#AIS: Divvy Homes CEO Adena Hefets breaks down the state of the US housing market
Chapters
0:0 Adena Hefets breaks down the state of the US housing market in 202216:56 Bestie Q&A with Adena: differences between 2008 and 2022, housing market reaction time, chances of a collapse, and more
30:8 Adena does a Bestie Intro for herself!
00:00:00.880 | Awesome. Hi everyone. My name is Adina. I'm the CEO of Divi Homes. It's a pleasure to meet y'all.
00:00:06.000 | Thank you for being here.
00:00:07.840 | All right. So while they're pulling that up, I will just kick it off and get started because
00:00:28.400 | we're about three hours behind at this point. My passions are at the crossroads of finance,
00:00:36.160 | housing, and inequality and trying to solve all of these. I'll get into what my company does at
00:00:41.360 | the very end of the presentation. That's not what I really want to focus on, but I want to start off
00:00:45.760 | with a little story that I think explains why this is so important to me. When it was about the 1980s,
00:00:53.520 | my mom decided to go on a little road trip with her friends and she was in
00:00:58.000 | Israel and she was backpacking and she was hitchhiking and a man picked her up. She got into
00:01:04.080 | that car, fell in love and got pregnant. That man is my dad. My mom and dad quickly got married,
00:01:10.160 | immigrated back to the US and found themselves very young, 21 and 24, pregnant and trying to
00:01:16.800 | figure out what they were going to do with their life. They couldn't get a mortgage to buy a house
00:01:20.880 | and settle down and be able to raise a family, but they were fortunate enough to find a woman who
00:01:26.080 | gave them seller financing, who was a very successful woman, and who was a very successful woman. So,
00:01:27.600 | she was able to get a mortgage to pay for the house. She was able to pay for the house,
00:01:31.440 | so she let my parents pay in installments. In that house, they had three additional kids. I'm
00:01:36.560 | the third of four. Eventually, we were able to get a mortgage, take cash out of that house,
00:01:42.160 | and use the cash that they took out to pay for all four kids to go to college.
00:01:45.680 | I tell you this because to me, this is the heart of the American dream, which is being able to
00:01:52.240 | provide a better life for your children than what you actually have. So, so much of what we're going
00:01:57.200 | to be talking about here is why that American dream has disappeared for so many Americans,
00:02:03.040 | and what we at Divi are doing to try to address that. So, let's dive in. I have these bright
00:02:08.240 | blue slides. The goal is to just give you the takeaway so you don't have to figure it out. I
00:02:12.000 | try to stick to one chart per slide to keep it super simple, and I'll explain it, but this is
00:02:17.520 | the takeaway that you should get from the next couple of data points I'm going to give you,
00:02:21.440 | which is wealth inequality is rising across America. I think you all know this chart,
00:02:26.800 | which is that 99% of wealth is owned by the top 50%, and the bottom 50% only own 1% of wealth here
00:02:34.960 | in the United States. So, this chart shows distribution of wealth by what your household
00:02:41.360 | income is. So, the top 10% of owners, sorry, the top 10% own 76% of wealth. The next 40% own 23%
00:02:48.800 | of wealth. You sum that up, 99% of wealth is owned by the top 50%. What's even more interesting is
00:02:55.760 | that the rich are getting the wealth. The rich are getting the wealth. The rich are getting the wealth.
00:02:56.400 | are getting richer while the poor kind of stay at the same level of income and
00:03:00.280 | so what this chart actually shows is income percentiles so on the x-axis the
00:03:05.040 | zero is if you're at the very bottom end of the income spectrum 100% you're at
00:03:09.960 | the top end and then the blue line is how much income or family household
00:03:14.820 | wealth you had in 1963 almost 50 years ago and the yellow line shows how much
00:03:20.580 | wealth you have today so if you were in the top 1% your household wealth was on
00:03:26.160 | average two million dollars 50 years ago today it's about ten million dollars or
00:03:31.020 | a 5x growth and if you were in the bottom 50th percentile you haven't seen
00:03:35.380 | your household income change almost at all and so you might be asking okay why
00:03:41.420 | is this the case is it that wealthy people are making more in salary I would
00:03:45.600 | say while there are some salary differentials the main driver is asset
00:03:49.400 | appreciation access to assets and when I say assets I'm gonna use that pretty
00:03:52.800 | liberally it can mean stocks it can mean housing it can mean
00:03:55.920 | small businesses direct investments but all of that I'm a group together as
00:03:59.820 | investments in assets and so you can see this is a really simple chart where I
00:04:04.680 | took what were the 20-year returns by income as well as asset and you can see
00:04:10.040 | that household income has not appreciated much in the last 20 years
00:04:14.220 | whereas the S&P 500 as well as if you owned equity in your home you'd see an
00:04:19.620 | increase in your value of over a hundred percent you want to see something even
00:04:23.480 | crazier you get leverage on your home you get leverage on your home you get
00:04:25.680 | leverage on your home equity which is something that most of you some of you
00:04:28.380 | might get get leverage against your equity that you mess in the stock market
00:04:32.040 | but most of you aren't and you can actually lever up your home equity right
00:04:36.660 | and so you can take out debt that's cheap because it's backed and guaranteed
00:04:41.240 | by the government 80% leverage at what has been almost 3% cost of capital no
00:04:47.720 | one else can get that sort of cost of capital at that sort of leverage and
00:04:51.560 | you're forced to amortize so you build up savings in the
00:04:55.440 | property and a house has dual utility you cannot live in the S&P 500 you can
00:05:00.820 | live in a home so if we click on and so the takeaway has to be those who own
00:05:07.660 | assets are more likely to have a higher net worth and so this is a chart that I
00:05:11.460 | sold from the New York Times so credit goes to them but if you look on the
00:05:15.000 | left-hand side the blue bars all of the bars kind of sum up to 100% going across
00:05:18.820 | so the blue bars is the percent of family so bottom 50 percentile of income earners 50% 50 to 80%
00:05:25.200 | percentile 30% so on and what this is saying is that the bottom 50% of families
00:05:32.800 | and households own 1% of overall equities in the market and when you look
00:05:37.580 | at directly held stocks so stocks in the stock market they own 0% right and if
00:05:42.720 | you look at the top 1% of income earners they own 38% of overall equities which
00:05:49.500 | includes like retirement accounts and everything remember said that big asset
00:05:52.700 | class and they own 51% of the total equity in the market so that's a lot of
00:05:54.960 | money so if you look at the bottom 50% of income earners they own 31% of all
00:06:00.780 | directly held stocks so if you ask why are the rich getting richer it is
00:06:06.180 | because they own assets assets compound over time there's also a ton of tax
00:06:11.880 | benefits around owning assets long-term capital gains which I'm sure you all
00:06:14.940 | know another way to look at this which I think is really interesting is your net
00:06:19.760 | worth by renter versus homeowner homeowners on
00:06:24.720 | the other hand if you look at the bottom 50% of the total equity in the market
00:06:28.020 | you're going to see that the homeowner is actually the most likely to own the
00:06:31.680 | most of the total equity in the market and that's because they own the most of
00:06:35.100 | the total equity in the market so that's why they're the most likely to own the
00:06:38.280 | most of the total equity in the market and that's because they own the most of
00:06:41.340 | the total equity in the market so that's why they're the most likely to own the
00:06:44.220 | most of the total equity in the market so that's why they're the most likely to
00:06:47.280 | own the most of the total equity in the market so that's why they're the most
00:06:50.100 | likely to own the most of the total equity in the market so that's why they're
00:06:54.480 | because the debt amortizes, you're forced to save over time.
00:06:58.020 | It's highly liquid; it's hard to take your money out of it.
00:07:00.680 | It is what makes a great investment.
00:07:02.540 | And so when you look at why this chart is so high,
00:07:04.880 | it's not because homeowners are saving a tremendous amount more.
00:07:08.420 | They're saving, they're putting money into the equity of the home.
00:07:11.260 | They're being forced to in their payments.
00:07:13.340 | So, despite the benefits of homeownership,
00:07:17.540 | it is starting to become fundamentally inaccessible.
00:07:22.020 | So this is a chart, really simple, of average home prices.
00:07:25.380 | There's a bunch of different sources you can measure home prices,
00:07:29.120 | but you can see that at the bottom of the recession,
00:07:31.420 | which was actually 2012 for home prices,
00:07:33.900 | the average home price in America was $163,000,
00:07:37.060 | and that today it's closer to $338,000.
00:07:40.880 | That's a 200 percent increase in 10 years.
00:07:43.680 | At the same time, real median income has only increased
00:07:47.640 | from about $57,000 to $67,000.
00:07:51.240 | So what has caused prices for homes to increase so dramatically?
00:07:55.640 | I'm pretty sure that none of this is new news.
00:07:58.420 | You all have been seeing how much home prices have risen.
00:08:00.680 | For those of you who have bought while interest rates were still 3%,
00:08:05.060 | good on you because that is probably the lowest
00:08:06.980 | they're going to be in a really, really long time.
00:08:09.720 | But here's the quick history, which is from 2000 to 2008,
00:08:14.800 | we were building on average 1.5 billion homes,
00:08:18.440 | sorry, million homes a year, not billion, gosh.
00:08:20.440 | 1.5 million homes a year,
00:08:22.780 | and that equated to roughly four to five months of inventory.
00:08:25.840 | Months of inventory mean that if there were no more homes
00:08:29.520 | that were put on the market,
00:08:30.720 | how long would it take to sell all those homes?
00:08:33.020 | Four to five months.
00:08:34.220 | And that's generally considered a balanced real estate market.
00:08:37.600 | Then what happened? The global financial crisis.
00:08:41.460 | There was a mass number of foreclosures.
00:08:43.600 | The market was completely flooded,
00:08:45.760 | and all of a sudden you could buy an existing home
00:08:48.800 | that was going into foreclosure
00:08:49.640 | for $163,000.
00:08:52.540 | And so builders who had to pay for labor, for lumber,
00:08:56.980 | to actually build a house,
00:08:58.080 | couldn't build a house for that cheap.
00:09:00.360 | The cheapest that a home builder can build a home
00:09:02.960 | is roughly $200,000, all in costs.
00:09:06.160 | And so if you can sit there and you're like,
00:09:07.660 | I can only build a house for $200,000,
00:09:09.460 | which means I have to sell it for more than $200,000,
00:09:13.100 | well, I can't compete with existing foreclosure inventory.
00:09:16.440 | So home builders stopped building.
00:09:18.360 | They went from building,
00:09:18.840 | 1.5 million a year down to about 750,000 homes a year after that.
00:09:26.180 | And it stayed like that until about 2015.
00:09:29.220 | And at that point,
00:09:30.180 | a lot of the inventory that came from foreclosures were absorbed
00:09:33.560 | and they started actually rebuilding again,
00:09:35.220 | but they didn't rebuild at the same rate that they had prior.
00:09:37.960 | We're rebuilding right now.
00:09:39.060 | We're building probably new inventories,
00:09:40.660 | one point, I'd say 1.2 million annually.
00:09:44.100 | And so then this massive thing happened, which is COVID.
00:09:48.040 | And all of a sudden, everyone went from living in their studio apartment
00:09:50.440 | to saying, I need a backyard,
00:09:52.040 | I need an extra room for childcare,
00:09:53.540 | and I need an office.
00:09:55.080 | And there was this mass spike in demand
00:09:57.480 | after years of not building enough inventory.
00:10:00.660 | And so what happens when demand starts to spike
00:10:03.280 | and there's not a lot of supply?
00:10:04.460 | Well, home prices took off,
00:10:06.160 | which you can kind of see right over here
00:10:08.300 | is that little spiky part at the very end.
00:10:12.840 | And what's amazing is that it's actually just gotten incredibly harder,
00:10:16.060 | not just because home prices are getting more and more high,
00:10:17.240 | not just because home prices are getting more expensive,
00:10:18.640 | but because of the impact that that has
00:10:20.980 | in terms of how much you actually need to save to buy a home.
00:10:23.880 | So the left-hand chart shows,
00:10:25.680 | the yellow bar is your average down payment,
00:10:29.220 | and you can see that that's grown roughly 2x.
00:10:31.580 | At the same time, median income in the last 20 years hasn't gone up.
00:10:35.000 | So on an absolute dollar basis,
00:10:37.220 | you now need to save 2x the amount
00:10:39.760 | that you would have had to save back in 2000.
00:10:42.500 | So one, it's down payment is an issue.
00:10:44.900 | The second issue is that post-global,
00:10:47.240 | financial crisis, rightly so,
00:10:49.540 | the government tightened underwriting requirements.
00:10:51.580 | They said, you know what?
00:10:53.040 | Turns out when you cause a global worldwide recession,
00:10:56.020 | we should maybe change how we're doing things.
00:10:57.760 | And so they pulled back and said,
00:10:59.520 | we're going to make you have a higher FICO
00:11:01.080 | in order to be able to purchase a home,
00:11:03.220 | which is probably the right answer,
00:11:04.560 | but also pretty painful because people don't wake up one day
00:11:06.960 | and they're like, I no longer need a home, right?
00:11:10.060 | And so if you take a look at this,
00:11:11.340 | the average FICO for home buyers
00:11:13.440 | is well above what the average FICO is for the general population,
00:11:16.900 | and the average FICO for home buyers is well above what the average FICO is for the general population,
00:11:17.040 | and anyone who's under 45 years is even lower
00:11:19.640 | because FICO cures over time.
00:11:21.680 | And so what does this all come together and say is that
00:11:24.920 | unless you have the ability to save 2x the amount,
00:11:28.680 | unless you are above average in terms of FICO
00:11:30.860 | when you're starting off your life in a starter home,
00:11:33.060 | you're going to struggle to actually be able to buy a home.
00:11:36.560 | Now this chart seems a little confusing,
00:11:38.520 | but I think it's really important to look at and understand,
00:11:42.300 | so I'll walk you through it.
00:11:43.800 | So what this chart shows is mortgage rates.
00:11:46.700 | 3%, 6%, 9%.
00:11:49.260 | We were at 3%, call it a year ago,
00:11:51.480 | we're at I think 5.5% right now is roughly where the 30-year fixed is.
00:11:56.040 | And then 9%, who knows, maybe, hopefully not in the future.
00:11:59.940 | And that says what is your mortgage tax and insurance payments,
00:12:02.980 | what you have to include for a $400,000 home,
00:12:05.920 | which is roughly average home price.
00:12:07.960 | And I know a little different in Miami,
00:12:09.660 | but this is kind of across the U.S.
00:12:11.960 | And then I said how much income do you need
00:12:14.660 | in order to get that mortgage?
00:12:16.360 | And you can see that your income that you need
00:12:18.500 | goes from about $94,000 of household income
00:12:21.500 | up to about $160,000 of household income.
00:12:24.400 | And then I said how many households could qualify for that?
00:12:27.900 | Because there's data on how much income households make across the U.S.
00:12:31.480 | There are 126 million households in the U.S.
00:12:34.180 | And you can see that historically almost 40% --
00:12:38.320 | sorry, 30% of households actually could afford a mortgage
00:12:41.980 | where we were before,
00:12:43.120 | and that number today has gone down to now 22%
00:12:46.020 | and will go down to about less than 15% of people
00:12:48.960 | who can actually get a mortgage on a home.
00:12:51.700 | This is insane.
00:12:53.060 | So over here I kind of -- I like to just overly simplify things,
00:12:55.860 | so I kind of put it here, which is a $10,000 increase
00:12:58.960 | in home prices means 1 million fewer families can own a home,
00:13:03.240 | or a 1% increase in mortgage rates means 5 million families
00:13:06.940 | can actually own a home.
00:13:08.540 | So we're in a little bit of a tough situation here.
00:13:12.280 | So when I started Divi, the goal was to help solve wealth
00:13:15.680 | inequality by giving Americans access to assets.
00:13:19.280 | This is the sole goal, the purpose,
00:13:21.220 | what I really believe in, which is that access to assets
00:13:25.820 | and compounding wealth in something
00:13:28.860 | that you cannot easily pull your money out of
00:13:30.960 | and you just leave it there is the way
00:13:33.260 | that we can help people generate wealth for their families,
00:13:36.300 | for their children, for their next generation.
00:13:39.600 | So the way Divi works is very similar to a mortgage,
00:13:42.480 | except it's not a mortgage.
00:13:44.340 | You come to our website.
00:13:45.340 | You apply.
00:13:45.940 | We give you a budget.
00:13:46.900 | So we might say, hey, you're approved
00:13:48.340 | for a $500,000 home in Miami.
00:13:50.740 | Go out shopping.
00:13:51.980 | You shop with your realtor the same way you would
00:13:54.220 | with a mortgage, and when you're ready to buy a home,
00:13:56.560 | you just let us know what home you choose.
00:13:58.620 | We say, great.
00:13:59.780 | We put out an all-cash, quick-close offer for you,
00:14:03.300 | so you can compete with every other investor offer that's
00:14:06.020 | out there.
00:14:06.700 | We'll take care of it for you, because we know how
00:14:09.400 | to bid on these homes.
00:14:10.860 | We then take care of the inspections.
00:14:12.640 | We cover all closing costs, all fees, everything.
00:14:15.000 | We head to closing, and you commit either 1% to 2% down,
00:14:18.340 | which is about a tenth of a usual down payment.
00:14:20.300 | Down payments are 10% to 20%.
00:14:21.840 | We say 1% to 2%, and that's your initial equity in the home.
00:14:25.920 | You own that.
00:14:26.640 | That is yours.
00:14:28.080 | And then you move in.
00:14:29.080 | You make one monthly payment, part rent, part equity,
00:14:32.120 | the same way a mortgage is principal and interest,
00:14:36.020 | and the equity piece builds up your percent ownership.
00:14:39.320 | We let you build up to 10% over the course of three years.
00:14:42.720 | At any point in time, you can get a mortgage
00:14:44.660 | or refinance and take us out, or you can cash out your equity
00:14:48.100 | and walk away hopefully with tens of thousands
00:14:50.200 | of dollars saved up.
00:14:51.940 | So that is how we work.
00:14:54.200 | We operate in 16 metros.
00:14:56.280 | Our biggest ones are Georgia, Texas, and Florida.
00:14:58.840 | Florida is a big one, up in Tampa.
00:15:00.580 | The average income of our customers is about a $50,000
00:15:03.980 | to $150,000 household income.
00:15:06.620 | 50% of our customers are people of color, and 80%
00:15:09.760 | of our transactions are female-led.
00:15:14.320 | And so I think the most important thing is are we
00:15:20.060 | successful in our mission and what we're trying to do?
00:15:22.960 | So 51% of DIVI customers who have come to the end
00:15:25.960 | of their three-year lease have been able
00:15:27.160 | to buy back their home.
00:15:28.460 | Probably another 20% on top of it aren't yet ready
00:15:31.680 | for mortgage, and so we just let them build more equity over time.
00:15:34.900 | And about 30% of people turn over,
00:15:37.100 | which is completely fine.
00:15:38.240 | Sometimes you have an extra kid or two,
00:15:40.280 | and you need a bigger home, and that's okay.
00:15:42.320 | We actually love that people can cash
00:15:44.060 | out their money and continue moving on.
00:15:47.840 | Over here we have what I think is one of the more powerful things,
00:15:50.940 | which is the average renter savings versus the average
00:15:53.400 | savings that a DIVI customer has in their home.
00:15:55.580 | We're almost 25 times the savings that the average renter has,
00:15:59.480 | and this is because they are building up equity
00:16:01.980 | in their property over time.
00:16:04.340 | Over here, just to show, we're growing quickly,
00:16:07.980 | and we're doing it profitably.
00:16:09.280 | Actually, I think this is super important is you can sit here
00:16:11.920 | and say that you are building a mission-oriented company,
00:16:13.800 | you have to show scale.
00:16:16.040 | You have to show growth, and you have to show
00:16:17.780 | that people there is adoption,
00:16:18.940 | and you're actually having an impact.
00:16:20.640 | And so this year alone we'll deploy over a billion dollars
00:16:22.940 | of capital.
00:16:24.240 | We measure a margin as the rent that we collect,
00:16:26.240 | less home costs, less interest, so it's
00:16:27.720 | like a true profit all-in margin,
00:16:30.520 | where we're almost probably going to be
00:16:32.360 | at about 25% all-in profit margin.
00:16:34.620 | And now I think we have -- yeah, thank you.
00:16:38.700 | I think that there is a video, but I don't know
00:16:43.540 | if they're showing it.
00:16:44.540 | So we can maybe go to Q and A if we're running close on time.
00:16:46.940 | Let's go, yeah.
00:16:47.340 | Okay, cool.
00:16:48.140 | Thank you.
00:16:49.440 | I know that Freeburg's going to talk to you
00:16:59.080 | about consumer credit, but let me just tee up something before.
00:17:02.120 | There's a tweet, I just want to read it to you,
00:17:05.060 | and maybe we can use this as a jumping off point.
00:17:07.640 | Blackstone calls homes almost as unaffordable as the 2007 peak.
00:17:13.280 | They just said that today.
00:17:14.520 | Yeah.
00:17:14.940 | His name is Joe Zittle, who's I guess a senior partner there.
00:17:19.380 | But he believes a crash is unlikely due to a major difference,
00:17:22.160 | which is that most owners aren't using their homes like an ATM,
00:17:26.860 | like they did back then.
00:17:28.120 | Yeah.
00:17:28.460 | Can you just explain sort of the broader state of housing actually
00:17:33.560 | and why some people feel like we're actually --
00:17:37.640 | Okay.
00:17:38.080 | Right at the brink of a crisis again, and some people don't?
00:17:41.480 | Okay, yeah, interesting.
00:17:43.020 | So the global financial crisis is very different than this
00:17:45.960 | because it was obviously a housing-led crisis
00:17:48.520 | where we had people overextend and they didn't have enough equity
00:17:51.900 | that was built up in their house to cushion a decline in home prices.
00:17:55.740 | I'd say that this is a very different situation today,
00:17:58.800 | and I'd say that because one, we don't have a lot of supply.
00:18:02.500 | And so fundamentally when you're thinking about pricing,
00:18:05.000 | supply and demand dynamics, number one,
00:18:06.780 | we don't have a lot of supply.
00:18:08.480 | Now what you can probably argue is there is an equilibrium point, meaning,
00:18:12.760 | you know, we're going to have to increase the demand.
00:18:14.700 | We're going to have to increase the demand.
00:18:16.100 | We're going to have to increase the demand.
00:18:17.300 | So we're going to have to increase the demand.
00:18:18.500 | So we're going to have to increase the demand.
00:18:19.700 | So we're going to have to increase the demand.
00:18:20.800 | So we're going to have to increase the demand.
00:18:22.000 | So we're going to have to increase the demand.
00:18:23.200 | So we're going to have to increase the demand.
00:18:24.400 | So we're going to have to increase the demand.
00:18:25.700 | So we're going to have to increase the demand.
00:18:27.000 | So we're going to have to increase the demand.
00:18:28.280 | So we're going to have to increase the demand.
00:18:29.540 | So we're going to have to increase the demand.
00:18:30.840 | So we're going to have to increase the demand.
00:18:32.140 | So we're going to have to increase the demand.
00:18:33.440 | So we're going to have to increase the demand.
00:18:34.440 | So we're going to have to increase the demand.
00:18:35.440 | So we're going to have to increase the demand.
00:18:36.440 | So we're going to have to increase the demand.
00:18:37.440 | So we're going to have to increase the demand.
00:18:38.440 | So we're going to have to increase the demand.
00:18:39.440 | So we're going to have to increase the demand.
00:18:40.440 | So we're going to have to increase the demand.
00:18:41.440 | So we're going to have to increase the demand.
00:18:42.440 | So we're going to have to increase the demand.
00:18:43.440 | So we're going to have to increase the demand.
00:18:44.440 | So we're going to have to increase the demand.
00:18:45.440 | So we're going to have to increase the demand.
00:18:46.440 | So we're going to have to increase the demand.
00:18:47.440 | So we're going to have to increase the demand.
00:18:48.440 | So we're going to have to increase the demand.
00:18:49.440 | So we're going to have to increase the demand.
00:18:50.440 | So we're going to have to increase the demand.
00:18:51.440 | So we're going to have to increase the demand.
00:18:52.440 | So we're going to have to increase the demand.
00:18:53.440 | So we're going to have to increase the demand.
00:18:54.440 | So we're going to have to increase the demand.
00:18:55.440 | So we're going to have to increase the demand.
00:18:56.440 | So we're going to have to increase the demand.
00:18:57.440 | So we're going to have to increase the demand.
00:18:58.440 | So we're going to have to increase the demand.
00:18:59.440 | So we're going to have to increase the demand.
00:19:00.440 | So we're going to have to increase the demand.
00:19:01.440 | So we're going to have to increase the demand.
00:19:02.440 | So we're going to have to increase the demand.
00:19:03.440 | So we're going to have to increase the demand.
00:19:04.440 | So we're going to have to increase the demand.
00:19:05.440 | So we're going to have to increase the demand.
00:19:06.440 | So we're going to have to increase the demand.
00:19:07.440 | So we're going to have to increase the demand.
00:19:08.440 | So we're going to have to increase the demand.
00:19:09.440 | So we're going to have to increase the demand.
00:19:10.440 | So we're going to have to increase the demand.
00:19:11.440 | So we're going to have to increase the demand.
00:19:12.440 | So we're going to have to increase the demand.
00:19:13.440 | So we're going to have to increase the demand.
00:19:14.440 | So we're going to have to increase the demand.
00:19:15.440 | So we're going to have to increase the demand.
00:19:16.440 | So we're going to have to increase the demand.
00:19:17.440 | So we're going to have to increase the demand.
00:19:18.440 | So we're going to have to increase the demand.
00:19:19.440 | So we're going to have to increase the demand.
00:19:20.440 | So we're going to have to increase the demand.
00:19:21.440 | So we're going to have to increase the demand.
00:19:22.440 | So we're going to have to increase the demand.
00:19:23.440 | So we're going to have to increase the demand.
00:19:24.440 | So we're going to have to increase the demand.
00:19:25.440 | So we're going to have to increase the demand.
00:19:26.440 | So we're going to have to increase the demand.
00:19:27.440 | So we're going to have to increase the demand.
00:19:28.440 | So we're going to have to increase the demand.
00:19:29.440 | So we're going to have to increase the demand.
00:19:30.440 | So we're going to have to increase the demand.
00:19:31.440 | So we're going to have to increase the demand.
00:19:32.440 | So we're going to have to increase the demand.
00:19:33.440 | So we're going to have to increase the demand.
00:19:34.440 | So we're going to have to increase the demand.
00:19:35.440 | So we're going to have to increase the demand.
00:19:36.440 | So we're going to have to increase the demand.
00:19:37.440 | So we're going to have to increase the demand.
00:19:38.440 | So we're going to have to increase the demand.
00:19:39.440 | So we're going to have to increase the demand.
00:19:40.440 | So we're going to have to increase the demand.
00:19:41.440 | So we're going to have to increase the demand.
00:19:42.440 | So we're going to have to increase the demand.
00:19:43.440 | So we're going to have to increase the demand.
00:19:44.440 | So we're going to have to increase the demand.
00:19:45.440 | So we're going to have to increase the demand.
00:19:46.440 | So we're going to have to increase the demand.
00:19:47.440 | So we're going to have to increase the demand.
00:19:48.440 | So we're going to have to increase the demand.
00:19:49.440 | So we're going to have to increase the demand.
00:19:50.440 | So we're going to have to increase the demand.
00:19:51.440 | So we're going to have to increase the demand.
00:19:52.440 | So we're going to have to increase the demand.
00:19:53.440 | So we're going to have to increase the demand.
00:19:54.440 | So we're going to have to increase the demand.
00:19:55.440 | So we're going to have to increase the demand.
00:19:56.440 | So we're going to have to increase the demand.
00:19:57.440 | So we're going to have to increase the demand.
00:19:58.440 | So we're going to have to increase the demand.
00:19:59.440 | So we're going to have to increase the demand.
00:20:00.440 | So we're going to have to increase the demand.
00:20:01.440 | So we're going to have to increase the demand.
00:20:02.440 | So we're going to have to increase the demand.
00:20:03.440 | So we're going to have to increase the demand.
00:20:04.440 | So we're going to have to increase the demand.
00:20:05.440 | So we're going to have to increase the demand.
00:20:06.440 | So we're going to have to increase the demand.
00:20:07.440 | So we're going to have to increase the demand.
00:20:08.440 | So we're going to have to increase the demand.
00:20:09.440 | So we're going to have to increase the demand.
00:20:10.440 | So we're going to have to increase the demand.
00:20:11.440 | So we're going to have to increase the demand.
00:20:12.440 | So we're going to have to increase the demand.
00:20:13.440 | So we're going to have to increase the demand.
00:20:14.440 | So we're going to have to increase the demand.
00:20:15.440 | So we're going to have to increase the demand.
00:20:16.440 | So we're going to have to increase the demand.
00:20:17.440 | So we're going to have to increase the demand.
00:20:18.440 | So we're going to have to increase the demand.
00:20:19.440 | So we're going to have to increase the demand.
00:20:20.440 | So we're going to have to increase the demand.
00:20:21.440 | So we're going to have to increase the demand.
00:20:22.440 | So we're going to have to increase the demand.
00:20:23.440 | So we're going to have to increase the demand.
00:20:24.440 | So we're going to have to increase the demand.
00:20:25.440 | So we're going to have to increase the demand.
00:20:26.440 | So we're going to have to increase the demand.
00:20:27.440 | So we're going to have to increase the demand.
00:20:28.440 | So we're going to have to increase the demand.
00:20:29.440 | So we're going to have to increase the demand.
00:20:30.440 | So we're going to have to increase the demand.
00:20:31.440 | So we're going to have to increase the demand.
00:20:32.440 | So we're going to have to increase the demand.
00:20:33.440 | So we're going to have to increase the demand.
00:20:34.440 | So we're going to have to increase the demand.
00:20:35.440 | So we're going to have to increase the demand.
00:20:36.440 | So we're going to have to increase the demand.
00:20:37.440 | So we're going to have to increase the demand.
00:20:38.440 | So we're going to have to increase the demand.
00:20:39.440 | So we're going to have to increase the demand.
00:20:40.440 | So we're going to have to increase the demand.
00:20:41.440 | So we're going to have to increase the demand.
00:20:42.440 | So we're going to have to increase the demand.
00:20:43.440 | So we're going to have to increase the demand.
00:20:44.440 | So we're going to have to increase the demand.
00:20:45.440 | So we're going to have to increase the demand.
00:20:46.440 | So we're going to have to increase the demand.
00:20:47.440 | So we're going to have to increase the demand.
00:20:48.440 | So we're going to have to increase the demand.
00:20:49.440 | So we're going to have to increase the demand.
00:20:50.440 | So we're going to have to increase the demand.
00:20:51.440 | So we're going to have to increase the demand.
00:20:52.440 | So we're going to have to increase the demand.
00:20:53.440 | So we're going to have to increase the demand.
00:20:54.440 | So we're going to have to increase the demand.
00:20:55.440 | So we're going to have to increase the demand.
00:20:56.440 | So we're going to have to increase the demand.
00:20:57.440 | So we're going to have to increase the demand.
00:20:58.440 | So we're going to have to increase the demand.
00:20:59.440 | So we're going to have to increase the demand.
00:21:00.440 | So we're going to have to increase the demand.
00:21:01.440 | So we're going to have to increase the demand.
00:21:02.440 | So we're going to have to increase the demand.
00:21:03.440 | So we're going to have to increase the demand.
00:21:04.440 | So we're going to have to increase the demand.
00:21:05.440 | So we're going to have to increase the demand.
00:21:06.440 | So we're going to have to increase the demand.
00:21:07.440 | So we're going to have to increase the demand.
00:21:08.440 | So we're going to have to increase the demand.
00:21:09.440 | So we're going to have to increase the demand.
00:21:10.440 | So we're going to have to increase the demand.
00:21:11.440 | So we're going to have to increase the demand.
00:21:12.440 | So we're going to have to increase the demand.
00:21:13.440 | So we're going to have to increase the demand.
00:21:14.440 | So we're going to have to increase the demand.
00:21:15.440 | So we're going to have to increase the demand.
00:21:16.440 | So we're going to have to increase the demand.
00:21:17.440 | So we're going to have to increase the demand.
00:21:18.440 | So we're going to have to increase the demand.
00:21:19.440 | So we're going to have to increase the demand.
00:21:20.440 | So we're going to have to increase the demand.
00:21:21.440 | So we're going to have to increase the demand.
00:21:22.440 | So we're going to have to increase the demand.
00:21:23.440 | So we're going to have to increase the demand.
00:21:24.440 | So we're going to have to increase the demand.
00:21:25.440 | So we're going to have to increase the demand.
00:21:26.440 | So we're going to have to increase the demand.
00:21:27.440 | So we're going to have to increase the demand.
00:21:28.440 | So we're going to have to increase the demand.
00:21:29.440 | So we're going to have to increase the demand.
00:21:30.440 | So we're going to have to increase the demand.
00:21:31.440 | So we're going to have to increase the demand.
00:21:32.440 | So we're going to have to increase the demand.
00:21:33.440 | So we're going to have to increase the demand.
00:21:34.440 | So we're going to have to increase the demand.
00:21:35.440 | So we're going to have to increase the demand.
00:21:36.440 | So we're going to have to increase the demand.
00:21:37.440 | So we're going to have to increase the demand.
00:21:38.440 | So we're going to have to increase the demand.
00:21:39.440 | So we're going to have to increase the demand.
00:21:40.440 | So we're going to have to increase the demand.
00:21:41.440 | So we're going to have to increase the demand.
00:21:42.440 | So we're going to have to increase the demand.
00:21:43.440 | So we're going to have to increase the demand.
00:21:44.440 | So we're going to have to increase the demand.
00:21:45.440 | So we're going to have to increase the demand.
00:21:46.440 | So we're going to have to increase the demand.
00:21:47.440 | So we're going to have to increase the demand.
00:21:48.440 | So we're going to have to increase the demand.
00:21:49.440 | So we're going to have to increase the demand.
00:21:50.440 | So we're going to have to increase the demand.
00:21:51.440 | So we're going to have to increase the demand.
00:21:52.440 | So we're going to have to increase the demand.
00:21:53.440 | So we're going to have to increase the demand.
00:21:54.440 | So we're going to have to increase the demand.
00:21:55.440 | So we're going to have to increase the demand.
00:21:56.440 | So we're going to have to increase the demand.
00:21:57.440 | So we're going to have to increase the demand.
00:21:58.440 | So we're going to have to increase the demand.
00:21:59.440 | So we're going to have to increase the demand.
00:22:00.440 | So we're going to have to increase the demand.
00:22:01.440 | So we're going to have to increase the demand.
00:22:02.440 | So we're going to have to increase the demand.
00:22:03.440 | So we're going to have to increase the demand.
00:22:04.440 | So we're going to have to increase the demand.
00:22:05.440 | So we're going to have to increase the demand.
00:22:06.440 | So we're going to have to increase the demand.
00:22:07.440 | So we're going to have to increase the demand.
00:22:08.440 | So we're going to have to increase the demand.
00:22:09.440 | So we're going to have to increase the demand.
00:22:10.440 | So we're going to have to increase the demand.
00:22:11.440 | So we're going to have to increase the demand.
00:22:12.440 | So we're going to have to increase the demand.
00:22:13.440 | So we're going to have to increase the demand.
00:22:14.440 | So we're going to have to increase the demand.
00:22:15.440 | So we're going to have to increase the demand.
00:22:16.440 | So we're going to have to increase the demand.
00:22:17.440 | So we're going to have to increase the demand.
00:22:18.440 | So we're going to have to increase the demand.
00:22:19.440 | So we're going to have to increase the demand.
00:22:20.440 | So we're going to have to increase the demand.
00:22:21.440 | So we're going to have to increase the demand.
00:22:22.440 | So we're going to have to increase the demand.
00:22:23.440 | So we're going to have to increase the demand.
00:22:24.440 | So we're going to have to increase the demand.
00:22:25.440 | So we're going to have to increase the demand.
00:22:26.440 | So we're going to have to increase the demand.
00:22:27.440 | So we're going to have to increase the demand.
00:22:28.440 | So we're going to have to increase the demand.
00:22:29.440 | So we're going to have to increase the demand.
00:22:30.440 | So we're going to have to increase the demand.
00:22:31.440 | So we're going to have to increase the demand.
00:22:32.440 | So we're going to have to increase the demand.
00:22:33.440 | So we're going to have to increase the demand.
00:22:34.440 | So we're going to have to increase the demand.
00:22:35.440 | So we're going to have to increase the demand.
00:22:36.440 | So we're going to have to increase the demand.
00:22:37.440 | So we're going to have to increase the demand.
00:22:38.440 | So we're going to have to increase the demand.
00:22:39.440 | So we're going to have to increase the demand.
00:22:40.440 | So we're going to have to increase the demand.
00:22:41.440 | So we're going to have to increase the demand.
00:22:42.440 | So we're going to have to increase the demand.
00:22:43.440 | So we're going to have to increase the demand.
00:22:44.440 | So we're going to have to increase the demand.
00:22:45.440 | So we're going to have to increase the demand.
00:22:46.440 | So we're going to have to increase the demand.
00:22:47.440 | So we're going to have to increase the demand.
00:22:48.440 | So we're going to have to increase the demand.
00:22:49.440 | So we're going to have to increase the demand.
00:22:50.440 | So we're going to have to increase the demand.
00:22:51.440 | So we're going to have to increase the demand.
00:22:52.440 | So we're going to have to increase the demand.
00:22:53.440 | So we're going to have to increase the demand.
00:22:54.440 | So we're going to have to increase the demand.
00:22:55.440 | So we're going to have to increase the demand.
00:22:56.440 | So we're going to have to increase the demand.
00:22:57.440 | So we're going to have to increase the demand.
00:22:58.440 | So we're going to have to increase the demand.
00:22:59.440 | So we're going to have to increase the demand.
00:23:00.440 | So we're going to have to increase the demand.
00:23:01.440 | So we're going to have to increase the demand.
00:23:02.440 | So we're going to have to increase the demand.
00:23:03.440 | So we're going to have to increase the demand.
00:23:04.440 | So we're going to have to increase the demand.
00:23:05.440 | So we're going to have to increase the demand.
00:23:06.440 | So we're going to have to increase the demand.
00:23:07.440 | So we're going to have to increase the demand.
00:23:08.440 | So we're going to have to increase the demand.
00:23:09.440 | So we're going to have to increase the demand.
00:23:10.440 | So we're going to have to increase the demand.
00:23:11.440 | So we're going to have to increase the demand.
00:23:12.440 | So we're going to have to increase the demand.
00:23:13.440 | So we're going to have to increase the demand.
00:23:14.440 | So we're going to have to increase the demand.
00:23:15.440 | So we're going to have to increase the demand.
00:23:16.440 | So we're going to have to increase the demand.
00:23:17.440 | So we're going to have to increase the demand.
00:23:18.440 | So we're going to have to increase the demand.
00:23:19.440 | So we're going to have to increase the demand.
00:23:20.440 | So we're going to have to increase the demand.
00:23:21.440 | So we're going to have to increase the demand.
00:23:22.440 | So we're going to have to increase the demand.
00:23:23.440 | So we're going to have to increase the demand.
00:23:24.440 | So we're going to have to increase the demand.
00:23:25.440 | So we're going to have to increase the demand.
00:23:26.440 | So we're going to have to increase the demand.
00:23:27.440 | So we're going to have to increase the demand.
00:23:28.440 | So we're going to have to increase the demand.
00:23:29.440 | So we're going to have to increase the demand.
00:23:30.440 | So we're going to have to increase the demand.
00:23:31.440 | So we're going to have to increase the demand.
00:23:32.440 | So we're going to have to increase the demand.
00:23:33.440 | So we're going to have to increase the demand.
00:23:34.440 | So we're going to have to increase the demand.
00:23:35.440 | So we're going to have to increase the demand.
00:23:36.440 | So we're going to have to increase the demand.
00:23:37.440 | So we're going to have to increase the demand.
00:23:38.440 | So we're going to have to increase the demand.
00:23:39.440 | So we're going to have to increase the demand.
00:23:40.440 | So we're going to have to increase the demand.
00:23:41.440 | So we're going to have to increase the demand.
00:23:42.440 | So we're going to have to increase the demand.
00:23:43.440 | So we're going to have to increase the demand.
00:23:44.440 | So we're going to have to increase the demand.
00:23:45.440 | So we're going to have to increase the demand.
00:23:46.440 | So we're going to have to increase the demand.
00:23:47.440 | So we're going to have to increase the demand.
00:23:48.440 | So we're going to have to increase the demand.
00:23:49.440 | So we're going to have to increase the demand.
00:23:50.440 | So we're going to have to increase the demand.
00:23:51.440 | So we're going to have to increase the demand.
00:23:52.440 | So we're going to have to increase the demand.
00:23:53.440 | So we're going to have to increase the demand.
00:23:54.440 | So we're going to have to increase the demand.
00:23:55.440 | So we're going to have to increase the demand.
00:23:56.440 | So we're going to have to increase the demand.
00:23:57.440 | So we're going to have to increase the demand.
00:23:58.440 | So we're going to have to increase the demand.
00:23:59.440 | So we're going to have to increase the demand.
00:24:00.440 | So we're going to have to increase the demand.
00:24:01.440 | So we're going to have to increase the demand.
00:24:02.440 | So we're going to have to increase the demand.
00:24:03.440 | So we're going to have to increase the demand.
00:24:04.440 | So we're going to have to increase the demand.
00:24:05.440 | So we're going to have to increase the demand.
00:24:06.440 | So we're going to have to increase the demand.
00:24:07.440 | So we're going to have to increase the demand.
00:24:08.440 | So we're going to have to increase the demand.
00:24:09.440 | So we're going to have to increase the demand.
00:24:10.440 | So we're going to have to increase the demand.
00:24:11.440 | So we're going to have to increase the demand.
00:24:12.440 | So we're going to have to increase the demand.
00:24:13.440 | So we're going to have to increase the demand.
00:24:14.440 | So we're going to have to increase the demand.
00:24:15.440 | So we're going to have to increase the demand.
00:24:16.440 | So we're going to have to increase the demand.
00:24:17.440 | So we're going to have to increase the demand.
00:24:18.440 | So we're going to have to increase the demand.
00:24:19.440 | So we're going to have to increase the demand.
00:24:20.440 | So we're going to have to increase the demand.
00:24:21.440 | So we're going to have to increase the demand.
00:24:22.440 | So we're going to have to increase the demand.
00:24:23.440 | So we're going to have to increase the demand.
00:24:24.440 | So we're going to have to increase the demand.
00:24:25.440 | So we're going to have to increase the demand.
00:24:26.440 | So we're going to have to increase the demand.
00:24:27.440 | So we're going to have to increase the demand.
00:24:28.440 | So we're going to have to increase the demand.
00:24:29.440 | So we're going to have to increase the demand.
00:24:30.440 | So we're going to have to increase the demand.
00:24:31.440 | So we're going to have to increase the demand.
00:24:32.440 | So we're going to have to increase the demand.
00:24:33.440 | So we're going to have to increase the demand.
00:24:34.440 | So we're going to have to increase the demand.
00:24:35.440 | So we're going to have to increase the demand.
00:24:36.440 | So we're going to have to increase the demand.
00:24:37.440 | So we're going to have to increase the demand.
00:24:38.440 | So we're going to have to increase the demand.
00:24:39.440 | So we're going to have to increase the demand.
00:24:40.440 | So we're going to have to increase the demand.
00:24:41.440 | So we're going to have to increase the demand.
00:24:42.440 | So we're going to have to increase the demand.
00:24:43.440 | So we're going to have to increase the demand.
00:24:44.440 | So we're going to have to increase the demand.
00:24:45.440 | So we're going to have to increase the demand.
00:24:46.440 | So we're going to have to increase the demand.
00:24:47.440 | So we're going to have to increase the demand.
00:24:48.440 | So we're going to have to increase the demand.
00:24:49.440 | So we're going to have to increase the demand.
00:24:50.440 | So we're going to have to increase the demand.
00:24:51.440 | So we're going to have to increase the demand.
00:24:52.440 | So we're going to have to increase the demand.
00:24:53.440 | So we're going to have to increase the demand.
00:24:54.440 | So we're going to have to increase the demand.
00:24:55.440 | So we're going to have to increase the demand.
00:24:56.440 | So we're going to have to increase the demand.
00:24:57.440 | So we're going to have to increase the demand.
00:24:58.440 | So we're going to have to increase the demand.
00:24:59.440 | So we're going to have to increase the demand.
00:25:00.440 | So we're going to have to increase the demand.
00:25:01.440 | So we're going to have to increase the demand.
00:25:02.440 | So we're going to have to increase the demand.
00:25:03.440 | So we're going to have to increase the demand.
00:25:04.440 | So we're going to have to increase the demand.
00:25:05.440 | So we're going to have to increase the demand.
00:25:06.440 | So we're going to have to increase the demand.
00:25:07.440 | So we're going to have to increase the demand.
00:25:08.440 | So we're going to have to increase the demand.
00:25:09.440 | So we're going to have to increase the demand.
00:25:10.440 | So we're going to have to increase the demand.
00:25:11.440 | So we're going to have to increase the demand.
00:25:12.440 | So we're going to have to increase the demand.
00:25:13.440 | So we're going to have to increase the demand.
00:25:14.440 | So we're going to have to increase the demand.
00:25:15.440 | So we're going to have to increase the demand.
00:25:16.440 | So we're going to have to increase the demand.
00:25:17.440 | So we're going to have to increase the demand.
00:25:18.440 | So we're going to have to increase the demand.
00:25:19.440 | So we're going to have to increase the demand.
00:25:20.440 | So we're going to have to increase the demand.
00:25:21.440 | So we're going to have to increase the demand.
00:25:22.440 | So we're going to have to increase the demand.
00:25:23.440 | So we're going to have to increase the demand.
00:25:24.440 | So we're going to have to increase the demand.
00:25:25.440 | So we're going to have to increase the demand.
00:25:26.440 | So we're going to have to increase the demand.
00:25:27.440 | So we're going to have to increase the demand.
00:25:28.440 | So we're going to have to increase the demand.
00:25:29.440 | So we're going to have to increase the demand.
00:25:30.440 | So we're going to have to increase the demand.
00:25:31.440 | So we're going to have to increase the demand.
00:25:32.440 | So we're going to have to increase the demand.
00:25:33.440 | So we're going to have to increase the demand.
00:25:34.440 | So we're going to have to increase the demand.
00:25:35.440 | So we're going to have to increase the demand.
00:25:36.440 | So we're going to have to increase the demand.
00:25:37.440 | So we're going to have to increase the demand.
00:25:38.440 | So we're going to have to increase the demand.
00:25:39.440 | So we're going to have to increase the demand.
00:25:40.440 | So we're going to have to increase the demand.
00:25:41.440 | So we're going to have to increase the demand.
00:25:42.440 | So we're going to have to increase the demand.
00:25:43.440 | So we're going to have to increase the demand.
00:25:44.440 | So we're going to have to increase the demand.
00:25:45.440 | So we're going to have to increase the demand.
00:25:46.440 | So we're going to have to increase the demand.
00:25:47.440 | So we're going to have to increase the demand.
00:25:48.440 | So we're going to have to increase the demand.
00:25:49.440 | So we're going to have to increase the demand.
00:25:50.440 | So we're going to have to increase the demand.
00:25:51.440 | So we're going to have to increase the demand.
00:25:52.440 | So we're going to have to increase the demand.
00:25:53.440 | So we're going to have to increase the demand.
00:25:54.440 | So we're going to have to increase the demand.
00:25:55.440 | So we're going to have to increase the demand.
00:25:56.440 | So we're going to have to increase the demand.
00:25:57.440 | So we're going to have to increase the demand.
00:25:58.440 | So we're going to have to increase the demand.
00:25:59.440 | So we're going to have to increase the demand.
00:26:00.440 | So we're going to have to increase the demand.
00:26:01.440 | So we're going to have to increase the demand.
00:26:02.440 | So we're going to have to increase the demand.
00:26:03.440 | So we're going to have to increase the demand.
00:26:04.440 | So we're going to have to increase the demand.
00:26:05.440 | So we're going to have to increase the demand.
00:26:06.440 | So we're going to have to increase the demand.
00:26:07.440 | So we're going to have to increase the demand.
00:26:08.440 | So we're going to have to increase the demand.
00:26:09.440 | So we're going to have to increase the demand.
00:26:10.440 | So we're going to have to increase the demand.
00:26:11.440 | So we're going to have to increase the demand.
00:26:12.440 | So we're going to have to increase the demand.
00:26:13.440 | So we're going to have to increase the demand.
00:26:14.440 | So we're going to have to increase the demand.
00:26:15.440 | So we're going to have to increase the demand.
00:26:16.440 | So we're going to have to increase the demand.
00:26:17.440 | So we're going to have to increase the demand.
00:26:18.440 | So we're going to have to increase the demand.
00:26:19.440 | So we're going to have to increase the demand.
00:26:20.440 | So we're going to have to increase the demand.
00:26:21.440 | So we're going to have to increase the demand.
00:26:22.440 | So we're going to have to increase the demand.
00:26:23.440 | So we're going to have to increase the demand.
00:26:24.440 | So we're going to have to increase the demand.
00:26:25.440 | So we're going to have to increase the demand.
00:26:26.440 | So we're going to have to increase the demand.
00:26:27.440 | So we're going to have to increase the demand.
00:26:28.440 | So we're going to have to increase the demand.
00:26:29.440 | So we're going to have to increase the demand.
00:26:30.440 | So we're going to have to increase the demand.
00:26:31.440 | So we're going to have to increase the demand.
00:26:32.440 | So we're going to have to increase the demand.
00:26:33.440 | So we're going to have to increase the demand.
00:26:34.440 | So we're going to have to increase the demand.
00:26:35.440 | So we're going to have to increase the demand.
00:26:36.440 | So we're going to have to increase the demand.
00:26:37.440 | So we're going to have to increase the demand.
00:26:38.440 | So we're going to have to increase the demand.
00:26:39.440 | So we're going to have to increase the demand.
00:26:40.440 | So we're going to have to increase the demand.
00:26:41.440 | So we're going to have to increase the demand.
00:26:42.440 | So we're going to have to increase the demand.
00:26:43.440 | So we're going to have to increase the demand.
00:26:44.440 | So we're going to have to increase the demand.
00:26:45.440 | So we're going to have to increase the demand.
00:26:46.440 | So we're going to have to increase the demand.
00:26:47.440 | So we're going to have to increase the demand.
00:26:48.440 | So we're going to have to increase the demand.
00:26:49.440 | So we're going to have to increase the demand.
00:26:50.440 | So we're going to have to increase the demand.
00:26:51.440 | So we're going to have to increase the demand.
00:26:52.440 | So we're going to have to increase the demand.
00:26:53.440 | So we're going to have to increase the demand.
00:26:54.440 | So we're going to have to increase the demand.
00:26:55.440 | So we're going to have to increase the demand.
00:26:56.440 | So we're going to have to increase the demand.
00:26:57.440 | So we're going to have to increase the demand.
00:26:58.440 | So we're going to have to increase the demand.
00:26:59.440 | So we're going to have to increase the demand.
00:27:00.440 | So we're going to have to increase the demand.
00:27:01.440 | So we're going to have to increase the demand.
00:27:02.440 | So we're going to have to increase the demand.
00:27:03.440 | So we're going to have to increase the demand.
00:27:04.440 | So we're going to have to increase the demand.
00:27:05.440 | So we're going to have to increase the demand.
00:27:06.440 | So we're going to have to increase the demand.
00:27:07.440 | So we're going to have to increase the demand.
00:27:08.440 | So we're going to have to increase the demand.
00:27:09.440 | So we're going to have to increase the demand.
00:27:10.440 | So we're going to have to increase the demand.
00:27:11.440 | So we're going to have to increase the demand.
00:27:12.440 | So we're going to have to increase the demand.
00:27:13.440 | So we're going to have to increase the demand.
00:27:14.440 | So we're going to have to increase the demand.
00:27:15.440 | So we're going to have to increase the demand.
00:27:16.440 | So we're going to have to increase the demand.
00:27:17.440 | So we're going to have to increase the demand.
00:27:18.440 | So we're going to have to increase the demand.
00:27:19.440 | So we're going to have to increase the demand.
00:27:20.440 | So we're going to have to increase the demand.
00:27:21.440 | So we're going to have to increase the demand.
00:27:22.440 | So we're going to have to increase the demand.
00:27:23.440 | So we're going to have to increase the demand.
00:27:24.440 | So we're going to have to increase the demand.
00:27:25.440 | So we're going to have to increase the demand.
00:27:26.440 | So we're going to have to increase the demand.
00:27:27.440 | So we're going to have to increase the demand.
00:27:28.440 | So we're going to have to increase the demand.
00:27:29.440 | So we're going to have to increase the demand.
00:27:30.440 | So we're going to have to increase the demand.
00:27:31.440 | So we're going to have to increase the demand.
00:27:32.440 | So we're going to have to increase the demand.
00:27:33.440 | So we're going to have to increase the demand.
00:27:34.440 | So we're going to have to increase the demand.
00:27:35.440 | So we're going to have to increase the demand.
00:27:36.440 | So we're going to have to increase the demand.
00:27:37.440 | So we're going to have to increase the demand.
00:27:38.440 | So we're going to have to increase the demand.
00:27:39.440 | So we're going to have to increase the demand.
00:27:40.440 | So we're going to have to increase the demand.
00:27:41.440 | So we're going to have to increase the demand.
00:27:42.440 | So we're going to have to increase the demand.
00:27:43.440 | So we're going to have to increase the demand.
00:27:44.440 | So we're going to have to increase the demand.
00:27:45.440 | So we're going to have to increase the demand.
00:27:46.440 | So we're going to have to increase the demand.
00:27:47.440 | So we're going to have to increase the demand.
00:27:48.440 | So we're going to have to increase the demand.
00:27:49.440 | So we're going to have to increase the demand.
00:27:50.440 | So we're going to have to increase the demand.
00:27:51.440 | So we're going to have to increase the demand.
00:27:52.440 | So we're going to have to increase the demand.
00:27:53.440 | So we're going to have to increase the demand.
00:27:54.440 | So we're going to have to increase the demand.
00:27:55.440 | So we're going to have to increase the demand.
00:27:56.440 | So we're going to have to increase the demand.
00:27:57.440 | So we're going to have to increase the demand.
00:27:58.440 | So we're going to have to increase the demand.
00:27:59.440 | So we're going to have to increase the demand.
00:28:00.440 | So we're going to have to increase the demand.
00:28:01.440 | So we're going to have to increase the demand.
00:28:02.440 | So we're going to have to increase the demand.
00:28:03.440 | So we're going to have to increase the demand.
00:28:04.440 | So we're going to have to increase the demand.
00:28:05.440 | So we're going to have to increase the demand.
00:28:06.440 | So we're going to have to increase the demand.
00:28:07.440 | So we're going to have to increase the demand.
00:28:08.440 | So we're going to have to increase the demand.
00:28:09.440 | So we're going to have to increase the demand.
00:28:10.440 | So we're going to have to increase the demand.
00:28:11.440 | So we're going to have to increase the demand.
00:28:12.440 | So we're going to have to increase the demand.
00:28:13.440 | So we're going to have to increase the demand.
00:28:14.440 | So we're going to have to increase the demand.
00:28:15.440 | So we're going to have to increase the demand.
00:28:16.440 | So we're going to have to increase the demand.
00:28:17.440 | So we're going to have to increase the demand.
00:28:18.440 | So we're going to have to increase the demand.
00:28:19.440 | So we're going to have to increase the demand.
00:28:20.440 | So we're going to have to increase the demand.
00:28:21.440 | So we're going to have to increase the demand.
00:28:22.440 | So we're going to have to increase the demand.
00:28:23.440 | So we're going to have to increase the demand.
00:28:24.440 | So we're going to have to increase the demand.
00:28:25.440 | So we're going to have to increase the demand.
00:28:26.440 | So we're going to have to increase the demand.
00:28:27.440 | So we're going to have to increase the demand.
00:28:28.440 | So we're going to have to increase the demand.
00:28:29.440 | So we're going to have to increase the demand.
00:28:30.440 | So we're going to have to increase the demand.
00:28:31.440 | So we're going to have to increase the demand.
00:28:32.440 | So we're going to have to increase the demand.
00:28:33.440 | So we're going to have to increase the demand.
00:28:34.440 | So we're going to have to increase the demand.
00:28:35.440 | So we're going to have to increase the demand.
00:28:36.440 | So we're going to have to increase the demand.
00:28:37.440 | So we're going to have to increase the demand.
00:28:38.440 | So we're going to have to increase the demand.
00:28:39.440 | So we're going to have to increase the demand.
00:28:40.440 | So we're going to have to increase the demand.
00:28:41.440 | So we're going to have to increase the demand.
00:28:42.440 | So we're going to have to increase the demand.
00:28:43.440 | So we're going to have to increase the demand.
00:28:44.440 | So we're going to have to increase the demand.
00:28:45.440 | So we're going to have to increase the demand.
00:28:46.440 | So we're going to have to increase the demand.
00:28:47.440 | So we're going to have to increase the demand.
00:28:48.440 | So we're going to have to increase the demand.
00:28:49.440 | So we're going to have to increase the demand.
00:28:50.440 | So we're going to have to increase the demand.
00:28:51.440 | So we're going to have to increase the demand.
00:28:52.440 | So we're going to have to increase the demand.
00:28:53.440 | So we're going to have to increase the demand.
00:28:54.440 | So we're going to have to increase the demand.
00:28:55.440 | So we're going to have to increase the demand.
00:28:56.440 | So we're going to have to increase the demand.
00:28:57.440 | So we're going to have to increase the demand.
00:28:58.440 | So we're going to have to increase the demand.
00:28:59.440 | So we're going to have to increase the demand.
00:29:00.440 | So we're going to have to increase the demand.
00:29:01.440 | So we're going to have to increase the demand.
00:29:02.440 | So we're going to have to increase the demand.
00:29:03.440 | So we're going to have to increase the demand.
00:29:04.440 | So we're going to have to increase the demand.
00:29:05.440 | So we're going to have to increase the demand.
00:29:06.440 | So we're going to have to increase the demand.
00:29:07.440 | So we're going to have to increase the demand.
00:29:08.440 | So we're going to have to increase the demand.
00:29:09.440 | So we're going to have to increase the demand.
00:29:10.440 | So we're going to have to increase the demand.
00:29:11.440 | So we're going to have to increase the demand.
00:29:12.440 | So we're going to have to increase the demand.
00:29:13.440 | So we're going to have to increase the demand.
00:29:14.440 | So we're going to have to increase the demand.
00:29:15.440 | So we're going to have to increase the demand.
00:29:16.440 | So we're going to have to increase the demand.
00:29:17.440 | So we're going to have to increase the demand.
00:29:18.440 | So we're going to have to increase the demand.
00:29:19.440 | So we're going to have to increase the demand.
00:29:20.440 | So we're going to have to increase the demand.
00:29:21.440 | So we're going to have to increase the demand.
00:29:22.440 | So we're going to have to increase the demand.
00:29:23.440 | So we're going to have to increase the demand.
00:29:24.440 | So we're going to have to increase the demand.
00:29:25.440 | So we're going to have to increase the demand.
00:29:26.440 | So we're going to have to increase the demand.
00:29:27.440 | So we're going to have to increase the demand.
00:29:28.440 | So we're going to have to increase the demand.
00:29:29.440 | So we're going to have to increase the demand.
00:29:30.440 | So we're going to have to increase the demand.
00:29:31.440 | So we're going to have to increase the demand.
00:29:32.440 | So we're going to have to increase the demand.
00:29:33.440 | So we're going to have to increase the demand.
00:29:34.440 | So we're going to have to increase the demand.
00:29:35.440 | So we're going to have to increase the demand.
00:29:36.440 | So we're going to have to increase the demand.
00:29:37.440 | So we're going to have to increase the demand.
00:29:38.440 | So we're going to have to increase the demand.
00:29:39.440 | So we're going to have to increase the demand.
00:29:40.440 | So we're going to have to increase the demand.
00:29:41.440 | So we're going to have to increase the demand.
00:29:42.440 | So we're going to have to increase the demand.
00:29:43.440 | So we're going to have to increase the demand.
00:29:44.440 | So we're going to have to increase the demand.
00:29:45.440 | So we're going to have to increase the demand.
00:29:46.440 | So we're going to have to increase the demand.
00:29:47.440 | So we're going to have to increase the demand.
00:29:48.440 | So we're going to have to increase the demand.
00:29:49.440 | So we're going to have to increase the demand.
00:29:50.440 | So we're going to have to increase the demand.
00:29:51.440 | So we're going to have to increase the demand.
00:29:52.440 | So we're going to have to increase the demand.
00:29:53.440 | So we're going to have to increase the demand.
00:29:54.440 | So we're going to have to increase the demand.
00:29:55.440 | So we're going to have to increase the demand.
00:29:56.440 | So we're going to have to increase the demand.
00:29:57.440 | So we're going to have to increase the demand.
00:29:58.440 | So we're going to have to increase the demand.
00:29:59.440 | So we're going to have to increase the demand.
00:30:00.440 | So we're going to have to increase the demand.
00:30:01.440 | So we're going to have to increase the demand.
00:30:02.440 | So we're going to have to increase the demand.
00:30:03.440 | So we're going to have to increase the demand.
00:30:04.440 | So we're going to have to increase the demand.
00:30:05.440 | So we're going to have to increase the demand.
00:30:06.440 | So we're going to have to increase the demand.
00:30:07.440 | So we're going to have to increase the demand.
00:30:08.440 | So we're going to have to increase the demand.
00:30:09.440 | So we're going to have to increase the demand.
00:30:10.440 | So we're going to have to increase the demand.
00:30:11.440 | So we're going to have to increase the demand.
00:30:12.440 | So we're going to have to increase the demand.
00:30:13.440 | So we're going to have to increase the demand.
00:30:14.440 | So we're going to have to increase the demand.
00:30:15.440 | So we're going to have to increase the demand.
00:30:16.440 | So we're going to have to increase the demand.
00:30:17.440 | So we're going to have to increase the demand.
00:30:18.440 | So we're going to have to increase the demand.
00:30:19.440 | So we're going to have to increase the demand.
00:30:20.440 | So we're going to have to increase the demand.
00:30:21.440 | So we're going to have to increase the demand.
00:30:22.440 | So we're going to have to increase the demand.
00:30:23.440 | So we're going to have to increase the demand.
00:30:24.440 | So we're going to have to increase the demand.
00:30:25.440 | So we're going to have to increase the demand.
00:30:26.440 | So we're going to have to increase the demand.
00:30:27.440 | So we're going to have to increase the demand.
00:30:28.440 | So we're going to have to increase the demand.
00:30:29.440 | So we're going to have to increase the demand.
00:30:30.440 | So we're going to have to increase the demand.
00:30:31.440 | So we're going to have to increase the demand.
00:30:32.440 | So we're going to have to increase the demand.
00:30:33.440 | So we're going to have to increase the demand.
00:30:34.440 | So we're going to have to increase the demand.
00:30:35.440 | So we're going to have to increase the demand.
00:30:36.440 | So we're going to have to increase the demand.
00:30:37.440 | So we're going to have to increase the demand.
00:30:38.440 | So we're going to have to increase the demand.
00:30:39.440 | So we're going to have to increase the demand.
00:30:40.440 | So we're going to have to increase the demand.
00:30:41.440 | So we're going to have to increase the demand.
00:30:42.440 | So we're going to have to increase the demand.
00:30:43.440 | So we're going to have to increase the demand.
00:30:44.440 | So we're going to have to increase the demand.
00:30:45.440 | So we're going to have to increase the demand.
00:30:46.440 | So we're going to have to increase the demand.
00:30:47.440 | So we're going to have to increase the demand.
00:30:48.440 | So we're going to have to increase the demand.
00:30:49.440 | So we're going to have to increase the demand.
00:30:50.440 | So we're going to have to increase the demand.
00:30:51.440 | So we're going to have to increase the demand.
00:30:52.440 | So we're going to have to increase the demand.
00:30:53.440 | So we're going to have to increase the demand.
00:30:54.440 | So we're going to have to increase the demand.
00:30:55.440 | So we're going to have to increase the demand.
00:30:56.440 | So we're going to have to increase the demand.
00:30:57.440 | So we're going to have to increase the demand.
00:30:58.440 | So we're going to have to increase the demand.
00:30:59.440 | So we're going to have to increase the demand.
00:31:00.440 | So we're going to have to increase the demand.
00:31:01.440 | So we're going to have to increase the demand.
00:31:02.440 | So we're going to have to increase the demand.
00:31:03.440 | So we're going to have to increase the demand.
00:31:04.440 | So we're going to have to increase the demand.
00:31:05.440 | So we're going to have to increase the demand.
00:31:06.440 | So we're going to have to increase the demand.
00:31:07.440 | So we're going to have to increase the demand.
00:31:08.440 | So we're going to have to increase the demand.
00:31:09.440 | So we're going to have to increase the demand.
00:31:10.440 | So we're going to have to increase the demand.
00:31:11.440 | So we're going to have to increase the demand.
00:31:12.440 | So we're going to have to increase the demand.
00:31:13.440 | So we're going to have to increase the demand.
00:31:14.440 | So we're going to have to increase the demand.
00:31:15.440 | So we're going to have to increase the demand.
00:31:16.440 | So we're going to have to increase the demand.
00:31:17.440 | So we're going to have to increase the demand.
00:31:18.440 | So we're going to have to increase the demand.
00:31:19.440 | So we're going to have to increase the demand.
00:31:20.440 | So we're going to have to increase the demand.
00:31:21.440 | So we're going to have to increase the demand.
00:31:22.440 | So we're going to have to increase the demand.
00:31:23.440 | So we're going to have to increase the demand.
00:31:24.440 | So we're going to have to increase the demand.
00:31:25.440 | So we're going to have to increase the demand.
00:31:26.440 | So we're going to have to increase the demand.
00:31:27.440 | So we're going to have to increase the demand.
00:31:28.440 | So we're going to have to increase the demand.
00:31:29.440 | So we're going to have to increase the demand.
00:31:30.440 | So we're going to have to increase the demand.
00:31:31.440 | So we're going to have to increase the demand.
00:31:32.440 | So we're going to have to increase the demand.
00:31:33.440 | So we're going to have to increase the demand.
00:31:34.440 | So we're going to have to increase the demand.
00:31:35.440 | So we're going to have to increase the demand.
00:31:36.440 | So we're going to have to increase the demand.
00:31:37.440 | So we're going to have to increase the demand.
00:31:38.440 | So we're going to have to increase the demand.
00:31:39.440 | So we're going to have to increase the demand.
00:31:40.440 | So we're going to have to increase the demand.
00:31:41.440 | So we're going to have to increase the demand.
00:31:42.440 | So we're going to have to increase the demand.
00:31:43.440 | So we're going to have to increase the demand.
00:31:44.440 | So we're going to have to increase the demand.
00:31:45.440 | So we're going to have to increase the demand.
00:31:46.440 | So we're going to have to increase the demand.
00:31:47.440 | So we're going to have to increase the demand.
00:31:48.440 | So we're going to have to increase the demand.
00:31:49.440 | So we're going to have to increase the demand.
00:31:50.440 | So we're going to have to increase the demand.
00:31:51.440 | So we're going to have to increase the demand.
00:31:52.440 | So we're going to have to increase the demand.
00:31:53.440 | So we're going to have to increase the demand.
00:31:54.440 | So we're going to have to increase the demand.
00:31:55.440 | So we're going to have to increase the demand.
00:31:56.440 | So we're going to have to increase the demand.
00:31:57.440 | So we're going to have to increase the demand.
00:31:58.440 | So we're going to have to increase the demand.
00:31:59.440 | So we're going to have to increase the demand.
00:32:00.440 | So we're going to have to increase the demand.
00:32:01.440 | So we're going to have to increase the demand.
00:32:02.440 | So we're going to have to increase the demand.
00:32:03.440 | So we're going to have to increase the demand.
00:32:04.440 | So we're going to have to increase the demand.
00:32:05.440 | So we're going to have to increase the demand.
00:32:06.440 | So we're going to have to increase the demand.
00:32:07.440 | So we're going to have to increase the demand.
00:32:08.440 | So we're going to have to increase the demand.
00:32:09.440 | you