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Wall Street Exec. Tapped for Treasury Secretary & European EV Market In Trouble?
00:29:22
Trump taps a former Hedge Fund manager as his new Treasury secretary & a prominent EV battery maker goes bankrupt
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- [00:01]
Toby Howell
This episode is brought to you by US Cellular. Don't sacrifice a great experience for a great deal. Now with US Cellular Prepaid, you'll get a new Samsung Galaxy A15.5G free without the hidden fees you get with other prepaid providers. So you can use U.S. cellular's nationwide 5G coverage without sacrificing anything. Terms apply. Visit us cellular.com for details.
- [00:24]
Neal Freyman
Good morning, Brew Daily Show. I'm Neal Freyman.
- [00:27]
Toby Howell
And I'm Toby Howell.
- [00:28]
Neal Freyman
Today, Trump finally picked his treasury secretary. Y1 Wall street is celebrating, but Elon Musk is fuming.
- [00:35]
Toby Howell
Then Northvolt was once the best funded startup in Europe, but now it's bankrupt. It's Monday, November 25th. Let's ride.
- [00:48]
Neal Freyman
Today, President Biden will continue the bizarre White House Thanksgiving tradition of pardoning turkeys, when he will absolve two large birds, Peach and Blossom, of their crime of being large birds. Why is this even a thing? The simplest answ is always the correct one. It's a PR stunt by Big Turkey. Since 1947, the National Turkey Federation lobbying group has provided turkeys to presidents to raise awareness for the industry. Initially, these turkeys were intended to be eaten. But in 1963, President Kennedy became the first on record to pardon one.
- [01:24]
Toby Howell
Not to get all technical on you, though, Neil, Kennedy wasn't actually the first official presidential pardon. For whatever reason, when JFK was presented with the bird, he said, on Thanksgiving, we'll just let this one grow. I don't know why he said it, but he did technically pardon it. But it wasn't until 1989, under George H.W. bush, that the turkey pardon became an officially sanctioned White House event. So, Peaches and Blossom, I'm not sure who you should thank for your lives being spared this year, but enjoy your time as agricultural ambassadors going forward. Now, a word from our sponsor, Yahoo Finance. Neil, it finally happened to me yesterday. I was thinking about this ad last night, and all of a sudden I couldn't stop pronouncing it as Yahoo Finance in my head.
- [02:09]
Neal Freyman
Welcome to Team Finance. Things are much more cultured over here, more sophisticated.
- [02:14]
Toby Howell
It does have a nice ring to it. But when you're actually using the site, you don't need some sophisticated understanding of the market. It's all there, right in front of you. Top gainers and losers at a glance.
- [02:24]
Neal Freyman
All the news headlines you need to stay up to date, and a full.
- [02:27]
Toby Howell
Suite of tools that help you screen companies you have your ey on.
- [02:30]
Neal Freyman
So whether you're a finance guy or.
- [02:31]
Toby Howell
A finance gal, Yahoo has something for.
- [02:34]
Neal Freyman
You head to yahoo.finance.com to see more.
- [02:38]
Toby Howell
After an eventful search. President elect Donald Trump named his pick for Treasury Secretary just before the weekend, tasking Wall street billionaire Scott Besent with the important cabinet position. Bessette will now be expected to help carry out Trump's economic agenda, which includes tax cuts, paring back federal regulation and of course enacting his signature tariffs. Beset took a bit of a unique path to arrive in Trump's Cabinet. He came up as a protege of George Soros, a billionaire philanthropist who has donated heavily to Democratic causes and presidential campaigns. He wasn't really in Trump's orbit at all during his first term, but Beset has been friends with the family for decades and is well respected on Wall street with admirers including JP Morgan CEO Jamie Dimon.
- [03:22]
Neal Freyman
Bessent spent months laying the groundwork to win the spot by publicly offering Trump some recommendations. And one of those economic ideas he brings to the table that won Trump over is a 333 plan aimed for 3% economic growth, a reduction of the federal deficit to 3% of GDP and an increase of domestic oil production by 3 million barrels a day. That combined with the support of tariffs as a way to raise revenue and protect American industries, led to him securing the nomination.
- [03:52]
Toby Howell
Right. I do think those two things, tariffs and taxes, could probably be the hallmarkers of Bessen's tenure as Treasury Secretary because he is responsible for kind of carrying out this economic agenda, including these potential tariffs and beside has shown some areas where he is likely to push back a little bit on Trump's proposals. He is generally in favor of tariffs but has deflected them saying it's obviously a maximalist negotiating strategy but he said that they should phase them in to give markets some time to adjust. So he is seen kind of as this more level headed character who yes generally is in favor of most of Trump's economic proposals but will not be afraid to push back in certain areas.
- [04:34]
Neal Freyman
And Elon Musk was who is has emerged as one of Trump's top economic advisers was not a fan of the Sen. You mentioned. There was a very intense competition that resembled almost you know, Trump's old TV show the Apprentice for the this position with a number of names throwing their hat in the ring including Howard Lutnick, the the CEO of Cantor Fitzgerald who was the co chair of the transition committee. He got tapped as the Commerce Secretary which is maybe the B team of the of the Treasury Secretary. But Elon Musk called, called Bessent the business as usual choice and he didn't mean that in a positive way. However, this is a business as usual choice and that is what Wall street wanted. They wanted someone who would not ruffle markets and with something like tariffs, which absolutely can ruffle markets. They were celebrating, as you mentioned, JP Jamie Dimon, the JP Morgan CEO, a bunch of other, you know, heads of global finance thought this was a great choice for being business as usual and not ruffling the stock market as much as a very hawkish on tariffs choice would be.
- [05:42]
Toby Howell
One thing that has ruffled some feathers though is that percent made some waves this fall when he did float this idea of replacing Jerome Powell with what he called a quote, shadow chair, which is someone that Trump could like, tab someone early for the position of leading the Federal Reserve, which could technically undermine Powell's position before his term ends in 2026. That is a little bit, you keep saying, ruffling feathers. That does ruffle some feathers because obviously the Fed is supposed to be insulated from this political conversation, this political maneuvering. So him saying that maybe we could find some way around Jerome Powell to steer markets in the direction that Trump wants it to go is a little bit more of a, I don't know, extremist position. But for the time being, I do think you're right. What the market wants is someone who is a little bit more level headed in this role. And I think percent, with his ties to Wall street is someone that will placate the markets. And you know, these big money managers for the next few months and you.
- [06:42]
Neal Freyman
Might be wondering listening to this, what even does like a Treasury secretary do. They are the top economic policymaker in the entire administration. A couple ways they've been called is a couple of nicknames. Is America's CFO the quarterback of the economy, if you want to get a football metaphor. They have oversight of the US Government debt market. They're considered the chief bond salesman tax collection. So that could be huge come 2025 when there are huge tax negotiations and potentially new tax cuts coming in play and economic sanctions. The role is held currently by Janet Yellen, who has made headlines for parading around the world eating weird foods. And during the first Trump administration, it was Steve Mnuchin, a former banker who was one of the few administrative officials during that administration to to stay all four years. And he was the one who encouraged Trump to pick Jerome Powell as Fed chair. So we'll see how it plays out. Last week, the US Department of Justice filed fraud charges against Gautam Adani, an Indian infrastructure tycoon who is one of the richest people in the world. The shocking indictment, which is one of the DOJ's highest profile cases in recent years, is already causing shockwaves across financial markets, the global economy, and US India geopolitical relations firms under the Adani group ownership lost $34 billion in market value. The day after the charges were filed, Kenya's president halted a major airport project with Adani Group. And Adani's plans to invest $10 billion in energy and infrastructure in the United States are now up in the air. As a refresher on the fraud accusations, the US charged Adani and seven other defendants with orchestrating a scheme to pay $250 million in bribes to Indian government officials in exchange for favorable terms for solar power contracts. Those contracts were expected to generate more than $2 billion in profits. So what does this have to do with the U.S. you ask? Well, the DOJ alleges that Adani and the rest of the schemers did not reveal this plan to bribe officials to the US Investors they were raising money from, which is, I guess, understandable. Adani has denied the charges and claims they are baseless. Toby, Adani's $1,169 billion global empire looks a little shaky right now.
- [09:04]
Toby Howell
Yeah, you mentioned that this is one of the most high profile cases pursued by the Department of Justice in recent years. Because think about just the amount of jurisdictions it spans. Think about the global and diplomatic effects that this case has, because there are some pretty steep hurdles to actually get Adani to the United States. The US does have an international extradition treaty with India, but there is some delicate political maneuvering that will have to happen because President elect Donald Trump has a pretty good relationship with Prime Minister Modi over in India. He sees India as kind of this good bulwark, this against the hedge money of China in that region. And so this will put a lot of strain on the relationship between the US And India. And the final call ultimately is up to the Indian government here and how strong the diplomatic relations really are with India. So beyond just the business implications, there are some serious geopolitical and diplomatic issues as well.
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Neal Freyman
Absolutely. And I just want to highlight how intertwined Adani is in India's economy. He operates 13 ports there, which is 30% market share. He operates seven airports which handle 23% of passenger traffic, nearly a quarter of all air traffic there. And he's also India's second largest cement business owner, which is 20% of the market, owns six coal fired power plants, largest private player in power. And that's just in India. He has projects all over the world, Bangladesh, Kenya, Israel, Vietnam. And he, he made this big announcement to invest $10 billion in green energy in the United States. The what analysts are saying this is going to happen. What's going to happen is his empire will stay intact. It may not all come crumbling down, but a huge blocker from this indictment will be blocking access to capital. So they just scrapped a, a $650 million debt sale that Adani Group wanted to do and his stock market and the market value of all of his holdings, which it's a massive sprawling conglomerate, has cratered in the event. And this is not the first time that Adani has come under under scrutiny.
- [11:13]
Toby Howell
Yeah, Hindenburg, the short selling firm, wrote this big report last year saying how they think that it's calling into question basically Adani's group saying that his, his company was probably overvalued at that time. And so Hindenburg's coming out of this looking pretty good because now you have this big indictment with more details coming out. One thing just to zoom out one more time. This probably isn't going to sink Adani Group, but what it might do is kind of stain India as a destination for global capital. Although a lot of people are saying there's a lot of headwinds, a lot of tailwinds actually pushing money into India. So it probably won't have any huge long term catastrophic effects. But in the short term it will kind of maybe dull the appeal of India as, as a destination for global investment. What is going on with the battery maker? Northvolt, one of the best funded startups in the world, went bust over the past week when the Swedish company filed for bankruptcy after running out of cash to fund operations. Northvolt was supposed to be Europe's best chance to compete with Chinese battery makers, raising $15 billion from investors to try and establish a foothold in the industry. But a turbulent year has all but sunk that dream. Everything from falling demand for electric vehicles to difficulty scaling pushed the loss making company into Chapter 11 bankruptcy instead of into the big leagues of battery manufacturing. The financials just weren't making sense. Northvolt reported losses of roughly $1.2 billion last year with revenue of just 128 million. On top of the math, not mathing Northvolt, Russ. Expansion efforts plowing forward with plans to build new factories in Canada and Germany to go along with its main gigafactory in Sweden. But while it eyed new business, it couldn't keep up with existing demand. Falling behind on battery Deliveries and losing a $2 billion contract with BMW in the process. So yes, the idea sounded good on paper. Create a European stronghold for lithium ion battery production, but it didn't quite work out that way.
- [13:17]
Neal Freyman
It didn't, but they had every, you know, source of support that they possibly could have. They raised $15 billion in debt, equity and grants. Every Western government was throwing money at them because to have a Western battery maker would be huge. Because all of this industry happens in China. But maybe we're realizing why all the industry does not happen in the Western world. Because it's really hard. You need to have a lot of know how, a lot of capital to invest in making these plants. And it didn't seem like Northvolt really had the expertise. It was founded by two Tesla, former Tesla executives. So you'd think that maybe they would have some sort of know how in the electric vehicle business. But it does speak to just the broader headwinds that this industry is facing, especially in Europe. Through October, electric vehicle volume sales fell by, fell by 5%. We've been talking about them not growing as much as they used to, but they actually declined in Europe. So far this year, Ford just laid off 4,000 employees at 15% of its entire European workforce. So this transition from traditional cars to electric vehicles has not panned out in the way that was expecting. And a lot of funding just went up in the dust.
- [14:32]
Toby Howell
Yeah, some big names were attached to this company. Goldman Sachs will write off almost $900 million that it plowed into Northvolt. It was Northvolt's second largest shareholder. VW also was its first largest shareholder. It had a 23% stake in Northvolt that it is now riding down to zero as well. This company just blew through. Cash again, we call it. It was Europe's best funded startup at $1.5 billion. But last week it said it just had $30 million in cash remaining, which it said it was enough for one week of operations. So you said that battery making is a capital intensive business. $30 million a week run rate is capital intensive. But you're right, it's just hard to create a good system for building batteries outside of Asia. One of their issues was they were one of the first European buyers of Asian manufacturing equipment. And that just led to some cost overruns and cost delays. So just a lot of issues. Even though on paper this sounds like a great idea, let's build this stronghold of battery manufacturing. But in reality it was much more difficult than it appeared. Up next, some winners of the weekend for you. You've heard us talk about the Fed and falling interest rates in the past, so here's a refresher on what comes next. The Fed announced a rate cut and the plan is for more rate cuts later this year and in 2025, which means it's a great time to lock in a 6% or higher yield with a bond account at public.com public.com's bond.
- [16:00]
Neal Freyman
Account lets you snag a 6% or higher yield with a diversified portfolio of high yield and investment grade corporate bonds, even as the Fed cuts rates. Then you'll receive regular interest payments throughout the year with your 6% or higher yield.
- [16:14]
Toby Howell
But your yield isn't locked in until the time of purchase, so you've got to act fast. Luckily, signing up takes just a few minutes.
- [16:21]
Neal Freyman
Get started at public.com/morning brew that's public.com/morning brew brought to you by Public Investing member FINRA and sip. See, the yield is the average annualized yield to worst across all 10 bonds in the bond account before fees as of October 3, 2024. Your yield to worst is not locked in until the time of purchase. A bond's yield to worst is not guaranteed. You can earn less if you do not hold the bonds to maturity or the issuer defaults. Not an investment recommendation. All investing involves risk. Visit public.com disclosure/bond account for more info.
- [16:53]
Toby Howell
If you had a PIN one state as the backbone of the us which would it be?
- [16:58]
Neal Freyman
Hmm, tough and good question. You know, I'd probably have to go to the center of it all Ohio.
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Toby Howell
Oh yeah, Goaded State. And a lot of people don't know that it's pretty big for business too. Google, ge, Healthcare and Honda are all setting up shop in Ohio.
- [17:13]
Neal Freyman
Yep, the secret sauce is Jobs Ohio, Ohio's private economic development corporation. They've got this crazy fast private operating model and they work with seven regional partners to hook businesses up with local experts who can get things done on their behalf.
- [17:27]
Toby Howell
Sounds like a win win to me.
- [17:29]
Neal Freyman
Big time. Plus they've also got construction ready sites, workforce development programs and a world class innovation ecosystem system.
- [17:35]
Toby Howell
Yeah, huge stuff. And with industries like health care, manufacturing and technology all booming there, I totally get it.
- [17:41]
Neal Freyman
Like I said before, Ohio really is the center of the us. Are you ready to boost your biz?
- [17:46]
Toby Howell
It's time to grow with a partner you trust. Head over to jobs ohio.com Morning Brew to learn more about growing your business in the heart of it all. That's jobs ohio.com/morning brew.
- [18:01]
Neal Freyman
Welcome to Winners of the weekend. The segment where Toby and I pick two things that have a lot to brag about when they see their high school friends the night before Thanksgiving. I won the pre show turkey carving competition, so I get to go first. And my winner is Wicked for scoring the biggest box office debut for any Broadway adaptation ever. The movie musical that explores what happened in Oz before Dorothy arrived and messed everything up earned an impressive $114 million in North America. The third biggest opening weekend of the year behind only Deadpool and Wolverine. And inside out to that sound you hear is movie execs breathing a huge sigh of relief because the stakes were high. Not only did Wicked have one of the most expensive promotional budgets in Hollywood history, but like any good musical, there's an encore. Part two of Wicked is coming out next year, so making sure people like the first enough to see the second is key. Of course, Wicked wasn't only big budget movie to arrive this weekend. Gladiator 2 hit theaters as part of a double bill some people called Glicked, which didn't turn out to be a thing. Like Barbenheimer, the R rated Gladiator survived a battle in the Coliseum, but didn't exactly win, earning 56 million in domestic ticket sales, a tad below expectations. Toby, what was your takeaway here from a big weekend at the box office?
- [19:22]
Toby Howell
I think it shows that you can't really force a meme to happen. I mean, Barb and Heimer worked because it was just Internet culture at its best. It just took that meme and ran with it. Glicked was a little bit more, yeah, I'll say. Forced from a promotional perspective. Manufactured, yeah, Manufacturer. People were just smushing the word together. That doesn't actually make a trend.
- [19:41]
Neal Freyman
People as in neon.
- [19:42]
Toby Howell
Yeah, I mean, we are part of the issue, let's be honest, because it does roll off the tongue quite well. But I do think it speaks to a broader trend of maybe event defying movies, if you will. I mean, showing up in costume. This is mostly applies to Wicked because it did have a bigger opening weekend where you go there, you buy the merch, you dress up as, you know, the Wicked Witch of the west and you probably sing a little bit in the theater. I think people do want this experience outside the home. So long term, I think it is bullish for the movie theater industry because the only way you can have that experience is by going to a movie theater. You can't have it watching at home. So I do think movie execs are breathing a sigh of relief even if it wasn't as big of an event as Barb and Heimer.
- [20:20]
Neal Freyman
And there was an expectation that these movies would break down heavily along male, female gender lines. And that absolutely panned out. About 72% of ticket buyers for Wicked were female, while 61% of Gladiator 2 spectators were male. So maybe there wasn't so much overlap which they were expecting that that sort of counter programming concept. But let's run the, let's run the tape against Barb and Heimer. How glicked for fared against Barb and Heimer. So Barbie did 162 million in its opening weekend. Wicked did 114. And then when you're comparing Oppenheimer to Gladiator, Oppenheimer did 82 million, Gladiator did 56 million. So across the board, Barb and Heimer kind of romped a little bit lower.
- [21:04]
Toby Howell
But I do think we got Thanksgiving weekend coming up, so I think we'll have a good boost this next time. I don't know why I'm rooting for clicking so hard, but maybe it's because we pushed it so hard. But I do think they're saying that these will have a pretty decent shelf life, especially with this big weekend coming up. My winner of the weekend is the game of chess. Because the oldest game in the world has got some fresh new drama on its hands. The World Chess Championship kicks off today in Singapore, pitting reigning champion ding Loren against 18 year old upstart guest Domaraju. But the best player in the world isn't going to be there and neither will the second best. That's because Magnus Carlson and Fabiano Carrana, the two top ranked players in the world, hosted a match of their own last week playing a variant of chess called Fisher Random Chess where positions of the back rank pieces are randomized every game. Their tournament is seen in the chess world as a bit of a protest against the current state of the game. Carlson, who is probably the best chess player to have ever lived, vacated his spot as world champion two years ago after five years on top because quite simply, he was bored with a state of classical chess where games and matches stretch on for days and weeks. Instead, he spends most of his time playing faster paced online tournaments and Fischer Random Chess because he thinks it is a better test of pure chess skills in contrast to the long memorized sequences that are required to excel at classical chess. So while Loren and Damaraju sit down for a two week slog to crown a world champion, Carlson has his eyes on the Future. After raising $12 million in VC money to start Freestyle Chess, a new tour launching next year, he thinks will bring more excitement to the ancient game.
- [22:43]
Neal Freyman
Yeah. Are we seeing like the tick tock ification of, of chess? I don't know if that's too glib, but certainly there is a push to, to make the game faster and create more randomness and create a little more strategy than the game that has been played for, you know, a few thousand years. If you look@chess.com 13 of the 20 most watched events haven't been those classical matches. They have been a different style of the game. So perhaps what's happening between pickleball and tennis right now is happening with Magnus Carlsen's new league and classical chess as a way of, of freshening up a game for a mobile and streaming audience, which has absolutely blown up in the past few years. Chess.com has become a very big app. You know, in January 2020, before the pandemic, it had 51 million users. Now it has 190 million users worldwide. One in 10Americans, according to Chess.com have an account. So the game has blown up, but it's blown up in a way that maybe expands its, its reach. And Magnus Carlsen as the top chess player ever, possibly, and a very, but a person with a very big entrepreneurial mindset is trying to disrupt the game.
- [23:58]
Toby Howell
Right. I think Magnus Carlsen is the X factor here. I mean, the world of chess kind of goes as he goes because the part of the reason he stepped down too wasn't just because he was bored with the state of classical chess. He literally said, like, no one is good enough to play me. I'm not going to play like the same people over and over again. I know I am better than them. So, like, I want to move on. He still loves chess and plays a lot of chess, but he's just not playing in the world championships anymore. I do say that you should still tune in to watch the World Championship because it is crowning a world champion in chess is still just one of those things that you should pay attention to. But Dean Lauren, who is the current reigning champion, has gone through an absolute funk and has dropped to number 23 in the world. He's lost tons of tournaments since he was crowned world champion. So it is going to be potentially, we'll see the youngest chess champion crowned ever if Damaraju does get crowned as an 18 year old. So I think a lot of drama still a lot of drama.
- [24:50]
Neal Freyman
And the prize money is $2.5 million, which is about as much as the winner of Wimbledon makes.
- [24:56]
Toby Howell
So there is money on the line. So tune in if you can bear to stomach these long classical chess matches.
- [25:02]
Neal Freyman
All right. Finally, here is your preview of what to expect in the week ahead. It's going to be a short one because it's Thanksgiving. Many of you are probably planning to travel in the next couple of days to see family or friends. About 80 million people are projected to hit the road or the airways this Thanksgiving, a new travel record and surpassing pre pandemic numbers. But the weather doesn't appear to be cooperating. Forecasters are calling for rough weather across the country this week. Rain and snow on the radar for California, the Midwest and the Great Lakes region.
- [25:33]
Toby Howell
Get to the airport early, get some TSA pre check action, download some more daily episodes for the plane, maybe a few extra ones in case you get delayed. You guys got this?
- [25:42]
Neal Freyman
And then when Thanksgiving Day comes itself, there are no shortage of distractions. Turkey Trots are going to be held in communities all over the United States. The Macy's Thanksgiving Day Parade in New York City begins at 8:30am Eastern and come the afternoon, it's all about football. The NFL will hold three games. Bears, Lions, Giants, Cowboys and Dolphins. Packers.
- [26:04]
Toby Howell
I have a nice parlay cooked up. I'm taking Bluey to have a Macy's Day parade float. I'm taking me to win the Turkey Trot. I'm also taking the Bears over the line. And then also I'm taking me to fall asleep on the couch by 3pm.
- [26:17]
Neal Freyman
That seems like it could probably hit. Markets will be closed for Thanksgiving and open for a half day on Black Friday. But investors can't totally mail it in like you this week because there are some big events on tap. The Personal Consumption Expenditures Index, which is the Fed's preferred inflation gauge, will drop on Tuesday and is sure to cause some shockwaves on the market. And a few more earnings reports from the likes of Zoom, Macy's and Best Buy will roll in.
- [26:44]
Toby Howell
If you're going to lose money this week, if you're going to lose money on Friday, do it quickly, I guess because the market does close on at.
- [26:50]
Neal Freyman
1Pm but you know what? Close the crypto markets. And bitcoin is right now above $98,000. So I ask you, you already had this other parlay. Will Bitcoin hit 100k before Thanksgiving?
- [27:02]
Toby Howell
Well, here's the thing. We've been thinking of talking about it on the show because like, what if it hits 100k? What if it doesn't it just hasn't.
- [27:09]
Neal Freyman
Yet so stayed at this level.
- [27:10]
Toby Howell
Honestly, for our sake, I hope it does. Just so we have something to talk about.
- [27:14]
Neal Freyman
Okay, that is all the time we have. Thanks so much for starting your morning with us and have a wonderful start to this short week. For any questions, comments or feedback, send to Morning Brew daily at Morning Broadcom. And if you find yourself learning something from this podcast, share it with friends, family or coworkers. As always, Toby is here to provide a more specific recommendation to make your life easier.
- [27:35]
Toby Howell
I want you to share this podcast with someone who got really into chess. It's one of those things that speaks to someone with an addictive personality. So if we can get those people listening to the show, then I think we lock them in for life. So send this to your resident chess nerd.
- [27:50]
Neal Freyman
Let's roll the credits. Emily Milian is our executive producer. Raymond Liu is our producer. Olivia Graham is our associate producer. Lonnie Fiskus is our technical director. Billy Menino is on audio. We pardon you hair and makeup for missing every show. Devin Emery is our chief content officer, and our show is a production of Morning Brew.
- [28:08]
Toby Howell
Great show today, Neil. Let's run it back tomorrow.