000 | I'm going to say a word.
00:29:34.000 | I'm going to say a word.
00:29:35.000 | I'm going to say a word.
00:29:36.000 | I'm going to say a word.
00:29:37.000 | I'm going to say a word.
00:29:38.000 | I'm going to say a word.
00:29:39.000 | I'm going to say a word.
00:29:40.000 | I'm going to say a word.
00:29:41.000 | I'm going to say a word.
00:29:42.000 | I'm going to say a word.
00:29:43.000 | I'm going to say a word.
00:29:44.000 | I'm going to say a word.
00:29:45.000 | I'm going to say a word.
00:29:46.000 | I'm going to say a word.
00:29:47.000 | I'm going to say a word.
00:29:48.000 | I'm going to say a word.
00:29:49.000 | I'm going to say a word.
00:29:50.000 | I'm going to say a word.
00:29:51.000 | I'm going to say a word.
00:29:52.000 | I'm going to say a word.
00:29:53.000 | I'm going to say a word.
00:29:54.000 | I'm going to say a word.
00:29:55.000 | I'm going to say a word.
00:29:56.000 | I'm going to say a word.
00:29:57.000 | I'm going to say a word.
00:29:58.000 | I'm going to say a word.
00:29:59.000 | I'm going to say a word.
00:30:00.000 | I'm going to say a word.
00:30:01.000 | I'm going to say a word.
00:30:02.000 | I'm going to say a word.
00:30:03.000 | I'm going to say a word.
00:30:04.000 | I'm going to say a word.
00:30:05.000 | I'm going to say a word.
00:30:06.000 | I'm going to say a word.
00:30:07.000 | I'm going to say a word.
00:30:08.000 | I'm going to say a word.
00:30:09.000 | I'm going to say a word.
00:30:10.000 | I'm going to say a word.
00:30:11.000 | I'm going to say a word.
00:30:12.000 | I'm going to say a word.
00:30:13.000 | I'm going to say a word.
00:30:14.000 | I'm going to say a word.
00:30:15.000 | I'm going to say a word.
00:30:16.000 | I'm going to say a word.
00:30:17.000 | I'm going to say a word.
00:30:18.000 | I'm going to say a word.
00:30:19.000 | I'm going to say a word.
00:30:20.000 | I'm going to say a word.
00:30:21.000 | I'm going to say a word.
00:30:22.000 | I'm going to say a word.
00:30:23.000 | I'm going to say a word.
00:30:24.000 | I'm going to say a word.
00:30:25.000 | I'm going to say a word.
00:30:26.000 | I'm going to say a word.
00:30:27.000 | I'm going to say a word.
00:30:28.000 | I'm going to say a word.
00:30:29.000 | I'm going to say a word.
00:30:30.000 | I'm going to say a word.
00:30:31.000 | I'm going to say a word.
00:30:32.000 | I'm going to say a word.
00:30:33.000 | I'm going to say a word.
00:30:34.000 | I'm going to say a word.
00:30:35.000 | I'm going to say a word.
00:30:36.000 | I'm going to say a word.
00:30:37.000 | I'm going to say a word.
00:30:38.000 | I'm going to say a word.
00:30:39.000 | I'm going to say a word.
00:30:40.000 | I'm going to say a word.
00:30:41.000 | I'm going to say a word.
00:30:42.000 | I'm going to say a word.
00:30:43.000 | I'm going to say a word.
00:30:44.000 | I'm going to say a word.
00:30:45.000 | I'm going to say a word.
00:30:46.000 | I'm going to say a word.
00:30:47.000 | I'm going to say a word.
00:30:48.000 | I'm going to say a word.
00:30:49.000 | I'm going to say a word.
00:30:50.000 | I'm going to say a word.
00:30:51.000 | I'm going to say a word.
00:30:52.000 | I'm going to say a word.
00:30:53.000 | I'm going to say a word.
00:30:54.000 | I'm going to say a word.
00:30:55.000 | I'm going to say a word.
00:30:56.000 | I'm going to say a word.
00:30:57.000 | I'm going to say a word.
00:30:58.000 | I'm going to say a word.
00:30:59.000 | I'm going to say a word.
00:31:00.000 | I'm going to say a word.
00:31:01.000 | I'm going to say a word.
00:31:02.000 | I'm going to say a word.
00:31:03.000 | I'm going to say a word.
00:31:04.000 | I'm going to say a word.
00:31:05.000 | I'm going to say a word.
00:31:06.000 | I'm going to say a word.
00:31:07.000 | I'm going to say a word.
00:31:08.000 | I'm going to say a word.
00:31:09.000 | I'm going to say a word.
00:31:10.000 | I'm going to say a word.
00:31:11.000 | I'm going to say a word.
00:31:12.000 | I'm going to say a word.
00:31:13.000 | I'm going to say a word.
00:31:14.000 | I'm going to say a word.
00:31:15.000 | I'm going to say a word.
00:31:16.000 | I'm going to say a word.
00:31:17.000 | I'm going to say a word.
00:31:18.000 | I'm going to say a word.
00:31:19.000 | I'm going to say a word.
00:31:20.000 | I'm going to say a word.
00:31:21.000 | I'm going to say a word.
00:31:22.000 | I'm going to say a word.
00:31:23.000 | I'm going to say a word.
00:31:24.000 | I'm going to say a word.
00:31:25.000 | I'm going to say a word.
00:31:26.000 | I'm going to say a word.
00:31:27.000 | I'm going to say a word.
00:31:28.000 | I'm going to say a word.
00:31:29.000 | I'm going to say a word.
00:31:30.000 | I'm going to say a word.
00:31:31.000 | I'm going to say a word.
00:31:32.000 | I'm going to say a word.
00:31:33.000 | I'm going to say a word.
00:31:34.000 | I'm going to say a word.
00:31:35.000 | I'm going to say a word.
00:31:36.000 | I'm going to say a word.
00:31:37.000 | I'm going to say a word.
00:31:38.000 | I'm going to say a word.
00:31:39.000 | I'm going to say a word.
00:31:40.000 | I'm going to say a word.
00:31:41.000 | I'm going to say a word.
00:31:42.000 | I'm going to say a word.
00:31:43.000 | I'm going to say a word.
00:31:44.000 | I'm going to say a word.
00:31:45.000 | I'm going to say a word.
00:31:46.000 | I'm going to say a word.
00:31:47.000 | I'm going to say a word.
00:31:48.000 | I'm going to say a word.
00:31:49.000 | I'm going to say a word.
00:31:50.000 | I'm going to say a word.
00:31:51.000 | I'm going to say a word.
00:31:52.000 | I'm going to say a word.
00:31:53.000 | I'm going to say a word.
00:31:54.000 | I'm going to say a word.
00:31:55.000 | I'm going to say a word.
00:31:56.000 | I'm going to say a word.
00:31:57.000 | I'm going to say a word.
00:31:58.000 | I'm going to say a word.
00:31:59.000 | I'm going to say a word.
00:32:00.000 | I'm going to say a word.
00:32:01.000 | I'm going to say a word.
00:32:02.000 | I'm going to say a word.
00:32:03.000 | I'm going to say a word.
00:32:04.000 | I'm going to say a word.
00:32:05.000 | I'm going to say a word.
00:32:06.000 | I'm going to say a word.
00:32:07.000 | I'm going to say a word.
00:32:08.000 | I'm going to say a word.
00:32:09.000 | I'm going to say a word.
00:32:10.000 | I'm going to say a word.
00:32:11.000 | I'm going to say a word.
00:32:12.000 | I'm going to say a word.
00:32:13.000 | I'm going to say a word.
00:32:14.000 | I'm going to say a word.
00:32:15.000 | I'm going to say a word.
00:32:16.000 | I'm going to say a word.
00:32:17.000 | I'm going to say a word.
00:32:18.000 | I'm going to say a word.
00:32:19.000 | I'm going to say a word.
00:32:20.000 | I'm going to say a word.
00:32:21.000 | I'm going to say a word.
00:32:22.000 | I'm going to say a word.
00:32:23.000 | I'm going to say a word.
00:32:24.000 | I'm going to say a word.
00:32:25.000 | I'm going to say a word.
00:32:26.000 | I'm going to say a word.
00:32:27.000 | I'm going to say a word.
00:32:28.000 | I'm going to say a word.
00:32:29.000 | I'm going to say a word.
00:32:30.000 | I'm going to say a word.
00:32:31.000 | I'm going to say a word.
00:32:32.000 | I'm going to say a word.
00:32:33.000 | I'm going to say a word.
00:32:34.000 | I'm going to say a word.
00:32:35.000 | I'm going to say a word.
00:32:36.000 | I'm going to say a word.
00:32:37.000 | I'm going to say a word.
00:32:38.000 | I'm going to say a word.
00:32:39.000 | I'm going to say a word.
00:32:40.000 | I'm going to say a word.
00:32:41.000 | I'm going to say a word.
00:32:42.000 | I'm going to say a word.
00:32:43.000 | I'm going to say a word.
00:32:44.000 | I'm going to say a word.
00:32:45.000 | I'm going to say a word.
00:32:46.000 | I'm going to say a word.
00:32:47.000 | I'm going to say a word.
00:32:48.000 | I'm going to say a word.
00:32:49.000 | I'm going to say a word.
00:32:50.000 | I'm going to say a word.
00:32:51.000 | I'm going to say a word.
00:32:52.000 | I'm going to say a word.
00:32:53.000 | I'm going to say a word.
00:32:54.000 | I'm going to say a word.
00:32:55.000 | I'm going to say a word.
00:32:56.000 | I'm going to say a word.
00:32:57.000 | I'm going to say a word.
00:32:58.000 | I'm going to say a word.
00:32:59.000 | I'm going to say a word.
00:33:00.000 | I'm going to say a word.
00:33:01.000 | I'm going to say a word.
00:33:02.000 | I'm going to say a word.
00:33:03.000 | I'm going to say a word.
00:33:04.000 | I'm going to say a word.
00:33:05.000 | I'm going to say a word.
00:33:06.000 | I'm going to say a word.
00:33:07.000 | I'm going to say a word.
00:33:08.000 | I'm going to say a word.
00:33:09.000 | I'm going to say a word.
00:33:10.000 | I'm going to say a word.
00:33:11.000 | I'm going to say a word.
00:33:12.000 | I'm going to say a word.
00:33:13.000 | I'm going to say a word.
00:33:14.000 | I'm going to say a word.
00:33:15.000 | I'm going to say a word.
00:33:16.000 | I'm going to say a word.
00:33:17.000 | I'm going to say a word.
00:33:18.000 | I'm going to say a word.
00:33:19.000 | I'm going to say a word.
00:33:20.000 | I'm going to say a word.
00:33:21.000 | I'm going to say a word.
00:33:22.000 | I'm going to say a word.
00:33:23.000 | I'm going to say a word.
00:33:24.000 | I'm going to say a word.
00:33:25.000 | I'm going to say a word.
00:33:26.000 | I'm going to say a word.
00:33:27.000 | I'm going to say a word.
00:33:28.000 | I'm going to say a word.
00:33:29.000 | I'm going to say a word.
00:33:30.000 | I'm going to say a word.
00:33:31.000 | I'm going to say a word.
00:33:32.000 | I'm going to say a word.
00:33:33.000 | I'm going to say a word.
00:33:34.000 | I'm going to say a word.
00:33:35.000 | I'm going to say a word.
00:33:36.000 | I'm going to say a word.
00:33:37.000 | I'm going to say a word.
00:33:38.000 | I'm going to say a word.
00:33:39.000 | I'm going to say a word.
00:33:40.000 | I'm going to say a word.
00:33:41.000 | I'm going to say a word.
00:33:42.000 | I'm going to say a word.
00:33:43.000 | I'm going to say a word.
00:33:44.000 | I'm going to say a word.
00:33:45.000 | I'm going to say a word.
00:33:46.000 | I'm going to say a word.
00:33:47.000 | I'm going to say a word.
00:33:48.000 | I'm going to say a word.
00:33:49.000 | I'm going to say a word.
00:33:50.000 | I'm going to say a word.
00:33:51.000 | I'm going to say a word.
00:33:52.000 | I'm going to say a word.
00:33:53.000 | I'm going to say a word.
00:33:54.000 | I'm going to say a word.
00:33:55.000 | I'm going to say a word.
00:33:56.000 | I'm going to say a word.
00:33:57.000 | I'm going to say a word.
00:33:58.000 | I'm going to say a word.
00:33:59.000 | I'm going to say a word.
00:34:00.000 | I'm going to say a word.
00:34:01.000 | I'm going to say a word.
00:34:02.000 | I'm going to say a word.
00:34:03.000 | I'm going to say a word.
00:34:04.000 | I'm going to say a word.
00:34:05.000 | I'm going to say a word.
00:34:06.000 | I'm going to say a word.
00:34:07.000 | I'm going to say a word.
00:34:08.000 | I'm going to say a word.
00:34:09.000 | I'm going to say a word.
00:34:10.000 | I'm going to say a word.
00:34:11.000 | I'm going to say a word.
00:34:12.000 | I'm going to say a word.
00:34:13.000 | I'm going to say a word.
00:34:14.000 | I'm going to say a word.
00:34:15.000 | I'm going to say a word.
00:34:16.000 | I'm going to say a word.
00:34:17.000 | I'm going to say a word.
00:34:18.000 | I'm going to say a word.
00:34:19.000 | I'm going to say a word.
00:34:20.000 | I'm going to say a word.
00:34:21.000 | I'm going to say a word.
00:34:22.000 | I'm going to say a word.
00:34:23.000 | I'm going to say a word.
00:34:24.000 | I'm going to say a word.
00:34:25.000 | I'm going to say a word.
00:34:26.000 | I'm going to say a word.
00:34:27.000 | I'm going to say a word.
00:34:28.000 | I'm going to say a word.
00:34:29.000 | I'm going to say a word.
00:34:30.000 | I'm going to say a word.
00:34:31.000 | I'm going to say a word.
00:34:32.000 | I'm going to say a word.
00:34:33.000 | I'm going to say a word.
00:34:34.000 | I'm going to say a word.
00:34:35.000 | I'm going to say a word.
00:34:36.000 | I'm going to say a word.
00:34:37.000 | I'm going to say a word.
00:34:38.000 | I'm going to say a word.
00:34:39.000 | I'm going to say a word.
00:34:40.000 | I'm going to say a word.
00:34:41.000 | I'm going to say a word.
00:34:42.000 | I'm going to say a word.
00:34:43.000 | I'm going to say a word.
00:34:44.000 | I'm going to say a word.
00:34:45.000 | I'm going to say a word.
00:34:46.000 | I'm going to say a word.
00:34:47.000 | I'm going to say a word.
00:34:48.000 | I'm going to say a word.
00:34:49.000 | I'm going to say a word.
00:34:50.000 | I'm going to say a word.
00:34:51.000 | I'm going to say a word.
00:34:52.000 | I'm going to say a word.
00:34:53.000 | I'm going to say a word.
00:34:54.000 | I'm going to say a word.
00:34:55.000 | I'm going to say a word.
00:34:56.000 | I'm going to say a word.
00:34:57.000 | I'm going to say a word.
00:34:58.000 | I'm going to say a word.
00:34:59.000 | I'm going to say a word.
00:35:00.000 | I'm going to say a word.
00:35:01.000 | I'm going to say a word.
00:35:02.000 | I'm going to say a word.
00:35:03.000 | I'm going to say a word.
00:35:04.000 | I'm going to say a word.
00:35:05.000 | I'm going to say a word.
00:35:06.000 | I'm going to say a word.
00:35:07.000 | I'm going to say a word.
00:35:08.000 | I'm going to say a word.
00:35:09.000 | I'm going to say a word.
00:35:10.000 | I'm going to say a word.
00:35:11.000 | I'm going to say a word.
00:35:12.000 | I'm going to say a word.
00:35:13.000 | I'm going to say a word.
00:35:14.000 | I'm going to say a word.
00:35:15.000 | I'm going to say a word.
00:35:16.000 | I'm going to say a word.
00:35:17.000 | I'm going to say a word.
00:35:18.000 | I'm going to say a word.
00:35:19.000 | I'm going to say a word.
00:35:20.000 | I'm going to say a word.
00:35:21.000 | I'm going to say a word.
00:35:22.000 | I'm going to say a word.
00:35:23.000 | I'm going to say a word.
00:35:24.000 | I'm going to say a word.
00:35:25.000 | I'm going to say a word.
00:35:26.000 | I'm going to say a word.
00:35:27.000 | I'm going to say a word.
00:35:28.000 | I'm going to say a word.
00:35:29.000 | I'm going to say a word.
00:35:30.000 | I'm going to say a word.
00:35:31.000 | I'm going to say a word.
00:35:32.000 | I'm going to say a word.
00:35:33.000 | I'm going to say a word.
00:35:34.000 | I'm going to say a word.
00:35:35.000 | I'm going to say a word.
00:35:36.000 | I'm going to say a word.
00:35:37.000 | I'm going to say a word.
00:35:38.000 | I'm going to say a word.
00:35:39.000 | I'm going to say a word.
00:35:40.000 | I'm going to say a word.
00:35:41.000 | I'm going to say a word.
00:35:42.000 | I'm going to say a word.
00:35:43.000 | I'm going to say a word.
00:35:44.000 | I'm going to say a word.
00:35:45.000 | I'm going to say a word.
00:35:46.000 | I'm going to say a word.
00:35:47.000 | I'm going to say a word.
00:35:48.000 | I'm going to say a word.
00:35:49.000 | I'm going to say a word.
00:35:50.000 | I'm going to say a word.
00:35:51.000 | I'm going to say a word.
00:35:52.000 | I'm going to say a word.
00:35:53.000 | I'm going to say a word.
00:35:54.000 | I'm going to say a word.
00:35:55.000 | I'm going to say a word.
00:35:56.000 | I'm going to say a word.
00:35:57.000 | I'm going to say a word.
00:35:58.000 | I'm going to say a word.
00:35:59.000 | I'm going to say a word.
00:36:00.000 | I'm going to say a word.
00:36:01.000 | I'm going to say a word.
00:36:02.000 | I'm going to say a word.
00:36:03.000 | I'm going to say a word.
00:36:04.000 | I'm going to say a word.
00:36:05.000 | I'm going to say a word.
00:36:06.000 | I'm going to say a word.
00:36:07.000 | I'm going to say a word.
00:36:08.000 | I'm going to say a word.
00:36:09.000 | I'm going to say a word.
00:36:10.000 | I'm going to say a word.
00:36:11.000 | I'm going to say a word.
00:36:12.000 | I'm going to say a word.
00:36:13.000 | I'm going to say a word.
00:36:14.000 | I'm going to say a word.
00:36:15.000 | I'm going to say a word.
00:36:16.000 | I'm going to say a word.
00:36:17.000 | I'm going to say a word.
00:36:18.000 | I'm going to say a word.
00:36:19.000 | I'm going to say a word.
00:36:20.000 | I'm going to say a word.
00:36:21.000 | I'm going to say a word.
00:36:22.000 | I'm going to say a word.
00:36:23.000 | I'm going to say a word.
00:36:24.000 | I'm going to say a word.
00:36:25.000 | I'm going to say a word.
00:36:26.000 | I'm going to say a word.
00:36:27.000 | I'm going to say a word.
00:36:28.000 | I'm going to say a word.
00:36:29.000 | I'm going to say a word.
00:36:30.000 | I'm going to say a word.
00:36:31.000 | I'm going to say a word.
00:36:32.000 | I'm going to say a word.
00:36:33.000 | I'm going to say a word.
00:36:34.000 | I'm going to say a word.
00:36:35.000 | I'm going to say a word.
00:36:36.000 | I'm going to say a word.
00:36:37.000 | I'm going to say a word.
00:36:38.000 | I'm going to say a word.
00:36:39.000 | I'm going to say a word.
00:36:40.000 | I'm going to say a word.
00:36:41.000 | I'm going to say a word.
00:36:42.000 | I'm going to say a word.
00:36:43.000 | I'm going to say a word.
00:36:44.000 | I'm going to say a word.
00:36:45.000 | I'm going to say a word.
00:36:46.000 | I'm going to say a word.
00:36:47.000 | I'm going to say a word.
00:36:48.000 | I'm going to say a word.
00:36:49.000 | I'm going to say a word.
00:36:50.000 | I'm going to say a word.
00:36:51.000 | I'm going to say a word.
00:36:52.000 | I'm going to say a word.
00:36:53.000 | I'm going to say a word.
00:36:54.000 | I'm going to say a word.
00:36:55.000 | I'm going to say a word.
00:36:56.000 | I'm going to say a word.
00:36:57.000 | I'm going to say a word.
00:36:58.000 | I'm going to say a word.
00:36:59.000 | I'm going to say a word.
00:37:00.000 | I'm going to say a word.
00:37:01.000 | I'm going to say a word.
00:37:02.000 | I'm going to say a word.
00:37:03.000 | I'm going to say a word.
00:37:04.000 | I'm going to say a word.
00:37:05.000 | I'm going to say a word.
00:37:06.000 | I'm going to say a word.
00:37:07.000 | I'm going to say a word.
00:37:08.000 | I'm going to say a word.
00:37:09.000 | I'm going to say a word.
00:37:10.000 | I'm going to say a word.
00:37:11.000 | I'm going to say a word.
00:37:12.000 | I'm going to say a word.
00:37:13.000 | I'm going to say a word.
00:37:14.000 | I'm going to say a word.
00:37:15.000 | I'm going to say a word.
00:37:16.000 | I'm going to say a word.
00:37:17.000 | I'm going to say a word.
00:37:18.000 | I'm going to say a word.
00:37:19.000 | I'm going to say a word.
00:37:20.000 | I'm going to say a word.
00:37:21.000 | I'm going to say a word.
00:37:22.000 | I'm going to say a word.
00:37:23.000 | I'm going to say a word.
00:37:24.000 | I'm going to say a word.
00:37:25.000 | I'm going to say a word.
00:37:26.000 | I'm going to say a word.
00:37:27.000 | I'm going to say a word.
00:37:28.000 | I'm going to say a word.
00:37:29.000 | I'm going to say a word.
00:37:30.000 | I'm going to say a word.
00:37:31.000 | I'm going to say a word.
00:37:32.000 | I'm going to say a word.
00:37:33.000 | I'm going to say a word.
00:37:34.000 | I'm going to say a word.
00:37:35.000 | I'm going to say a word.
00:37:36.000 | I'm going to say a word.
00:37:37.000 | I'm going to say a word.
00:37:38.000 | I'm going to say a word.
00:37:39.000 | I'm going to say a word.
00:37:40.000 | I'm going to say a word.
00:37:41.000 | I'm going to say a word.
00:37:42.000 | I'm going to say a word.
00:37:43.000 | I'm going to say a word.
00:37:44.000 | I'm going to say a word.
00:37:45.000 | I'm going to say a word.
00:37:46.000 | I'm going to say a word.
00:37:47.000 | I'm going to say a word.
00:37:48.000 | I'm going to say a word.
00:37:49.000 | I'm going to say a word.
00:37:50.000 | I'm going to say a word.
00:37:51.000 | I'm going to say a word.
00:37:52.000 | I'm going to say a word.
00:37:53.000 | I'm going to say a word.
00:37:54.000 | I'm going to say a word.
00:37:55.000 | I'm going to say a word.
00:37:56.000 | I'm going to say a word.
00:37:57.000 | I'm going to say a word.
00:37:58.000 | I'm going to say a word.
00:37:59.000 | I'm going to say a word.
00:38:00.000 | I'm going to say a word.
00:38:01.000 | I'm going to say a word.
00:38:02.000 | I'm going to say a word.
00:38:03.000 | I'm going to say a word.
00:38:04.000 | I'm going to say a word.
00:38:05.000 | I'm going to say a word.
00:38:06.000 | I'm going to say a word.
00:38:07.000 | I'm going to say a word.
00:38:08.000 | I'm going to say a word.
00:38:09.000 | I'm going to say a word.
00:38:10.000 | I'm going to say a word.
00:38:11.000 | I'm going to say a word.
00:38:12.000 | I'm going to say a word.
00:38:13.000 | I'm going to say a word.
00:38:14.000 | I'm going to say a word.
00:38:15.000 | I'm going to say a word.
00:38:16.000 | I'm going to say a word.
00:38:17.000 | I'm going to say a word.
00:38:18.000 | I'm going to say a word.
00:38:19.000 | I'm going to say a word.
00:38:20.000 | I'm going to say a word.
00:38:21.000 | I'm going to say a word.
00:38:22.000 | I'm going to say a word.
00:38:23.000 | I'm going to say a word.
00:38:24.000 | I'm going to say a word.
00:38:25.000 | I'm going to say a word.
00:38:26.000 | I'm going to say a word.
00:38:27.000 | I'm going to say a word.
00:38:28.000 | I'm going to say a word.
00:38:29.000 | I'm going to say a word.
00:38:30.000 | I'm going to say a word.
00:38:31.000 | I'm going to say a word.
00:38:32.000 | I'm going to say a word.
00:38:33.000 | I'm going to say a word.
00:38:34.000 | I'm going to say a word.
00:38:35.000 | I'm going to say a word.
00:38:36.000 | I'm going to say a word.
00:38:37.000 | I'm going to say a word.
00:38:38.000 | I'm going to say a word.
00:38:39.000 | I'm going to say a word.
00:38:40.000 | I'm going to say a word.
00:38:41.000 | I'm going to say a word.
00:38:42.000 | I'm going to say a word.
00:38:43.000 | I'm going to say a word.
00:38:44.000 | I'm going to say a word.
00:38:45.000 | I'm going to say a word.
00:38:46.000 | I'm going to say a word.
00:38:47.000 | I'm going to say a word.
00:38:48.000 | I'm going to say a word.
00:38:49.000 | I'm going to say a word.
00:38:50.000 | I'm going to say a word.
00:38:51.000 | I'm going to say a word.
00:38:52.000 | I'm going to say a word.
00:38:53.000 | I'm going to say a word.
00:38:54.000 | I'm going to say a word.
00:38:55.000 | I'm going to say a word.
00:38:56.000 | I'm going to say a word.
00:38:57.000 | I'm going to say a word.
00:38:58.000 | I'm going to say a word.
00:38:59.000 | I'm going to say a word.
00:39:00.000 | I'm going to say a word.
00:39:01.000 | I'm going to say a word.
00:39:02.000 | I'm going to say a word.
00:39:03.000 | I'm going to say a word.
00:39:04.000 | I'm going to say a word.
00:39:05.000 | I'm going to say a word.
00:39:06.000 | I'm going to say a word.
00:39:07.000 | I'm going to say a word.
00:39:08.000 | I'm going to say a word.
00:39:09.000 | I'm going to say a word.
00:39:10.000 | I'm going to say a word.
00:39:11.000 | I'm going to say a word.
00:39:12.000 | I'm going to say a word.
00:39:13.000 | I'm going to say a word.
00:39:14.000 | I'm going to say a word.
00:39:15.000 | I'm going to say a word.
00:39:16.000 | I'm going to say a word.
00:39:17.000 | I'm going to say a word.
00:39:18.000 | I'm going to say a word.
00:39:19.000 | I'm going to say a word.
00:39:20.000 | I'm going to say a word.
00:39:21.000 | I'm going to say a word.
00:39:22.000 | I'm going to say a word.
00:39:23.000 | I'm going to say a word.
00:39:24.000 | I'm going to say a word.
00:39:25.000 | I'm going to say a word.
00:39:26.000 | I'm going to say a word.
00:39:27.000 | I'm going to say a word.
00:39:28.000 | I'm going to say a word.
00:39:29.000 | I'm going to say a word.
00:39:30.000 | I'm going to say a word.
00:39:31.000 | I'm going to say a word.
00:39:32.000 | I'm going to say a word.
00:39:33.000 | I'm going to say a word.
00:39:34.000 | I'm going to say a word.
00:39:35.000 | I'm going to say a word.
00:39:36.000 | I'm going to say a word.
00:39:37.000 | I'm going to say a word.
00:39:38.000 | I'm going to say a word.
00:39:39.000 | I'm going to say a word.
00:39:40.000 | I'm going to say a word.
00:39:41.000 | I'm going to say a word.
00:39:42.000 | I'm going to say a word.
00:39:43.000 | I'm going to say a word.
00:39:44.000 | I'm going to say a word.
00:39:45.000 | I'm going to say a word.
00:39:46.000 | I'm going to say a word.
00:39:47.000 | I'm going to say a word.
00:39:48.000 | I'm going to say a word.
00:39:49.000 | I'm going to say a word.
00:39:50.000 | I'm going to say a word.
00:39:51.000 | I'm going to say a word.
00:39:52.000 | I'm going to say a word.
00:39:53.000 | I'm going to say a word.
00:39:54.000 | I'm going to say a word.
00:39:55.000 | I'm going to say a word.
00:39:56.000 | I'm going to say a word.
00:39:57.000 | I'm going to say a word.
00:39:58.000 | I'm going to say a word.
00:39:59.000 | I'm going to say a word.
00:40:00.000 | I'm going to say a word.
00:40:01.000 | I'm going to say a word.
00:40:02.000 | I'm going to say a word.
00:40:03.000 | I'm going to say a word.
00:40:04.000 | I'm going to say a word.
00:40:05.000 | I'm going to say a word.
00:40:06.000 | I'm going to say a word.
00:40:07.000 | I'm going to say a word.
00:40:08.000 | I'm going to say a word.
00:40:09.000 | I'm going to say a word.
00:40:10.000 | I'm going to say a word.
00:40:11.000 | I'm going to say a word.
00:40:12.000 | I'm going to say a word.
00:40:13.000 | I'm going to say a word.
00:40:14.000 | I'm going to say a word.
00:40:15.000 | I'm going to say a word.
00:40:16.000 | I'm going to say a word.
00:40:17.000 | I'm going to say a word.
00:40:18.000 | I'm going to say a word.
00:40:19.000 | I'm going to say a word.
00:40:20.000 | I'm going to say a word.
00:40:21.000 | I'm going to say a word.
00:40:22.000 | I'm going to say a word.
00:40:23.000 | I'm going to say a word.
00:40:24.000 | I'm going to say a word.
00:40:25.000 | I'm going to say a word.
00:40:26.000 | I'm going to say a word.
00:40:27.000 | I'm going to say a word.
00:40:28.000 | I'm going to say a word.
00:40:29.000 | I'm going to say a word.
00:40:30.000 | I'm going to say a word.
00:40:31.000 | I'm going to say a word.
00:40:32.000 | I'm going to say a word.
00:40:33.000 | I'm going to say a word.
00:40:34.000 | I'm going to say a word.
00:40:35.000 | I'm going to say a word.
00:40:36.000 | I'm going to say a word.
00:40:37.000 | I'm going to say a word.
00:40:38.000 | I'm going to say a word.
00:40:39.000 | I'm going to say a word.
00:40:40.000 | I'm going to say a word.
00:40:41.000 | I'm going to say a word.
00:40:42.000 | I'm going to say a word.
00:40:43.000 | I'm going to say a word.
00:40:44.000 | I'm going to say a word.
00:40:45.000 | I'm going to say a word.
00:40:46.000 | I'm going to say a word.
00:40:47.000 | I'm going to say a word.
00:40:48.000 | I'm going to say a word.
00:40:49.000 | I'm going to say a word.
00:40:50.000 | I'm going to say a word.
00:40:51.000 | I'm going to say a word.
00:40:52.000 | I'm going to say a word.
00:40:53.000 | I'm going to say a word.
00:40:54.000 | I'm going to say a word.
00:40:55.000 | I'm going to say a word.
00:40:56.000 | I'm going to say a word.
00:40:57.000 | I'm going to say a word.
00:40:58.000 | I'm going to say a word.
00:40:59.000 | I'm going to say a word.
00:41:00.000 | I'm going to say a word.
00:41:01.000 | I'm going to say a word.
00:41:02.000 | I'm going to say a word.
00:41:03.000 | I'm going to say a word.
00:41:04.000 | I'm going to say a word.
00:41:05.000 | I'm going to say a word.
00:41:06.000 | I'm going to say a word.
00:41:07.000 | I'm going to say a word.
00:41:08.000 | I'm going to say a word.
00:41:09.000 | I'm going to say a word.
00:41:10.000 | I'm going to say a word.
00:41:11.000 | I'm going to say a word.
00:41:12.000 | I'm going to say a word.
00:41:13.000 | I'm going to say a word.
00:41:14.000 | I'm going to say a word.
00:41:15.000 | I'm going to say a word.
00:41:16.000 | I'm going to say a word.
00:41:17.000 | I'm going to say a word.
00:41:18.000 | I'm going to say a word.
00:41:19.000 | I'm going to say a word.
00:41:20.000 | I'm going to say a word.
00:41:21.000 | I'm going to say a word.
00:41:22.000 | I'm going to say a word.
00:41:23.000 | I'm going to say a word.
00:41:24.000 | I'm going to say a word.
00:41:25.000 | I'm going to say a word.
00:41:26.000 | I'm going to say a word.
00:41:27.000 | I'm going to say a word.
00:41:28.000 | I'm going to say a word.
00:41:29.000 | I'm going to say a word.
00:41:30.000 | I'm going to say a word.
00:41:31.000 | I'm going to say a word.
00:41:32.000 | I'm going to say a word.
00:41:33.000 | I'm going to say a word.
00:41:34.000 | I'm going to say a word.
00:41:35.000 | I'm going to say a word.
00:41:36.000 | I'm going to say a word.
00:41:37.000 | I'm going to say a word.
00:41:38.000 | I'm going to say a word.
00:41:39.000 | I'm going to say a word.
00:41:40.000 | I'm going to say a word.
00:41:41.000 | I'm going to say a word.
00:41:42.000 | I'm going to say a word.
00:41:43.000 | I'm going to say a word.
00:41:44.000 | I'm going to say a word.
00:41:45.000 | I'm going to say a word.
00:41:46.000 | I'm going to say a word.
00:41:47.000 | I'm going to say a word.
00:41:48.000 | I'm going to say a word.
00:41:49.000 | I'm going to say a word.
00:41:50.000 | I'm going to say a word.
00:41:51.000 | I'm going to say a word.
00:41:52.000 | I'm going to say a word.
00:41:53.000 | I'm going to say a word.
00:41:54.000 | I'm going to say a word.
00:41:55.000 | I'm going to say a word.
00:41:56.000 | I'm going to say a word.
00:41:57.000 | I'm going to say a word.
00:41:58.000 | I'm going to say a word.
00:41:59.000 | I'm going to say a word.
00:42:00.000 | I'm going to say a word.
00:42:01.000 | I'm going to say a word.
00:42:02.000 | I'm going to say a word.
00:42:03.000 | I'm going to say a word.
00:42:04.000 | I'm going to say a word.
00:42:05.000 | I'm going to say a word.
00:42:06.000 | I'm going to say a word.
00:42:07.000 | I'm going to say a word.
00:42:08.000 | I'm going to say a word.
00:42:09.000 | I'm going to say a word.
00:42:10.000 | I'm going to say a word.
00:42:11.000 | I'm going to say a word.
00:42:12.000 | I'm going to say a word.
00:42:13.000 | I'm going to say a word.
00:42:14.000 | I'm going to say a word.
00:42:15.000 | I'm going to say a word.
00:42:16.000 | I'm going to say a word.
00:42:17.000 | I'm going to say a word.
00:42:18.000 | I'm going to say a word.
00:42:19.000 | I'm going to say a word.
00:42:20.000 | I'm going to say a word.
00:42:21.000 | I'm going to say a word.
00:42:22.000 | I'm going to say a word.
00:42:23.000 | I'm going to say a word.
00:42:24.000 | I'm going to say a word.
00:42:25.000 | I'm going to say a word.
00:42:26.000 | I'm going to say a word.
00:42:27.000 | I'm going to say a word.
00:42:28.000 | I'm going to say a word.
00:42:29.000 | I'm going to say a word.
00:42:30.000 | I'm going to say a word.
00:42:31.000 | I'm going to say a word.
00:42:32.000 | I'm going to say a word.
00:42:33.000 | I'm going to say a word.
00:42:34.000 | I'm going to say a word.
00:42:35.000 | I'm going to say a word.
00:42:36.000 | I'm going to say a word.
00:42:37.000 | I'm going to say a word.
00:42:38.000 | I'm going to say a word.
00:42:39.000 | I'm going to say a word.
00:42:40.000 | I'm going to say a word.
00:42:41.000 | I'm going to say a word.
00:42:42.000 | I'm going to say a word.
00:42:43.000 | I'm going to say a word.
00:42:44.000 | I'm going to say a word.
00:42:45.000 | I'm going to say a word.
00:42:46.000 | I'm going to say a word.
00:42:47.000 | I'm going to say a word.
00:42:48.000 | I'm going to say a word.
00:42:49.000 | I'm going to say a word.
00:42:50.000 | I'm going to say a word.
00:42:51.000 | I'm going to say a word.
00:42:52.000 | I'm going to say a word.
00:42:53.000 | I'm going to say a word.
00:42:54.000 | I'm going to say a word.
00:42:55.000 | I'm going to say a word.
00:42:56.000 | I'm going to say a word.
00:42:57.000 | I'm going to say a word.
00:42:58.000 | I'm going to say a word.
00:42:59.000 | I'm going to say a word.
00:43:00.000 | I'm going to say a word.
00:43:01.000 | I'm going to say a word.
00:43:02.000 | I'm going to say a word.
00:43:03.000 | I'm going to say a word.
00:43:04.000 | I'm going to say a word.
00:43:05.000 | I'm going to say a word.
00:43:06.000 | I'm going to say a word.
00:43:07.000 | I'm going to say a word.
00:43:08.000 | I'm going to say a word.
00:43:09.000 | I'm going to say a word.
00:43:10.000 | I'm going to say a word.
00:43:11.000 | I'm going to say a word.
00:43:12.000 | I'm going to say a word.
00:43:13.000 | I'm going to say a word.
00:43:14.000 | I'm going to say a word.
00:43:15.000 | I'm going to say a word.
00:43:16.000 | I'm going to say a word.
00:43:17.000 | I'm going to say a word.
00:43:18.000 | I'm going to say a word.
00:43:19.000 | I'm going to say a word.
00:43:20.000 | I'm going to say a word.
00:43:21.000 | I'm going to say a word.
00:43:22.000 | I'm going to say a word.
00:43:23.000 | I'm going to say a word.
00:43:24.000 | I'm going to say a word.
00:43:25.000 | I'm going to say a word.
00:43:26.000 | I'm going to say a word.
00:43:27.000 | I'm going to say a word.
00:43:28.000 | I'm going to say a word.
00:43:29.000 | I'm going to say a word.
00:43:30.000 | I'm going to say a word.
00:43:31.000 | I'm going to say a word.
00:43:32.000 | I'm going to say a word.
00:43:33.000 | I'm going to say a word.
00:43:34.000 | I'm going to say a word.
00:43:35.000 | I'm going to say a word.
00:43:36.000 | I'm going to say a word.
00:43:37.000 | I'm going to say a word.
00:43:38.000 | I'm going to say a word.
00:43:39.000 | I'm going to say a word.
00:43:40.000 | I'm going to say a word.
00:43:41.000 | I'm going to say a word.
00:43:42.000 | I'm going to say a word.
00:43:43.000 | I'm going to say a word.
00:43:44.000 | I'm going to say a word.
00:43:45.000 | I'm going to say a word.
00:43:46.000 | I'm going to say a word.
00:43:47.000 | I'm going to say a word.
00:43:48.000 | I'm going to say a word.
00:43:49.000 | I'm going to say a word.
00:43:50.000 | I'm going to say a word.
00:43:51.000 | I'm going to say a word.
00:43:52.000 | I'm going to say a word.
00:43:53.000 | I'm going to say a word.
00:43:54.000 | I'm going to say a word.
00:43:55.000 | I'm going to say a word.
00:43:56.000 | I'm going to say a word.
00:43:57.000 | I'm going to say a word.
00:43:58.000 | I'm going to say a word.
00:43:59.000 | I'm going to say a word.
00:44:00.000 | I'm going to say a word.
00:44:01.000 | I'm going to say a word.
00:44:02.000 | I'm going to say a word.
00:44:03.000 | I'm going to say a word.
00:44:04.000 | I'm going to say a word.
00:44:05.000 | I'm going to say a word.
00:44:06.000 | I'm going to say a word.
00:44:07.000 | I'm going to say a word.
00:44:08.000 | I'm going to say a word.
00:44:09.000 | I'm going to say a word.
00:44:10.000 | I'm going to say a word.
00:44:11.000 | I'm going to say a word.
00:44:12.000 | I'm going to say a word.
00:44:13.000 | I'm going to say a word.
00:44:14.000 | I'm going to say a word.
00:44:15.000 | I'm going to say a word.
00:44:16.000 | I'm going to say a word.
00:44:17.000 | I'm going to say a word.
00:44:18.000 | I'm going to say a word.
00:44:19.000 | I'm going to say a word.
00:44:20.000 | I'm going to say a word.
00:44:21.000 | I'm going to say a word.
00:44:22.000 | I'm going to say a word.
00:44:23.000 | I'm going to say a word.
00:44:24.000 | I'm going to say a word.
00:44:25.000 | I'm going to say a word.
00:44:26.000 | I'm going to say a word.
00:44:27.000 | I'm going to say a word.
00:44:28.000 | I'm going to say a word.
00:44:29.000 | I'm going to say a word.
00:44:30.000 | I'm going to say a word.
00:44:31.000 | I'm going to say a word.
00:44:32.000 | I'm going to say a word.
00:44:33.000 | I'm going to say a word.
00:44:34.000 | I'm going to say a word.
00:44:35.000 | I'm going to say a word.
00:44:36.000 | I'm going to say a word.
00:44:37.000 | I'm going to say a word.
00:44:38.000 | I'm going to say a word.
00:44:39.000 | I'm going to say a word.
00:44:40.000 | I'm going to say a word.
00:44:41.000 | I'm going to say a word.
00:44:42.000 | I'm going to say a word.
00:44:43.000 | I'm going to say a word.
00:44:44.000 | I'm going to say a word.
00:44:45.000 | I'm going to say a word.
00:44:46.000 | I'm going to say a word.
00:44:47.000 | I'm going to say a word.
00:44:48.000 | I'm going to say a word.
00:44:49.000 | I'm going to say a word.
00:44:50.000 | I'm going to say a word.
00:44:51.000 | I'm going to say a word.
00:44:52.000 | I'm going to say a word.
00:44:53.000 | I'm going to say a word.
00:44:54.000 | I'm going to say a word.
00:44:55.000 | I'm going to say a word.
00:44:56.000 | I'm going to say a word.
00:44:57.000 | I'm going to say a word.
00:44:58.000 | I'm going to say a word.
00:44:59.000 | I'm going to say a word.
00:45:00.000 | I'm going to say a word.
00:45:01.000 | I'm going to say a word.
00:45:02.000 | I'm going to say a word.
00:45:03.000 | I'm going to say a word.
00:45:04.000 | I'm going to say a word.
00:45:05.000 | I'm going to say a word.
00:45:06.000 | I'm going to say a word.
00:45:07.000 | I'm going to say a word.
00:45:08.000 | I'm going to say a word.
00:45:09.000 | I'm going to say a word.
00:45:10.000 | I'm going to say a word.
00:45:11.000 | I'm going to say a word.
00:45:12.000 | I'm going to say a word.
00:45:13.000 | I'm going to say a word.
00:45:14.000 | I'm going to say a word.
00:45:15.000 | I'm going to say a word.
00:45:16.000 | I'm going to say a word.
00:45:17.000 | I'm going to say a word.
00:45:18.000 | I'm going to say a word.
00:45:19.000 | I'm going to say a word.
00:45:20.000 | I'm going to say a word.
00:45:21.000 | I'm going to say a word.
00:45:22.000 | I'm going to say a word.
00:45:23.000 | I'm going to say a word.
00:45:24.000 | I'm going to say a word.
00:45:25.000 | I'm going to say a word.
00:45:26.000 | I'm going to say a word.
00:45:27.000 | I'm going to say a word.
00:45:28.000 | I'm going to say a word.
00:45:29.000 | I'm going to say a word.
00:45:30.000 | I'm going to say a word.
00:45:31.000 | I'm going to say a word.
00:45:32.000 | I'm going to say a word.
00:45:33.000 | I'm going to say a word.
00:45:34.000 | I'm going to say a word.
00:45:35.000 | I'm going to say a word.
00:45:36.000 | I'm going to say a word.
00:45:37.000 | I'm going to say a word.
00:45:38.000 | I'm going to say a word.
00:45:39.000 | I'm going to say a word.
00:45:40.000 | I'm going to say a word.
00:45:41.000 | I'm going to say a word.
00:45:42.000 | I'm going to say a word.
00:45:43.000 | I'm going to say a word.
00:45:44.000 | I'm going to say a word.
00:45:45.000 | I'm going to say a word.
00:45:46.000 | I'm going to say a word.
00:45:47.000 | I'm going to say a word.
00:45:48.000 | I'm going to say a word.
00:45:49.000 | I'm going to say a word.
00:45:50.000 | I'm going to say a word.
00:45:51.000 | I'm going to say a word.
00:45:52.000 | I'm going to say a word.
00:45:53.000 | I'm going to say a word.
00:45:54.000 | I'm going to say a word.
00:45:55.000 | I'm going to say a word.
00:45:56.000 | I'm going to say a word.
00:45:57.000 | I'm going to say a word.
00:45:58.000 | I'm going to say a word.
00:45:59.000 | I'm going to say a word.
00:46:00.000 | I'm going to say a word.
00:46:01.000 | I'm going to say a word.
00:46:02.000 | I'm going to say a word.
00:46:03.000 | I'm going to say a word.
00:46:04.000 | I'm going to say a word.
00:46:05.000 | I'm going to say a word.
00:46:06.000 | I'm going to say a word.
00:46:07.000 | I'm going to say a word.
00:46:08.000 | I'm going to say a word.
00:46:09.000 | I'm going to say a word.
00:46:10.000 | I'm going to say a word.
00:46:11.000 | I'm going to say a word.
00:46:12.000 | I'm going to say a word.
00:46:13.000 | I'm going to say a word.
00:46:14.000 | I'm going to say a word.
00:46:15.000 | I'm going to say a word.
00:46:16.000 | I'm going to say a word.
00:46:17.000 | I'm going to say a word.
00:46:18.000 | I'm going to say a word.
00:46:19.000 | I'm going to say a word.
00:46:20.000 | I'm going to say a word.
00:46:21.000 | I'm going to say a word.
00:46:22.000 | I'm going to say a word.
00:46:23.000 | I'm going to say a word.
00:46:24.000 | I'm going to say a word.
00:46:25.000 | I'm going to say a word.
00:46:26.000 | I'm going to say a word.
00:46:27.000 | I'm going to say a word.
00:46:28.000 | I'm going to say a word.
00:46:29.000 | I'm going to say a word.
00:46:30.000 | I'm going to say a word.
00:46:31.000 | I'm going to say a word.
00:46:32.000 | I'm going to say a word.
00:46:33.000 | I'm going to say a word.
00:46:34.000 | I'm going to say a word.
00:46:35.000 | I'm going to say a word.
00:46:36.000 | I'm going to say a word.
00:46:37.000 | I'm going to say a word.
00:46:38.000 | I'm going to say a word.
00:46:39.000 | I'm going to say a word.
00:46:40.000 | I'm going to say a word.
00:46:41.000 | I'm going to say a word.
00:46:42.000 | I'm going to say a word.
00:46:43.000 | I'm going to say a word.
00:46:44.000 | I'm going to say a word.
00:46:45.000 | I'm going to say a word.
00:46:46.000 | I'm going to say a word.
00:46:47.000 | I'm going to say a word.
00:46:48.000 | I'm going to say a word.
00:46:49.000 | I'm going to say a word.
00:46:50.000 | I got in trouble once.
00:46:53.760 | This is on Bloomberg, so I think you can find this clip.
00:46:56.760 | But I was talking to Emily Chang, and she said something to the effect of, "Did you
00:47:02.860 | just see this latest Sequoia round?"
00:47:05.720 | And I made this joke.
00:47:06.860 | It was a complete joke.
00:47:07.860 | It's not true.
00:47:08.860 | I was like, "Yeah."
00:47:09.860 | I went to Instacart.
00:47:10.860 | I bought one mango, had it delivered for free.
00:47:13.560 | Then I bought a second mango.
00:47:14.880 | I sent an email to Doug Leone, "Thanks for the second mango."
00:47:17.760 | What a douche.
00:47:18.760 | I bought four mangoes.
00:47:19.760 | I bought four grapes.
00:47:20.760 | And I said, "Consumer surplus."
00:47:21.760 | I would say-
00:47:22.760 | I mean, you can get four grapes whenever you want.
00:47:27.580 | It's hard to judge a company from the outside because you can't look at the financials.
00:47:31.380 | But the product experience has evolved over a very long period of time.
00:47:35.120 | It's actually pretty good.
00:47:36.940 | I suspect there's an asset value there, and whether that can match up with what someone
00:47:41.620 | can afford to pay it.
00:47:42.620 | All right.
00:47:43.620 | We got to wrap.
00:47:44.620 | Bill, just a final question here.
00:47:47.620 | Wait, wait, wait.
00:47:49.520 | We want to know where the markets are going.
00:47:50.520 | We want to know where the markets are going.
00:47:51.520 | It's about feeling sincere.
00:47:52.520 | Ask them both where the markets are going.
00:47:53.520 | All right.
00:47:54.520 | Brad, where's the market going to be at this time next year?
00:47:59.520 | Answer that question.
00:48:01.720 | We will be higher for growth stocks this time next year, but we may very well get there
00:48:08.340 | by way of lower and potentially meaningfully lower because the counterfactual to the hyperinflation
00:48:16.880 | argument is not...
00:48:19.280 | We can't deliver the counterfactual for at least four to five months.
00:48:23.740 | The facts don't exist until we actually see the facts play out.
00:48:28.240 | But my suspicion is we return to trend, things become more predictable and investable again,
00:48:33.760 | and we bounce back up to the five-year average.
00:48:35.280 | All right.
00:48:36.280 | Back now for you, Bill.
00:48:37.280 | Final question.
00:48:38.280 | Oh, I don't get that one?
00:48:39.280 | No.
00:48:40.280 | Too easy.
00:48:41.280 | You can answer it if you like, but I got a more important one.
00:48:43.280 | 6.385% higher.
00:48:44.280 | Okay.
00:48:45.280 | I know you're not going to answer it, so I got a better one for you.
00:48:46.280 | Okay.
00:48:47.280 | I'm going to give you a chance to answer it.
00:48:48.280 | Okay.
00:48:49.280 | So you're not in the next benchmark fund.
00:48:53.280 | Essentially, that means retirement of the Spurs.
00:48:57.700 | Now the market's down.
00:49:00.040 | You seem like you're a little bit bored.
00:49:02.240 | Are you going to get back into early stage investing?
00:49:04.440 | Yes or no?
00:49:05.440 | And are you missing it?
00:49:08.380 | I think...
00:49:09.380 | I don't know what that was.
00:49:11.460 | I think I might get intrigued with doing angel stuff the way Bezos did.
00:49:17.520 | I don't think I want to practice.
00:49:19.040 | I don't want to practice the art taking board seats.
00:49:21.760 | I'm still on 10 that I'm serving dutifully, and I've played that game.
00:49:27.540 | Maybe similar to what David said about operating a business.
00:49:29.800 | I've played that game.
00:49:30.800 | You meet a great founder.
00:49:31.800 | They got a good idea.
00:49:32.800 | You vibe.
00:49:33.800 | You put in a 500K check.
00:49:34.800 | Yeah.
00:49:35.800 | I'd be open to that.
00:49:36.800 | Do you want to tell...
00:49:37.800 | I'm very excited about public stocks here, actually.
00:49:38.800 | Really?
00:49:39.800 | Yeah.
00:49:40.800 | Continue.
00:49:41.800 | You're excited about what?
00:49:42.800 | Public stocks.
00:49:43.800 | The valuations are getting super interesting.
00:49:44.800 | Crazy.
00:49:45.800 | Such good deals out there.
00:49:46.800 | Super interesting.
00:49:47.800 | Yeah.
00:49:48.800 | You got a presentation?
00:49:49.800 | Oh, yeah.
00:49:50.800 | I'm not...
00:49:51.800 | You guys got to hear this.
00:49:52.800 | That's poker at the poker table.
00:49:53.800 | J-Cal.
00:49:54.800 | J-Cal.
00:49:55.800 | It's a great question.
00:49:56.800 | Do I have to stay out here for this?
00:49:57.800 | Yes.
00:49:58.800 | I've been investing for the better part of three or four decades, closer to four, and
00:50:03.620 | 10 boards I doodly served on one day.
00:50:06.620 | Every time I shove it all in with kings, your mouth sucks out on me with a 910 suited, and
00:50:15.240 | that's just my luck right now.
00:50:18.560 | I'll just look at the public market cards.
00:50:20.560 | I'll just have...
00:50:21.560 | Be liquid.
00:50:22.560 | I'll be liquid.
00:50:23.560 | All right.
00:50:24.560 | Ladies and gentlemen, BG Squared.
00:50:25.560 | Thank you.
00:50:26.560 | BG Squared, baby.
00:50:27.560 | We'll let your winners ride.
00:50:28.560 | Rain Man, David Sack.
00:50:29.560 | And it said...
00:50:30.560 | We open sourced it to the fans, and they've just gone crazy with it.
00:50:31.560 | Love you, Wes.
00:50:32.560 | I've been queen of Kindle.
00:50:33.560 | I've been the queen of Kindle.
00:50:34.560 | I've been the queen of Kindle.
00:50:35.560 | I've been the queen of Kindle.
00:50:36.560 | I've been the queen of Kindle.
00:50:37.560 | I've been the queen of Kindle.
00:50:38.560 | I've been the queen of Kindle.
00:50:39.560 | I've been the queen of Kindle.
00:50:40.560 | I've been the queen of Kindle.
00:50:41.560 | I've been the queen of Kindle.
00:50:42.560 | I've been the queen of Kindle.
00:50:43.560 | I've been the queen of Kindle.
00:50:44.560 | I've been the queen of Kindle.
00:50:45.560 | I've been the queen of Kindle.
00:50:46.560 | I've been the queen of Kindle.
00:50:47.560 | I've been the queen of Kindle.
00:50:48.560 | I've been the queen of Kindle.
00:50:49.560 | I've been the queen of Kindle.
00:50:50.560 | I've been the queen of Kindle.
00:50:51.560 | I've been the queen of Kindle.
00:50:52.560 | I've been the queen of Kindle.
00:50:53.560 | I've been the queen of Kindle.
00:50:54.560 | I've been the queen of Kindle.
00:50:55.560 | I've been the queen of Kindle.
00:50:56.560 | I've been the queen of Kindle.
00:50:57.560 | I've been the queen of Kindle.
00:50:58.560 | I've been the queen of Kindle.
00:50:59.560 | I've been the queen of Kindle.
00:51:00.560 | I've been the queen of Kindle.
00:51:01.560 | I've been the queen of Kindle.
00:51:02.560 | I've been the queen of Kindle.
00:51:03.560 | I've been the queen of Kindle.
00:51:04.560 | I've been the queen of Kindle.
00:51:05.560 | I've been the queen of Kindle.
00:51:06.560 | I've been the queen of Kindle.
00:51:07.560 | I've been the queen of Kindle.
00:51:08.560 | I've been the queen of Kindle.
00:51:09.560 | I've been the queen of Kindle.
00:51:10.560 | I've been the queen of Kindle.
00:51:11.560 | I've been the queen of Kindle.
00:51:12.560 | I've been the queen of Kindle.
00:51:13.560 | I've been the queen of Kindle.
00:51:14.560 | I've been the queen of Kindle.
00:51:15.560 | I've been the queen of Kindle.
00:51:16.560 | I've been the queen of Kindle.
00:51:17.560 | I've been the queen of Kindle.
00:51:18.560 | I've been the queen of Kindle.
00:51:19.560 | I've been the queen of Kindle.
00:51:20.560 | I've been the queen of Kindle.
00:51:21.560 | ♪ I'm doin' all in. ♪
00:51:26.560 | ♪ I'm doin' all in. ♪