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- [00:01]
Scott Galloway
Support for the show comes from public.com if you're serious about investing, you need to know about public.com that's where you can invest in everything. Stocks, options, bonds and more and even earn a 6% or higher yield that you can lock in with a bond account. Visit public.comproPG and get up to $10,000 when you transfer your old portfolio. That's public.com Prof. G paid for by Public Investing. All investing involves the risk of loss, including loss of principal. Private brokerage services for U.S. listed registered securities options and bonds in a self directed account are offered by Public Investing Inc. Member FINRA and SIPC. Complete disclosures available@public.com disclosures I should also disclose I am an investor in Public Nordstrom brings you the season's most wanted brands. Skims, Mango Free People and Princess polly. All under $100. Nordstrom.
- [00:55]
Ed Mylett
From trending sneakers to beauty must haves.
- [00:58]
Scott Galloway
We'Ve curated the styles you'll wear on repeat this spring. Free shipping, free returns and in store.
- [01:04]
Ed Mylett
Pickup make it easier than ever. Shop now in stores and@nordstrom.com you know that feeling when someone shows up for you just when you need it most? That's what Uber is all about, not just a ride or dinner at your door. It's how Uber helps you show up for the moments that matter. Because showing up can turn a tough day around or make a good one even better. Whatever it is, big or small, Uber.
- [01:32]
Scott Galloway
Is on the way. So you can be on yours. Uber on our way. Today's number 70. That's the percentage of people who say they're polite to AI models when interacting with them. Ed, what vegetable has the worst manners? What? The rutabaga. That's terrible. Get it? The rutabaga.
- [02:03]
Ryan Peterson
Yeah, yeah, got it.
- [02:04]
Scott Galloway
Rutabaga. Rutabaga. Welcome to PropG Markets. Ed. Welcome to Prop 2 Markets. Today we're speaking with Ryan Peterson, the founder and CEO of Flexport. Now there's a real name for a real man. First, Ed, it's time for Rutabanter.
- [02:25]
Ryan Peterson
I love that you always sound depressed when you have to intro this podcast just a little bit. It's like, oh, now I gotta talk to this guy yet again.
- [02:33]
Scott Galloway
Well, it's only like my 11th fucking joy baggin on its podcast today. I don't know. Where are you raging moderate. Wait, just wait. Who am I? Listen, you openly lesbian. Oh wait, that's Kara. Never mind. I don't know where I am. What are you up to?
- [02:46]
Ryan Peterson
I'm not up too much, Scott. I'm in New York. I'm just grinding away, trying to make this podcast the best it can be. But I'm very happy, though, because we won the Webby's People's Voice award.
- [02:57]
Scott Galloway
That's right. That's right. Say more. What does that mean?
- [03:04]
Ryan Peterson
Yeah, we won the Webby. It's interesting. There are two awards. One is decided on by the judges or the executive committee of the Webby Awards, and we did not win that prestigious prize, but we did win on the popular vote, where the people decide what is the best business podcast. So I think that's honestly a greater honor. The elites don't love us, but the people love us.
- [03:28]
Scott Galloway
We're the populist fucking communists. Politburo bitches.
- [03:31]
Ryan Peterson
Exactly. So for that, we have only our audience to thank. So thank you, everyone who voted. We're very, very excited. I'll be getting my first trophy for anything, and we'll be at the Webby Awards in a couple of weeks, and I hope, Scott, maybe you'll join us, maybe you'll fly in.
- [03:50]
Scott Galloway
No. What's the last award you won't. Seriously, what's the last recognition or award you won?
- [03:56]
Ryan Peterson
I won a prize for my thesis in college.
- [04:00]
Scott Galloway
What was your thesis?
- [04:01]
Ryan Peterson
If I talk about it, you're going to start making fun of me and it's going to bore the hell out of you. But it was on Ancient Greek festivals.
- [04:07]
Scott Galloway
Ancient Greek festivals. All right.
- [04:10]
Ryan Peterson
As you may know, I was a classics major. Yeah, I won the Keaney Prize for best senior thesis, so that was actually a pretty good prize. And I won some money for it.
- [04:19]
Scott Galloway
That's a pretty big deal, right?
- [04:20]
Ryan Peterson
What about you? What was the loss? Maybe. Maybe award that people wouldn't know about or that I wouldn't know. I know you won like, a Webby, and you're the New York Times bestseller and you're the Poets and Quants, Best Business professor of the year, et cetera, et cetera. But maybe some, like. Interesting.
- [04:36]
Scott Galloway
Did you have a high school poll? You know, like, most popular, most handsome?
- [04:40]
Ryan Peterson
Oh, yeah, yeah.
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Scott Galloway
I won Most Comical.
- [04:42]
Ryan Peterson
Oh, really?
- [04:43]
Scott Galloway
That was funny when I was young.
- [04:44]
Ryan Peterson
So what happened then? How did things change?
- [04:47]
Scott Galloway
The joy got starched from my life. I don't know. Sort of. The bitter sadness of everyday drudgery just drove all joy from my soul. But no, I'm still. I still got it.
- [04:57]
Ryan Peterson
I think you do.
- [04:58]
Scott Galloway
Enough of this shit. Get to the headlines. Now is the time to buy. I hope you have plenty of the wherewithal.
- [05:09]
Ryan Peterson
German bonds and the Euro are climbing as Investors look to the eurozone as a safe haven. The shift follows Trump's latest attack on the Fed chair Jerome Powell on Truth Social, where he called him, quote, a major loser. The post triggered a sharp market reaction. The major indices fell more than 2% and the dollar sank to a three year low. Chinese state backed funds are halting investments in US Private equity as trade tensions between the two countries intensify. The freeze on allocations is reportedly a direct response to pressure from the Chinese government. And finally, Bill Ackman's Pershing Square has built up a nearly 20% stake in Hertz, citing the company's strong position amid tariffs. In a post on X, Ackman said higher tariffs could drive up used car, boosting the value of Hertz's fleet. Scott, let's start with these German bonds. I just want to frame what's happening here because last week we talked about what was happening to the US treasury market and also what was happening to the US Dollar where we saw a sell off in both categories, which is very rare for that to happen simultaneously. And the question we were asking last week was, okay, well if there's this giant sell off here, then where is the money going? You know, if you're selling your US Stocks and you're selling your US Treasuries and you're selling your US Dollars, then what are you buying? What are you converting that capital into? And so what we're seeing here is basically an answer to that in the short term. In the short term, what are investors buying? Where is the capital going? Well, one, it's going to euros and two, it's going to European debt, such as the German Bundt here, which is Germany's equivalent of a treasury. So the euro is up 5% in the past month against the dollar. The Yield on the two year German bundt is now 2% lower than the yield on the two year treasury in America. And so what we're witnessing right now is this very interesting dynamic where it's perfectly symmetrical to what is happening in the US So in the you have this rare combination of a sell off in the bond market and in dollars. And then in Europe you have this very rare combination of a rally in both bonds and in the euro. So I think the answer couldn't be clearer right now. The world is selling America, we knew that. But as of this week, the world also appears now to be buying Europe. So Scott, your reactions to what's happening here.
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Scott Galloway
The idea of the German bonds become an alternative to the global dominant system of U.S. treasuries is sort of interesting. It's a tiny market compared to the US treasury market at 3 trillion compared to 30 trillion for US limiting its replacement potential. And they've also historically suffered from scarcity and sub zero yields, which is really interesting. You have to pay them to hold on to boons for as a store of value. But increased issuance post German stimulus is easing those constraints increase. The question is how permanent or structural these shifts that even if the markets recover, even if there's a different approach to governments or they come out and say, no, the Fed is independent. Slowly but surely over time, big, big institutions have increased their allocation. They each have sort of a certain percentage that they put into asset classes and they have models such that they can justify higher prices. Whereas my favorite is the person running all the Nevada pension funds is one guy who makes a reasonable living in a bad office who just invests in ETFs from Vanguard and he's outperform the 700 people working on Harvard's endowment. But they try to figure out risk models and they have asset allocation or are we going to put X percent in venture, X percent in growth equity? And consistently, I think over the last 20 or 30 years they've increased their allocation to private equity because that's been an asset class that has overperformed. And I wonder how many institutions are just going to restructure their allocation in terms of percentage away from the amount of capital they allocate to the US market. So I think this is structural.
- [09:17]
Ryan Peterson
Exactly right. And by the way, I mean our next headline here is about private equity and this turn away from US private equity. But you mentioned before we just move on to that. You mention this idea that institutions are turning away from these assets. I mean, I just saw another headline explaining how Yale is completely unwinding its private equity positions right now. And I think what we're seeing is large funds, large institutions are trying to figure out a way to slowly get out of America and figure out ways to invest in Europe. And I don't think that means that you suddenly convert overnight. You suddenly buy into the biggest PE funds in Europe. But I do think it means that what they're doing is they're shifting to Europe, they're converting into euros in preparation to make these investments. They're converting into the European debt markets. And I think what will happen is that's the preliminary step. That's the first part of the rotation of the transition out of America. And I would imagine that what will happen downstream of this once we sort of emerge from the uncertainty is while they are pouring into these European safe haven assets, that is bonds. I think the next step is they're going to start getting into more risky assets. They're going to start getting into the European stock market. Maybe they'll start getting into European alternative assets like European vc, European prime private equity. Let's just talk about what we're seeing here with China. So China is halting all of its investments in American private equity. And that is significant when you understand the role that China has played historically in the US Private equity markets, which is to say a big role. Some of the biggest funds and the biggest names in private equity have taken in big investments from China. Funds like Blackstone, the Chinese sovereign wealth fund was one of their biggest investors in the IPO funds like TPG Carlyle, which continues to co invest with China to this day. And China has said there's no more investing in private equity in America, which is actually quite a big deal for the private equity industry. And we just saw Blackstone's earnings last week. And Schwarzman, who of course was a Trump supporter, he appeared to be quite rattled by these tariffs. He said, quote, tariffs have dramatically impacted investor sentiment. He said, we believe that false resolution is critical to mitigate risks and keep the economy on the growth path. So this could be a real shakeup to the private equity industry in America.
- [12:02]
Scott Galloway
China's probably said, why on earth are we strengthening relationships with the US who treats us poorly? Let's take some of our capital and use that to strengthen relationships with other nations. Chinese investments in FTSE 100 companies have surged, reaching nearly 90 billion, a 40% jump from 2022. So when we talk about a RE rating of American stocks down from a P of 28 to Germany, again, 22, Japan 18, China 14 well, what actually happens there, the mechanics of that are that people sell US Stocks and buy stocks in Japan, Germany or China. And I think you're saying that and that is if China and they're actually not the largest US Investor, but they're a significant enough investor where if they pull money out and start putting it into other markets that again, that rerating begins to happen. This has more impact actually on private market valuations. And some people would argue, well, that ultimately impacts public company valuations. But a lot of when there's less money for these private equity companies, what that means is that entrepreneurs looking to sell their business have fewer bidders and the valuations start to come down. And what's also interesting is I bet they're clearly targeting the eight or 12 people in the economy that have a great deal of influence over Trump. So again, this is just another, another point of light around why we're going to see this rerating. And it's small, but does it carry a trend? Because you got to think that CIC is one of those sovereigns everyone talks about, Mubalaba, pif. And I think they're.
- [13:37]
Ryan Peterson
This is the Chinese sovereign wealth fund.
- [13:40]
Scott Galloway
I think people take their actions very seriously. They're very smart, they're very strategic, they're very long term. So it's more of a branding and a headline, I think, risk than it is actual, the actual capital, because relative to other nations, it's less capital than you'd think. But this might be, again, this just sends another signal that the US is no longer the safe haven for capital, that there's a capital flight which again creates that re rating down.
- [14:04]
Ryan Peterson
And you mentioned that China is a significant investor, but not as significant as other nations, which is true. But I think the question is, well, what if other countries start to follow suit? I mean, we have five and a half trillion dollars of direct foreign investment in the U.S. more than half a trillion of that comes from Canada, a trillion of that comes from Asia. But probably Most concerningly, almost 3.5 trillion comes from Europe. And for as long as this country has existed, those numbers have gone up every single year. And so I think the big question is, what happens? I mean, clearly the China number's gonna go down, but what happens if the Canada number goes down and the Europe number goes down? What if Europe goes from a $3.5 trillion position to a $2 trillion position, a $1 trillion position even lower? And I think those are the big questions here that we need to pay attention to. So, again, yes, China cutting off the funding to private equity funds is not that big of a deal on a pure dollar value basis, but it's a big deal when you consider what it might do and how the other dominoes in the line may fall.
- [15:16]
Scott Galloway
The best strategy for career success is, I think, is relationships, because you want to be put in a room of opportunities even when you're not physically present. I think what Trump has done is that Trump has put America and our markets and our assets in a room full of hostilities. And that is, we just don't know who's going to stab us and where or what they're going to do. But there some very bright people all over the world with a lot of capital are trying to figure out, quite frankly, how to punch back okay, let's.
- [15:43]
Ryan Peterson
Talk about Bill Ackman and his new 20% stake in Hertz, which he's been tweeting about. He's talked a lot about, you know, how this company is uniquely positioned, especially amid these tariff policies. And he's talking about how these tariffs are going to drive up the price of used cars. And of course, Hertz has this massive fleet of used cars. So Scott, your reactions to Bill Ackman and this kind of creative investment that he says is a response in large part to the tariffs.
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Scott Galloway
I appreciate the art in it. It's like when you see interpretive dance, you think, wow. Or modern art, you think, wow, that's really creative. And then kind of 10 minutes in you're like, this makes no fucking sense.
- [16:28]
Ryan Peterson
That's really good analogy.
- [16:29]
Scott Galloway
This is interpretive dance to decide that. Okay, so he has an asset base that's gone up in value, or Hertz has an asset base that's gone up in value. But in order to maintain that asset base, his costs will go up because for every car they sell, they're going to have to replace it with a higher priced car. I guess the notion is that because cars are more expensive, more people will rent than own or I don't. And I think the countervailing force of a massive decline in tourism, which I would imagine makes up a large portion of their rental market, I think that negative force will be greater than the increase in the value of their current fleet. So I don't. To me, I think this is really creative. And Bill has such a strong brand in the industry that when he puts out a tweet, the stock literally doubled in value. But this company, it did double.
- [17:28]
Ryan Peterson
Literally, the shares rose 100%.
- [17:30]
Scott Galloway
Yeah, but the company has 6 billion in debt with a market cap of around 3 billion, including a half a billion in junk bonds. They lost 3 billion last year. In sum, I think Hertz is just a shitty. In a shitty business.
- [17:45]
Ryan Peterson
I think what this is is just sort of a simple distressed asset activist play. I mean, you have this company that has fallen around 90% in the past four years. And I think this is sort of no different from any other activist investment. He sees opportunities, he's looked at the debt and he sees, you know, he sees upside. Given how Hertz has been beaten down over the last few years, what's interesting to me is the way he is positioning this as a tariff play. And I feel that this is probably gonna become a theme now where everyone's gonna figure out a way to sort of retroactively justify their investment theses as a response to tariffs. And that's sort of what he said. I mean, his argument, I can just quote him directly. He said Hertz is uniquely well positioned in the current tariff environment where auto tariffs are likely to cause used car prices to rise. Hertz owns a fleet of over 500,000 vehicles valued at approximately $12 billion. A 10% increase in used car prices would equate to a $1.2 billion gain on its auto assets. So he's basically saying, you know, we saw what was happening in tariff World and we decided to go to go in and buy Hertz. But what he's not really acknowledging is the fact that they actually started building this position last year, you know, before any of these tariff changes came about. Yes, it was after Trump won, but I don't think he could have known that the tariff environment would be this crazy and that it would be this targeted against cars. And in fact, you see his reaction to Liberation Day, where he was all up in arms on Twitter, and he was massively disapproving of it. I think to me, that is an indication that Bill Ackman did not expect the tariff policy to play out the way it did. So I think this is sort of him trying to retrofit this 40 chess tariff move as a way to explain what is essentially just kind of a regular activist investment.
- [19:51]
Scott Galloway
It reminds me, there's been an activist play about 10 times at a company called Macy's, and the play was always the same. And that is the underlying real estate is worth more than the company. And they did the analysis and they were right, and that the stock was trading at a market cap or an enterprise value of 2 billion, and they owned 3 billion in real estate. So, okay, the company's undervalued. The problem is, it's like telling someone, all right, your heart and your lungs are worth millions of dollars. And it's like, well, okay, I'm kind of fond of my heart and lungs. And that was. No CEO was willing to harvest the organs of Macy's. They weren't willing to shut down Macy's and sell the real estate. So, okay, great, your cars just went up in value 10%. What does that mean for. How do you monetize? How do you harvest that organ?
- [20:39]
Ryan Peterson
Great point.
- [20:39]
Scott Galloway
Because Hertz isn't going to just sell its fleet tomorrow. They like to believe they're in the business of running cars. It's just. And what you're going to find here and the thing that's going to drive the Stock price over the medium and the long term. The short term, it's Bill Ackman's brand and in this interpretive dance, but over the medium term and even the kind of extended short term, the thing that's going to dictate this company stock price, unless it becomes a meme stock, which is possible, but I don't think it will, is the growth or decline of the business. And the revenues fell 3% last year and they're probably going to fall more than that this year. It's a highly levered business in a shitty business that's in structural decline because of ride hailing and then has the one, two punch of a cyclical kick in the nuts or an exogenous kick in the nuts from a decline in tourism. So interesting to look at, you know, fun like, who the fuck is the rich parent that put their kids through modern dance and let them do this with their life anyways?
- [21:39]
Ryan Peterson
It almost doesn't matter though, because the market's like Bill Ackman and he made a clearly convinced the markets that, you know, maybe it's a meme stock. I mean, it went 100% in a day. That's probably what it is. But for now, he's winning. Interpretive dance or not.
- [21:58]
Scott Galloway
Agreed. He's got a standing ovation because everyone's looking at each other going, wait, that was great, right? I'm cool if I clap for whatever I just saw on stage, right? This is unique and different. It's art.
- [22:09]
Ryan Peterson
Yes, perfect analogy. I love it. We'll be right back after the break for our conversation with Ryan Peterson. If you're enjoying the show so far, be sure to give give the property markets feed a follow. Wherever you get your podcasts.
- [22:30]
Scott Galloway
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- [26:04]
Ryan Peterson
Welcome back. Here is our conversation with Ryan Peterson, the founder and CEO of Flexport, a lead in global supply chain management and one of the largest customs brokers in the United States. Ryan, good to see you again.
- [26:16]
Ed Mylett
Nice to see you. Thanks for having me on.
- [26:20]
Ryan Peterson
You operate one of the largest supply chain management and logistics companies in the world. I feel that you are kind of in the eye of the storm when it comes to tariffs. So just very basic question, I mean, just give us the rundown. What are tariffs doing to businesses on the ground that you're experiencing and how is this all affecting supply chains around the world?
- [26:44]
Ed Mylett
Well, the eye of the storm is supposed to be really calm. I don't feel like we're there right now. We're right in the middle of it. It's creating, in a word, I would say, paralysis, especially hurting small business. Bigger companies tend to have factories in multiple locations. They kind of load balance. They shift production to Vietnam. Even for the same item, they'll have multiple factories. Small business doesn't have that luxury. And a lot of small businesses are buying from China. It's very hard. They're kind of the back of the line if you want to go to a new country and say, hey, I need you to produce this good. And they go, sure. How many you need? You go, I need 500 of them. They tell you to pound sand. They've got a long backlog from the Fortune 500 that's setting up mega factories and they don't really care about taking these small batch production orders out of small business. So those are the ones who are kind of still stuck producing in China right now and struggling to find options. And then the reason I use the word paralysis is it'd also be sort of crazy to shift your manufacturing when we know there's this looming new information that's going to come out in two and a half months. Or so when they tell us what the new duty rates are we have a 90 day pause. But in the meantime you're either too late or too early to move your manufacturing. Too late. You should have done it by now and too early. Might as well wait two more months and see what the duty rates land at. So. But people are freaking out. I mean 145% duty. You're going to see a lot of businesses fail. A lot of shortages frankly. Ocean freight bookings out of China to US trade lane are down 50% just in the weeks since the tariffs hit. So that's going to lead to shortages, mass inflation, business failures, unemployment, all sorts of second order effects that we can't even predict.
- [28:23]
Ryan Peterson
It sounds like small businesses are being hurt more so than larger businesses. And the reason they're being hurt is because small businesses businesses are more reliant on China than anyone else. Would that be the right characterization?
- [28:33]
Ed Mylett
There's that they also didn't have the great lobbyists that Apple and Nvidia and all these other guys had to keep their products non. You know they got exemptions for smartphones for a lot of other categories. So that's. Those aren't. Small businesses don't produce smartphones. Right. They're producing furniture and apparel and home goods and these types of things that are hit with these crazy duties.
- [28:54]
Ryan Peterson
Could you take us through what these tariffs actually are at this point? Because it's just so difficult to track. I mean they go up, they go down, they're canceled, they're uncanceled. What are the actual tariff rates in America today? Not what they're supposed to be in a week or whatever. But what are you actually paying if you're shipping something into the US today.
- [29:17]
Ed Mylett
As of April 22nd. So the first container ships arrived yesterday that are subject to the new duties out of China. They left if it left after midnight on April 9th it's getting hit with 125% duty on top of whatever preexisting duty existed before. So that's from China. It's 10% for rest of world on top of whatever existed before. It takes a while to cross the ocean. Right. So the first ships arrived last night and then so going forward, presumably all the ships are now subject to this 125% duty rate. And then yeah, a lot of products already had a 25% duty. The maximum I think it was syringes for whatever reason are at 245%. But that's pretty rare. It's usually most goods are around 150%. Furniture, like a couch, is 179%. Now, what consumers need to think about, that's the price of the, that's applied to the cost of the goods. That doesn't mean prices are going up that much. That's the cost to the company you buy from goes up by call it 125%. Typically these companies, if they have a good business, they probably are marking stuff up three times because they got to pay for a lot of overhead. They got to pay for their whole team, their marketing, everything else. So, you know, like if they're marketing up 3x and they're 100% duty, just a simple math, your price is going up 30% somewhere around there. So yeah, it's definitely going to lead to price hikes. Now, the real inflation, like all the inflation modeling that I've seen people talk about is doing that simple math, which I'm not that good at math in my head. So somewhere around what I just said. But the real inflation spikes are going to come when there's shortages. Ocean freight is down 50%. There's going to be a lot less stuff. Whoever has stuff has cornered the market and can charge whatever they want. And that's where you see real and crazy hyperinflation. I don't know. Hyperinflation is a technical term. I don't know if we get there. But where you see really high inflation is, hey, you're the only guy that got your furniture in before the tariffs. You charge a lot. The other people didn't bother importing. You can charge whatever price you want.
- [31:22]
Ryan Peterson
If you're that guy, that tariff, the 125% who actually pays that, who in the transaction is paying it? Is it just. You buy a sofa from IKEA or whatever they ship it in. Is IKEA paying the tariff or is it split among people?
- [31:39]
Ed Mylett
Yeah, so this depends on the terms of trade. Most trade is done where the importer pays the tariff, importers pays the duties. US is actually a really interesting thing to cover that I think hasn't gotten enough attention that the United States is one of the few countries us, Canada and a lot of Western Europe. So it seems to be like a product of Western civilization in some way. But these countries allow foreign companies to import goods without registering an entity. It's kind of a weird thing. Like if you want to import something into China, you got to go set up a Chinese entity and then you can, you know, that entity can import goods into China. In the U.S. chinese companies and any company in the world can just import stuff into our country without creating a local entity. Now this creates real problems for enforcement because there's now a huge incentive to lie about the value of your goods.
- [32:28]
Ryan Peterson
Right?
- [32:28]
Ed Mylett
You save a hundred if you, if you say you import a hundred thousand dollars worth of furniture, tell the government it was 10,000, you just cut your duty bill by 90%. And so there's a lot of this fraud now happening. It's escalating like crazy where people just lie and then if they get caught, like Customs and Border Protection does not have agents in China to go chase you down like you're not. Those people kind of disappear. Create a new shell company, keep going. And I know Scott will love this. Those merchants get to keep their Amazon account with all of its product listings and reviews. And they just, you know, now a new shell company keeps importing the goods, keeps selling. So Amazon merchants, 60% of them are these Chinese companies where they import. There's no American company at all. Chinese company, imports, sells online on Amazon, gets busted for tariffs, spins up. A new shell company just keeps going. So that's something I'm surprised that they haven't addressed in all of this. They've kind of taken this 40,000 foot macro view of the tariffs with crazy kind of general assumptions that we've heard about Penguin island and everything. But they miss the micro, like, here's the real fraud that's happening. Fix that.
- [33:35]
Scott Galloway
What do you hear from trying to describe the vibe you're getting from these big, medium and small retailers? I mean, Walmart and Target, this effects all the way down to the little guys. Do you think a few of them go out of business or is this really kind of a, a meteor that could take thousands of these guys off the table, if you will.
- [33:55]
Ed Mylett
If they don't change anything and this 145 duty sticks on China, it'll, it'll take out like mass bankruptcies. You're talking like 80% of small business that buys from China will just die and millions of employees will go, you know, we'll be unemployed. I mean, it's sort of why I'm like, they obviously have to back off the trade. Like that can't be that they just do that. I don't believe that they're that crazy.
- [34:21]
Scott Galloway
But aren't you also saying China will likely not back down? Because they probably have done the math.
- [34:25]
Ed Mylett
I just think the US backs down and China does it.
- [34:28]
Ryan Peterson
You think 80% of companies that get shipments from China will just disappear and millions of employees laid off?
- [34:36]
Ed Mylett
I think so. Yeah, there's 145% duty and people don't have to buy those things. A lot of what we buy from China is kind of discretionary spend. You don't have to buy it when the price goes way up. You shift your spend to something else. We have customers that buy pizza ovens in China for your backyard. They're really cool products. When the price goes up 50% or more, you might just go out and buy pizza from Domino's or something, right? Like, it's literally, there's a substitute there that is made in America that's not taxed. And you know, you can see shift, spend, shift out of these categories really quickly. So, yeah, I think, I think you're looking at something pretty catastrophic to the, to the point where I don't actually believe that they can hold the line. You know, the classic game of chicken. You got two guys driving right at each other in their cars and first one to swerve loses and the other guy gets the girl, right? And like in this scenario, you can kind of game theory this out. Like, okay, we're two cars headed straight at each other. China and the U.S. now there is a scenario where both parties, neither party swerves and they both die. Like, that's a possibility. But. But now evaluate it from both sides point of view. China, the Chinese people, the Chinese leadership looks at it and go, hey, this is being done to us by this foreign imperialist power. They'll use whatever language they use, but it's being done to them by the other party on the US Side. All of us look at it and go, this is being done to us by our own leadership. We don't have the same resolve because of just that dynamic. Second, we have way more feedback back to our government to put pressure on those both through elections, through markets, the bond market, there's all kinds of things. American people are way softer. The Chinese have suffered much worse. They can bear this grin and bear it. They'll be fine. They've gone through worse in their history, in their recent history, even. And so I just like, if you just look at those two dynamics, one of these sides is going to budge. And if neither side budges, I think it's catastrophic for both economies and ultimately for the people of both countries. But if one side's going to be a buzz, it seems like it has to be the United States. Iron willed as Donald Trump may be and may want everyone to think he is, I just think the forces are really strong here.
- [36:46]
Ryan Peterson
And just on that point, I just Saw a headline coming into this recording which is Besant sees de escalation with China situation unsustainable. So it certainly is pointing in that direction. Based on what you say, it could be that by the time this episode airs they have budged.
- [37:03]
Ed Mylett
Yeah. Now the question is, does Trump listen to Besson or somebody else who knows? I mean Besson seems like a rational guy. He's got a lot of experience in the markets and understands what it means when equities go down and bonds go down at the same time. This isn't normal.
- [37:15]
Scott Galloway
You're sort of the helm of the bobsled in terms of visibility into the supply chain. It seems like a lot of just the perception of us as a reliable partner is being eroded. How do you see the supply chain reconfiguring wherever the tariffs level out? And I realize that that's a big open ended question, but how do you see, generally speaking the world's the way the world gets sources, manufactures and distributes products. When you, you obviously have to allocate capital as a CEO, like what is Flexport? Where do you see opportunities and how are you reallocating capital around which countries, which supply routes you're going to over invest in and divest from?
- [38:01]
Ed Mylett
US consumer is still king. But that also revolves around the US dollar being strong. It's come down a lot. I think it's down from down about 6% or so in the last few weeks since all this started. That degrades our consumer purchasing power and therefore companies will look for customers in other markets. But when it comes to supply chain, yeah, there will be a reconfiguration out of China. That's an ongoing trend by the way, for over a decade as the labor cost in China has just gotten higher and higher. I remember 10 years ago at a shipping conference a guy saying that they were shipping thousands of containers a year of used manufacturing equipment from China to Vietnam to like, like basically lift and shift factories down there because labor cost is so much cheaper. We're definitely, we're doing a few things. We, we, I created this program, we call it the Marco Polo program. But it's basically to take flex porters from around the company and move them into these new emerging markets. We have about 400 employees in China, we got 50 in Vietnam and then a lot of the other Southeast Asian countries. We only have a handful of folks trying to serve that giant market. So we're shifting, trying to move talent, create incentives for people to leadership program to go down there and help us grow in those regions. We're getting a lot more focus on intra Asia moves. One of the interesting things that's not intuitive at all here is that trade might actually increase from this. The market finds a way. And so if you put heavy duties on Chinese products, you now created this incentive to move components from China down to Southeast Asia, assemble them, do what's called a substantial transformation. You have to do enough value added work and add other components that this can now be, say, made in Vietnam and then you ship it to the U.S. well, now you've got two logistics moves. Your trade has gone up even though you've, you know, the system is far less efficient. So we're doing a lot of stuff like that, like help people with tariff engineering, help people understand the advisory role of things like what is, what qualifies as substantial transformation, that stuff. And then the biggest thing you see behind me I have this model airplane, Flexport, has three 747s dedicated, that we fly a lot of Chinese e commerce goods and that we're modeling that business to go down between 40, go down 60% to 95% we don't know, but it's going to drop dramatically. So we're reconfiguring our network on that. They've been flying South China to us. We're, we've got one of them going to redeploy from South China to Europe. We got one that's going to go Vietnam, stop in Korea. We got one that's just going. I mean, we're making deals right now trying to figure out, hey, how do we keep these planes full? We try to be asset light, but we made those deals during COVID when there were no capacity of passenger airplanes. 50% of the world's air freight flies in the belly of passenger planes. So when there was no capacity, we went out and signed these long term deals. So we're sort of, I wouldn't say stuck with it because I would do that deal again 10 times out of 10. It's made a lot of money over its lifetime. But at the moment we have some assets that are, it's the asset owning logistics companies that are going to feel the pain here. If you don't have any assets, you kind of flow with the, with the tide, but if you have assets, you know, you could be underwater.
- [41:09]
Ryan Peterson
Is there any indication from what you've seen, Ryan, that these trade partnerships are building among the world and trade is increasing for everyone except for America? This idea that, you know, if we're going to build this, this wall around us in the form of tariffs. The world's going to keep on chugging along. People are going to keep, continue to trade goods. It's just that they won't trade with the US Is that a trend that you think is actually viable? Is that something that you think we would see?
- [41:39]
Ed Mylett
Maybe. But like, you know, a lot of these analysis forget that trade is not zero sum, it's positive sum by definition. Both parties are better off when they do trade. That's why they do it. And so, I mean, if the US Backs off here, it's going to lead to recession all over the place. There'll be less consumer demand in other markets. It's like these very complex systems with second or even the second order effects are hard to model, much less third, fourth order. So it will not be like a graceful transition. And oh, now I'll just sell it to someone else. I mean, you would have sold to them already if you could have, right? So it'd be kind of ugly. And then the big thing that, that people are missing here is let's say they go do a deal right now. Well, 50% of bookings for the last two weeks, the ocean freight market has gone down by 50%. Some of Scott's buddies, right, canceled their orders. Well, when, if, if a deal gets done, all of that stuff's going to flow at once and you won't have enough space on ships. And meantime, the ocean carriers have already started canceling services, moving ships to Southeast Asia, moving containers down there, and you're going to wake up. Every week that goes on, this problem is going to compound. But you'll wake up and go, oh, my goodness, trade is back. Maybe not to where it was, maybe it's down a little bit, but it comes back a lot more than 50% down where it is now. But the ships aren't here, the containers aren't here. And you're going to get back to these bottleneck situations that we had in Covid where the price of freight goes crazy. So we're sitting here modeling these scenarios. We're like, all right, either it all goes to hell and you're down 100. You know, the duty stay at 145% volumes are way down. We got to make all these contingency plans for that world. Or the opposite, where the price of freight goes crazy and I can't get anything loaded and we're scrambling. It's like super, like long tail effects in both directions. It's very hard to make decisions as a logistics operator right now.
- [43:31]
Ryan Peterson
We'll be right back. If you're enjoying the show so far, hit follow and leave us a review on the Profg Markets feed.
- [43:46]
Ed Mylett
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Scott Galloway
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Ed Mylett
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Scott Galloway
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Ed Mylett
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Scott Galloway
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- [45:05]
Ryan Peterson
We're back with Profgy Markets. You mentioned if he makes a deal and Trump has said more than 70 countries have called him to make a deal, do you have any insight into what the deal is or is supposed to be? Just it like a very basic level. What is your sense of the goal of these tariffs? And if we're going to swerve out the way, what is the deal?
- [45:34]
Ed Mylett
First off, on the short term, I don't think they can make a deal with China. In the short term, I think the deal is, hey, well let's pause this and give ourselves all some time to sit down and have a nice negotiation. And that might take a year or two. It's very difficult for Trump particularly to deal with China because his style is man at the top, head honcho, sit down in the room, yell at each other, say some things, make a deal. He wants to negotiate that deal himself, personally, probably Chinese would never allow that. In the Chinese system they can't risk the leader looking bad and losing face. So the deal has to be worked out at the lower levels. And then it's a formality When President Xi and President Trump come and shake hands. So I just think there's a mismatch there. They'll get over that, but like not on a three week time frame. And I think the nuance, there's so much complexity in the China deal that by the time they actually sat down and got on the same page, it would be too late for the types of businesses we're talking about failing. So I would say but what would the deal look like over time and what does it look like with these other countries? I have a rule in life like don't argue with someone unless you think you can make their argument better than they can. I got that from Charlie Munger. It's like a good healthy rule to make sure you're doing a good job in your debate. And so if you're taking their side and kind of steel manning it, what are they looking for here? What are their points? They have a few that I think are valid and they might be after in some form or another. One might just be hey, this is negotiating tactic. And actually these guys are actually free traders all along and really just want to lower tariffs and trade barriers and that's what they're after. Doesn't really jive with the rhetoric about bringing jobs home. If free trade is bad, then it's bad, right? So not sure that's the case but maybe there's some, there's some. They will get better terms out of people than they were before. Sounds like two is we have a major fiscal problem in this country. $2 trillion deficit, no end in sight. You gotta do something to generate more revenue. So tariffs are one way to do that. Not 145% probably net lowers the amount of trade and the amount of duties collected. But some amount of duties maybe is a reasonable place to. You gotta, you gotta get the revenue somehow for the government. So that's fine, that's reasonable. Third is it is a valid point around us not having manufacturing capacity. In a national security time of war your car factories become your tank factories. This is why auto is such an important strategic sector for example. And then fourth and I think really what will see them hammer I think they have a valid point is on the industrial policies of these countries. Both currency. Look at Vietnam, Vietnamese dong has gone down in valuation the last three years. Maybe not the last three weeks but the last few years at the moment that their manufacturing sector is absolutely booming and if this was a normal market their currency would appreciate as so many more dollars flowed in. So there's some probably terms for a deal around Currency setting the reserve currency, setting the US currency exchange rates at a level that we think is healthier. Subsidies. These countries provide a lot of subsidies for manufacturing. Free land, free buildings, cheap credit. There's all kinds of things that they do smartly from their own perspective, I think. But that'll make the level playing field. Environmental regulations that we have that are way higher than theirs, organized labor repression. I mean Korea for many, many years had a mandatory six day work week. You know, I mean that would never fly here. China has a six day work week. I don't think it's mandatory. It's just like culturally they just work harder than us. I don't know if there's something but these are all like fair grounds for going, hey, like you know, it's not a balanced playing field for us. And so maybe there's some deal on one, one or more of those grounds to get them to change some policy or something. But the duty rates itself is one small piece of it. Like how much they charge us in duty versus what we charge them. And they've been pretty clear about this. The administration cares much more about these non tariff barriers. They would call them.
- [49:39]
Scott Galloway
Memo to self, mandatory six day work week. Okay, good, that'd be good for us. So let's take tariffs off the table pre tariff. If you look at countries as stocks or asset classes and you get to see who's doing a great job in terms of partnerships and manufacturing prowess, who, what countries would you go long and what countries would you go short?
- [50:06]
Ed Mylett
Definitely Vietnam long. It's incredible what they're doing. They have some real geographic benefits to their river network. 80% of the containers flowing out of Vietnam actually go on a barge floating down the river to the port instead of having to use trucks. That's let them kind of go much faster in scaling because their roads can't really keep up with the demand. The amount of manufacturing boom that's happened there, they've had, I think it's 8% GDP growth last few years in a row. I mean you only have to do that for so long before you double. So Vietnam, a lot of the Southeast Asian countries are just benefiting from lower cost of labor and reasonably good policies around industrial stimulus. Who am I short? India still remains a mess. I guess they're probably doing well, but it's just very complicated to do business there. They don't benefit from logistics network, they don't have inland river network. So it's more expensive to move stuff. A lot of complexity from a logistics standpoint that falls out of that their infrastructure is lagging. But then again, it's a billion people that are relatively low cost. So maybe, I don't know if I would short it, but we have not seen as much dynamism there as you have in Southeast Asia. Europe seems hard to go long. Europe right now, they're just overregulating everything. But then again, Flexport, actually Europe is one of my favorite case studies internally because Europe has been our fastest growing market for the last three years in a row and we've way outgrown the scale. The market hasn't really grown, but we've been growing like 30% annually there. And it allows me. Anytime any other team at Flexport points to market dynamics, I just point to Europe and go, markets don't matter. It's all about how you guys execute. So within, within our company, I, we kind of ignore the macro trends and it's all about just having good people that can go find the market's so big from our perspective that like it barely matters if it goes up or down.
- [52:06]
Scott Galloway
So just on the topic of people, Toby Lutke from Shopify made headlines when he said, you can't have a job hire unless you can prove that AI can do it. Curious. As the CEO of a, a logistics and supply chain company, what role does AI play in your mind and what type of level of investment? How do you think it impacts your current hiring or kind of human capital strategy?
- [52:33]
Ed Mylett
So Shopify owns 20% of Flexport. So I follow everything Toby says very closely. He's kind of my boss on some level. They got a board seat and I actually took his AI memo and put it into ChatGPT and said, rewrite this and pretend the CEO of FlexBoard wrote it so I could send it to my employees. I haven't hit send on that yet.
- [52:51]
Scott Galloway
You do that too.
- [52:52]
Ed Mylett
Might send that one out soon. So if you take like, let's take normal conditions, which we haven't seen in 10 years or something in logistics, but take normal. Long run average for the last 30 years is like cost you about $2,000 to ship a container from Asia to the US so let's just say we go back to that world. The freight forwarders keep 20% and 80% gets paid to the people that own the ships and the trucks and the, you know, own the assets. They deserve that at least that. So okay, up to 20% of the $400 the freight forwarder is keeping on this, half of that is going to labor costs of coordinating the shipment. What I call freight email Forwarding to pushing docs, making phone calls, not the blue collar guys driving forklifts like this is the service jobs, desk jobs. We believe we can take about 80% of that cost out in the next two, three years largely because of AI. And if you asked me that three years ago I'd be like eh, stuff's pretty hard to automate. It turns out there's a million edge cases that you can't put into rules engines and you need people that are smart that can do it. Now we're finding about 1% weekly the ability to automate about 1% of that work every week. It's kind of crazy. And so we think 80% in the next few years is totally possible. That means you reduce in a steady state world without craziness, you're reducing the cost of shipping anything by about 8%. So that'll be huge for consumers. Now we might decide to keep all that for my margin and be the highest margin freight forwarder in the world. Our view is much more give it back to the customer, drive more scale. But you have, it's probably some, the correct answer is probably some choice in there. So that's one. Number one, the thing that people care about is price can lower the cost. Two, a lot of these supply chains are about data, data to make good decisions. How many units should I order, when should I order them, where should I position them, how should I engineer them from a tariff standpoint, these types of things, all of that. We're finding huge opportunity to just use AI to ask questions in natural language, generate reports on the fly stuff that used to take. You'd have some analysts on your team. It would take them three days to generate the port. You get it in an instant.
- [55:05]
Scott Galloway
Last question for me, Temu and Shein, these incredible supply chain monsters. Curious what you think about those two companies and how this shakes out and what you think the prospects for those two firms are.
- [55:19]
Ed Mylett
Obviously May 2 is the key for them that their business model as it stands right now gets turned upside down. So they have to start paying duties may 2 or shift their manufacturing. I think you'll see a bit of both. They're going to pay duties, they're going to see what consumers are willing to do. They can still import the goods by the way, they still have a cost of goods sold advantage over you and your buddies because they're just built in China, made to source things cheaper. They have some big advantages there.
- [55:47]
Scott Galloway
Doesn't their cost advantage broaden? Because if they're selling a garment in for 10 bucks versus 60 from Ralph Lauren. Okay, they go to 24, but Ralph Lauren goes to 150.
- [55:58]
Ed Mylett
Exactly. Their cost is lower already, so. Exactly. So the cost advantage is still there. They're paying for air freight where Ralph Lauren's probably paying for ocean freight. So there's a bit, you know, that's much cheaper. But they're not paying for US warehousing which is much more expensive. Their final mile cost is lower. They have less working capital of just like products sitting on the warehouse and sitting on the water for months at a time. It's much more just in time production. So I think net, net like the tariffs will cost, having to pay duties will cost, you know, hurt them versus their current model. But I think they still have a big advantage over other kind of companies that they would compete with. So probably their sales go down but, but they might, their market share might go up. Now. It's hard to say. I think that, I don't think it's going to be the death of Temu and Sheen. I think you're going to see that they, unless there's some other like, like very possible Trump administration puts in some kind of company specific regulation to kill these guys. Nothing's outside the range of possibility. But I think you're still, I think they'll still be okay. Probably.
- [57:05]
Ryan Peterson
Final question from me, Ryan. This has been massively informative. Thank you. We've been talking about the public response from business leaders to the tariffs and to what, what Trump is doing and what we have found or our view is that the response has been quite muted from CEOs. People are not complaining as much as you'd think. And I just think about the stats that you mentioned or your predictions that this would wipe out 80% of businesses that rely on China. It's massively affecting small businesses. You could see millions of jobs lost as a result of this change. And then I also would reference a tweet you put out. You said, quote, thousands and then millions of American small businesses, including many iconic brands will go bankrupt this year if the tariff policies on China don't change. And you, I believe, are one of the few CEOs, granted you have a real horse in this race, but you're one of the few CEOs that is speaking out about this and saying just plain and simple, this is a bad idea. I'm wondering if you think based on the people you speak with and the businesses and the clients you service, do you feel that we are about to see a change in sentiment from our business leaders? Do you think that we're about to see business leaders come out and say this is a horrible idea and this is stupid and we don't support this.
- [58:38]
Ed Mylett
I see a fair number, certainly all of our customers are up in arms and tweeting about it, posting about it. And all these small brands, they may just not have enough of a voice. I don't know, man. I think big companies, there's a lot of failure of leadership in general. Like a lot of big companies are. Well, they're found a long time ago. The founders have retired. You got middle managers who got promoted up to be the CEO. There's a lot of risk. Here you go. Criticize the president, tax you publicly. You might get fired. There's a lot of downside to criticizing. I'm hard to fire. And on some level, I'm not the best voice for the administration to listen to because I am selling my own book. It is bad for my business, bad for my customers. Like so, you know, are they going to listen to me on terrace? Probably not. Like, I, I, I'm, I'm, I'm, I'm a little too self interested for you to take me that seriously. But I think you'll see more and more. Some JP Morgan put out a statement. I haven't seen Jamie diamond say anything but like their chief strategist, whatever that job is, said that this was really, really bad. I think you'll see more. The banks probably weigh in. I don't know that it matters. I feel like the, the Trump administration knows that this is bad for businesses importing from China. Maybe they want that. So it's not clear that this isn't by design.
- [59:53]
Ryan Peterson
Sounds like your view is founders, CEOs will speak out and the middle managers won't. Which I actually think is a pretty good thesis.
- [60:02]
Ed Mylett
Well, it's also my thesis for why Flexport could beat other logistics companies. These companies were the only ones founded in the last 40 years. So in the big global companies, so the founders were, are mostly retired, pretty much all retired. And these companies aren't managed by people with enough skin in the game or frankly, they could get fired really easily. They're also a little too rational. Logistics is a very rational market. It's all math at the end of the day. And some of this stuff is you don't have that much math to go by. You got to go off your instinct and just be like, yo, this is, let me speak up here. I don't need to listen to my committee of managers. Like this is really bad for my customers. So just do it.
- [60:43]
Ryan Peterson
I love that. Well, we support you and I'm certainly feeling long. Flexport after this interview. Ryan Peterson is the founder and CEO of Flexport, a leading technology platform for global logistics. Prior to selling Flexport, Ryan was the founder and CEO of Import Genius, a premier provider of transaction data for the global trade industry. He earned a BA in economics from UC Berkeley.
- [61:03]
Scott Galloway
Go Bears. I didn't know that.
- [61:04]
Ed Mylett
Oh, yeah, Go Bears.
- [61:05]
Scott Galloway
Nice. California. Enough of your bullshit. Ed, did. Were you raised in California?
- [61:10]
Ed Mylett
No, I'm from Bethesda, Maryland. But I was lucky enough to get in as an out of state student undergrad.
- [61:15]
Scott Galloway
And did you stick in the Bay Area?
- [61:16]
Ed Mylett
Yeah, I'm here in San Francisco.
- [61:17]
Scott Galloway
Oh, that's great. Love to hear that. Sorry, can please continue it?
- [61:20]
Ryan Peterson
I'm done. That's the outro. Thank you for joining us, Ryan.
- [61:24]
Scott Galloway
Ryan, you've got this great. I think you actually should command the space you occupy. You have this kind of firebrand, I don't know, reputation as this sort of maverick entrepreneur who's kind of shoots first and asks questions later. I think you're just the voice that small business needs.
- [61:41]
Ed Mylett
I'm trying. I mean, my customers certainly appreciate it. That's why I'm doing more and more. I want them to see that we got their back.
- [61:46]
Scott Galloway
Yeah, well, I think you do. Keep on keeping on, my brother. I love seeing stuff from you and I think you're. I don't know, I think you're bold and I love what you said, that founders aren't as worried about being fired.
- [61:57]
Ryan Peterson
It's sort of the silver bullet to the questions we've been asking.
- [62:01]
Scott Galloway
Fly your freak flag. I love that.
- [62:03]
Ed Mylett
That can't get rid of me.
- [62:05]
Scott Galloway
So thanks very much for your time.
- [62:07]
Ryan Peterson
Thanks, Ryan.
- [62:07]
Ed Mylett
All right, take care, guys.
- [62:18]
Ryan Peterson
Al of wealth. Scott Ryan painted kind of a dark picture for small and medium sized business owners in America in that interview. And I believe him. I mean, he has probably the greatest and the most colorful understanding of what is actually happening in our supply chains. For any small business owners or even employees at these small businesses who rely on trade and maybe on trade with China, what would be your advice to them and what would be perhaps a message of optimism or sanity to deal with what Ryan just told us, What.
- [63:00]
Scott Galloway
I would say is that, well, one, you can only control what you can control. And that is. All right, go to the bank, see if you can get an increase in credit. Slow down the shipments, think about how you save money. Does it involve layoffs to try and extend your Runway? There's some just very hard decisions you have to make. You know your business better than me, but you can control only what you can control. The other thing I would keep in mind that has always played out for me not only in businessmen in life is that nothing's ever as good or as bad as it seems. And then generally speaking you look back on situations like this and go, okay, it wasn't as bad as I thought because it could. I do think what Ryan was saying that they're going to blink and the tariffs could be. The tariffs could be off. And also even imagining the worst case scenario. I remember when a variety of things moons lined up in a very negative way When I had done a proxy fight, taken control of the border, Red Envelope came back in like MacArthur returning to the Philippines. And then we had the great financial recession. Our credit line got pulled and we had a software glitch and sent out 10,000 gifts to the wrong address. And we went from a stock of $7 to chapter 11 in life like two weeks. And I was just devastated. I lost everything. And it just such an emotional investment. I'd been in the company 10 years and I ended up strangely a year later or six months later, some hedge funds called me and said we've been watching the proxy fight at Red Envelope and you're crazy. Well thanks for that. But they said but you are kind of crazy. Would you be interested in us? We have some stock in some companies that we think are underperforming. Would you be interested if we had bought some more stock? Would you be interested in co investing and getting involved in an activist play with us? I would have never thought that Red Envelope going out of business after I had waged this public war against the board would result in opportunities for me. I just would have in a million years I could have never thought that. So one, control what you can control. Two, recognize that whatever you're feeling right now, if it's bad, it's probably not as bad as what you're feeling. And also sometimes when things are really good, probably the situation isn't as good as as you think it is. And also you just don't know what kind of opportunities might open up. Even if the worst thing possible happens, you just don't know. But again, nothing's ever as good or as bad as it seems.
- [65:29]
Ryan Peterson
This episode was produced by Claire Miller and engineered by Benjamin Spencer. Our associate producer is Alison Weiss. Ms. Silverio is our research lead. Isabella Kinsel is our research associate. Dan Shalon is our internal. Drew Burrows is our technical director and Catherine Dillon is our executive producer. Thank you for listening to Proftree Markets from the Vox Media Podcast Network. If you liked what you heard, give us a follow and join us for a fresh take on markets on Monday.
- [66:07]
Scott Galloway
And kind reunion.