WEBVTT	#Elemental Media Engine(TM) 2.17.1.0

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>>>

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>>> LET'S

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>>> LET'S TAKE

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>>> LET'S TAKE ANOTHER

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>>> LET'S TAKE ANOTHER LOOK

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>>> LET'S TAKE ANOTHER LOOK AT

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>>> LET'S TAKE ANOTHER LOOK AT
SALESFORCE

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SALESFORCE

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SALESFORCE
THOUGH

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SALESFORCE
THOUGH SHARES

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SALESFORCE
THOUGH SHARES ARE

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SALESFORCE
THOUGH SHARES ARE FALLING

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SALESFORCE
THOUGH SHARES ARE FALLING AFTER

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THOUGH SHARES ARE FALLING AFTER

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THOUGH SHARES ARE FALLING AFTER
SLIGHTLY

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THOUGH SHARES ARE FALLING AFTER
SLIGHTLY WEAKER

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THOUGH SHARES ARE FALLING AFTER
SLIGHTLY WEAKER THAN

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THOUGH SHARES ARE FALLING AFTER
SLIGHTLY WEAKER THAN EXPECTED

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SLIGHTLY WEAKER THAN EXPECTED

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SLIGHTLY WEAKER THAN EXPECTED
REVENUE

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SLIGHTLY WEAKER THAN EXPECTED
REVENUE GUIDANCE

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REVENUE GUIDANCE

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REVENUE GUIDANCE
THE

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REVENUE GUIDANCE
THE UPCOMING

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REVENUE GUIDANCE
THE UPCOMING DEPARTURE

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REVENUE GUIDANCE
THE UPCOMING DEPARTURE OF

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REVENUE GUIDANCE
THE UPCOMING DEPARTURE OF BRET

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THE UPCOMING DEPARTURE OF BRET

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THE UPCOMING DEPARTURE OF BRET
TAYLOR

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TAYLOR

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TAYLOR
FOR

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TAYLOR
FOR INSTANT

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TAYLOR
FOR INSTANT REACTION,

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TAYLOR
FOR INSTANT REACTION, STAR

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FOR INSTANT REACTION, STAR

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FOR INSTANT REACTION, STAR
WEDBUSH

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FOR INSTANT REACTION, STAR
WEDBUSH DAN

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FOR INSTANT REACTION, STAR
WEDBUSH DAN IVES,

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FOR INSTANT REACTION, STAR
WEDBUSH DAN IVES, GOOD

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FOR INSTANT REACTION, STAR
WEDBUSH DAN IVES, GOOD TO

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FOR INSTANT REACTION, STAR
WEDBUSH DAN IVES, GOOD TO SEE

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WEDBUSH DAN IVES, GOOD TO SEE

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WEDBUSH DAN IVES, GOOD TO SEE
YOU.

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YOU.

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YOU.
BRET

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YOU.
BRET TAYLOR

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YOU.
BRET TAYLOR LEAVING

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YOU.
BRET TAYLOR LEAVING IS

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YOU.
BRET TAYLOR LEAVING IS A

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YOU.
BRET TAYLOR LEAVING IS A SHOCK

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BRET TAYLOR LEAVING IS A SHOCK

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BRET TAYLOR LEAVING IS A SHOCK
YOU

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BRET TAYLOR LEAVING IS A SHOCK
YOU THINK

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BRET TAYLOR LEAVING IS A SHOCK
YOU THINK THAT'S

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BRET TAYLOR LEAVING IS A SHOCK
YOU THINK THAT'S WHAT

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BRET TAYLOR LEAVING IS A SHOCK
YOU THINK THAT'S WHAT THIS

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BRET TAYLOR LEAVING IS A SHOCK
YOU THINK THAT'S WHAT THIS STOCK

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YOU THINK THAT'S WHAT THIS STOCK

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YOU THINK THAT'S WHAT THIS STOCK
MOVE

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YOU THINK THAT'S WHAT THIS STOCK
MOVE WAS

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YOU THINK THAT'S WHAT THIS STOCK
MOVE WAS ABOUT

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MOVE WAS ABOUT

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MOVE WAS ABOUT
>>

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MOVE WAS ABOUT
>> I

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MOVE WAS ABOUT
>> I THINK

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MOVE WAS ABOUT
>> I THINK IT'S

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MOVE WAS ABOUT
>> I THINK IT'S DOWN

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MOVE WAS ABOUT
>> I THINK IT'S DOWN BECAUSE

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>> I THINK IT'S DOWN BECAUSE

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>> I THINK IT'S DOWN BECAUSE
HE'S

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>> I THINK IT'S DOWN BECAUSE
HE'S LEAVING.

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HE'S LEAVING.

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HE'S LEAVING.
>>

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HE'S LEAVING.
>> BENIOFF

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HE'S LEAVING.
>> BENIOFF CONTINUES

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HE'S LEAVING.
>> BENIOFF CONTINUES TO

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HE'S LEAVING.
>> BENIOFF CONTINUES TO BE

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HE'S LEAVING.
>> BENIOFF CONTINUES TO BE THER

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HE'S LEAVING.
>> BENIOFF CONTINUES TO BE TH

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>> BENIOFF CONTINUES TO BE TH

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>> BENIOFF CONTINUES TO BE TH
THERE.

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THERE.

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THERE.
>>

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THERE.
>> I

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THERE.
>> I THINK

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THERE.
>> I THINK THAT'S

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THERE.
>> I THINK THAT'S WHY

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THERE.
>> I THINK THAT'S WHY THE

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THERE.
>> I THINK THAT'S WHY THE STOCK

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>> I THINK THAT'S WHY THE STOCK

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>> I THINK THAT'S WHY THE STOCK
IS

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>> I THINK THAT'S WHY THE STOCK
IS DOWN.

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IS DOWN.

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IS DOWN.
BILLINGS

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IS DOWN.
BILLINGS AND

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IS DOWN.
BILLINGS AND WHAT

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IS DOWN.
BILLINGS AND WHAT WE

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IS DOWN.
BILLINGS AND WHAT WE SAW,

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IS DOWN.
BILLINGS AND WHAT WE SAW, I

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BILLINGS AND WHAT WE SAW, I

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BILLINGS AND WHAT WE SAW, I
THINK

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BILLINGS AND WHAT WE SAW, I
THINK IT'S

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BILLINGS AND WHAT WE SAW, I
THINK IT'S BRET

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BILLINGS AND WHAT WE SAW, I
THINK IT'S BRET LEAVING

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BILLINGS AND WHAT WE SAW, I
THINK IT'S BRET LEAVING THAT'S

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BILLINGS AND WHAT WE SAW, I
THINK IT'S BRET LEAVING THAT'S A

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THINK IT'S BRET LEAVING THAT'S A

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THINK IT'S BRET LEAVING THAT'S A
SHOC

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THINK IT'S BRET LEAVING THAT'S A
SH

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SH

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SH
SHOCK.

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SHOCK.

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SHOCK.
>>

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SHOCK.
>> A

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SHOCK.
>> A 6.5%

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SHOCK.
>> A 6.5% DECLINE

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SHOCK.
>> A 6.5% DECLINE BECAUSE

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SHOCK.
>> A 6.5% DECLINE BECAUSE THE

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>> A 6.5% DECLINE BECAUSE THE

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>> A 6.5% DECLINE BECAUSE THE
CO-CEO

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>> A 6.5% DECLINE BECAUSE THE
CO-CEO IS

00:01:00.827 --> 00:01:00.860
>> A 6.5% DECLINE BECAUSE THE
CO-CEO IS LEAVING?

00:01:00.860 --> 00:01:00.994
CO-CEO IS LEAVING?

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CO-CEO IS LEAVING?
IT'S

00:01:01.061 --> 00:01:01.127
CO-CEO IS LEAVING?
IT'S NOT

00:01:01.127 --> 00:01:02.228
CO-CEO IS LEAVING?
IT'S NOT LIKE

00:01:02.228 --> 00:01:03.263
CO-CEO IS LEAVING?
IT'S NOT LIKE BENIOFF

00:01:03.263 --> 00:01:03.296
CO-CEO IS LEAVING?
IT'S NOT LIKE BENIOFF IS

00:01:03.296 --> 00:01:03.496
IT'S NOT LIKE BENIOFF IS

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IT'S NOT LIKE BENIOFF IS
LEAVING.

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LEAVING.

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LEAVING.
>>

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LEAVING.
>> IN

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LEAVING.
>> IN MY

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LEAVING.
>> IN MY VIEW,

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LEAVING.
>> IN MY VIEW, BENIOFF

00:01:07.133 --> 00:01:07.867
LEAVING.
>> IN MY VIEW, BENIOFF IS

00:01:07.867 --> 00:01:08.034
LEAVING.
>> IN MY VIEW, BENIOFF IS THE

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>> IN MY VIEW, BENIOFF IS THE

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>> IN MY VIEW, BENIOFF IS THE
REASON

00:01:09.669 --> 00:01:10.003
>> IN MY VIEW, BENIOFF IS THE
REASON THAT

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>> IN MY VIEW, BENIOFF IS THE
REASON THAT SALESFORCE

00:01:11.104 --> 00:01:11.137
>> IN MY VIEW, BENIOFF IS THE
REASON THAT SALESFORCE TENDS

00:01:11.137 --> 00:01:11.271
>> IN MY VIEW, BENIOFF IS THE
REASON THAT SALESFORCE TENDS TO

00:01:11.271 --> 00:01:11.371
REASON THAT SALESFORCE TENDS TO

00:01:11.371 --> 00:01:12.138
REASON THAT SALESFORCE TENDS TO
BE

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REASON THAT SALESFORCE TENDS TO
BE A

00:01:14.707 --> 00:01:14.741
REASON THAT SALESFORCE TENDS TO
BE A STALWART.

00:01:14.741 --> 00:01:14.941
BE A STALWART.

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BE A STALWART.
I

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BE A STALWART.
I CITY

00:01:15.975 --> 00:01:16.209
BE A STALWART.
I CITY VIEW

00:01:16.209 --> 00:01:16.443
BE A STALWART.
I CITY VIEW WHEN

00:01:16.443 --> 00:01:16.943
BE A STALWART.
I CITY VIEW WHEN YOU

00:01:16.943 --> 00:01:17.177
BE A STALWART.
I CITY VIEW WHEN YOU COMPARE

00:01:17.177 --> 00:01:17.343
BE A STALWART.
I CITY VIEW WHEN YOU COMPARE IT

00:01:17.343 --> 00:01:17.444
I CITY VIEW WHEN YOU COMPARE IT

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I CITY VIEW WHEN YOU COMPARE IT
TO

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I CITY VIEW WHEN YOU COMPARE IT
TO SOME

00:01:17.577 --> 00:01:17.710
I CITY VIEW WHEN YOU COMPARE IT
TO SOME OF

00:01:17.710 --> 00:01:18.078
I CITY VIEW WHEN YOU COMPARE IT
TO SOME OF THE

00:01:18.078 --> 00:01:18.311
I CITY VIEW WHEN YOU COMPARE IT
TO SOME OF THE OTHER

00:01:18.311 --> 00:01:18.511
I CITY VIEW WHEN YOU COMPARE IT
TO SOME OF THE OTHER NUMBERS

00:01:18.511 --> 00:01:20.680
I CITY VIEW WHEN YOU COMPARE IT
TO SOME OF THE OTHER NUMBERS WE

00:01:20.680 --> 00:01:20.814
TO SOME OF THE OTHER NUMBERS WE

00:01:20.814 --> 00:01:20.847
TO SOME OF THE OTHER NUMBERS WE
SAW,

00:01:20.847 --> 00:01:20.947
TO SOME OF THE OTHER NUMBERS WE
SAW, I

00:01:20.947 --> 00:01:20.980
TO SOME OF THE OTHER NUMBERS WE
SAW, I THINK

00:01:20.980 --> 00:01:21.081
TO SOME OF THE OTHER NUMBERS WE
SAW, I THINK IT

00:01:21.081 --> 00:01:21.648
TO SOME OF THE OTHER NUMBERS WE
SAW, I THINK IT WOULD

00:01:21.648 --> 00:01:24.084
TO SOME OF THE OTHER NUMBERS WE
SAW, I THINK IT WOULD BE

00:01:24.084 --> 00:01:24.117
TO SOME OF THE OTHER NUMBERS WE
SAW, I THINK IT WOULD BE RELIEF,

00:01:24.117 --> 00:01:24.217
SAW, I THINK IT WOULD BE RELIEF,

00:01:24.217 --> 00:01:24.317
SAW, I THINK IT WOULD BE RELIEF,
BUT

00:01:24.317 --> 00:01:24.350
SAW, I THINK IT WOULD BE RELIEF,
BUT WHEN

00:01:24.350 --> 00:01:24.517
SAW, I THINK IT WOULD BE RELIEF,
BUT WHEN --

00:01:24.517 --> 00:01:25.118
SAW, I THINK IT WOULD BE RELIEF,
BUT WHEN -- ABOUT

00:01:25.118 --> 00:01:25.185
SAW, I THINK IT WOULD BE RELIEF,
BUT WHEN -- ABOUT M&A,

00:01:25.185 --> 00:01:25.518
SAW, I THINK IT WOULD BE RELIEF,
BUT WHEN -- ABOUT M&A, WHAT

00:01:25.518 --> 00:01:25.552
SAW, I THINK IT WOULD BE RELIEF,
BUT WHEN -- ABOUT M&A, WHAT IS

00:01:25.552 --> 00:01:25.652
BUT WHEN -- ABOUT M&A, WHAT IS

00:01:25.652 --> 00:01:25.852
BUT WHEN -- ABOUT M&A, WHAT IS
THE

00:01:25.852 --> 00:01:26.219
BUT WHEN -- ABOUT M&A, WHAT IS
THE STRATEGY

00:01:26.219 --> 00:01:26.486
BUT WHEN -- ABOUT M&A, WHAT IS
THE STRATEGY GOING

00:01:26.486 --> 00:01:26.519
BUT WHEN -- ABOUT M&A, WHAT IS
THE STRATEGY GOING FORWARD

00:01:26.519 --> 00:01:26.853
THE STRATEGY GOING FORWARD

00:01:26.853 --> 00:01:27.587
THE STRATEGY GOING FORWARD
THERE'S

00:01:27.587 --> 00:01:29.456
THE STRATEGY GOING FORWARD
THERE'S A

00:01:29.456 --> 00:01:30.690
THE STRATEGY GOING FORWARD
THERE'S A LOT

00:01:30.690 --> 00:01:30.924
THE STRATEGY GOING FORWARD
THERE'S A LOT OF

00:01:30.924 --> 00:01:31.724
THE STRATEGY GOING FORWARD
THERE'S A LOT OF ACTIVISM

00:01:31.724 --> 00:01:31.891
THE STRATEGY GOING FORWARD
THERE'S A LOT OF ACTIVISM THOSE

00:01:31.891 --> 00:01:32.025
THERE'S A LOT OF ACTIVISM THOSE

00:01:32.025 --> 00:01:32.092
THERE'S A LOT OF ACTIVISM THOSE
WOULD

00:01:32.092 --> 00:01:32.492
THERE'S A LOT OF ACTIVISM THOSE
WOULD BE

00:01:32.492 --> 00:01:32.759
THERE'S A LOT OF ACTIVISM THOSE
WOULD BE QUESTION

00:01:32.759 --> 00:01:33.159
THERE'S A LOT OF ACTIVISM THOSE
WOULD BE QUESTION FROM

00:01:33.159 --> 00:01:33.293
THERE'S A LOT OF ACTIVISM THOSE
WOULD BE QUESTION FROM THE

00:01:33.293 --> 00:01:33.326
THERE'S A LOT OF ACTIVISM THOSE
WOULD BE QUESTION FROM THE CALL.

00:01:33.326 --> 00:01:33.827
WOULD BE QUESTION FROM THE CALL.

00:01:33.827 --> 00:01:34.260
WOULD BE QUESTION FROM THE CALL.
>>

00:01:34.260 --> 00:01:34.494
WOULD BE QUESTION FROM THE CALL.
>> WOULD

00:01:34.494 --> 00:01:34.894
WOULD BE QUESTION FROM THE CALL.
>> WOULD YOU

00:01:34.894 --> 00:01:35.395
WOULD BE QUESTION FROM THE CALL.
>> WOULD YOU WANT

00:01:35.395 --> 00:01:35.428
WOULD BE QUESTION FROM THE CALL.
>> WOULD YOU WANT THEM

00:01:35.428 --> 00:01:35.829
WOULD BE QUESTION FROM THE CALL.
>> WOULD YOU WANT THEM TO

00:01:35.829 --> 00:01:35.862
WOULD BE QUESTION FROM THE CALL.
>> WOULD YOU WANT THEM TO DO

00:01:35.862 --> 00:01:35.995
>> WOULD YOU WANT THEM TO DO

00:01:35.995 --> 00:01:36.062
>> WOULD YOU WANT THEM TO DO
MORE

00:01:36.062 --> 00:01:36.096
>> WOULD YOU WANT THEM TO DO
MORE M&A

00:01:36.096 --> 00:01:36.362
>> WOULD YOU WANT THEM TO DO
MORE M&A IN

00:01:36.362 --> 00:01:36.796
>> WOULD YOU WANT THEM TO DO
MORE M&A IN THIS

00:01:36.796 --> 00:01:36.830
>> WOULD YOU WANT THEM TO DO
MORE M&A IN THIS ENVIRONMENT

00:01:36.830 --> 00:01:37.030
MORE M&A IN THIS ENVIRONMENT

00:01:37.030 --> 00:01:37.397
MORE M&A IN THIS ENVIRONMENT
>>

00:01:37.397 --> 00:01:37.564
MORE M&A IN THIS ENVIRONMENT
>> I

00:01:37.564 --> 00:01:38.331
MORE M&A IN THIS ENVIRONMENT
>> I WOULD

00:01:38.331 --> 00:01:38.398
MORE M&A IN THIS ENVIRONMENT
>> I WOULD WANT

00:01:38.398 --> 00:01:38.465
MORE M&A IN THIS ENVIRONMENT
>> I WOULD WANT TO

00:01:38.465 --> 00:01:39.332
MORE M&A IN THIS ENVIRONMENT
>> I WOULD WANT TO SEE

00:01:39.332 --> 00:01:39.499
MORE M&A IN THIS ENVIRONMENT
>> I WOULD WANT TO SEE THEM

00:01:39.499 --> 00:01:39.699
>> I WOULD WANT TO SEE THEM

00:01:39.699 --> 00:01:39.799
>> I WOULD WANT TO SEE THEM
CONTINUE

00:01:39.799 --> 00:01:40.667
>> I WOULD WANT TO SEE THEM
CONTINUE TO

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>> I WOULD WANT TO SEE THEM
CONTINUE TO EXPAND

00:01:41.067 --> 00:01:41.101
>> I WOULD WANT TO SEE THEM
CONTINUE TO EXPAND MARGINS

00:01:41.101 --> 00:01:41.835
CONTINUE TO EXPAND MARGINS

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CONTINUE TO EXPAND MARGINS
I

00:01:42.235 --> 00:01:42.368
CONTINUE TO EXPAND MARGINS
I THINK

00:01:42.368 --> 00:01:43.036
CONTINUE TO EXPAND MARGINS
I THINK THAT'S

00:01:43.036 --> 00:01:43.837
CONTINUE TO EXPAND MARGINS
I THINK THAT'S BEEN

00:01:43.837 --> 00:01:44.003
CONTINUE TO EXPAND MARGINS
I THINK THAT'S BEEN LACKLUSTER,

00:01:44.003 --> 00:01:44.237
I THINK THAT'S BEEN LACKLUSTER,

00:01:44.237 --> 00:01:44.504
I THINK THAT'S BEEN LACKLUSTER,
BUT

00:01:44.504 --> 00:01:44.771
I THINK THAT'S BEEN LACKLUSTER,
BUT FROM

00:01:44.771 --> 00:01:45.338
I THINK THAT'S BEEN LACKLUSTER,
BUT FROM AN

00:01:45.338 --> 00:01:45.939
I THINK THAT'S BEEN LACKLUSTER,
BUT FROM AN M&A

00:01:45.939 --> 00:01:46.206
I THINK THAT'S BEEN LACKLUSTER,
BUT FROM AN M&A PERSPECTIVE,

00:01:46.206 --> 00:01:46.239
I THINK THAT'S BEEN LACKLUSTER,
BUT FROM AN M&A PERSPECTIVE, I

00:01:46.239 --> 00:01:48.174
BUT FROM AN M&A PERSPECTIVE, I

00:01:48.174 --> 00:01:48.274
BUT FROM AN M&A PERSPECTIVE, I
BELIEVE

00:01:48.274 --> 00:01:48.341
BUT FROM AN M&A PERSPECTIVE, I
BELIEVE IT'S

00:01:48.341 --> 00:01:48.408
BUT FROM AN M&A PERSPECTIVE, I
BELIEVE IT'S TIME

00:01:48.408 --> 00:01:49.909
BUT FROM AN M&A PERSPECTIVE, I
BELIEVE IT'S TIME FOR

00:01:49.909 --> 00:01:49.943
BUT FROM AN M&A PERSPECTIVE, I
BELIEVE IT'S TIME FOR THEM

00:01:49.943 --> 00:01:50.076
BUT FROM AN M&A PERSPECTIVE, I
BELIEVE IT'S TIME FOR THEM TO

00:01:50.076 --> 00:01:50.210
BELIEVE IT'S TIME FOR THEM TO

00:01:50.210 --> 00:01:52.078
BELIEVE IT'S TIME FOR THEM TO
GET

00:01:52.078 --> 00:01:52.679
BELIEVE IT'S TIME FOR THEM TO
GET MORE

00:01:52.679 --> 00:01:52.946
BELIEVE IT'S TIME FOR THEM TO
GET MORE INQUISITIVE

00:01:52.946 --> 00:01:53.012
BELIEVE IT'S TIME FOR THEM TO
GET MORE INQUISITIVE NOW

00:01:53.012 --> 00:01:53.313
BELIEVE IT'S TIME FOR THEM TO
GET MORE INQUISITIVE NOW WILL

00:01:53.313 --> 00:01:53.346
BELIEVE IT'S TIME FOR THEM TO
GET MORE INQUISITIVE NOW WILL BE

00:01:53.346 --> 00:01:54.013
GET MORE INQUISITIVE NOW WILL BE

00:01:54.013 --> 00:01:54.280
GET MORE INQUISITIVE NOW WILL BE
THE

00:01:54.280 --> 00:01:54.547
GET MORE INQUISITIVE NOW WILL BE
THE TIME

00:01:54.547 --> 00:01:54.914
GET MORE INQUISITIVE NOW WILL BE
THE TIME THEY

00:01:54.914 --> 00:01:56.116
GET MORE INQUISITIVE NOW WILL BE
THE TIME THEY CAN

00:01:56.116 --> 00:01:57.417
GET MORE INQUISITIVE NOW WILL BE
THE TIME THEY CAN FURTHER

00:01:57.417 --> 00:01:57.450
GET MORE INQUISITIVE NOW WILL BE
THE TIME THEY CAN FURTHER BULK

00:01:57.450 --> 00:01:57.851
THE TIME THEY CAN FURTHER BULK

00:01:57.851 --> 00:01:58.218
THE TIME THEY CAN FURTHER BULK
UP

00:01:58.218 --> 00:01:59.886
THE TIME THEY CAN FURTHER BULK
UP THEIR

00:01:59.886 --> 00:01:59.919
THE TIME THEY CAN FURTHER BULK
UP THEIR PRODUCT

00:01:59.919 --> 00:02:00.053
UP THEIR PRODUCT

00:02:00.053 --> 00:02:00.420
UP THEIR PRODUCT
WHAT

00:02:00.420 --> 00:02:01.020
UP THEIR PRODUCT
WHAT ABOUT

00:02:01.020 --> 00:02:01.321
UP THEIR PRODUCT
WHAT ABOUT A

00:02:01.321 --> 00:02:01.554
UP THEIR PRODUCT
WHAT ABOUT A EXPECTED

00:02:01.554 --> 00:02:01.921
UP THEIR PRODUCT
WHAT ABOUT A EXPECTED LAG

00:02:01.921 --> 00:02:01.955
UP THEIR PRODUCT
WHAT ABOUT A EXPECTED LAG IN

00:02:01.955 --> 00:02:02.122
WHAT ABOUT A EXPECTED LAG IN

00:02:02.122 --> 00:02:02.689
WHAT ABOUT A EXPECTED LAG IN
CLOSING

00:02:02.689 --> 00:02:02.956
WHAT ABOUT A EXPECTED LAG IN
CLOSING DEALS,

00:02:02.956 --> 00:02:03.123
WHAT ABOUT A EXPECTED LAG IN
CLOSING DEALS, JUST

00:02:03.123 --> 00:02:03.490
WHAT ABOUT A EXPECTED LAG IN
CLOSING DEALS, JUST AS

00:02:03.490 --> 00:02:03.523
WHAT ABOUT A EXPECTED LAG IN
CLOSING DEALS, JUST AS THE

00:02:03.523 --> 00:02:03.756
CLOSING DEALS, JUST AS THE

00:02:03.756 --> 00:02:04.524
CLOSING DEALS, JUST AS THE
ENVIRONMENT

00:02:04.524 --> 00:02:04.924
CLOSING DEALS, JUST AS THE
ENVIRONMENT IS

00:02:04.924 --> 00:02:06.226
CLOSING DEALS, JUST AS THE
ENVIRONMENT IS EXPECTED

00:02:06.226 --> 00:02:06.259
CLOSING DEALS, JUST AS THE
ENVIRONMENT IS EXPECTED TO

00:02:06.259 --> 00:02:06.526
ENVIRONMENT IS EXPECTED TO

00:02:06.526 --> 00:02:06.559
ENVIRONMENT IS EXPECTED TO
DETERIORATE.

00:02:06.559 --> 00:02:06.659
DETERIORATE.

00:02:06.659 --> 00:02:06.693
DETERIORATE.
IS

00:02:06.693 --> 00:02:06.826
DETERIORATE.
IS IT

00:02:06.826 --> 00:02:08.161
DETERIORATE.
IS IT ALMOST

00:02:08.161 --> 00:02:08.528
DETERIORATE.
IS IT ALMOST A

00:02:08.528 --> 00:02:08.561
DETERIORATE.
IS IT ALMOST A FORMALITY

00:02:08.561 --> 00:02:08.661
IS IT ALMOST A FORMALITY

00:02:08.661 --> 00:02:08.828
IS IT ALMOST A FORMALITY
>>

00:02:08.828 --> 00:02:08.995
IS IT ALMOST A FORMALITY
>> I

00:02:08.995 --> 00:02:09.462
IS IT ALMOST A FORMALITY
>> I THINK

00:02:09.462 --> 00:02:09.629
IS IT ALMOST A FORMALITY
>> I THINK WE'RE

00:02:09.629 --> 00:02:10.497
IS IT ALMOST A FORMALITY
>> I THINK WE'RE SEEING

00:02:10.497 --> 00:02:10.530
IS IT ALMOST A FORMALITY
>> I THINK WE'RE SEEING THAT

00:02:10.530 --> 00:02:10.730
>> I THINK WE'RE SEEING THAT

00:02:10.730 --> 00:02:10.964
>> I THINK WE'RE SEEING THAT
OBVIOUSLY

00:02:10.964 --> 00:02:11.464
>> I THINK WE'RE SEEING THAT
OBVIOUSLY WHAT

00:02:11.464 --> 00:02:11.831
>> I THINK WE'RE SEEING THAT
OBVIOUSLY WHAT WE

00:02:11.831 --> 00:02:12.799
>> I THINK WE'RE SEEING THAT
OBVIOUSLY WHAT WE SAW

00:02:12.799 --> 00:02:12.832
>> I THINK WE'RE SEEING THAT
OBVIOUSLY WHAT WE SAW WITH

00:02:12.832 --> 00:02:13.066
OBVIOUSLY WHAT WE SAW WITH

00:02:13.066 --> 00:02:13.366
OBVIOUSLY WHAT WE SAW WITH
CROWDSTRIKE

00:02:13.366 --> 00:02:13.733
OBVIOUSLY WHAT WE SAW WITH
CROWDSTRIKE YESTERDAY,

00:02:13.733 --> 00:02:14.000
OBVIOUSLY WHAT WE SAW WITH
CROWDSTRIKE YESTERDAY, BUT

00:02:14.000 --> 00:02:14.033
OBVIOUSLY WHAT WE SAW WITH
CROWDSTRIKE YESTERDAY, BUT I

00:02:14.033 --> 00:02:14.167
CROWDSTRIKE YESTERDAY, BUT I

00:02:14.167 --> 00:02:14.601
CROWDSTRIKE YESTERDAY, BUT I
THINK

00:02:14.601 --> 00:02:15.301
CROWDSTRIKE YESTERDAY, BUT I
THINK CLOUD

00:02:15.301 --> 00:02:15.568
CROWDSTRIKE YESTERDAY, BUT I
THINK CLOUD IS

00:02:15.568 --> 00:02:15.735
CROWDSTRIKE YESTERDAY, BUT I
THINK CLOUD IS HOLDING

00:02:15.735 --> 00:02:16.169
CROWDSTRIKE YESTERDAY, BUT I
THINK CLOUD IS HOLDING UP

00:02:16.169 --> 00:02:16.202
CROWDSTRIKE YESTERDAY, BUT I
THINK CLOUD IS HOLDING UP BETTER

00:02:16.202 --> 00:02:16.536
THINK CLOUD IS HOLDING UP BETTER

00:02:16.536 --> 00:02:16.703
THINK CLOUD IS HOLDING UP BETTER
THAN

00:02:16.703 --> 00:02:17.170
THINK CLOUD IS HOLDING UP BETTER
THAN EXPECTED,

00:02:17.170 --> 00:02:17.403
THINK CLOUD IS HOLDING UP BETTER
THAN EXPECTED, IN

00:02:17.403 --> 00:02:18.605
THINK CLOUD IS HOLDING UP BETTER
THAN EXPECTED, IN TERMS

00:02:18.605 --> 00:02:19.072
THINK CLOUD IS HOLDING UP BETTER
THAN EXPECTED, IN TERMS OF

00:02:19.072 --> 00:02:19.672
THINK CLOUD IS HOLDING UP BETTER
THAN EXPECTED, IN TERMS OF THIS

00:02:19.672 --> 00:02:22.108
THAN EXPECTED, IN TERMS OF THIS

00:02:22.108 --> 00:02:22.142
THAN EXPECTED, IN TERMS OF THIS
ENVIRONMENT,

00:02:22.142 --> 00:02:22.275
THAN EXPECTED, IN TERMS OF THIS
ENVIRONMENT, OF

00:02:22.275 --> 00:02:22.442
THAN EXPECTED, IN TERMS OF THIS
ENVIRONMENT, OF COURSE,

00:02:22.442 --> 00:02:22.475
THAN EXPECTED, IN TERMS OF THIS
ENVIRONMENT, OF COURSE, EVERYONE

00:02:22.475 --> 00:02:22.609
ENVIRONMENT, OF COURSE, EVERYONE

00:02:22.609 --> 00:02:23.309
ENVIRONMENT, OF COURSE, EVERYONE
LOOKS

00:02:23.309 --> 00:02:23.910
ENVIRONMENT, OF COURSE, EVERYONE
LOOKS AT

00:02:23.910 --> 00:02:24.043
ENVIRONMENT, OF COURSE, EVERYONE
LOOKS AT SALESFORCE

00:02:24.043 --> 00:02:24.444
ENVIRONMENT, OF COURSE, EVERYONE
LOOKS AT SALESFORCE FOR

00:02:24.444 --> 00:02:24.644
ENVIRONMENT, OF COURSE, EVERYONE
LOOKS AT SALESFORCE FOR THE

00:02:24.644 --> 00:02:25.078
ENVIRONMENT, OF COURSE, EVERYONE
LOOKS AT SALESFORCE FOR THE KEY

00:02:25.078 --> 00:02:25.311
LOOKS AT SALESFORCE FOR THE KEY

00:02:25.311 --> 00:02:25.411
LOOKS AT SALESFORCE FOR THE KEY
BAROMETER,

00:02:25.411 --> 00:02:25.712
LOOKS AT SALESFORCE FOR THE KEY
BAROMETER, BUT

00:02:25.712 --> 00:02:25.879
LOOKS AT SALESFORCE FOR THE KEY
BAROMETER, BUT I

00:02:25.879 --> 00:02:26.179
LOOKS AT SALESFORCE FOR THE KEY
BAROMETER, BUT I THINK

00:02:26.179 --> 00:02:26.779
LOOKS AT SALESFORCE FOR THE KEY
BAROMETER, BUT I THINK IF

00:02:26.779 --> 00:02:26.813
LOOKS AT SALESFORCE FOR THE KEY
BAROMETER, BUT I THINK IF THINGS

00:02:26.813 --> 00:02:27.480
BAROMETER, BUT I THINK IF THINGS

00:02:27.480 --> 00:02:27.780
BAROMETER, BUT I THINK IF THINGS
ARE

00:02:27.780 --> 00:02:28.014
BAROMETER, BUT I THINK IF THINGS
ARE HOLDING

00:02:28.014 --> 00:02:28.248
BAROMETER, BUT I THINK IF THINGS
ARE HOLDING UP

00:02:28.248 --> 00:02:28.882
BAROMETER, BUT I THINK IF THINGS
ARE HOLDING UP BETTER

00:02:28.882 --> 00:02:28.915
BAROMETER, BUT I THINK IF THINGS
ARE HOLDING UP BETTER THAN

00:02:28.915 --> 00:02:29.082
ARE HOLDING UP BETTER THAN

00:02:29.082 --> 00:02:29.149
ARE HOLDING UP BETTER THAN
FEARED,

00:02:29.149 --> 00:02:29.649
ARE HOLDING UP BETTER THAN
FEARED, BUT

00:02:29.649 --> 00:02:30.283
ARE HOLDING UP BETTER THAN
FEARED, BUT FOR

00:02:30.283 --> 00:02:30.517
ARE HOLDING UP BETTER THAN
FEARED, BUT FOR SALESFORCE

00:02:30.517 --> 00:02:30.683
ARE HOLDING UP BETTER THAN
FEARED, BUT FOR SALESFORCE NOW,

00:02:30.683 --> 00:02:30.884
FEARED, BUT FOR SALESFORCE NOW,

00:02:30.884 --> 00:02:31.484
FEARED, BUT FOR SALESFORCE NOW,
IT'S

00:02:31.484 --> 00:02:31.618
FEARED, BUT FOR SALESFORCE NOW,
IT'S ABOUT,

00:02:31.618 --> 00:02:31.985
FEARED, BUT FOR SALESFORCE NOW,
IT'S ABOUT, WHAT

00:02:31.985 --> 00:02:33.052
FEARED, BUT FOR SALESFORCE NOW,
IT'S ABOUT, WHAT ABOUT

00:02:33.052 --> 00:02:33.086
FEARED, BUT FOR SALESFORCE NOW,
IT'S ABOUT, WHAT ABOUT THE

00:02:33.086 --> 00:02:33.686
IT'S ABOUT, WHAT ABOUT THE

00:02:33.686 --> 00:02:34.821
IT'S ABOUT, WHAT ABOUT THE
COMPANY

00:02:34.821 --> 00:02:35.188
IT'S ABOUT, WHAT ABOUT THE
COMPANY IN

00:02:35.188 --> 00:02:35.221
IT'S ABOUT, WHAT ABOUT THE
COMPANY IN REDMOND

00:02:35.221 --> 00:02:35.655
COMPANY IN REDMOND

00:02:35.655 --> 00:02:35.955
COMPANY IN REDMOND
THAT'S

00:02:35.955 --> 00:02:36.823
COMPANY IN REDMOND
THAT'S BECOMING

00:02:36.823 --> 00:02:38.391
COMPANY IN REDMOND
THAT'S BECOMING A

00:02:38.391 --> 00:02:40.960
COMPANY IN REDMOND
THAT'S BECOMING A UFC

00:02:40.960 --> 00:02:40.994
COMPANY IN REDMOND
THAT'S BECOMING A UFC BATTLE

00:02:40.994 --> 00:02:41.194
THAT'S BECOMING A UFC BATTLE

00:02:41.194 --> 00:02:42.195
THAT'S BECOMING A UFC BATTLE
>>

00:02:42.195 --> 00:02:42.462
THAT'S BECOMING A UFC BATTLE
>> DOES

00:02:42.462 --> 00:02:42.695
THAT'S BECOMING A UFC BATTLE
>> DOES THAT

00:02:42.695 --> 00:02:44.197
THAT'S BECOMING A UFC BATTLE
>> DOES THAT GIVE

00:02:44.197 --> 00:02:46.533
THAT'S BECOMING A UFC BATTLE
>> DOES THAT GIVE YOU

00:02:46.533 --> 00:02:46.666
THAT'S BECOMING A UFC BATTLE
>> DOES THAT GIVE YOU PAUSE

00:02:46.666 --> 00:02:46.699
THAT'S BECOMING A UFC BATTLE
>> DOES THAT GIVE YOU PAUSE AT

00:02:46.699 --> 00:02:46.799
>> DOES THAT GIVE YOU PAUSE AT

00:02:46.799 --> 00:02:47.967
>> DOES THAT GIVE YOU PAUSE AT
ALL

00:02:47.967 --> 00:02:48.034
>> DOES THAT GIVE YOU PAUSE AT
ALL GRANTED,

00:02:48.034 --> 00:02:48.134
>> DOES THAT GIVE YOU PAUSE AT
ALL GRANTED, PALO

00:02:48.134 --> 00:02:48.168
>> DOES THAT GIVE YOU PAUSE AT
ALL GRANTED, PALO ALTO

00:02:48.168 --> 00:02:48.268
>> DOES THAT GIVE YOU PAUSE AT
ALL GRANTED, PALO ALTO IS

00:02:48.268 --> 00:02:48.301
>> DOES THAT GIVE YOU PAUSE AT
ALL GRANTED, PALO ALTO IS DOWN

00:02:48.301 --> 00:02:48.401
ALL GRANTED, PALO ALTO IS DOWN

00:02:48.401 --> 00:02:48.468
ALL GRANTED, PALO ALTO IS DOWN
ON

00:02:48.468 --> 00:02:53.873
ALL GRANTED, PALO ALTO IS DOWN
ON THE

00:02:53.873 --> 00:02:53.907
ALL GRANTED, PALO ALTO IS DOWN
ON THE YEAR.

00:02:53.907 --> 00:02:54.007
ON THE YEAR.

00:02:54.007 --> 00:02:54.741
ON THE YEAR.
I

00:02:54.741 --> 00:02:55.808
ON THE YEAR.
I VIEW

00:02:55.808 --> 00:02:55.875
ON THE YEAR.
I VIEW POWELL

00:02:55.875 --> 00:02:55.909
ON THE YEAR.
I VIEW POWELL AS

00:02:55.909 --> 00:02:56.009
ON THE YEAR.
I VIEW POWELL AS A

00:02:56.009 --> 00:02:56.109
ON THE YEAR.
I VIEW POWELL AS A DOUBLE

00:02:56.109 --> 00:02:56.176
ON THE YEAR.
I VIEW POWELL AS A DOUBLE TABLE

00:02:56.176 --> 00:03:04.184
I VIEW POWELL AS A DOUBLE TABLE

00:03:04.184 --> 00:03:04.217
I VIEW POWELL AS A DOUBLE TABLE
POUNDER.

00:03:04.217 --> 00:03:04.284
POUNDER.

00:03:04.284 --> 00:03:04.651
POUNDER.
,

00:03:04.651 --> 00:03:04.918
POUNDER.
, AND

00:03:04.918 --> 00:03:05.251
POUNDER.
, AND I

00:03:05.251 --> 00:03:06.519
POUNDER.
, AND I THINK

00:03:06.519 --> 00:03:07.487
POUNDER.
, AND I THINK IN

00:03:07.487 --> 00:03:07.654
POUNDER.
, AND I THINK IN CYBERSECURITY,

00:03:07.654 --> 00:03:07.820
, AND I THINK IN CYBERSECURITY,

00:03:07.820 --> 00:03:07.921
, AND I THINK IN CYBERSECURITY,
YOU'RE

00:03:07.921 --> 00:03:07.954
, AND I THINK IN CYBERSECURITY,
YOU'RE GOING

00:03:07.954 --> 00:03:08.054
, AND I THINK IN CYBERSECURITY,
YOU'RE GOING TO

00:03:08.054 --> 00:03:08.188
, AND I THINK IN CYBERSECURITY,
YOU'RE GOING TO HAVE

00:03:08.188 --> 00:03:08.254
, AND I THINK IN CYBERSECURITY,
YOU'RE GOING TO HAVE WINNERS

00:03:08.254 --> 00:03:08.288
, AND I THINK IN CYBERSECURITY,
YOU'RE GOING TO HAVE WINNERS AND

00:03:08.288 --> 00:03:11.424
YOU'RE GOING TO HAVE WINNERS AND

00:03:11.424 --> 00:03:11.457
YOU'RE GOING TO HAVE WINNERS AND
LOSERS

00:03:11.457 --> 00:03:11.691
LOSERS

00:03:11.691 --> 00:03:12.659
LOSERS
,

00:03:12.659 --> 00:03:13.226
LOSERS
, I

00:03:13.226 --> 00:03:13.660
LOSERS
, I LOOK

00:03:13.660 --> 00:03:14.527
LOSERS
, I LOOK AT

00:03:14.527 --> 00:03:15.762
LOSERS
, I LOOK AT NAMES

00:03:15.762 --> 00:03:15.828
LOSERS
, I LOOK AT NAMES LIKE

00:03:15.828 --> 00:03:16.062
LOSERS
, I LOOK AT NAMES LIKE PALO

00:03:16.062 --> 00:03:16.196
, I LOOK AT NAMES LIKE PALO

00:03:16.196 --> 00:03:18.398
, I LOOK AT NAMES LIKE PALO
ALTO,

00:03:18.398 --> 00:03:18.665
, I LOOK AT NAMES LIKE PALO
ALTO, CHECKPOINTS,

00:03:18.665 --> 00:03:18.698
, I LOOK AT NAMES LIKE PALO
ALTO, CHECKPOINTS, THOSE

00:03:18.698 --> 00:03:18.898
ALTO, CHECKPOINTS, THOSE

00:03:18.898 --> 00:03:18.932
ALTO, CHECKPOINTS, THOSE
CONTINUE

00:03:18.932 --> 00:03:19.365
ALTO, CHECKPOINTS, THOSE
CONTINUE TO

00:03:19.365 --> 00:03:19.699
ALTO, CHECKPOINTS, THOSE
CONTINUE TO BE

00:03:19.699 --> 00:03:20.300
ALTO, CHECKPOINTS, THOSE
CONTINUE TO BE NAMES

00:03:20.300 --> 00:03:20.500
ALTO, CHECKPOINTS, THOSE
CONTINUE TO BE NAMES THAT

00:03:20.500 --> 00:03:21.134
ALTO, CHECKPOINTS, THOSE
CONTINUE TO BE NAMES THAT STICK

00:03:21.134 --> 00:03:21.367
CONTINUE TO BE NAMES THAT STICK

00:03:21.367 --> 00:03:21.401
CONTINUE TO BE NAMES THAT STICK
OUT.

00:03:21.401 --> 00:03:21.768
OUT.

00:03:21.768 --> 00:03:22.202
OUT.
>>

00:03:22.202 --> 00:03:22.969
OUT.
>> THERE'S

00:03:22.969 --> 00:03:23.436
OUT.
>> THERE'S OBVIOUSLY

00:03:23.436 --> 00:03:23.469
OUT.
>> THERE'S OBVIOUSLY CONCERN

00:03:23.469 --> 00:03:23.603
>> THERE'S OBVIOUSLY CONCERN

00:03:23.603 --> 00:03:23.836
>> THERE'S OBVIOUSLY CONCERN
ABOUT

00:03:23.836 --> 00:03:23.937
>> THERE'S OBVIOUSLY CONCERN
ABOUT WHAT

00:03:23.937 --> 00:03:24.170
>> THERE'S OBVIOUSLY CONCERN
ABOUT WHAT SUPPLY

00:03:24.170 --> 00:03:24.470
>> THERE'S OBVIOUSLY CONCERN
ABOUT WHAT SUPPLY WILL

00:03:24.470 --> 00:03:26.940
>> THERE'S OBVIOUSLY CONCERN
ABOUT WHAT SUPPLY WILL BE,

00:03:26.940 --> 00:03:26.973
>> THERE'S OBVIOUSLY CONCERN
ABOUT WHAT SUPPLY WILL BE, HOW

00:03:26.973 --> 00:03:27.240
ABOUT WHAT SUPPLY WILL BE, HOW

00:03:27.240 --> 00:03:27.273
ABOUT WHAT SUPPLY WILL BE, HOW
DRAMATICALLY

00:03:27.273 --> 00:03:27.373
ABOUT WHAT SUPPLY WILL BE, HOW
DRAMATICALLY IT

00:03:27.373 --> 00:03:27.440
ABOUT WHAT SUPPLY WILL BE, HOW
DRAMATICALLY IT WOULD

00:03:27.440 --> 00:03:27.507
ABOUT WHAT SUPPLY WILL BE, HOW
DRAMATICALLY IT WOULD BE

00:03:27.507 --> 00:03:27.540
ABOUT WHAT SUPPLY WILL BE, HOW
DRAMATICALLY IT WOULD BE HIT

00:03:27.540 --> 00:03:27.674
DRAMATICALLY IT WOULD BE HIT

00:03:27.674 --> 00:03:28.041
DRAMATICALLY IT WOULD BE HIT
SOME

00:03:28.041 --> 00:03:28.775
DRAMATICALLY IT WOULD BE HIT
SOME SETS

00:03:28.775 --> 00:03:29.008
DRAMATICALLY IT WOULD BE HIT
SOME SETS 15

00:03:29.008 --> 00:03:29.442
DRAMATICALLY IT WOULD BE HIT
SOME SETS 15 TO

00:03:29.442 --> 00:03:29.776
DRAMATICALLY IT WOULD BE HIT
SOME SETS 15 TO 20

00:03:29.776 --> 00:03:30.043
DRAMATICALLY IT WOULD BE HIT
SOME SETS 15 TO 20 UNITS

00:03:30.043 --> 00:03:30.210
DRAMATICALLY IT WOULD BE HIT
SOME SETS 15 TO 20 UNITS LESS

00:03:30.210 --> 00:03:30.343
SOME SETS 15 TO 20 UNITS LESS

00:03:30.343 --> 00:03:32.512
SOME SETS 15 TO 20 UNITS LESS
THAN

00:03:32.512 --> 00:03:32.712
SOME SETS 15 TO 20 UNITS LESS
THAN OTHERWISE

00:03:32.712 --> 00:03:32.745
SOME SETS 15 TO 20 UNITS LESS
THAN OTHERWISE ANTICIPATED

00:03:32.745 --> 00:03:32.979
THAN OTHERWISE ANTICIPATED

00:03:32.979 --> 00:03:33.012
THAN OTHERWISE ANTICIPATED
PRIOR.

00:03:33.012 --> 00:03:33.112
PRIOR.

00:03:33.112 --> 00:03:33.213
PRIOR.
THE

00:03:33.213 --> 00:03:34.514
PRIOR.
THE STOCK

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PRIOR.
THE STOCK WAS

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PRIOR.
THE STOCK WAS LOOKING

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PRIOR.
THE STOCK WAS LOOKING LIKE

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PRIOR.
THE STOCK WAS LOOKING LIKE LIKE

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THE STOCK WAS LOOKING LIKE LIKE

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THE STOCK WAS LOOKING LIKE LIKE
IT

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THE STOCK WAS LOOKING LIKE LIKE
IT WAS

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THE STOCK WAS LOOKING LIKE LIKE
IT WAS HEADED

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THE STOCK WAS LOOKING LIKE LIKE
IT WAS HEADED BACK

00:03:35.982 --> 00:03:36.349
THE STOCK WAS LOOKING LIKE LIKE
IT WAS HEADED BACK TO

00:03:36.349 --> 00:03:39.152
THE STOCK WAS LOOKING LIKE LIKE
IT WAS HEADED BACK TO A

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THE STOCK WAS LOOKING LIKE LIKE
IT WAS HEADED BACK TO A KEY

00:03:39.319 --> 00:03:39.519
IT WAS HEADED BACK TO A KEY

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IT WAS HEADED BACK TO A KEY
TECHNICAL

00:03:41.354 --> 00:03:41.387
IT WAS HEADED BACK TO A KEY
TECHNICAL LEVEL.

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TECHNICAL LEVEL.

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TECHNICAL LEVEL.
>>

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TECHNICAL LEVEL.
>> IT'S

00:03:42.222 --> 00:03:42.488
TECHNICAL LEVEL.
>> IT'S A

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TECHNICAL LEVEL.
>> IT'S A TRAIN

00:03:42.655 --> 00:03:42.789
TECHNICAL LEVEL.
>> IT'S A TRAIN WRECK

00:03:42.789 --> 00:03:43.156
TECHNICAL LEVEL.
>> IT'S A TRAIN WRECK IN

00:03:43.156 --> 00:03:43.189
TECHNICAL LEVEL.
>> IT'S A TRAIN WRECK IN TERMS

00:03:43.189 --> 00:03:43.289
>> IT'S A TRAIN WRECK IN TERMS

00:03:43.289 --> 00:03:43.556
>> IT'S A TRAIN WRECK IN TERMS
OF

00:03:43.556 --> 00:03:43.823
>> IT'S A TRAIN WRECK IN TERMS
OF WHAT

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>> IT'S A TRAIN WRECK IN TERMS
OF WHAT WE'RE

00:03:44.857 --> 00:03:45.124
>> IT'S A TRAIN WRECK IN TERMS
OF WHAT WE'RE SEEING,

00:03:45.124 --> 00:03:45.558
>> IT'S A TRAIN WRECK IN TERMS
OF WHAT WE'RE SEEING, AND

00:03:45.558 --> 00:03:45.725
>> IT'S A TRAIN WRECK IN TERMS
OF WHAT WE'RE SEEING, AND CLOCK

00:03:45.725 --> 00:03:46.025
OF WHAT WE'RE SEEING, AND CLOCK

00:03:46.025 --> 00:03:46.292
OF WHAT WE'RE SEEING, AND CLOCK
STRUCK

00:03:46.292 --> 00:03:46.793
OF WHAT WE'RE SEEING, AND CLOCK
STRUCK MIDNIGHT

00:03:46.793 --> 00:03:47.427
OF WHAT WE'RE SEEING, AND CLOCK
STRUCK MIDNIGHT FINALLY

00:03:47.427 --> 00:03:47.927
OF WHAT WE'RE SEEING, AND CLOCK
STRUCK MIDNIGHT FINALLY FOR

00:03:47.927 --> 00:03:48.094
STRUCK MIDNIGHT FINALLY FOR

00:03:48.094 --> 00:03:48.127
STRUCK MIDNIGHT FINALLY FOR
APPLE,

00:03:48.127 --> 00:03:48.294
STRUCK MIDNIGHT FINALLY FOR
APPLE, IN

00:03:48.294 --> 00:03:48.661
STRUCK MIDNIGHT FINALLY FOR
APPLE, IN TERMS

00:03:48.661 --> 00:03:49.028
STRUCK MIDNIGHT FINALLY FOR
APPLE, IN TERMS OF

00:03:49.028 --> 00:03:49.162
STRUCK MIDNIGHT FINALLY FOR
APPLE, IN TERMS OF WHAT

00:03:49.162 --> 00:03:49.996
STRUCK MIDNIGHT FINALLY FOR
APPLE, IN TERMS OF WHAT WE

00:03:49.996 --> 00:03:50.029
STRUCK MIDNIGHT FINALLY FOR
APPLE, IN TERMS OF WHAT WE SAW

00:03:50.029 --> 00:03:51.264
APPLE, IN TERMS OF WHAT WE SAW

00:03:51.264 --> 00:03:51.798
APPLE, IN TERMS OF WHAT WE SAW
IN

00:03:51.798 --> 00:03:51.831
APPLE, IN TERMS OF WHAT WE SAW
IN CHINA

00:03:51.831 --> 00:03:52.232
IN CHINA

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IN CHINA
BUT

00:03:52.599 --> 00:03:52.865
IN CHINA
BUT I

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IN CHINA
BUT I DO

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IN CHINA
BUT I DO THINK

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IN CHINA
BUT I DO THINK INVEST

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IN CHINA
BUT I DO THINK INVEST --

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IN CHINA
BUT I DO THINK INVEST -- RIGHT

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BUT I DO THINK INVEST -- RIGHT

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BUT I DO THINK INVEST -- RIGHT
NOW

00:03:54.467 --> 00:03:55.235
BUT I DO THINK INVEST -- RIGHT
NOW DEMAND

00:03:55.235 --> 00:03:55.702
BUT I DO THINK INVEST -- RIGHT
NOW DEMAND IS

00:03:55.702 --> 00:03:56.369
BUT I DO THINK INVEST -- RIGHT
NOW DEMAND IS POTENTIAL

00:03:56.369 --> 00:03:56.636
BUT I DO THINK INVEST -- RIGHT
NOW DEMAND IS POTENTIAL 4

00:03:56.636 --> 00:03:57.003
BUT I DO THINK INVEST -- RIGHT
NOW DEMAND IS POTENTIAL 4 TO

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BUT I DO THINK INVEST -- RIGHT
NOW DEMAND IS POTENTIAL 4 TO 1

00:03:57.036 --> 00:03:57.337
NOW DEMAND IS POTENTIAL 4 TO 1

00:03:57.337 --> 00:03:57.704
NOW DEMAND IS POTENTIAL 4 TO 1
OVER

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NOW DEMAND IS POTENTIAL 4 TO 1
OVER SUPPLY.

00:03:57.737 --> 00:03:57.904
OVER SUPPLY.

00:03:57.904 --> 00:03:58.137
OVER SUPPLY.
THAT'S

00:03:58.137 --> 00:03:58.538
OVER SUPPLY.
THAT'S WHY

00:03:58.538 --> 00:03:59.072
OVER SUPPLY.
THAT'S WHY IT'S

00:03:59.072 --> 00:03:59.672
OVER SUPPLY.
THAT'S WHY IT'S A

00:03:59.672 --> 00:03:59.973
OVER SUPPLY.
THAT'S WHY IT'S A DEMAND

00:03:59.973 --> 00:04:00.006
OVER SUPPLY.
THAT'S WHY IT'S A DEMAND THESIS.

00:04:00.006 --> 00:04:00.206
THAT'S WHY IT'S A DEMAND THESIS.

00:04:00.206 --> 00:04:00.406
THAT'S WHY IT'S A DEMAND THESIS.
THAT

00:04:00.406 --> 00:04:00.673
THAT'S WHY IT'S A DEMAND THESIS.
THAT CONTINUES

00:04:00.673 --> 00:04:01.040
THAT'S WHY IT'S A DEMAND THESIS.
THAT CONTINUES TO

00:04:01.040 --> 00:04:01.774
THAT'S WHY IT'S A DEMAND THESIS.
THAT CONTINUES TO HOLD

00:04:01.774 --> 00:04:01.808
THAT'S WHY IT'S A DEMAND THESIS.
THAT CONTINUES TO HOLD IN,

00:04:01.808 --> 00:04:01.975
THAT CONTINUES TO HOLD IN,

00:04:01.975 --> 00:04:02.041
THAT CONTINUES TO HOLD IN,
THAT'S

00:04:02.041 --> 00:04:02.308
THAT CONTINUES TO HOLD IN,
THAT'S WHY

00:04:02.308 --> 00:04:02.775
THAT CONTINUES TO HOLD IN,
THAT'S WHY I

00:04:02.775 --> 00:04:02.976
THAT CONTINUES TO HOLD IN,
THAT'S WHY I VIEW

00:04:02.976 --> 00:04:04.143
THAT CONTINUES TO HOLD IN,
THAT'S WHY I VIEW IT

00:04:04.143 --> 00:04:04.544
THAT CONTINUES TO HOLD IN,
THAT'S WHY I VIEW IT AS

00:04:04.544 --> 00:04:04.577
THAT CONTINUES TO HOLD IN,
THAT'S WHY I VIEW IT AS MORE

00:04:04.577 --> 00:04:04.744
THAT'S WHY I VIEW IT AS MORE

00:04:04.744 --> 00:04:04.811
THAT'S WHY I VIEW IT AS MORE
MOVING

00:04:04.811 --> 00:04:05.011
THAT'S WHY I VIEW IT AS MORE
MOVING FROM

00:04:05.011 --> 00:04:06.579
THAT'S WHY I VIEW IT AS MORE
MOVING FROM THE

00:04:06.579 --> 00:04:06.980
THAT'S WHY I VIEW IT AS MORE
MOVING FROM THE DECEMBER

00:04:06.980 --> 00:04:07.013
THAT'S WHY I VIEW IT AS MORE
MOVING FROM THE DECEMBER QUARTER

00:04:07.013 --> 00:04:07.547
MOVING FROM THE DECEMBER QUARTER

00:04:07.547 --> 00:04:08.014
MOVING FROM THE DECEMBER QUARTER
TO

00:04:08.014 --> 00:04:08.147
MOVING FROM THE DECEMBER QUARTER
TO MARCH,

00:04:08.147 --> 00:04:08.481
MOVING FROM THE DECEMBER QUARTER
TO MARCH, BUT

00:04:08.481 --> 00:04:08.648
MOVING FROM THE DECEMBER QUARTER
TO MARCH, BUT NO

00:04:08.648 --> 00:04:08.714
MOVING FROM THE DECEMBER QUARTER
TO MARCH, BUT NO DOUBT