WEBVTT #Elemental Media Engine(TM) 2.18.0.0 00:00:02.902 --> 00:00:03.003 per 00:00:03.003 --> 00:00:03.603 per share 00:00:03.603 --> 00:00:05.005 per share increase. 00:00:05.005 --> 00:00:05.071 per share increase. That's 00:00:05.071 --> 00:00:05.271 per share increase. That's the 00:00:05.271 --> 00:00:05.305 per share increase. That's the story. 00:00:05.305 --> 00:00:06.106 story. 00:00:06.106 --> 00:00:06.239 story. >> 00:00:06.239 --> 00:00:06.306 story. >> Speaking 00:00:06.306 --> 00:00:06.539 story. >> Speaking of 00:00:06.539 --> 00:00:06.606 story. >> Speaking of which, 00:00:06.606 --> 00:00:06.639 story. >> Speaking of which, the 00:00:06.639 --> 00:00:06.840 >> Speaking of which, the 00:00:06.840 --> 00:00:07.640 >> Speaking of which, the president 00:00:07.640 --> 00:00:07.741 >> Speaking of which, the president also 00:00:07.741 --> 00:00:07.841 >> Speaking of which, the president also posted 00:00:07.841 --> 00:00:07.874 >> Speaking of which, the president also posted this 00:00:07.874 --> 00:00:08.608 president also posted this 00:00:08.608 --> 00:00:09.743 president also posted this morning 00:00:09.743 --> 00:00:09.943 president also posted this morning about 00:00:09.943 --> 00:00:09.976 president also posted this morning about potentially 00:00:09.976 --> 00:00:10.176 morning about potentially 00:00:10.176 --> 00:00:10.443 morning about potentially changing 00:00:10.443 --> 00:00:11.444 morning about potentially changing companies 00:00:11.444 --> 00:00:11.478 morning about potentially changing companies quarterly 00:00:11.478 --> 00:00:11.644 changing companies quarterly 00:00:11.644 --> 00:00:12.579 changing companies quarterly reports 00:00:12.579 --> 00:00:12.679 changing companies quarterly reports saying, 00:00:12.679 --> 00:00:12.846 changing companies quarterly reports saying, quote, 00:00:12.846 --> 00:00:12.879 changing companies quarterly reports saying, quote, subject 00:00:12.879 --> 00:00:13.680 reports saying, quote, subject 00:00:13.680 --> 00:00:13.747 reports saying, quote, subject to 00:00:13.747 --> 00:00:14.748 reports saying, quote, subject to SEC 00:00:14.748 --> 00:00:14.914 reports saying, quote, subject to SEC approval, 00:00:14.914 --> 00:00:14.981 reports saying, quote, subject to SEC approval, companies 00:00:14.981 --> 00:00:15.015 reports saying, quote, subject to SEC approval, companies and 00:00:15.015 --> 00:00:15.415 to SEC approval, companies and 00:00:15.415 --> 00:00:15.515 to SEC approval, companies and corporations 00:00:15.515 --> 00:00:15.582 to SEC approval, companies and corporations should 00:00:15.582 --> 00:00:16.583 to SEC approval, companies and corporations should no 00:00:16.583 --> 00:00:16.616 to SEC approval, companies and corporations should no longer 00:00:16.616 --> 00:00:16.716 corporations should no longer 00:00:16.716 --> 00:00:16.816 corporations should no longer be 00:00:16.816 --> 00:00:16.883 corporations should no longer be forced 00:00:16.883 --> 00:00:17.550 corporations should no longer be forced to 00:00:17.550 --> 00:00:17.584 corporations should no longer be forced to report 00:00:17.584 --> 00:00:17.650 corporations should no longer be forced to report on 00:00:17.650 --> 00:00:17.684 corporations should no longer be forced to report on a 00:00:17.684 --> 00:00:17.884 be forced to report on a 00:00:17.884 --> 00:00:18.651 be forced to report on a quarterly 00:00:18.651 --> 00:00:18.852 be forced to report on a quarterly basis, 00:00:18.852 --> 00:00:18.885 be forced to report on a quarterly basis, quarterly 00:00:18.885 --> 00:00:19.786 quarterly basis, quarterly 00:00:19.786 --> 00:00:19.853 quarterly basis, quarterly reporting, 00:00:19.853 --> 00:00:19.953 quarterly basis, quarterly reporting, but 00:00:19.953 --> 00:00:20.020 quarterly basis, quarterly reporting, but rather 00:00:20.020 --> 00:00:20.553 quarterly basis, quarterly reporting, but rather to 00:00:20.553 --> 00:00:20.587 quarterly basis, quarterly reporting, but rather to report 00:00:20.587 --> 00:00:20.687 reporting, but rather to report 00:00:20.687 --> 00:00:20.720 reporting, but rather to report on 00:00:20.720 --> 00:00:21.888 reporting, but rather to report on a 00:00:21.888 --> 00:00:21.988 reporting, but rather to report on a six 00:00:21.988 --> 00:00:22.088 reporting, but rather to report on a six month 00:00:22.088 --> 00:00:22.188 reporting, but rather to report on a six month basis. 00:00:22.188 --> 00:00:22.555 reporting, but rather to report on a six month basis. This 00:00:22.555 --> 00:00:22.589 reporting, but rather to report on a six month basis. This will 00:00:22.589 --> 00:00:22.722 on a six month basis. This will 00:00:22.722 --> 00:00:22.822 on a six month basis. This will save 00:00:22.822 --> 00:00:22.922 on a six month basis. This will save money, 00:00:22.922 --> 00:00:24.290 on a six month basis. This will save money, allow 00:00:24.290 --> 00:00:24.357 on a six month basis. This will save money, allow managers 00:00:24.357 --> 00:00:24.391 on a six month basis. This will save money, allow managers to 00:00:24.391 --> 00:00:24.524 save money, allow managers to 00:00:24.524 --> 00:00:24.691 save money, allow managers to focus 00:00:24.691 --> 00:00:24.791 save money, allow managers to focus on 00:00:24.791 --> 00:00:24.924 save money, allow managers to focus on proper 00:00:24.924 --> 00:00:25.425 save money, allow managers to focus on proper running 00:00:25.425 --> 00:00:25.458 save money, allow managers to focus on proper running their 00:00:25.458 --> 00:00:26.493 focus on proper running their 00:00:26.493 --> 00:00:27.627 focus on proper running their companies. 00:00:27.627 --> 00:00:27.694 focus on proper running their companies. Jim. 00:00:27.694 --> 00:00:27.894 focus on proper running their companies. Jim. The 00:00:27.894 --> 00:00:27.927 focus on proper running their companies. Jim. The Securities 00:00:27.927 --> 00:00:28.795 companies. Jim. The Securities 00:00:28.795 --> 00:00:28.862 companies. Jim. The Securities Exchange 00:00:28.862 --> 00:00:28.895 companies. Jim. The Securities Exchange Act 00:00:28.895 --> 00:00:29.796 companies. Jim. The Securities Exchange Act of 00:00:29.796 --> 00:00:29.896 companies. Jim. The Securities Exchange Act of 34 00:00:29.896 --> 00:00:29.996 companies. Jim. The Securities Exchange Act of 34 might 00:00:29.996 --> 00:00:30.030 companies. Jim. The Securities Exchange Act of 34 might have 00:00:30.030 --> 00:00:30.230 Exchange Act of 34 might have 00:00:30.230 --> 00:00:30.830 Exchange Act of 34 might have something 00:00:30.830 --> 00:00:30.897 Exchange Act of 34 might have something to 00:00:30.897 --> 00:00:30.997 Exchange Act of 34 might have something to say 00:00:30.997 --> 00:00:31.097 Exchange Act of 34 might have something to say about 00:00:31.097 --> 00:00:31.131 Exchange Act of 34 might have something to say about this. 00:00:31.131 --> 00:00:31.965 something to say about this. 00:00:31.965 --> 00:00:32.098 something to say about this. >> 00:00:32.098 --> 00:00:32.132 something to say about this. >> Because 00:00:32.132 --> 00:00:32.198 something to say about this. >> Because a 00:00:32.198 --> 00:00:32.632 something to say about this. >> Because a lot 00:00:32.632 --> 00:00:32.832 something to say about this. >> Because a lot of 00:00:32.832 --> 00:00:32.866 something to say about this. >> Because a lot of countries, 00:00:32.866 --> 00:00:32.966 >> Because a lot of countries, 00:00:32.966 --> 00:00:33.433 >> Because a lot of countries, you 00:00:33.433 --> 00:00:33.466 >> Because a lot of countries, you can 00:00:33.466 --> 00:00:33.533 >> Because a lot of countries, you can do 00:00:33.533 --> 00:00:33.600 >> Because a lot of countries, you can do it 00:00:33.600 --> 00:00:34.701 >> Because a lot of countries, you can do it that 00:00:34.701 --> 00:00:35.568 >> Because a lot of countries, you can do it that way. 00:00:35.568 --> 00:00:35.602 >> Because a lot of countries, you can do it that way. And 00:00:35.602 --> 00:00:35.802 you can do it that way. And 00:00:35.802 --> 00:00:35.902 you can do it that way. And basically 00:00:35.902 --> 00:00:36.936 you can do it that way. And basically it's 00:00:36.936 --> 00:00:36.970 you can do it that way. And basically it's like 00:00:36.970 --> 00:00:37.037 you can do it that way. And basically it's like it 00:00:37.037 --> 00:00:37.070 you can do it that way. And basically it's like it is 00:00:37.070 --> 00:00:37.704 basically it's like it is 00:00:37.704 --> 00:00:37.737 basically it's like it is better. 00:00:37.737 --> 00:00:38.772 basically it's like it is better. I 00:00:38.772 --> 00:00:38.838 basically it's like it is better. I remember 00:00:38.838 --> 00:00:39.506 basically it's like it is better. I remember Andy 00:00:39.506 --> 00:00:39.539 basically it's like it is better. I remember Andy Grove 00:00:39.539 --> 00:00:39.639 better. I remember Andy Grove 00:00:39.639 --> 00:00:40.607 better. I remember Andy Grove in 00:00:40.607 --> 00:00:40.673 better. I remember Andy Grove in Only 00:00:40.673 --> 00:00:40.807 better. I remember Andy Grove in Only the 00:00:40.807 --> 00:00:41.674 better. I remember Andy Grove in Only the Paranoid 00:00:41.674 --> 00:00:41.708 better. I remember Andy Grove in Only the Paranoid survive 00:00:41.708 --> 00:00:41.841 in Only the Paranoid survive 00:00:41.841 --> 00:00:41.908 in Only the Paranoid survive said 00:00:41.908 --> 00:00:43.143 in Only the Paranoid survive said the 00:00:43.143 --> 00:00:43.176 in Only the Paranoid survive said the quarter 00:00:43.176 --> 00:00:43.243 in Only the Paranoid survive said the quarter is 00:00:43.243 --> 00:00:43.777 in Only the Paranoid survive said the quarter is the 00:00:43.777 --> 00:00:43.810 in Only the Paranoid survive said the quarter is the essence. 00:00:43.810 --> 00:00:43.977 said the quarter is the essence. 00:00:43.977 --> 00:00:44.444 said the quarter is the essence. That's 00:00:44.444 --> 00:00:44.511 said the quarter is the essence. That's exactly 00:00:44.511 --> 00:00:44.577 said the quarter is the essence. That's exactly the 00:00:44.577 --> 00:00:44.677 said the quarter is the essence. That's exactly the time 00:00:44.677 --> 00:00:45.545 said the quarter is the essence. That's exactly the time that 00:00:45.545 --> 00:00:45.578 said the quarter is the essence. That's exactly the time that we 00:00:45.578 --> 00:00:45.745 That's exactly the time that we 00:00:45.745 --> 00:00:45.812 That's exactly the time that we should 00:00:45.812 --> 00:00:47.080 That's exactly the time that we should use 00:00:47.080 --> 00:00:47.213 That's exactly the time that we should use to 00:00:47.213 --> 00:00:47.480 That's exactly the time that we should use to measure 00:00:47.480 --> 00:00:47.547 That's exactly the time that we should use to measure CEOs. 00:00:47.547 --> 00:00:47.580 That's exactly the time that we should use to measure CEOs. And 00:00:47.580 --> 00:00:47.680 should use to measure CEOs. And 00:00:47.680 --> 00:00:48.548 should use to measure CEOs. And it 00:00:48.548 --> 00:00:48.681 should use to measure CEOs. And it was 00:00:48.681 --> 00:00:48.715 should use to measure CEOs. And it was brutal, 00:00:48.715 --> 00:00:50.216 should use to measure CEOs. And it was brutal, he 00:00:50.216 --> 00:00:50.316 should use to measure CEOs. And it was brutal, he said. 00:00:50.316 --> 00:00:50.350 should use to measure CEOs. And it was brutal, he said. It's 00:00:50.350 --> 00:00:50.383 should use to measure CEOs. And it was brutal, he said. It's a 00:00:50.383 --> 00:00:51.017 it was brutal, he said. It's a 00:00:51.017 --> 00:00:51.051 it was brutal, he said. It's a it's 00:00:51.051 --> 00:00:51.151 it was brutal, he said. It's a it's a 00:00:51.151 --> 00:00:51.851 it was brutal, he said. It's a it's a brutal 00:00:51.851 --> 00:00:51.885 it was brutal, he said. It's a it's a brutal thing 00:00:51.885 --> 00:00:51.951 it was brutal, he said. It's a it's a brutal thing to 00:00:51.951 --> 00:00:52.485 it was brutal, he said. It's a it's a brutal thing to use 00:00:52.485 --> 00:00:52.519 it was brutal, he said. It's a it's a brutal thing to use a 00:00:52.519 --> 00:00:52.685 it's a brutal thing to use a 00:00:52.685 --> 00:00:52.752 it's a brutal thing to use a quarter 00:00:52.752 --> 00:00:53.553 it's a brutal thing to use a quarter as 00:00:53.553 --> 00:00:53.686 it's a brutal thing to use a quarter as a 00:00:53.686 --> 00:00:53.753 it's a brutal thing to use a quarter as a measure, 00:00:53.753 --> 00:00:55.055 it's a brutal thing to use a quarter as a measure, but 00:00:55.055 --> 00:00:55.088 it's a brutal thing to use a quarter as a measure, but it's 00:00:55.088 --> 00:00:55.188 quarter as a measure, but it's 00:00:55.188 --> 00:00:55.288 quarter as a measure, but it's the 00:00:55.288 --> 00:00:55.422 quarter as a measure, but it's the right 00:00:55.422 --> 00:00:55.789 quarter as a measure, but it's the right thing. 00:00:55.789 --> 00:00:55.889 quarter as a measure, but it's the right thing. I 00:00:55.889 --> 00:00:55.922 quarter as a measure, but it's the right thing. I think 00:00:55.922 --> 00:00:55.989 quarter as a measure, but it's the right thing. I think it 00:00:55.989 --> 00:00:56.022 quarter as a measure, but it's the right thing. I think it is 00:00:56.022 --> 00:00:56.523 the right thing. I think it is 00:00:56.523 --> 00:00:56.556 the right thing. I think it is brutal. 00:00:56.556 --> 00:00:56.656 the right thing. I think it is brutal. I 00:00:56.656 --> 00:00:56.756 the right thing. I think it is brutal. I think 00:00:56.756 --> 00:00:57.891 the right thing. I think it is brutal. I think that 00:00:57.891 --> 00:00:57.991 the right thing. I think it is brutal. I think that you, 00:00:57.991 --> 00:00:58.024 the right thing. I think it is brutal. I think that you, you 00:00:58.024 --> 00:00:58.158 brutal. I think that you, you 00:00:58.158 --> 00:00:58.558 brutal. I think that you, you kind 00:00:58.558 --> 00:00:58.625 brutal. I think that you, you kind of 00:00:58.625 --> 00:00:58.691 brutal. I think that you, you kind of you 00:00:58.691 --> 00:00:58.758 brutal. I think that you, you kind of you have 00:00:58.758 --> 00:00:59.592 brutal. I think that you, you kind of you have to 00:00:59.592 --> 00:00:59.659 brutal. I think that you, you kind of you have to put 00:00:59.659 --> 00:00:59.692 brutal. I think that you, you kind of you have to put it 00:00:59.692 --> 00:00:59.893 kind of you have to put it 00:00:59.893 --> 00:00:59.926 kind of you have to put it together 00:00:59.926 --> 00:01:00.493 kind of you have to put it together 90 00:01:00.493 --> 00:01:00.560 kind of you have to put it together 90 days. 00:01:00.560 --> 00:01:00.660 kind of you have to put it together 90 days. How 00:01:00.660 --> 00:01:00.693 kind of you have to put it together 90 days. How many 00:01:00.693 --> 00:01:01.561 together 90 days. How many 00:01:01.561 --> 00:01:01.628 together 90 days. How many people 00:01:01.628 --> 00:01:01.761 together 90 days. How many people I'm 00:01:01.761 --> 00:01:02.529 together 90 days. How many people I'm watching 00:01:02.529 --> 00:01:02.629 together 90 days. How many people I'm watching Under 00:01:02.629 --> 00:01:02.662 together 90 days. How many people I'm watching Under Armor 00:01:02.662 --> 00:01:02.796 people I'm watching Under Armor 00:01:02.796 --> 00:01:03.663 people I'm watching Under Armor today 00:01:03.663 --> 00:01:03.797 people I'm watching Under Armor today downgraded 00:01:03.797 --> 00:01:03.863 people I'm watching Under Armor today downgraded because 00:01:03.863 --> 00:01:04.764 people I'm watching Under Armor today downgraded because the 00:01:04.764 --> 00:01:04.798 people I'm watching Under Armor today downgraded because the 90. 00:01:04.798 --> 00:01:04.898 today downgraded because the 90. 00:01:04.898 --> 00:01:04.998 today downgraded because the 90. The 00:01:04.998 --> 00:01:05.031 today downgraded because the 90. The turn 00:01:05.031 --> 00:01:05.432 today downgraded because the 90. The turn is 00:01:05.432 --> 00:01:05.532 today downgraded because the 90. The turn is not 00:01:05.532 --> 00:01:05.565 today downgraded because the 90. The turn is not going 00:01:05.565 --> 00:01:06.466 today downgraded because the 90. The turn is not going to 00:01:06.466 --> 00:01:06.499 today downgraded because the 90. The turn is not going to happen 00:01:06.499 --> 00:01:06.633 The turn is not going to happen 00:01:06.633 --> 00:01:07.634 The turn is not going to happen this 00:01:07.634 --> 00:01:07.700 The turn is not going to happen this quarter. 00:01:07.700 --> 00:01:07.801 The turn is not going to happen this quarter. The 00:01:07.801 --> 00:01:07.867 The turn is not going to happen this quarter. The notion 00:01:07.867 --> 00:01:07.901 The turn is not going to happen this quarter. The notion of 00:01:07.901 --> 00:01:08.802 this quarter. The notion of 00:01:08.802 --> 00:01:08.868 this quarter. The notion of something 00:01:08.868 --> 00:01:09.002 this quarter. The notion of something this 00:01:09.002 --> 00:01:09.069 this quarter. The notion of something this quarter 00:01:09.069 --> 00:01:09.869 this quarter. The notion of something this quarter is 00:01:09.869 --> 00:01:09.903 this quarter. The notion of something this quarter is how 00:01:09.903 --> 00:01:10.003 something this quarter is how 00:01:10.003 --> 00:01:10.103 something this quarter is how we 00:01:10.103 --> 00:01:10.503 something this quarter is how we think, 00:01:10.503 --> 00:01:10.570 something this quarter is how we think, and 00:01:10.570 --> 00:01:10.637 something this quarter is how we think, and it's 00:01:10.637 --> 00:01:10.770 something this quarter is how we think, and it's how 00:01:10.770 --> 00:01:10.804 something this quarter is how we think, and it's how money 00:01:10.804 --> 00:01:11.538 we think, and it's how money 00:01:11.538 --> 00:01:11.638 we think, and it's how money managers 00:01:11.638 --> 00:01:11.704 we think, and it's how money managers think. 00:01:11.704 --> 00:01:12.872 we think, and it's how money managers think. And 00:01:12.872 --> 00:01:12.939 we think, and it's how money managers think. And with 00:01:12.939 --> 00:01:12.972 we think, and it's how money managers think. And with Tim 00:01:12.972 --> 00:01:14.207 managers think. And with Tim 00:01:14.207 --> 00:01:14.240 managers think. And with Tim Cook 00:01:14.240 --> 00:01:14.841 managers think. And with Tim Cook in 00:01:14.841 --> 00:01:15.875 managers think. And with Tim Cook in Harrodsburg, 00:01:15.875 --> 00:01:15.909 managers think. And with Tim Cook in Harrodsburg, Kentucky, 00:01:15.909 --> 00:01:16.009 Cook in Harrodsburg, Kentucky, 00:01:16.009 --> 00:01:16.109 Cook in Harrodsburg, Kentucky, you 00:01:16.109 --> 00:01:16.609 Cook in Harrodsburg, Kentucky, you know, 00:01:16.609 --> 00:01:16.709 Cook in Harrodsburg, Kentucky, you know, you 00:01:16.709 --> 00:01:16.776 Cook in Harrodsburg, Kentucky, you know, you know, 00:01:16.776 --> 00:01:16.810 Cook in Harrodsburg, Kentucky, you know, you know, the 00:01:16.810 --> 00:01:17.744 you know, you know, the 00:01:17.744 --> 00:01:17.811 you know, you know, the valuation 00:01:17.811 --> 00:01:17.877 you know, you know, the valuation that 00:01:17.877 --> 00:01:18.478 you know, you know, the valuation that per 00:01:18.478 --> 00:01:18.545 you know, you know, the valuation that per quarter 00:01:18.545 --> 00:01:18.578 you know, you know, the valuation that per quarter is 00:01:18.578 --> 00:01:18.678 valuation that per quarter is 00:01:18.678 --> 00:01:18.745 valuation that per quarter is not 00:01:18.745 --> 00:01:19.846 valuation that per quarter is not the 00:01:19.846 --> 00:01:19.913 valuation that per quarter is not the way 00:01:19.913 --> 00:01:20.113 valuation that per quarter is not the way he's 00:01:20.113 --> 00:01:20.146 valuation that per quarter is not the way he's thinking. 00:01:20.146 --> 00:01:20.580 not the way he's thinking. 00:01:20.580 --> 00:01:20.647 not the way he's thinking. >> 00:01:20.647 --> 00:01:20.713 not the way he's thinking. >> No. 00:01:20.713 --> 00:01:21.681 not the way he's thinking. >> No. And 00:01:21.681 --> 00:01:21.815 not the way he's thinking. >> No. And there's 00:01:21.815 --> 00:01:21.915 not the way he's thinking. >> No. And there's there's 00:01:21.915 --> 00:01:21.948 not the way he's thinking. >> No. And there's there's long 00:01:21.948 --> 00:01:22.082 >> No. And there's there's long 00:01:22.082 --> 00:01:22.849 >> No. And there's there's long been 00:01:22.849 --> 00:01:22.916 >> No. And there's there's long been a 00:01:22.916 --> 00:01:22.949 >> No. And there's there's long been a lot 00:01:22.949 --> 00:01:23.083 >> No. And there's there's long been a lot of 00:01:23.083 --> 00:01:23.550 >> No. And there's there's long been a lot of people 00:01:23.550 --> 00:01:23.683 >> No. And there's there's long been a lot of people who 00:01:23.683 --> 00:01:23.716 >> No. And there's there's long been a lot of people who bemoan 00:01:23.716 --> 00:01:23.817 been a lot of people who bemoan 00:01:23.817 --> 00:01:23.917 been a lot of people who bemoan the 00:01:23.917 --> 00:01:24.851 been a lot of people who bemoan the fact 00:01:24.851 --> 00:01:24.884 been a lot of people who bemoan the fact that 00:01:24.884 --> 00:01:24.951 been a lot of people who bemoan the fact that we 00:01:24.951 --> 00:01:25.018 been a lot of people who bemoan the fact that we are 00:01:25.018 --> 00:01:25.585 been a lot of people who bemoan the fact that we are not 00:01:25.585 --> 00:01:25.618 been a lot of people who bemoan the fact that we are not long 00:01:25.618 --> 00:01:25.752 the fact that we are not long 00:01:25.752 --> 00:01:25.885 the fact that we are not long term 00:01:25.885 --> 00:01:25.919 the fact that we are not long term focused 00:01:25.919 --> 00:01:26.686 the fact that we are not long term focused in 00:01:26.686 --> 00:01:26.753 the fact that we are not long term focused in nature 00:01:26.753 --> 00:01:26.820 the fact that we are not long term focused in nature and 00:01:26.820 --> 00:01:26.853 the fact that we are not long term focused in nature and how 00:01:26.853 --> 00:01:27.053 term focused in nature and how 00:01:27.053 --> 00:01:27.821 term focused in nature and how difficult 00:01:27.821 --> 00:01:27.854 term focused in nature and how difficult it 00:01:27.854 --> 00:01:27.921 term focused in nature and how difficult it is 00:01:27.921 --> 00:01:27.954 term focused in nature and how difficult it is to 00:01:27.954 --> 00:01:28.755 term focused in nature and how difficult it is to be 00:01:28.755 --> 00:01:28.888 term focused in nature and how difficult it is to be a 00:01:28.888 --> 00:01:28.922 term focused in nature and how difficult it is to be a public 00:01:28.922 --> 00:01:29.089 difficult it is to be a public 00:01:29.089 --> 00:01:29.289 difficult it is to be a public company 00:01:29.289 --> 00:01:30.023 difficult it is to be a public company constantly 00:01:30.023 --> 00:01:30.056 difficult it is to be a public company constantly responding. 00:01:30.056 --> 00:01:30.156 company constantly responding. 00:01:30.156 --> 00:01:30.690 company constantly responding. And 00:01:30.690 --> 00:01:31.458 company constantly responding. And that 00:01:31.458 --> 00:01:31.524 company constantly responding. And that said, 00:01:31.524 --> 00:01:32.592 company constantly responding. And that said, what 00:01:32.592 --> 00:01:32.659 company constantly responding. And that said, what would 00:01:32.659 --> 00:01:32.692 company constantly responding. And that said, what would the 00:01:32.692 --> 00:01:32.826 And that said, what would the 00:01:32.826 --> 00:01:32.926 And that said, what would the world 00:01:32.926 --> 00:01:33.493 And that said, what would the world look 00:01:33.493 --> 00:01:33.560 And that said, what would the world look like? 00:01:33.560 --> 00:01:33.626 And that said, what would the world look like? And 00:01:33.626 --> 00:01:33.693 And that said, what would the world look like? And by 00:01:33.693 --> 00:01:34.694 And that said, what would the world look like? And by the 00:01:34.694 --> 00:01:34.727 And that said, what would the world look like? And by the way, 00:01:34.727 --> 00:01:34.794 world look like? And by the way, 00:01:34.794 --> 00:01:34.894 world look like? And by the way, I 00:01:34.894 --> 00:01:34.994 world look like? And by the way, I don't 00:01:34.994 --> 00:01:35.662 world look like? And by the way, I don't know 00:01:35.662 --> 00:01:35.695 world look like? And by the way, I don't know that 00:01:35.695 --> 00:01:35.862 world look like? And by the way, I don't know that it 00:01:35.862 --> 00:01:35.895 world look like? And by the way, I don't know that it matters, 00:01:35.895 --> 00:01:36.029 I don't know that it matters, 00:01:36.029 --> 00:01:36.830 I don't know that it matters, Carl, 00:01:36.830 --> 00:01:36.963 I don't know that it matters, Carl, that 00:01:36.963 --> 00:01:36.996 I don't know that it matters, Carl, that there's 00:01:36.996 --> 00:01:37.063 I don't know that it matters, Carl, that there's a 00:01:37.063 --> 00:01:37.464 I don't know that it matters, Carl, that there's a law 00:01:37.464 --> 00:01:37.497 I don't know that it matters, Carl, that there's a law or 00:01:37.497 --> 00:01:37.697 Carl, that there's a law or 00:01:37.697 --> 00:01:37.730 Carl, that there's a law or whatever 00:01:37.730 --> 00:01:37.831 Carl, that there's a law or whatever it 00:01:37.831 --> 00:01:38.598 Carl, that there's a law or whatever it might 00:01:38.598 --> 00:01:38.631 Carl, that there's a law or whatever it might be. 00:01:38.631 --> 00:01:38.731 whatever it might be. 00:01:38.731 --> 00:01:38.798 whatever it might be. >> 00:01:38.798 --> 00:01:38.932 whatever it might be. >> Who 00:01:38.932 --> 00:01:38.965 whatever it might be. >> Who cares? 00:01:38.965 --> 00:01:39.632 >> Who cares? 00:01:39.632 --> 00:01:39.766 >> Who cares? >> 00:01:39.766 --> 00:01:39.866 >> Who cares? >> Congress 00:01:39.866 --> 00:01:39.933 >> Who cares? >> Congress wants 00:01:39.933 --> 00:01:40.467 >> Who cares? >> Congress wants to 00:01:40.467 --> 00:01:40.500 >> Who cares? >> Congress wants to pass 00:01:40.500 --> 00:01:40.567 >> Who cares? >> Congress wants to pass a 00:01:40.567 --> 00:01:40.600 >> Who cares? >> Congress wants to pass a new 00:01:40.600 --> 00:01:40.733 >> Congress wants to pass a new 00:01:40.733 --> 00:01:41.901 >> Congress wants to pass a new law. 00:01:41.901 --> 00:01:42.035 >> Congress wants to pass a new law. They're 00:01:42.035 --> 00:01:42.102 >> Congress wants to pass a new law. They're welcome 00:01:42.102 --> 00:01:42.135 >> Congress wants to pass a new law. They're welcome to. 00:01:42.135 --> 00:01:42.235 law. They're welcome to. 00:01:42.235 --> 00:01:42.602 law. They're welcome to. >> 00:01:42.602 --> 00:01:42.669 law. They're welcome to. >> But 00:01:42.669 --> 00:01:42.735 law. They're welcome to. >> But how 00:01:42.735 --> 00:01:42.869 law. They're welcome to. >> But how many 00:01:42.869 --> 00:01:43.536 law. They're welcome to. >> But how many things 00:01:43.536 --> 00:01:43.603 law. They're welcome to. >> But how many things have 00:01:43.603 --> 00:01:43.636 law. They're welcome to. >> But how many things have we 00:01:43.636 --> 00:01:43.736 >> But how many things have we 00:01:43.736 --> 00:01:43.870 >> But how many things have we had 00:01:43.870 --> 00:01:44.671 >> But how many things have we had happen? 00:01:44.671 --> 00:01:44.771 >> But how many things have we had happen? And 00:01:44.771 --> 00:01:44.804 >> But how many things have we had happen? And maybe 00:01:44.804 --> 00:01:44.938 >> But how many things have we had happen? And maybe it 00:01:44.938 --> 00:01:44.971 >> But how many things have we had happen? And maybe it could 00:01:44.971 --> 00:01:45.438 had happen? And maybe it could 00:01:45.438 --> 00:01:45.472 had happen? And maybe it could be 00:01:45.472 --> 00:01:45.538 had happen? And maybe it could be on 00:01:45.538 --> 00:01:45.705 had happen? And maybe it could be on an 00:01:45.705 --> 00:01:46.539 had happen? And maybe it could be on an emergency 00:01:46.539 --> 00:01:46.606 had happen? And maybe it could be on an emergency power, 00:01:46.606 --> 00:01:46.639 had happen? And maybe it could be on an emergency power, I 00:01:46.639 --> 00:01:46.773 be on an emergency power, I 00:01:46.773 --> 00:01:46.873 be on an emergency power, I don't 00:01:46.873 --> 00:01:48.007 be on an emergency power, I don't know. 00:01:48.007 --> 00:01:48.074 be on an emergency power, I don't know. We 00:01:48.074 --> 00:01:48.141 be on an emergency power, I don't know. We need 00:01:48.141 --> 00:01:48.241 be on an emergency power, I don't know. We need we 00:01:48.241 --> 00:01:48.274 be on an emergency power, I don't know. We need we need 00:01:48.274 --> 00:01:48.608 don't know. We need we need 00:01:48.608 --> 00:01:48.808 don't know. We need we need emergency 00:01:48.808 --> 00:01:48.875 don't know. We need we need emergency elimination 00:01:48.875 --> 00:01:48.908 don't know. We need we need emergency elimination of 00:01:48.908 --> 00:01:49.109 emergency elimination of 00:01:49.109 --> 00:01:50.110 emergency elimination of quarterly 00:01:50.110 --> 00:01:50.143 emergency elimination of quarterly reports. 00:01:50.143 --> 00:01:50.243 quarterly reports. 00:01:50.243 --> 00:01:50.276 quarterly reports. >> 00:01:50.276 --> 00:01:50.477 quarterly reports. >> An 00:01:50.477 --> 00:01:50.543 quarterly reports. >> An emergency. 00:01:50.543 --> 00:01:50.610 quarterly reports. >> An emergency. Are 00:01:50.610 --> 00:01:50.643 quarterly reports. >> An emergency. Are you 00:01:50.643 --> 00:01:50.810 >> An emergency. Are you 00:01:50.810 --> 00:01:50.910 >> An emergency. Are you talking 00:01:50.910 --> 00:01:51.611 >> An emergency. Are you talking about 00:01:51.611 --> 00:01:51.711 >> An emergency. Are you talking about what? 00:01:51.711 --> 00:01:51.778 >> An emergency. Are you talking about what? Based 00:01:51.778 --> 00:01:51.811 >> An emergency. Are you talking about what? Based on 00:01:51.811 --> 00:01:51.945 talking about what? Based on 00:01:51.945 --> 00:01:52.645 talking about what? Based on what? 00:01:52.645 --> 00:01:52.712 talking about what? Based on what? Or 00:01:52.712 --> 00:01:52.779 talking about what? Based on what? Or are 00:01:52.779 --> 00:01:52.879 talking about what? Based on what? Or are you 00:01:52.879 --> 00:01:52.912 talking about what? Based on what? Or are you being 00:01:52.912 --> 00:01:53.646 what? Or are you being 00:01:53.646 --> 00:01:53.680 what? Or are you being facetious? 00:01:53.680 --> 00:01:53.780 facetious? 00:01:53.780 --> 00:01:53.847 facetious? >> 00:01:53.847 --> 00:01:53.913 facetious? >> I'm 00:01:53.913 --> 00:01:54.714 facetious? >> I'm just 00:01:54.714 --> 00:01:54.781 facetious? >> I'm just saying 00:01:54.781 --> 00:01:54.914 facetious? >> I'm just saying that 00:01:54.914 --> 00:01:54.948 facetious? >> I'm just saying that we've 00:01:54.948 --> 00:01:55.081 >> I'm just saying that we've 00:01:55.081 --> 00:01:55.849 >> I'm just saying that we've seen 00:01:55.849 --> 00:01:55.982 >> I'm just saying that we've seen other 00:01:55.982 --> 00:01:56.082 >> I'm just saying that we've seen other matters 00:01:56.082 --> 00:01:56.149 >> I'm just saying that we've seen other matters where 00:01:56.149 --> 00:01:56.182 >> I'm just saying that we've seen other matters where it 00:01:56.182 --> 00:01:56.883 seen other matters where it 00:01:56.883 --> 00:01:57.050 seen other matters where it would 00:01:57.050 --> 00:01:57.183 seen other matters where it would seemingly 00:01:57.183 --> 00:01:57.217 seen other matters where it would seemingly require 00:01:57.217 --> 00:01:57.617 seen other matters where it would seemingly require an 00:01:57.617 --> 00:01:57.650 seen other matters where it would seemingly require an act 00:01:57.650 --> 00:01:57.750 would seemingly require an act 00:01:57.750 --> 00:01:57.917 would seemingly require an act of 00:01:57.917 --> 00:01:57.984 would seemingly require an act of Congress, 00:01:57.984 --> 00:01:59.052 would seemingly require an act of Congress, but 00:01:59.052 --> 00:01:59.185 would seemingly require an act of Congress, but it 00:01:59.185 --> 00:01:59.252 would seemingly require an act of Congress, but it hasn't. 00:01:59.252 --> 00:01:59.285 would seemingly require an act of Congress, but it hasn't. So 00:01:59.285 --> 00:01:59.385 of Congress, but it hasn't. So 00:01:59.385 --> 00:01:59.519 of Congress, but it hasn't. So you 00:01:59.519 --> 00:01:59.586 of Congress, but it hasn't. So you can't 00:01:59.586 --> 00:01:59.652 of Congress, but it hasn't. So you can't not 00:01:59.652 --> 00:01:59.752 of Congress, but it hasn't. So you can't not take 00:01:59.752 --> 00:01:59.786 of Congress, but it hasn't. So you can't not take this 00:01:59.786 --> 00:02:00.487 you can't not take this 00:02:00.487 --> 00:02:00.587 you can't not take this seriously. 00:02:00.587 --> 00:02:00.687 you can't not take this seriously. What 00:02:00.687 --> 00:02:00.820 you can't not take this seriously. What would 00:02:00.820 --> 00:02:00.854 you can't not take this seriously. What would happen, 00:02:00.854 --> 00:02:01.554 seriously. What would happen, 00:02:01.554 --> 00:02:01.621 seriously. What would happen, Jim, 00:02:01.621 --> 00:02:01.654 seriously. What would happen, Jim, if 00:02:01.654 --> 00:02:02.655 seriously. What would happen, Jim, if we 00:02:02.655 --> 00:02:02.689 seriously. What would happen, Jim, if we went 00:02:02.689 --> 00:02:02.789 seriously. What would happen, Jim, if we went to 00:02:02.789 --> 00:02:03.990 seriously. What would happen, Jim, if we went to half 00:02:03.990 --> 00:02:04.023 seriously. What would happen, Jim, if we went to half yearly 00:02:04.023 --> 00:02:05.191 Jim, if we went to half yearly 00:02:05.191 --> 00:02:05.225 Jim, if we went to half yearly reporting? 00:02:05.225 --> 00:02:05.325 reporting? 00:02:05.325 --> 00:02:05.558 reporting? >> 00:02:05.558 --> 00:02:05.592 reporting? >> Candidly, 00:02:05.592 --> 00:02:06.659 reporting? >> Candidly, I 00:02:06.659 --> 00:02:06.693 reporting? >> Candidly, I think 00:02:06.693 --> 00:02:06.826 reporting? >> Candidly, I think it 00:02:06.826 --> 00:02:06.860 reporting? >> Candidly, I think it would 00:02:06.860 --> 00:02:06.960 >> Candidly, I think it would 00:02:06.960 --> 00:02:08.428 >> Candidly, I think it would be 00:02:08.428 --> 00:02:08.461 >> Candidly, I think it would be better. 00:02:08.461 --> 00:02:09.529 >> Candidly, I think it would be better. I 00:02:09.529 --> 00:02:09.629 >> Candidly, I think it would be better. I think 00:02:09.629 --> 00:02:09.696 >> Candidly, I think it would be better. I think we're 00:02:09.696 --> 00:02:09.729 >> Candidly, I think it would be better. I think we're too 00:02:09.729 --> 00:02:09.863 be better. I think we're too 00:02:09.863 --> 00:02:10.530 be better. I think we're too short 00:02:10.530 --> 00:02:10.663 be better. I think we're too short sighted. 00:02:10.663 --> 00:02:11.664 be better. I think we're too short sighted. Really? 00:02:11.664 --> 00:02:11.698 be better. I think we're too short sighted. Really? Yeah, 00:02:11.698 --> 00:02:11.731 be better. I think we're too short sighted. Really? Yeah, I 00:02:11.731 --> 00:02:11.898 short sighted. Really? Yeah, I 00:02:11.898 --> 00:02:11.965 short sighted. Really? Yeah, I really 00:02:11.965 --> 00:02:11.998 short sighted. Really? Yeah, I really do. 00:02:11.998 --> 00:02:12.432 really do. 00:02:12.432 --> 00:02:12.499 really do. >> 00:02:12.499 --> 00:02:12.565 really do. >> You 00:02:12.565 --> 00:02:12.665 really do. >> You feel 00:02:12.665 --> 00:02:13.433 really do. >> You feel like 00:02:13.433 --> 00:02:13.500 really do. >> You feel like you 00:02:13.500 --> 00:02:13.633 really do. >> You feel like you get 00:02:13.633 --> 00:02:13.666 really do. >> You feel like you get enough 00:02:13.666 --> 00:02:13.900 >> You feel like you get enough 00:02:13.900 --> 00:02:14.534 >> You feel like you get enough information 00:02:14.534 --> 00:02:14.734 >> You feel like you get enough information from 00:02:14.734 --> 00:02:14.767 >> You feel like you get enough information from companies? 00:02:14.767 --> 00:02:14.901 information from companies? 00:02:14.901 --> 00:02:15.001 information from companies? Where 00:02:15.001 --> 00:02:15.668 information from companies? Where would 00:02:15.668 --> 00:02:15.735 information from companies? Where would it 00:02:15.735 --> 00:02:15.869 information from companies? Where would it come 00:02:15.869 --> 00:02:15.902 information from companies? Where would it come from? 00:02:15.902 --> 00:02:16.002 Where would it come from? 00:02:16.002 --> 00:02:16.436 Where would it come from? >> 00:02:16.436 --> 00:02:16.503 Where would it come from? >> I 00:02:16.503 --> 00:02:16.603 Where would it come from? >> I just 00:02:16.603 --> 00:02:16.703 Where would it come from? >> I just think 00:02:16.703 --> 00:02:17.504 Where would it come from? >> I just think that 00:02:17.504 --> 00:02:17.537 Where would it come from? >> I just think that there's 00:02:17.537 --> 00:02:17.637 >> I just think that there's 00:02:17.637 --> 00:02:17.737 >> I just think that there's too 00:02:17.737 --> 00:02:17.904 >> I just think that there's too many 00:02:17.904 --> 00:02:18.638 >> I just think that there's too many companies 00:02:18.638 --> 00:02:18.671 >> I just think that there's too many companies trying 00:02:18.671 --> 00:02:18.738 >> I just think that there's too many companies trying to 00:02:18.738 --> 00:02:18.771 >> I just think that there's too many companies trying to do 00:02:18.771 --> 00:02:18.838 too many companies trying to do 00:02:18.838 --> 00:02:19.606 too many companies trying to do a 00:02:19.606 --> 00:02:19.672 too many companies trying to do a turn 00:02:19.672 --> 00:02:19.739 too many companies trying to do a turn and 00:02:19.739 --> 00:02:19.939 too many companies trying to do a turn and are 00:02:19.939 --> 00:02:20.773 too many companies trying to do a turn and are intimidated 00:02:20.773 --> 00:02:20.807 too many companies trying to do a turn and are intimidated by 00:02:20.807 --> 00:02:20.907 a turn and are intimidated by 00:02:20.907 --> 00:02:21.007 a turn and are intimidated by the 00:02:21.007 --> 00:02:21.141 a turn and are intimidated by the next 00:02:21.141 --> 00:02:21.541 a turn and are intimidated by the next quarter, 00:02:21.541 --> 00:02:21.674 a turn and are intimidated by the next quarter, that 00:02:21.674 --> 00:02:21.708 a turn and are intimidated by the next quarter, that people 00:02:21.708 --> 00:02:21.841 the next quarter, that people 00:02:21.841 --> 00:02:21.941 the next quarter, that people think 00:02:21.941 --> 00:02:22.509 the next quarter, that people think about 00:02:22.509 --> 00:02:22.575 the next quarter, that people think about the 00:02:22.575 --> 00:02:22.742 the next quarter, that people think about the next 00:02:22.742 --> 00:02:22.775 the next quarter, that people think about the next quarter. 00:02:22.775 --> 00:02:22.909 think about the next quarter. 00:02:22.909 --> 00:02:23.743 think about the next quarter. When 00:02:23.743 --> 00:02:23.810 think about the next quarter. When you 00:02:23.810 --> 00:02:23.910 think about the next quarter. When you deal 00:02:23.910 --> 00:02:23.943 think about the next quarter. When you deal with 00:02:23.943 --> 00:02:24.677 think about the next quarter. When you deal with a 00:02:24.677 --> 00:02:24.744 think about the next quarter. When you deal with a lot 00:02:24.744 --> 00:02:24.777 think about the next quarter. When you deal with a lot of 00:02:24.777 --> 00:02:25.011 When you deal with a lot of 00:02:25.011 --> 00:02:25.078 When you deal with a lot of companies, 00:02:25.078 --> 00:02:25.478 When you deal with a lot of companies, look 00:02:25.478 --> 00:02:25.645 When you deal with a lot of companies, look next 00:02:25.645 --> 00:02:25.678 When you deal with a lot of companies, look next quarter, 00:02:25.678 --> 00:02:25.812 companies, look next quarter, 00:02:25.812 --> 00:02:25.945 companies, look next quarter, next 00:02:25.945 --> 00:02:26.412 companies, look next quarter, next quarter 00:02:26.412 --> 00:02:26.479 companies, look next quarter, next quarter or 00:02:26.479 --> 00:02:26.513 companies, look next quarter, next quarter or this 00:02:26.513 --> 00:02:26.646 companies, look next quarter, next quarter or this I 00:02:26.646 --> 00:02:26.679 companies, look next quarter, next quarter or this I mean, 00:02:26.679 --> 00:02:27.847 next quarter or this I mean, 00:02:27.847 --> 00:02:27.881 next quarter or this I mean, it's 00:02:27.881 --> 00:02:27.947 next quarter or this I mean, it's a 00:02:27.947 --> 00:02:28.047 next quarter or this I mean, it's a very 00:02:28.047 --> 00:02:28.581 next quarter or this I mean, it's a very tough 00:02:28.581 --> 00:02:28.715 next quarter or this I mean, it's a very tough time 00:02:28.715 --> 00:02:28.748 next quarter or this I mean, it's a very tough time frame. 00:02:28.748 --> 00:02:28.882 it's a very tough time frame. 00:02:28.882 --> 00:02:28.982 it's a very tough time frame. Now, 00:02:28.982 --> 00:02:29.682 it's a very tough time frame. Now, look, 00:02:29.682 --> 00:02:29.749 it's a very tough time frame. Now, look, I 00:02:29.749 --> 00:02:29.816 it's a very tough time frame. Now, look, I used 00:02:29.816 --> 00:02:29.916 it's a very tough time frame. Now, look, I used to 00:02:29.916 --> 00:02:30.783 it's a very tough time frame. Now, look, I used to agree 00:02:30.783 --> 00:02:30.817 it's a very tough time frame. Now, look, I used to agree with 00:02:30.817 --> 00:02:30.984 Now, look, I used to agree with 00:02:30.984 --> 00:02:31.017 Now, look, I used to agree with Grove. 00:02:31.017 --> 00:02:31.084 Now, look, I used to agree with Grove. I 00:02:31.084 --> 00:02:31.451 Now, look, I used to agree with Grove. I now 00:02:31.451 --> 00:02:31.584 Now, look, I used to agree with Grove. I now find 00:02:31.584 --> 00:02:31.618 Now, look, I used to agree with Grove. I now find there's 00:02:31.618 --> 00:02:31.818 Grove. I now find there's 00:02:31.818 --> 00:02:31.918 Grove. I now find there's companies 00:02:31.918 --> 00:02:32.652 Grove. I now find there's companies that 00:02:32.652 --> 00:02:32.752 Grove. I now find there's companies that are 00:02:32.752 --> 00:02:32.819 Grove. I now find there's companies that are trying 00:02:32.819 --> 00:02:32.886 Grove. I now find there's companies that are trying to 00:02:32.886 --> 00:02:32.919 Grove. I now find there's companies that are trying to do 00:02:32.919 --> 00:02:33.453 companies that are trying to do 00:02:33.453 --> 00:02:33.520 companies that are trying to do long 00:02:33.520 --> 00:02:33.686 companies that are trying to do long term 00:02:33.686 --> 00:02:33.753 companies that are trying to do long term thinking, 00:02:33.753 --> 00:02:34.521 companies that are trying to do long term thinking, and 00:02:34.521 --> 00:02:34.554 companies that are trying to do long term thinking, and they're 00:02:34.554 --> 00:02:34.687 long term thinking, and they're 00:02:34.687 --> 00:02:34.821 long term thinking, and they're just 00:02:34.821 --> 00:02:35.455 long term thinking, and they're just whacked 00:02:35.455 --> 00:02:35.522 long term thinking, and they're just whacked by 00:02:35.522 --> 00:02:35.688 long term thinking, and they're just whacked by the 00:02:35.688 --> 00:02:35.722 long term thinking, and they're just whacked by the quarter. 00:02:35.722 --> 00:02:36.856 just whacked by the quarter. 00:02:36.856 --> 00:02:36.890 just whacked by the quarter. Whacked 00:02:36.890 --> 00:02:36.956 just whacked by the quarter. Whacked I 00:02:36.956 --> 00:02:37.790 just whacked by the quarter. Whacked I mean 00:02:37.790 --> 00:02:37.857 just whacked by the quarter. Whacked I mean look 00:02:37.857 --> 00:02:37.991 just whacked by the quarter. Whacked I mean look even 00:02:37.991 --> 00:02:38.024 just whacked by the quarter. Whacked I mean look even today 00:02:38.024 --> 00:02:38.424 Whacked I mean look even today 00:02:38.424 --> 00:02:38.458 Whacked I mean look even today upgraded 00:02:38.458 --> 00:02:39.492 Whacked I mean look even today upgraded by 00:02:39.492 --> 00:02:39.592 Whacked I mean look even today upgraded by Melius 00:02:39.592 --> 00:02:39.659 Whacked I mean look even today upgraded by Melius okay. 00:02:39.659 --> 00:02:40.460 Whacked I mean look even today upgraded by Melius okay. Now 00:02:40.460 --> 00:02:40.493 Whacked I mean look even today upgraded by Melius okay. Now he 00:02:40.493 --> 00:02:40.627 upgraded by Melius okay. Now he 00:02:40.627 --> 00:02:40.793 upgraded by Melius okay. Now he does 00:02:40.793 --> 00:02:41.761 upgraded by Melius okay. Now he does electrical 00:02:41.761 --> 00:02:41.794 upgraded by Melius okay. Now he does electrical transformation. 00:02:41.794 --> 00:02:41.928 does electrical transformation. 00:02:41.928 --> 00:02:42.595 does electrical transformation. They 00:02:42.595 --> 00:02:42.729 does electrical transformation. They have. 00:02:42.729 --> 00:02:42.862 does electrical transformation. They have. They're 00:02:42.862 --> 00:02:42.929 does electrical transformation. They have. They're building 00:02:42.929 --> 00:02:42.962 does electrical transformation. They have. They're building a 00:02:42.962 --> 00:02:43.429 They have. They're building a 00:02:43.429 --> 00:02:43.530 They have. They're building a new 00:02:43.530 --> 00:02:43.630 They have. They're building a new plant. 00:02:43.630 --> 00:02:43.696 They have. They're building a new plant. They 00:02:43.696 --> 00:02:44.430 They have. They're building a new plant. They have 00:02:44.430 --> 00:02:44.531 They have. They're building a new plant. They have to 00:02:44.531 --> 00:02:44.564 They have. They're building a new plant. They have to make 00:02:44.564 --> 00:02:44.697 new plant. They have to make 00:02:44.697 --> 00:02:45.532 new plant. They have to make more 00:02:45.532 --> 00:02:45.598 new plant. They have to make more capacity. 00:02:45.598 --> 00:02:45.698 new plant. They have to make more capacity. The 00:02:45.698 --> 00:02:45.732 new plant. They have to make more capacity. The plant 00:02:45.732 --> 00:02:45.899 more capacity. The plant 00:02:45.899 --> 00:02:46.633 more capacity. The plant doesn't 00:02:46.633 --> 00:02:46.666 more capacity. The plant doesn't come 00:02:46.666 --> 00:02:46.766 more capacity. The plant doesn't come on 00:02:46.766 --> 00:02:46.866 more capacity. The plant doesn't come on time. 00:02:46.866 --> 00:02:46.900 more capacity. The plant doesn't come on time. Next 00:02:46.900 --> 00:02:48.301 doesn't come on time. Next 00:02:48.301 --> 00:02:48.368 doesn't come on time. Next thing 00:02:48.368 --> 00:02:48.468 doesn't come on time. Next thing you 00:02:48.468 --> 00:02:48.635 doesn't come on time. Next thing you know, 00:02:48.635 --> 00:02:48.668 doesn't come on time. Next thing you know, everyone 00:02:48.668 --> 00:02:48.902 thing you know, everyone 00:02:48.902 --> 00:02:48.968 thing you know, everyone downgrades, 00:02:48.968 --> 00:02:49.102 thing you know, everyone downgrades, you 00:02:49.102 --> 00:02:49.135 thing you know, everyone downgrades, you know. 00:02:49.135 --> 00:02:49.235 downgrades, you know. 00:02:49.235 --> 00:02:49.502 downgrades, you know. >> 00:02:49.502 --> 00:02:49.569 downgrades, you know. >> But 00:02:49.569 --> 00:02:49.636 downgrades, you know. >> But how 00:02:49.636 --> 00:02:49.702 downgrades, you know. >> But how are 00:02:49.702 --> 00:02:50.603 downgrades, you know. >> But how are you 00:02:50.603 --> 00:02:50.670 downgrades, you know. >> But how are you supposed 00:02:50.670 --> 00:02:50.703 downgrades, you know. >> But how are you supposed to 00:02:50.703 --> 00:02:50.837 >> But how are you supposed to 00:02:50.837 --> 00:02:50.870 >> But how are you supposed to have 00:02:50.870 --> 00:02:51.704 >> But how are you supposed to have a 00:02:51.704 --> 00:02:51.738 >> But how are you supposed to have a sense 00:02:51.738 --> 00:02:51.804 >> But how are you supposed to have a sense as 00:02:51.804 --> 00:02:51.871 >> But how are you supposed to have a sense as to 00:02:51.871 --> 00:02:52.772 >> But how are you supposed to have a sense as to how 00:02:52.772 --> 00:02:52.805 >> But how are you supposed to have a sense as to how a 00:02:52.805 --> 00:02:53.006 have a sense as to how a 00:02:53.006 --> 00:02:53.039 have a sense as to how a company. 00:02:53.039 --> 00:02:53.139 have a sense as to how a company. I 00:02:53.139 --> 00:02:53.439 have a sense as to how a company. I mean, 00:02:53.439 --> 00:02:53.540 have a sense as to how a company. I mean, six 00:02:53.540 --> 00:02:53.606 have a sense as to how a company. I mean, six months 00:02:53.606 --> 00:02:53.640 have a sense as to how a company. I mean, six months is 00:02:53.640 --> 00:02:53.706 company. I mean, six months is 00:02:53.706 --> 00:02:54.841 company. I mean, six months is a 00:02:54.841 --> 00:02:54.908 company. I mean, six months is a fairly 00:02:54.908 --> 00:02:55.008 company. I mean, six months is a fairly long 00:02:55.008 --> 00:02:55.074 company. I mean, six months is a fairly long time, 00:02:55.074 --> 00:02:55.675 company. I mean, six months is a fairly long time, by 00:02:55.675 --> 00:02:55.775 company. I mean, six months is a fairly long time, by the 00:02:55.775 --> 00:02:55.808 company. I mean, six months is a fairly long time, by the way. 00:02:55.808 --> 00:02:55.909 a fairly long time, by the way. 00:02:55.909 --> 00:02:56.109 a fairly long time, by the way. The 00:02:56.109 --> 00:02:56.776 a fairly long time, by the way. The volatility 00:02:56.776 --> 00:02:56.876 a fairly long time, by the way. The volatility you 00:02:56.876 --> 00:02:56.910 a fairly long time, by the way. The volatility you could 00:02:56.910 --> 00:02:57.076 The volatility you could 00:02:57.076 --> 00:02:57.443 The volatility you could imagine 00:02:57.443 --> 00:02:57.577 The volatility you could imagine around 00:02:57.577 --> 00:02:57.710 The volatility you could imagine around earnings 00:02:57.710 --> 00:02:57.744 The volatility you could imagine around earnings season 00:02:57.744 --> 00:02:58.578 imagine around earnings season 00:02:58.578 --> 00:02:58.611 imagine around earnings season would 00:02:58.611 --> 00:02:58.778 imagine around earnings season would be 00:02:58.778 --> 00:02:59.646 imagine around earnings season would be enormous, 00:02:59.646 --> 00:02:59.712 imagine around earnings season would be enormous, given 00:02:59.712 --> 00:02:59.746 imagine around earnings season would be enormous, given you 00:02:59.746 --> 00:02:59.879 would be enormous, given you 00:02:59.879 --> 00:02:59.946 would be enormous, given you might 00:02:59.946 --> 00:03:00.680 would be enormous, given you might not 00:03:00.680 --> 00:03:00.780 would be enormous, given you might not have 00:03:00.780 --> 00:03:00.847 would be enormous, given you might not have heard 00:03:00.847 --> 00:03:00.980 would be enormous, given you might not have heard from 00:03:00.980 --> 00:03:01.014 would be enormous, given you might not have heard from these 00:03:01.014 --> 00:03:01.714 might not have heard from these 00:03:01.714 --> 00:03:01.814 might not have heard from these companies 00:03:01.814 --> 00:03:01.948 might not have heard from these companies unless 00:03:01.948 --> 00:03:02.081 might not have heard from these companies unless they're 00:03:02.081 --> 00:03:02.115 might not have heard from these companies unless they're going 00:03:02.115 --> 00:03:02.582 companies unless they're going 00:03:02.582 --> 00:03:02.782 companies unless they're going to 00:03:02.782 --> 00:03:02.849 companies unless they're going to conferences 00:03:02.849 --> 00:03:02.982 companies unless they're going to conferences and 00:03:02.982 --> 00:03:03.550 companies unless they're going to conferences and sharing 00:03:03.550 --> 00:03:03.583 companies unless they're going to conferences and sharing more. 00:03:03.583 --> 00:03:03.683 to conferences and sharing more. 00:03:03.683 --> 00:03:03.783 to conferences and sharing more. But 00:03:03.783 --> 00:03:05.018 to conferences and sharing more. But they 00:03:05.018 --> 00:03:05.084 to conferences and sharing more. But they got 00:03:05.084 --> 00:03:05.151 to conferences and sharing more. But they got reg 00:03:05.151 --> 00:03:05.218 to conferences and sharing more. But they got reg FD. 00:03:05.218 --> 00:03:05.785 to conferences and sharing more. But they got reg FD. They 00:03:05.785 --> 00:03:05.818 to conferences and sharing more. But they got reg FD. They might. 00:03:05.818 --> 00:03:05.919 But they got reg FD. They might. 00:03:05.919 --> 00:03:06.052 But they got reg FD. They might. Who 00:03:06.052 --> 00:03:06.085 But they got reg FD. They might. Who knows. 00:03:06.085 --> 00:03:06.553 Who knows. 00:03:06.553 --> 00:03:06.653 Who knows. >> 00:03:06.653 --> 00:03:06.753 Who knows. >> That's 00:03:06.753 --> 00:03:06.819 Who knows. >> That's what 00:03:06.819 --> 00:03:07.587 Who knows. >> That's what I'm 00:03:07.587 --> 00:03:07.620 Who knows. >> That's what I'm thinking 00:03:07.620 --> 00:03:07.754 >> That's what I'm thinking 00:03:07.754 --> 00:03:07.820 >> That's what I'm thinking that 00:03:07.820 --> 00:03:07.921 >> That's what I'm thinking that you 00:03:07.921 --> 00:03:09.022 >> That's what I'm thinking that you would 00:03:09.022 --> 00:03:09.055 >> That's what I'm thinking that you would just 00:03:09.055 --> 00:03:09.155 >> That's what I'm thinking that you would just do 00:03:09.155 --> 00:03:09.189 >> That's what I'm thinking that you would just do like 00:03:09.189 --> 00:03:09.355 that you would just do like 00:03:09.355 --> 00:03:09.656 that you would just do like there's 00:03:09.656 --> 00:03:09.756 that you would just do like there's a 00:03:09.756 --> 00:03:09.956 that you would just do like there's a Laguna 00:03:09.956 --> 00:03:09.989 that you would just do like there's a Laguna conference 00:03:09.989 --> 00:03:10.156 there's a Laguna conference 00:03:10.156 --> 00:03:10.723 there's a Laguna conference Morgan 00:03:10.723 --> 00:03:10.790 there's a Laguna conference Morgan Stanley 00:03:10.790 --> 00:03:10.857 there's a Laguna conference Morgan Stanley has 00:03:10.857 --> 00:03:11.891 there's a Laguna conference Morgan Stanley has and 00:03:11.891 --> 00:03:11.958 there's a Laguna conference Morgan Stanley has and they 00:03:11.958 --> 00:03:11.991 there's a Laguna conference Morgan Stanley has and they let 00:03:11.991 --> 00:03:12.125 Morgan Stanley has and they let 00:03:12.125 --> 00:03:12.926 Morgan Stanley has and they let them 00:03:12.926 --> 00:03:13.026 Morgan Stanley has and they let them talk 00:03:13.026 --> 00:03:13.092 Morgan Stanley has and they let them talk during 00:03:13.092 --> 00:03:14.060 Morgan Stanley has and they let them talk during the 00:03:14.060 --> 00:03:14.093 Morgan Stanley has and they let them talk during the period. 00:03:14.093 --> 00:03:14.194 them talk during the period. 00:03:14.194 --> 00:03:14.294 them talk during the period. Let 00:03:14.294 --> 00:03:15.061 them talk during the period. Let them 00:03:15.061 --> 00:03:15.161 them talk during the period. Let them talk, 00:03:15.161 --> 00:03:15.228 them talk during the period. Let them talk, make 00:03:15.228 --> 00:03:15.528 them talk during the period. Let them talk, make the 00:03:15.528 --> 00:03:15.562 them talk during the period. Let them talk, make the quiet 00:03:15.562 --> 00:03:15.662 Let them talk, make the quiet 00:03:15.662 --> 00:03:16.462 Let them talk, make the quiet the 00:03:16.462 --> 00:03:16.596 Let them talk, make the quiet the quiet 00:03:16.596 --> 00:03:16.696 Let them talk, make the quiet the quiet period. 00:03:16.696 --> 00:03:17.664 Let them talk, make the quiet the quiet period. Maybe 00:03:17.664 --> 00:03:17.697 Let them talk, make the quiet the quiet period. Maybe the 00:03:17.697 --> 00:03:17.830 the quiet period. Maybe the 00:03:17.830 --> 00:03:17.897 the quiet period. Maybe the last 00:03:17.897 --> 00:03:18.031 the quiet period. Maybe the last six 00:03:18.031 --> 00:03:18.998 the quiet period. Maybe the last six months, 00:03:18.998 --> 00:03:19.132 the quiet period. Maybe the last six months, six 00:03:19.132 --> 00:03:19.165 the quiet period. Maybe the last six months, six weeks. 00:03:19.165 --> 00:03:19.299 last six months, six weeks. 00:03:19.299 --> 00:03:19.365 last six months, six weeks. Look, 00:03:19.365 --> 00:03:19.566 last six months, six weeks. Look, I'm 00:03:19.566 --> 00:03:19.632 last six months, six weeks. Look, I'm saying 00:03:19.632 --> 00:03:19.766 last six months, six weeks. Look, I'm saying it's 00:03:19.766 --> 00:03:19.799 last six months, six weeks. Look, I'm saying it's better 00:03:19.799 --> 00:03:19.899 Look, I'm saying it's better 00:03:19.899 --> 00:03:20.500 Look, I'm saying it's better for 00:03:20.500 --> 00:03:20.567 Look, I'm saying it's better for them. 00:03:20.567 --> 00:03:21.634 Look, I'm saying it's better for them. For 00:03:21.634 --> 00:03:21.701 Look, I'm saying it's better for them. For us. 00:03:21.701 --> 00:03:21.734 Look, I'm saying it's better for them. For us. No. 00:03:21.734 --> 00:03:21.834 for them. For us. No. 00:03:21.834 --> 00:03:22.669 for them. For us. No. >> 00:03:22.669 --> 00:03:22.735 for them. For us. No. >> I 00:03:22.735 --> 00:03:22.802 for them. For us. No. >> I can 00:03:22.802 --> 00:03:22.902 for them. For us. No. >> I can say 00:03:22.902 --> 00:03:23.736 for them. For us. No. >> I can say you're 00:03:23.736 --> 00:03:23.770 for them. For us. No. >> I can say you're normally 00:03:23.770 --> 00:03:23.937 >> I can say you're normally 00:03:23.937 --> 00:03:24.070 >> I can say you're normally you're 00:03:24.070 --> 00:03:24.103 >> I can say you're normally you're normally 00:03:24.103 --> 00:03:24.437 >> I can say you're normally you're normally a 00:03:24.437 --> 00:03:24.504 >> I can say you're normally you're normally a voice 00:03:24.504 --> 00:03:24.571 >> I can say you're normally you're normally a voice for 00:03:24.571 --> 00:03:24.604 >> I can say you're normally you're normally a voice for the 00:03:24.604 --> 00:03:25.538 you're normally a voice for the 00:03:25.538 --> 00:03:25.638 you're normally a voice for the shareholder. 00:03:25.638 --> 00:03:25.705 you're normally a voice for the shareholder. Yeah. 00:03:25.705 --> 00:03:26.873 you're normally a voice for the shareholder. Yeah. And 00:03:26.873 --> 00:03:27.006 you're normally a voice for the shareholder. Yeah. And I 00:03:27.006 --> 00:03:27.040 you're normally a voice for the shareholder. Yeah. And I assume 00:03:27.040 --> 00:03:27.140 shareholder. Yeah. And I assume 00:03:27.140 --> 00:03:27.207 shareholder. Yeah. And I assume for 00:03:27.207 --> 00:03:27.707 shareholder. Yeah. And I assume for the 00:03:27.707 --> 00:03:27.807 shareholder. Yeah. And I assume for the shareholder 00:03:27.807 --> 00:03:27.907 shareholder. Yeah. And I assume for the shareholder you'd 00:03:27.907 --> 00:03:27.941 shareholder. Yeah. And I assume for the shareholder you'd want 00:03:27.941 --> 00:03:28.074 for the shareholder you'd want 00:03:28.074 --> 00:03:28.808 for the shareholder you'd want more 00:03:28.808 --> 00:03:29.008 for the shareholder you'd want more high 00:03:29.008 --> 00:03:29.042 for the shareholder you'd want more high frequency. 00:03:29.042 --> 00:03:29.142 more high frequency. 00:03:29.142 --> 00:03:29.175 more high frequency. >> 00:03:29.175 --> 00:03:29.442 more high frequency. >> I 00:03:29.442 --> 00:03:29.509 more high frequency. >> I want 00:03:29.509 --> 00:03:29.576 more high frequency. >> I want all 00:03:29.576 --> 00:03:29.776 more high frequency. >> I want all the 00:03:29.776 --> 00:03:29.809 more high frequency. >> I want all the information 00:03:29.809 --> 00:03:30.543 >> I want all the information 00:03:30.543 --> 00:03:30.610 >> I want all the information possible. 00:03:30.610 --> 00:03:30.643 >> I want all the information possible. If 00:03:30.643 --> 00:03:30.710 >> I want all the information possible. If I 00:03:30.710 --> 00:03:31.611 >> I want all the information possible. If I were 00:03:31.611 --> 00:03:31.678 >> I want all the information possible. If I were a 00:03:31.678 --> 00:03:31.744 >> I want all the information possible. If I were a CEO, 00:03:31.744 --> 00:03:31.778 >> I want all the information possible. If I were a CEO, I 00:03:31.778 --> 00:03:31.911 possible. If I were a CEO, I 00:03:31.911 --> 00:03:32.812 possible. If I were a CEO, I would 00:03:32.812 --> 00:03:32.979 possible. If I were a CEO, I would be 00:03:32.979 --> 00:03:33.046 possible. If I were a CEO, I would be welcoming 00:03:33.046 --> 00:03:33.213 possible. If I were a CEO, I would be welcoming this 00:03:33.213 --> 00:03:33.246 possible. If I were a CEO, I would be welcoming this because 00:03:33.246 --> 00:03:33.446 would be welcoming this because 00:03:33.446 --> 00:03:33.479 would be welcoming this because it 00:03:33.479 --> 00:03:33.546 would be welcoming this because it is 00:03:33.546 --> 00:03:35.215 would be welcoming this because it is so 00:03:35.215 --> 00:03:35.248 would be welcoming this because it is so hard 00:03:35.248 --> 00:03:35.315 would be welcoming this because it is so hard to 00:03:35.315 --> 00:03:35.815 would be welcoming this because it is so hard to do 00:03:35.815 --> 00:03:35.982 would be welcoming this because it is so hard to do a 00:03:35.982 --> 00:03:36.015 would be welcoming this because it is so hard to do a quarterly 00:03:36.015 --> 00:03:36.616 it is so hard to do a quarterly 00:03:36.616 --> 00:03:36.716 it is so hard to do a quarterly look. 00:03:36.716 --> 00:03:36.849 it is so hard to do a quarterly look. Warren 00:03:36.849 --> 00:03:36.916 it is so hard to do a quarterly look. Warren Buffett 00:03:36.916 --> 00:03:37.617 it is so hard to do a quarterly look. Warren Buffett is 00:03:37.617 --> 00:03:37.650 it is so hard to do a quarterly look. Warren Buffett is the 00:03:37.650 --> 00:03:37.784 look. Warren Buffett is the 00:03:37.784 --> 00:03:37.850 look. Warren Buffett is the only 00:03:37.850 --> 00:03:38.484 look. Warren Buffett is the only guy 00:03:38.484 --> 00:03:38.685 look. Warren Buffett is the only guy who's 00:03:38.685 --> 00:03:38.751 look. Warren Buffett is the only guy who's transcended 00:03:38.751 --> 00:03:38.785 look. Warren Buffett is the only guy who's transcended the 00:03:38.785 --> 00:03:39.619 only guy who's transcended the 00:03:39.619 --> 00:03:39.652 only guy who's transcended the quarter. 00:03:39.652 --> 00:03:39.719 only guy who's transcended the quarter. No 00:03:39.719 --> 00:03:39.819 only guy who's transcended the quarter. No one 00:03:39.819 --> 00:03:41.020 only guy who's transcended the quarter. No one cares 00:03:41.020 --> 00:03:41.054 only guy who's transcended the quarter. No one cares about 00:03:41.054 --> 00:03:41.187 quarter. No one cares about 00:03:41.187 --> 00:03:41.321 quarter. No one cares about this 00:03:41.321 --> 00:03:42.021 quarter. No one cares about this quarter. 00:03:42.021 --> 00:03:42.121 quarter. No one cares about this quarter. It's 00:03:42.121 --> 00:03:42.155 quarter. No one cares about this quarter. It's like 00:03:42.155 --> 00:03:42.755 this quarter. It's like 00:03:42.755 --> 00:03:42.822 this quarter. It's like meaningless, 00:03:42.822 --> 00:03:42.989 this quarter. It's like meaningless, but 00:03:42.989 --> 00:03:43.656 this quarter. It's like meaningless, but everybody 00:03:43.656 --> 00:03:43.690 this quarter. It's like meaningless, but everybody else 00:03:43.690 --> 00:03:43.790 meaningless, but everybody else 00:03:43.790 --> 00:03:44.757 meaningless, but everybody else is 00:03:44.757 --> 00:03:44.791 meaningless, but everybody else is hostage. 00:03:44.791 --> 00:03:44.857 meaningless, but everybody else is hostage. So 00:03:44.857 --> 00:03:46.059 meaningless, but everybody else is hostage. So if 00:03:46.059 --> 00:03:46.125 meaningless, but everybody else is hostage. So if I 00:03:46.125 --> 00:03:46.226 meaningless, but everybody else is hostage. So if I were 00:03:46.226 --> 00:03:46.259 meaningless, but everybody else is hostage. So if I were CEO, 00:03:46.259 --> 00:03:46.359 is hostage. So if I were CEO, 00:03:46.359 --> 00:03:46.726 is hostage. So if I were CEO, I'd 00:03:46.726 --> 00:03:46.793 is hostage. So if I were CEO, I'd want 00:03:46.793 --> 00:03:46.859 is hostage. So if I were CEO, I'd want that 00:03:46.859 --> 00:03:47.493 is hostage. So if I were CEO, I'd want that as 00:03:47.493 --> 00:03:47.527 is hostage. So if I were CEO, I'd want that as a 00:03:47.527 --> 00:03:47.627 is hostage. So if I were CEO, I'd want that as a I 00:03:47.627 --> 00:03:47.727 is hostage. So if I were CEO, I'd want that as a I would 00:03:47.727 --> 00:03:47.760 is hostage. So if I were CEO, I'd want that as a I would tell 00:03:47.760 --> 00:03:48.561 I'd want that as a I would tell 00:03:48.561 --> 00:03:48.628 I'd want that as a I would tell you, 00:03:48.628 --> 00:03:48.761 I'd want that as a I would tell you, as 00:03:48.761 --> 00:03:49.696 I'd want that as a I would tell you, as someone 00:03:49.696 --> 00:03:49.896 I'd want that as a I would tell you, as someone who's 00:03:49.896 --> 00:03:49.929 I'd want that as a I would tell you, as someone who's reporting, 00:03:49.929 --> 00:03:50.763 you, as someone who's reporting, 00:03:50.763 --> 00:03:50.830 you, as someone who's reporting, I 00:03:50.830 --> 00:03:50.997 you, as someone who's reporting, I want 00:03:50.997 --> 00:03:51.097 you, as someone who's reporting, I want something 00:03:51.097 --> 00:03:51.831 you, as someone who's reporting, I want something every 00:03:51.831 --> 00:03:51.931 you, as someone who's reporting, I want something every day 00:03:51.931 --> 00:03:51.965 you, as someone who's reporting, I want something every day from 00:03:51.965 --> 00:03:52.098 I want something every day from 00:03:52.098 --> 00:03:52.465 I want something every day from these 00:03:52.465 --> 00:03:52.532 I want something every day from these guys. 00:03:52.532 --> 00:03:52.565 I want something every day from these guys. But 00:03:52.565 --> 00:03:53.566 I want something every day from these guys. But I 00:03:53.566 --> 00:03:53.633 I want something every day from these guys. But I am 00:03:53.633 --> 00:03:53.666 I want something every day from these guys. But I am not 00:03:53.666 --> 00:03:53.900 these guys. But I am not 00:03:53.900 --> 00:03:54.634 these guys. But I am not dismissive 00:03:54.634 --> 00:03:54.701 these guys. But I am not dismissive of 00:03:54.701 --> 00:03:54.767 these guys. But I am not dismissive of what 00:03:54.767 --> 00:03:55.802 these guys. But I am not dismissive of what the 00:03:55.802 --> 00:03:55.835 these guys. But I am not dismissive of what the CEOs 00:03:55.835 --> 00:03:55.969 dismissive of what the CEOs 00:03:55.969 --> 00:03:56.069 dismissive of what the CEOs might 00:03:56.069 --> 00:03:56.202 dismissive of what the CEOs might want, 00:03:56.202 --> 00:03:56.536 dismissive of what the CEOs might want, because 00:03:56.536 --> 00:03:56.603 dismissive of what the CEOs might want, because I 00:03:56.603 --> 00:03:56.669 dismissive of what the CEOs might want, because I have 00:03:56.669 --> 00:03:56.703 dismissive of what the CEOs might want, because I have to 00:03:56.703 --> 00:03:56.836 might want, because I have to 00:03:56.836 --> 00:03:57.537 might want, because I have to think 00:03:57.537 --> 00:03:57.604 might want, because I have to think of 00:03:57.604 --> 00:03:57.670 might want, because I have to think of what 00:03:57.670 --> 00:03:57.904 might want, because I have to think of what the 00:03:57.904 --> 00:03:57.937 might want, because I have to think of what the president's 00:03:57.937 --> 00:03:58.605 think of what the president's 00:03:58.605 --> 00:03:58.671 think of what the president's thinking. 00:03:58.671 --> 00:03:58.738 think of what the president's thinking. He 00:03:58.738 --> 00:03:58.805 think of what the president's thinking. He may 00:03:58.805 --> 00:03:59.739 think of what the president's thinking. He may not 00:03:59.739 --> 00:03:59.806 think of what the president's thinking. He may not be 00:03:59.806 --> 00:03:59.839 think of what the president's thinking. He may not be as 00:03:59.839 --> 00:04:00.039 thinking. He may not be as 00:04:00.039 --> 00:04:00.139 thinking. He may not be as oriented 00:04:00.139 --> 00:04:00.773 thinking. He may not be as oriented toward 00:04:00.773 --> 00:04:01.007 thinking. He may not be as oriented toward the 00:04:01.007 --> 00:04:01.040 thinking. He may not be as oriented toward the shareholder, 00:04:01.040 --> 00:04:01.174 oriented toward the shareholder, 00:04:01.174 --> 00:04:01.307 oriented toward the shareholder, more 00:04:01.307 --> 00:04:01.507 oriented toward the shareholder, more oriented 00:04:01.507 --> 00:04:01.541 oriented toward the shareholder, more oriented toward. 00:04:01.541 --> 00:04:01.641 more oriented toward. 00:04:01.641 --> 00:04:01.708 more oriented toward. >> 00:04:01.708 --> 00:04:01.774 more oriented toward. >> It's 00:04:01.774 --> 00:04:02.609 more oriented toward. >> It's not 00:04:02.609 --> 00:04:02.709 more oriented toward. >> It's not the 00:04:02.709 --> 00:04:02.775 more oriented toward. >> It's not the first 00:04:02.775 --> 00:04:02.875 more oriented toward. >> It's not the first time 00:04:02.875 --> 00:04:02.909 more oriented toward. >> It's not the first time this 00:04:02.909 --> 00:04:03.610 >> It's not the first time this 00:04:03.610 --> 00:04:03.676 >> It's not the first time this has 00:04:03.676 --> 00:04:03.743 >> It's not the first time this has come 00:04:03.743 --> 00:04:03.843 >> It's not the first time this has come up, 00:04:03.843 --> 00:04:04.811 >> It's not the first time this has come up, Carl. 00:04:04.811 --> 00:04:04.911 >> It's not the first time this has come up, Carl. I 00:04:04.911 --> 00:04:04.978 >> It's not the first time this has come up, Carl. I mean, 00:04:04.978 --> 00:04:05.011 >> It's not the first time this has come up, Carl. I mean, Jay 00:04:05.011 --> 00:04:05.178 has come up, Carl. I mean, Jay 00:04:05.178 --> 00:04:05.411 has come up, Carl. I mean, Jay Clayton 00:04:05.411 --> 00:04:05.478 has come up, Carl. I mean, Jay Clayton under 00:04:05.478 --> 00:04:05.612 has come up, Carl. I mean, Jay Clayton under Jay 00:04:05.612 --> 00:04:05.678 has come up, Carl. I mean, Jay Clayton under Jay Clayton, 00:04:05.678 --> 00:04:05.712 has come up, Carl. I mean, Jay Clayton under Jay Clayton, it 00:04:05.712 --> 00:04:06.579 Clayton under Jay Clayton, it 00:04:06.579 --> 00:04:06.746 Clayton under Jay Clayton, it was 00:04:06.746 --> 00:04:06.779 Clayton under Jay Clayton, it was discussed 00:04:06.779 --> 00:04:06.879 Clayton under Jay Clayton, it was discussed as 00:04:06.879 --> 00:04:07.714 Clayton under Jay Clayton, it was discussed as well. 00:04:07.714 --> 00:04:07.780 Clayton under Jay Clayton, it was discussed as well. He 00:04:07.780 --> 00:04:07.814 Clayton under Jay Clayton, it was discussed as well. He may 00:04:07.814 --> 00:04:07.947 was discussed as well. He may 00:04:07.947 --> 00:04:08.014 was discussed as well. He may push 00:04:08.014 --> 00:04:08.414 was discussed as well. He may push back 00:04:08.414 --> 00:04:08.448 was discussed as well. He may push back on 00:04:08.448 --> 00:04:08.581 was discussed as well. He may push back on it 00:04:08.581 --> 00:04:08.615 was discussed as well. He may push back on it again, 00:04:08.615 --> 00:04:09.582 was discussed as well. He may push back on it again, I 00:04:09.582 --> 00:04:09.616 was discussed as well. He may push back on it again, I don't 00:04:09.616 --> 00:04:09.749 push back on it again, I don't 00:04:09.749 --> 00:04:09.782 push back on it again, I don't know 00:04:09.782 --> 00:04:09.849 push back on it again, I don't know if 00:04:09.849 --> 00:04:10.617 push back on it again, I don't know if you 00:04:10.617 --> 00:04:10.717 push back on it again, I don't know if you remember, 00:04:10.717 --> 00:04:10.817 push back on it again, I don't know if you remember, but. 00:04:10.817 --> 00:04:10.850 push back on it again, I don't know if you remember, but. Well, 00:04:10.850 --> 00:04:10.984 know if you remember, but. Well, 00:04:10.984 --> 00:04:11.718 know if you remember, but. Well, we've 00:04:11.718 --> 00:04:11.751 know if you remember, but. Well, we've definitely. 00:04:11.751 --> 00:04:11.851 we've definitely. 00:04:11.851 --> 00:04:11.918 we've definitely. >> 00:04:11.918 --> 00:04:12.085 we've definitely. >> Been 00:04:12.085 --> 00:04:12.952 we've definitely. >> Been pointing 00:04:12.952 --> 00:04:13.019 we've definitely. >> Been pointing out 00:04:13.019 --> 00:04:13.086 we've definitely. >> Been pointing out this 00:04:13.086 --> 00:04:13.152 we've definitely. >> Been pointing out this op 00:04:13.152 --> 00:04:13.186 we've definitely. >> Been pointing out this op ed 00:04:13.186 --> 00:04:13.953 >> Been pointing out this op ed 00:04:13.953 --> 00:04:14.087 >> Been pointing out this op ed from 00:04:14.087 --> 00:04:14.153 >> Been pointing out this op ed from Diamond 00:04:14.153 --> 00:04:14.287 >> Been pointing out this op ed from Diamond and 00:04:14.287 --> 00:04:14.821 >> Been pointing out this op ed from Diamond and Buffett 00:04:14.821 --> 00:04:14.887 >> Been pointing out this op ed from Diamond and Buffett in 00:04:14.887 --> 00:04:14.921 >> Been pointing out this op ed from Diamond and Buffett in 18 00:04:14.921 --> 00:04:15.054 from Diamond and Buffett in 18 00:04:15.054 --> 00:04:15.989 from Diamond and Buffett in 18 short 00:04:15.989 --> 00:04:16.022 from Diamond and Buffett in 18 short termism 00:04:16.022 --> 00:04:16.155 from Diamond and Buffett in 18 short termism is 00:04:16.155 --> 00:04:16.256 from Diamond and Buffett in 18 short termism is harming 00:04:16.256 --> 00:04:16.289 from Diamond and Buffett in 18 short termism is harming the 00:04:16.289 --> 00:04:16.689 short termism is harming the 00:04:16.689 --> 00:04:16.756 short termism is harming the economy. 00:04:16.756 --> 00:04:17.690 short termism is harming the economy. You 00:04:17.690 --> 00:04:17.790 short termism is harming the economy. You might 00:04:17.790 --> 00:04:17.890 short termism is harming the economy. You might recall 00:04:17.890 --> 00:04:17.924 short termism is harming the economy. You might recall this 00:04:17.924 --> 00:04:18.057 economy. You might recall this 00:04:18.057 --> 00:04:18.091 economy. You might recall this one. 00:04:18.091 --> 00:04:18.791 one. 00:04:18.791 --> 00:04:18.858 one. >> 00:04:18.858 --> 00:04:18.958 one. >> This 00:04:18.958 --> 00:04:18.992 one. >> This part 00:04:18.992 --> 00:04:19.792 one. >> This part of 00:04:19.792 --> 00:04:19.959 one. >> This part of short 00:04:19.959 --> 00:04:19.993 one. >> This part of short termism. 00:04:19.993 --> 00:04:20.093 >> This part of short termism. 00:04:20.093 --> 00:04:20.627 >> This part of short termism. >> 00:04:20.627 --> 00:04:20.693 >> This part of short termism. >> Did 00:04:20.693 --> 00:04:20.893 >> This part of short termism. >> Did they 00:04:20.893 --> 00:04:20.927 >> This part of short termism. >> Did they recommend 00:04:20.927 --> 00:04:21.995 >> Did they recommend 00:04:21.995 --> 00:04:22.095 >> Did they recommend potentially 00:04:22.095 --> 00:04:23.129 >> Did they recommend potentially going 00:04:23.129 --> 00:04:23.162 >> Did they recommend potentially going to. 00:04:23.162 --> 00:04:23.263 potentially going to. 00:04:23.263 --> 00:04:23.396 potentially going to. >> 00:04:23.396 --> 00:04:23.563 potentially going to. >> Public? 00:04:23.563 --> 00:04:24.497 potentially going to. >> Public? Companies 00:04:24.497 --> 00:04:24.530 potentially going to. >> Public? Companies should 00:04:24.530 --> 00:04:24.697 >> Public? Companies should 00:04:24.697 --> 00:04:24.731 >> Public? Companies should reduce 00:04:24.731 --> 00:04:25.565 >> Public? Companies should reduce or 00:04:25.565 --> 00:04:25.632 >> Public? Companies should reduce or eliminate 00:04:25.632 --> 00:04:25.665 >> Public? Companies should reduce or eliminate the 00:04:25.665 --> 00:04:25.865 reduce or eliminate the 00:04:25.865 --> 00:04:26.766 reduce or eliminate the practice 00:04:26.766 --> 00:04:26.966 reduce or eliminate the practice of 00:04:26.966 --> 00:04:27.000 reduce or eliminate the practice of estimating 00:04:27.000 --> 00:04:27.200 practice of estimating 00:04:27.200 --> 00:04:27.400 practice of estimating quarterly 00:04:27.400 --> 00:04:27.433 practice of estimating quarterly earnings. 00:04:27.433 --> 00:04:27.734 quarterly earnings. 00:04:27.734 --> 00:04:27.834 quarterly earnings. >> 00:04:27.834 --> 00:04:27.900 quarterly earnings. >> Yeah. 00:04:27.900 --> 00:04:28.568 quarterly earnings. >> Yeah. Well 00:04:28.568 --> 00:04:28.735 quarterly earnings. >> Yeah. Well the 00:04:28.735 --> 00:04:28.801 quarterly earnings. >> Yeah. Well the estimates 00:04:28.801 --> 00:04:28.835 quarterly earnings. >> Yeah. Well the estimates it 00:04:28.835 --> 00:04:29.602 >> Yeah. Well the estimates it 00:04:29.602 --> 00:04:29.669 >> Yeah. Well the estimates it is 00:04:29.669 --> 00:04:29.802 >> Yeah. Well the estimates it is just 00:04:29.802 --> 00:04:30.570 >> Yeah. Well the estimates it is just brutal 00:04:30.570 --> 00:04:30.670 >> Yeah. Well the estimates it is just brutal because 00:04:30.670 --> 00:04:30.703 >> Yeah. Well the estimates it is just brutal because it's 00:04:30.703 --> 00:04:30.837 is just brutal because it's 00:04:30.837 --> 00:04:31.738 is just brutal because it's made 00:04:31.738 --> 00:04:31.771 is just brutal because it's made it 00:04:31.771 --> 00:04:31.871 is just brutal because it's made it so 00:04:31.871 --> 00:04:31.938 is just brutal because it's made it so that 00:04:31.938 --> 00:04:32.872 is just brutal because it's made it so that when 00:04:32.872 --> 00:04:32.939 is just brutal because it's made it so that when the 00:04:32.939 --> 00:04:32.972 is just brutal because it's made it so that when the CFO 00:04:32.972 --> 00:04:33.106 made it so that when the CFO 00:04:33.106 --> 00:04:33.473 made it so that when the CFO talks 00:04:33.473 --> 00:04:33.539 made it so that when the CFO talks it 00:04:33.539 --> 00:04:34.607 made it so that when the CFO talks it just 00:04:34.607 --> 00:04:34.707 made it so that when the CFO talks it just everything 00:04:34.707 --> 00:04:34.741 made it so that when the CFO talks it just everything just 00:04:34.741 --> 00:04:35.642 talks it just everything just 00:04:35.642 --> 00:04:35.708 talks it just everything just stops. 00:04:35.708 --> 00:04:35.742 talks it just everything just stops. And 00:04:35.742 --> 00:04:36.542 talks it just everything just stops. And if 00:04:36.542 --> 00:04:36.643 talks it just everything just stops. And if they 00:04:36.643 --> 00:04:37.977 talks it just everything just stops. And if they don't 00:04:37.977 --> 00:04:38.011 talks it just everything just stops. And if they don't raise 00:04:38.011 --> 00:04:38.111 stops. And if they don't raise 00:04:38.111 --> 00:04:38.177 stops. And if they don't raise the 00:04:38.177 --> 00:04:38.511 stops. And if they don't raise the the 00:04:38.511 --> 00:04:38.645 stops. And if they don't raise the the far 00:04:38.645 --> 00:04:38.711 stops. And if they don't raise the the far numbers 00:04:38.711 --> 00:04:39.646 stops. And if they don't raise the the far numbers then 00:04:39.646 --> 00:04:39.679 stops. And if they don't raise the the far numbers then the 00:04:39.679 --> 00:04:39.812 the the far numbers then the 00:04:39.812 --> 00:04:39.946 the the far numbers then the stock 00:04:39.946 --> 00:04:39.979 the the far numbers then the stock just. 00:04:39.979 --> 00:04:40.079 stock just. 00:04:40.079 --> 00:04:40.780 stock just. >> 00:04:40.780 --> 00:04:40.880 stock just. >> Well 00:04:40.880 --> 00:04:40.980 stock just. >> Well you're 00:04:40.980 --> 00:04:41.047 stock just. >> Well you're going 00:04:41.047 --> 00:04:41.447 stock just. >> Well you're going to 00:04:41.447 --> 00:04:41.481 stock just. >> Well you're going to do 00:04:41.481 --> 00:04:41.648 >> Well you're going to do 00:04:41.648 --> 00:04:41.748 >> Well you're going to do you're 00:04:41.748 --> 00:04:41.781 >> Well you're going to do you're going 00:04:41.781 --> 00:04:42.515 >> Well you're going to do you're going to 00:04:42.515 --> 00:04:42.548 >> Well you're going to do you're going to have 00:04:42.548 --> 00:04:42.649 >> Well you're going to do you're going to have to 00:04:42.649 --> 00:04:42.682 >> Well you're going to do you're going to have to what 00:04:42.682 --> 00:04:42.782 you're going to have to what 00:04:42.782 --> 00:04:43.650 you're going to have to what are 00:04:43.650 --> 00:04:43.750 you're going to have to what are you 00:04:43.750 --> 00:04:43.783 you're going to have to what are you going 00:04:43.783 --> 00:04:43.850 you're going to have to what are you going to 00:04:43.850 --> 00:04:44.684 you're going to have to what are you going to do. 00:04:44.684 --> 00:04:44.751 you're going to have to what are you going to do. You 00:04:44.751 --> 00:04:44.784 you're going to have to what are you going to do. You sit 00:04:44.784 --> 00:04:44.917 are you going to do. You sit 00:04:44.917 --> 00:04:44.984 are you going to do. You sit here 00:04:44.984 --> 00:04:45.718 are you going to do. You sit here and 00:04:45.718 --> 00:04:45.818 are you going to do. You sit here and literally 00:04:45.818 --> 00:04:45.852 are you going to do. You sit here and literally great 00:04:45.852 --> 00:04:46.085 here and literally great 00:04:46.085 --> 00:04:46.185 here and literally great conference 00:04:46.185 --> 00:04:46.486 here and literally great conference calls 00:04:46.486 --> 00:04:46.552 here and literally great conference calls all 00:04:46.552 --> 00:04:46.653 here and literally great conference calls all the 00:04:46.653 --> 00:04:46.686 here and literally great conference calls all the time. 00:04:46.686 --> 00:04:46.786 conference calls all the time. 00:04:46.786 --> 00:04:47.954 conference calls all the time. >> 00:04:47.954 --> 00:04:48.021 conference calls all the time. >> That's 00:04:48.021 --> 00:04:48.054 conference calls all the time. >> That's what 00:04:48.054 --> 00:04:48.154 conference calls all the time. >> That's what I 00:04:48.154 --> 00:04:48.187 conference calls all the time. >> That's what I do. 00:04:48.187 --> 00:04:48.554 >> That's what I do. 00:04:48.554 --> 00:04:48.621 >> That's what I do. >> 00:04:48.621 --> 00:04:48.755 >> That's what I do. >> Look 00:04:48.755 --> 00:04:48.821 >> That's what I do. >> Look you're 00:04:48.821 --> 00:04:49.756 >> That's what I do. >> Look you're only 00:04:49.756 --> 00:04:49.789 >> That's what I do. >> Look you're only going 00:04:49.789 --> 00:04:49.856 >> That's what I do. >> Look you're only going to 00:04:49.856 --> 00:04:49.889 >> That's what I do. >> Look you're only going to be 00:04:49.889 --> 00:04:50.023 >> Look you're only going to be 00:04:50.023 --> 00:04:50.556 >> Look you're only going to be able 00:04:50.556 --> 00:04:50.590 >> Look you're only going to be able to 00:04:50.590 --> 00:04:50.657 >> Look you're only going to be able to do 00:04:50.657 --> 00:04:50.757 >> Look you're only going to be able to do it 00:04:50.757 --> 00:04:52.025 >> Look you're only going to be able to do it twice 00:04:52.025 --> 00:04:52.091 >> Look you're only going to be able to do it twice a 00:04:52.091 --> 00:04:52.191 >> Look you're only going to be able to do it twice a year 00:04:52.191 --> 00:04:52.225 >> Look you're only going to be able to do it twice a year now. 00:04:52.225 --> 00:04:52.325 able to do it twice a year now. 00:04:52.325 --> 00:04:52.625 able to do it twice a year now. >> 00:04:52.625 --> 00:04:52.692 able to do it twice a year now. >> If 00:04:52.692 --> 00:04:52.759 able to do it twice a year now. >> If you 00:04:52.759 --> 00:04:52.792 able to do it twice a year now. >> If you own 00:04:52.792 --> 00:04:54.060 able to do it twice a year now. >> If you own a 00:04:54.060 --> 00:04:54.093 able to do it twice a year now. >> If you own a restaurant, 00:04:54.093 --> 00:04:54.260 >> If you own a restaurant, 00:04:54.260 --> 00:04:54.327 >> If you own a restaurant, believe 00:04:54.327 --> 00:04:54.394 >> If you own a restaurant, believe me, 00:04:54.394 --> 00:04:54.494 >> If you own a restaurant, believe me, you 00:04:54.494 --> 00:04:54.560 >> If you own a restaurant, believe me, you only 00:04:54.560 --> 00:04:54.627 >> If you own a restaurant, believe me, you only want 00:04:54.627 --> 00:04:54.661 >> If you own a restaurant, believe me, you only want to 00:04:54.661 --> 00:04:54.794 believe me, you only want to 00:04:54.794 --> 00:04:55.461 believe me, you only want to have 00:04:55.461 --> 00:04:55.595 believe me, you only want to have a 00:04:55.595 --> 00:04:55.662 believe me, you only want to have a review. 00:04:55.662 --> 00:04:55.728 believe me, you only want to have a review. You 00:04:55.728 --> 00:04:56.763 believe me, you only want to have a review. You want 00:04:56.763 --> 00:04:56.863 believe me, you only want to have a review. You want to 00:04:56.863 --> 00:04:56.896 believe me, you only want to have a review. You want to have 00:04:56.896 --> 00:04:57.096 have a review. You want to have 00:04:57.096 --> 00:04:57.230 have a review. You want to have constant 00:04:57.230 --> 00:04:57.597 have a review. You want to have constant reviews. 00:04:57.597 --> 00:04:57.664 have a review. You want to have constant reviews. You 00:04:57.664 --> 00:04:57.730 have a review. You want to have constant reviews. You want 00:04:57.730 --> 00:04:57.764 have a review. You want to have constant reviews. You want to 00:04:57.764 --> 00:04:57.930 constant reviews. You want to 00:04:57.930 --> 00:04:58.798 constant reviews. You want to review. 00:04:58.798 --> 00:04:58.865 constant reviews. You want to review. When 00:04:58.865 --> 00:04:58.898 constant reviews. You want to review. When you 00:04:58.898 --> 00:04:58.931 constant reviews. You want to review. When you do 00:04:58.931 --> 00:05:00.099 constant reviews. You want to review. When you do a 00:05:00.099 --> 00:05:00.133 constant reviews. You want to review. When you do a Broadway 00:05:00.133 --> 00:05:00.266 review. When you do a Broadway 00:05:00.266 --> 00:05:00.333 review. When you do a Broadway play, 00:05:00.333 --> 00:05:00.433 review. When you do a Broadway play, you 00:05:00.433 --> 00:05:00.566 review. When you do a Broadway play, you have 00:05:00.566 --> 00:05:00.700 review. When you do a Broadway play, you have a 00:05:00.700 --> 00:05:00.800 review. When you do a Broadway play, you have a review. 00:05:00.800 --> 00:05:00.833 review. When you do a Broadway play, you have a review. When 00:05:00.833 --> 00:05:00.933 play, you have a review. When 00:05:00.933 --> 00:05:01.734 play, you have a review. When you 00:05:01.734 --> 00:05:01.768 play, you have a review. When you do 00:05:01.768 --> 00:05:01.868 play, you have a review. When you do it 00:05:01.868 --> 00:05:01.968 play, you have a review. When you do it last 00:05:01.968 --> 00:05:02.702 play, you have a review. When you do it last once, 00:05:02.702 --> 00:05:02.769 play, you have a review. When you do it last once, when 00:05:02.769 --> 00:05:02.802 play, you have a review. When you do it last once, when you 00:05:02.802 --> 00:05:02.902 you do it last once, when you 00:05:02.902 --> 00:05:02.935 you do it last once, when you do 00:05:02.935 --> 00:05:03.469 you do it last once, when you do a 00:05:03.469 --> 00:05:03.536 you do it last once, when you do a company, 00:05:03.536 --> 00:05:03.636 you do it last once, when you do a company, you 00:05:03.636 --> 00:05:03.736 you do it last once, when you do a company, you gotta 00:05:03.736 --> 00:05:03.770 you do it last once, when you do a company, you gotta you 00:05:03.770 --> 00:05:04.604 do a company, you gotta you 00:05:04.604 --> 00:05:04.737 do a company, you gotta you have 00:05:04.737 --> 00:05:04.837 do a company, you gotta you have reviews 00:05:04.837 --> 00:05:04.971 do a company, you gotta you have reviews every 00:05:04.971 --> 00:05:06.172 do a company, you gotta you have reviews every quarter. 00:05:06.172 --> 00:05:06.205 do a company, you gotta you have reviews every quarter. And 00:05:06.205 --> 00:05:06.272 have reviews every quarter. And 00:05:06.272 --> 00:05:06.406 have reviews every quarter. And I 00:05:06.406 --> 00:05:06.439 have reviews every quarter. And I know. 00:05:06.439 --> 00:05:06.539 I know. 00:05:06.539 --> 00:05:06.606 I know. >> 00:05:06.606 --> 00:05:06.706 I know. >> I 00:05:06.706 --> 00:05:06.739 I know. >> I mean. 00:05:06.739 --> 00:05:06.839 >> I mean. 00:05:06.839 --> 00:05:06.906 >> I mean. >> 00:05:06.906 --> 00:05:07.740 >> I mean. >> It, 00:05:07.740 --> 00:05:07.807 >> I mean. >> It, I 00:05:07.807 --> 00:05:07.874 >> I mean. >> It, I do, 00:05:07.874 --> 00:05:07.940 >> I mean. >> It, I do, but 00:05:07.940 --> 00:05:08.474 >> I mean. >> It, I do, but yes, 00:05:08.474 --> 00:05:08.541 >> I mean. >> It, I do, but yes, you 00:05:08.541 --> 00:05:08.574 >> I mean. >> It, I do, but yes, you do. 00:05:08.574 --> 00:05:08.675 >> It, I do, but yes, you do. 00:05:08.675 --> 00:05:08.808 >> It, I do, but yes, you do. >> 00:05:08.808 --> 00:05:08.841 >> It, I do, but yes, you do. >> Right? 00:05:08.841 --> 00:05:09.475 >> Right? 00:05:09.475 --> 00:05:09.542 >> Right? >> 00:05:09.542 --> 00:05:09.609 >> Right? >> And 00:05:09.609 --> 00:05:09.809 >> Right? >> And you 00:05:09.809 --> 00:05:10.610 >> Right? >> And you distinguish 00:05:10.610 --> 00:05:10.643 >> Right? >> And you distinguish between 00:05:10.643 --> 00:05:10.743 >> And you distinguish between 00:05:10.743 --> 00:05:10.910 >> And you distinguish between the 00:05:10.910 --> 00:05:10.977 >> And you distinguish between the companies 00:05:10.977 --> 00:05:11.511 >> And you distinguish between the companies and 00:05:11.511 --> 00:05:11.644 >> And you distinguish between the companies and the 00:05:11.644 --> 00:05:11.678 >> And you distinguish between the companies and the people 00:05:11.678 --> 00:05:11.778 the companies and the people 00:05:11.778 --> 00:05:11.911 the companies and the people who 00:05:11.911 --> 00:05:12.779 the companies and the people who follow 00:05:12.779 --> 00:05:12.979 the companies and the people who follow the 00:05:12.979 --> 00:05:13.012 the companies and the people who follow the companies. 00:05:13.012 --> 00:05:13.112 who follow the companies. 00:05:13.112 --> 00:05:13.212 who follow the companies. >> 00:05:13.212 --> 00:05:13.246 who follow the companies. >> Yeah. 00:05:13.246 --> 00:05:13.546 >> Yeah. 00:05:13.546 --> 00:05:13.579 >> Yeah. >> 00:05:13.579 --> 00:05:13.646 >> Yeah. >> I 00:05:13.646 --> 00:05:13.813 >> Yeah. >> I just 00:05:13.813 --> 00:05:14.547 >> Yeah. >> I just speaking 00:05:14.547 --> 00:05:14.614 >> Yeah. >> I just speaking for 00:05:14.614 --> 00:05:14.714 >> Yeah. >> I just speaking for the 00:05:14.714 --> 00:05:14.747 >> Yeah. >> I just speaking for the CEOs 00:05:14.747 --> 00:05:14.847 >> I just speaking for the CEOs 00:05:14.847 --> 00:05:15.682 >> I just speaking for the CEOs as 00:05:15.682 --> 00:05:15.748 >> I just speaking for the CEOs as someone 00:05:15.748 --> 00:05:15.848 >> I just speaking for the CEOs as someone who 00:05:15.848 --> 00:05:15.915 >> I just speaking for the CEOs as someone who speaks 00:05:15.915 --> 00:05:16.716 >> I just speaking for the CEOs as someone who speaks for 00:05:16.716 --> 00:05:16.749 >> I just speaking for the CEOs as someone who speaks for the 00:05:16.749 --> 00:05:16.916 as someone who speaks for the 00:05:16.916 --> 00:05:16.983 as someone who speaks for the people, 00:05:16.983 --> 00:05:17.050 as someone who speaks for the people, we 00:05:17.050 --> 00:05:17.817 as someone who speaks for the people, we need 00:05:17.817 --> 00:05:17.850 as someone who speaks for the people, we need quarterly 00:05:17.850 --> 00:05:18.051 people, we need quarterly 00:05:18.051 --> 00:05:18.117 people, we need quarterly reports. 00:05:18.117 --> 00:05:18.151 people, we need quarterly reports. But 00:05:18.151 --> 00:05:18.518 people, we need quarterly reports. But as 00:05:18.518 --> 00:05:18.584 people, we need quarterly reports. But as someone 00:05:18.584 --> 00:05:18.618 people, we need quarterly reports. But as someone who 00:05:18.618 --> 00:05:18.785 reports. But as someone who 00:05:18.785 --> 00:05:18.851 reports. But as someone who speaks 00:05:18.851 --> 00:05:19.585 reports. But as someone who speaks for 00:05:19.585 --> 00:05:19.686 reports. But as someone who speaks for the 00:05:19.686 --> 00:05:19.752 reports. But as someone who speaks for the CEOs, 00:05:19.752 --> 00:05:20.687 reports. But as someone who speaks for the CEOs, they 00:05:20.687 --> 00:05:20.720 reports. But as someone who speaks for the CEOs, they they 00:05:20.720 --> 00:05:20.853 speaks for the CEOs, they they 00:05:20.853 --> 00:05:20.920 speaks for the CEOs, they they just 00:05:20.920 --> 00:05:21.020 speaks for the CEOs, they they just tell 00:05:21.020 --> 00:05:21.788 speaks for the CEOs, they they just tell him, 00:05:21.788 --> 00:05:21.854 speaks for the CEOs, they they just tell him, listen, 00:05:21.854 --> 00:05:21.888 speaks for the CEOs, they they just tell him, listen, we 00:05:21.888 --> 00:05:22.055 just tell him, listen, we 00:05:22.055 --> 00:05:22.121 just tell him, listen, we report 00:05:22.121 --> 00:05:22.789 just tell him, listen, we report too 00:05:22.789 --> 00:05:22.855 just tell him, listen, we report too much. 00:05:22.855 --> 00:05:23.489 just tell him, listen, we report too much. And 00:05:23.489 --> 00:05:23.589 just tell him, listen, we report too much. And he's. 00:05:23.589 --> 00:05:23.623 just tell him, listen, we report too much. And he's. Look, 00:05:23.623 --> 00:05:23.723 report too much. And he's. Look, 00:05:23.723 --> 00:05:25.058 report too much. And he's. Look, do 00:05:25.058 --> 00:05:25.158 report too much. And he's. Look, do you 00:05:25.158 --> 00:05:25.191 report too much. And he's. Look, do you think 00:05:25.191 --> 00:05:25.258 report too much. And he's. Look, do you think he 00:05:25.258 --> 00:05:25.491 report too much. And he's. Look, do you think he has 00:05:25.491 --> 00:05:25.525 report too much. And he's. Look, do you think he has different 00:05:25.525 --> 00:05:25.825 do you think he has different 00:05:25.825 --> 00:05:25.925 do you think he has different constituencies? 00:05:25.925 --> 00:05:26.893 do you think he has different constituencies? It's 00:05:26.893 --> 00:05:26.926 do you think he has different constituencies? It's an. 00:05:26.926 --> 00:05:27.026 constituencies? It's an. 00:05:27.026 --> 00:05:27.226 constituencies? It's an. >> 00:05:27.226 --> 00:05:27.560 constituencies? It's an. >> Interesting 00:05:27.560 --> 00:05:27.694 constituencies? It's an. >> Interesting debate 00:05:27.694 --> 00:05:27.727 constituencies? It's an. >> Interesting debate because 00:05:27.727 --> 00:05:27.860 >> Interesting debate because 00:05:27.860 --> 00:05:28.628 >> Interesting debate because there 00:05:28.628 --> 00:05:28.695 >> Interesting debate because there is 00:05:28.695 --> 00:05:28.795 >> Interesting debate because there is the 00:05:28.795 --> 00:05:28.895 >> Interesting debate because there is the right 00:05:28.895 --> 00:05:30.096 >> Interesting debate because there is the right there 00:05:30.096 --> 00:05:30.129 >> Interesting debate because there is the right there has 00:05:30.129 --> 00:05:30.263 there is the right there has 00:05:30.263 --> 00:05:30.330 there is the right there has long 00:05:30.330 --> 00:05:30.430 there is the right there has long been 00:05:30.430 --> 00:05:30.697 there is the right there has long been this 00:05:30.697 --> 00:05:30.797 there is the right there has long been this debate 00:05:30.797 --> 00:05:30.830 there is the right there has long been this debate that 00:05:30.830 --> 00:05:30.963 long been this debate that 00:05:30.963 --> 00:05:31.030 long been this debate that we're 00:05:31.030 --> 00:05:31.431 long been this debate that we're too 00:05:31.431 --> 00:05:31.497 long been this debate that we're too short 00:05:31.497 --> 00:05:32.565 long been this debate that we're too short term 00:05:32.565 --> 00:05:32.598 long been this debate that we're too short term focused, 00:05:32.598 --> 00:05:32.732 we're too short term focused, 00:05:32.732 --> 00:05:32.799 we're too short term focused, that 00:05:32.799 --> 00:05:32.932 we're too short term focused, that the 00:05:32.932 --> 00:05:34.100 we're too short term focused, that the average 00:05:34.100 --> 00:05:34.200 we're too short term focused, that the average mutual 00:05:34.200 --> 00:05:34.233 we're too short term focused, that the average mutual funds 00:05:34.233 --> 00:05:34.434 that the average mutual funds 00:05:34.434 --> 00:05:34.500 that the average mutual funds ownership 00:05:34.500 --> 00:05:34.600 that the average mutual funds ownership is 00:05:34.600 --> 00:05:34.667 that the average mutual funds ownership is stay, 00:05:34.667 --> 00:05:35.501 that the average mutual funds ownership is stay, you 00:05:35.501 --> 00:05:35.535 that the average mutual funds ownership is stay, you know, 00:05:35.535 --> 00:05:35.702 ownership is stay, you know, 00:05:35.702 --> 00:05:35.735 ownership is stay, you know, period 00:05:35.735 --> 00:05:36.536 ownership is stay, you know, period is 00:05:36.536 --> 00:05:36.569 ownership is stay, you know, period is what 00:05:36.569 --> 00:05:36.636 ownership is stay, you know, period is what is 00:05:36.636 --> 00:05:36.736 ownership is stay, you know, period is what is it, 00:05:36.736 --> 00:05:37.670 ownership is stay, you know, period is what is it, less 00:05:37.670 --> 00:05:37.704 ownership is stay, you know, period is what is it, less than 00:05:37.704 --> 00:05:37.837 period is what is it, less than 00:05:37.837 --> 00:05:37.970 period is what is it, less than nine 00:05:37.970 --> 00:05:38.004 period is what is it, less than nine months? 00:05:38.004 --> 00:05:38.805 period is what is it, less than nine months? I 00:05:38.805 --> 00:05:38.871 period is what is it, less than nine months? I don't 00:05:38.871 --> 00:05:38.971 period is what is it, less than nine months? I don't even 00:05:38.971 --> 00:05:39.005 period is what is it, less than nine months? I don't even know 00:05:39.005 --> 00:05:39.138 nine months? I don't even know 00:05:39.138 --> 00:05:39.806 nine months? I don't even know where 00:05:39.806 --> 00:05:39.906 nine months? I don't even know where it 00:05:39.906 --> 00:05:40.073 nine months? I don't even know where it stands 00:05:40.073 --> 00:05:40.106 nine months? I don't even know where it stands anymore. 00:05:40.106 --> 00:05:40.340 where it stands anymore. 00:05:40.340 --> 00:05:40.473 where it stands anymore. Obviously, 00:05:40.473 --> 00:05:40.540 where it stands anymore. Obviously, we've 00:05:40.540 --> 00:05:40.707 where it stands anymore. Obviously, we've been 00:05:40.707 --> 00:05:40.740 where it stands anymore. Obviously, we've been dealing 00:05:40.740 --> 00:05:40.873 Obviously, we've been dealing 00:05:40.873 --> 00:05:41.607 Obviously, we've been dealing with 00:05:41.607 --> 00:05:41.708 Obviously, we've been dealing with hedge 00:05:41.708 --> 00:05:41.774 Obviously, we've been dealing with hedge funds 00:05:41.774 --> 00:05:41.841 Obviously, we've been dealing with hedge funds for 00:05:41.841 --> 00:05:42.675 Obviously, we've been dealing with hedge funds for the 00:05:42.675 --> 00:05:42.709 Obviously, we've been dealing with hedge funds for the last 00:05:42.709 --> 00:05:42.875 with hedge funds for the last 00:05:42.875 --> 00:05:43.009 with hedge funds for the last quarter 00:05:43.009 --> 00:05:43.076 with hedge funds for the last quarter century 00:05:43.076 --> 00:05:43.743 with hedge funds for the last quarter century or 00:05:43.743 --> 00:05:43.776 with hedge funds for the last quarter century or more 00:05:43.776 --> 00:05:43.876 with hedge funds for the last quarter century or more in 00:05:43.876 --> 00:05:43.910 with hedge funds for the last quarter century or more in and 00:05:43.910 --> 00:05:44.010 quarter century or more in and 00:05:44.010 --> 00:05:45.078 quarter century or more in and out 00:05:45.078 --> 00:05:45.178 quarter century or more in and out of 00:05:45.178 --> 00:05:45.311 quarter century or more in and out of these 00:05:45.311 --> 00:05:45.511 quarter century or more in and out of these things, 00:05:45.511 --> 00:05:45.545 quarter century or more in and out of these things, typically, 00:05:45.545 --> 00:05:45.678 out of these things, typically, 00:05:45.678 --> 00:05:45.778 out of these things, typically, very 00:05:45.778 --> 00:05:45.845 out of these things, typically, very often. 00:05:45.845 --> 00:05:46.646 out of these things, typically, very often. So 00:05:46.646 --> 00:05:46.679 out of these things, typically, very often. So there 00:05:46.679 --> 00:05:46.813 out of these things, typically, very often. So there is 00:05:46.813 --> 00:05:46.846 out of these things, typically, very often. So there is that. 00:05:46.846 --> 00:05:48.081 very often. So there is that. 00:05:48.081 --> 00:05:48.114 very often. So there is that. But 00:05:48.114 --> 00:05:48.181 very often. So there is that. But at 00:05:48.181 --> 00:05:48.281 very often. So there is that. But at the 00:05:48.281 --> 00:05:48.748 very often. So there is that. But at the same 00:05:48.748 --> 00:05:48.781 very often. So there is that. But at the same time, 00:05:48.781 --> 00:05:49.515 very often. So there is that. But at the same time, I 00:05:49.515 --> 00:05:49.549 very often. So there is that. But at the same time, I mean, 00:05:49.549 --> 00:05:49.649 But at the same time, I mean, 00:05:49.649 --> 00:05:49.816 But at the same time, I mean, you 00:05:49.816 --> 00:05:49.882 But at the same time, I mean, you literally 00:05:49.882 --> 00:05:50.616 But at the same time, I mean, you literally are 00:05:50.616 --> 00:05:50.683 But at the same time, I mean, you literally are the 00:05:50.683 --> 00:05:50.750 But at the same time, I mean, you literally are the guy 00:05:50.750 --> 00:05:50.783 But at the same time, I mean, you literally are the guy who 00:05:50.783 --> 00:05:50.917 you literally are the guy who 00:05:50.917 --> 00:05:51.684 you literally are the guy who sits 00:05:51.684 --> 00:05:51.751 you literally are the guy who sits here 00:05:51.751 --> 00:05:51.851 you literally are the guy who sits here and 00:05:51.851 --> 00:05:51.918 you literally are the guy who sits here and opines 00:05:51.918 --> 00:05:52.518 you literally are the guy who sits here and opines on 00:05:52.518 --> 00:05:52.552 you literally are the guy who sits here and opines on every 00:05:52.552 --> 00:05:52.785 sits here and opines on every 00:05:52.785 --> 00:05:52.885 sits here and opines on every conference 00:05:52.885 --> 00:05:52.919 sits here and opines on every conference call. 00:05:52.919 --> 00:05:53.786 conference call. 00:05:53.786 --> 00:05:53.820 conference call. >> 00:05:53.820 --> 00:05:53.920 conference call. >> On 00:05:53.920 --> 00:05:54.520 conference call. >> On their 00:05:54.520 --> 00:05:54.587 conference call. >> On their enemy. 00:05:54.587 --> 00:05:54.620 conference call. >> On their enemy. I'm 00:05:54.620 --> 00:05:54.821 >> On their enemy. I'm 00:05:54.821 --> 00:05:54.887 >> On their enemy. I'm reviewing 00:05:54.887 --> 00:05:55.588 >> On their enemy. I'm reviewing the 00:05:55.588 --> 00:05:55.688 >> On their enemy. I'm reviewing the conference 00:05:55.688 --> 00:05:55.722 >> On their enemy. I'm reviewing the conference call. 00:05:55.722 --> 00:05:55.788 reviewing the conference call. 00:05:55.788 --> 00:05:55.888 reviewing the conference call. I 00:05:55.888 --> 00:05:57.190 reviewing the conference call. I don't 00:05:57.190 --> 00:05:57.290 reviewing the conference call. I don't like 00:05:57.290 --> 00:05:57.323 reviewing the conference call. I don't like this. 00:05:57.323 --> 00:05:57.423 reviewing the conference call. I don't like this. I 00:05:57.423 --> 00:05:57.523 reviewing the conference call. I don't like this. I don't 00:05:57.523 --> 00:05:57.557 reviewing the conference call. I don't like this. I don't like 00:05:57.557 --> 00:05:57.690 I don't like this. I don't like 00:05:57.690 --> 00:05:57.757 I don't like this. I don't like that 00:05:57.757 --> 00:05:57.824 I don't like this. I don't like that this 00:05:57.824 --> 00:05:58.958 I don't like this. I don't like that this is 00:05:58.958 --> 00:05:59.025 I don't like this. I don't like that this is wrong. 00:05:59.025 --> 00:05:59.158 I don't like this. I don't like that this is wrong. You 00:05:59.158 --> 00:05:59.192 I don't like this. I don't like that this is wrong. You think 00:05:59.192 --> 00:05:59.325 that this is wrong. You think 00:05:59.325 --> 00:05:59.459 that this is wrong. You think they 00:05:59.459 --> 00:05:59.559 that this is wrong. You think they want 00:05:59.559 --> 00:05:59.625 that this is wrong. You think they want that? 00:05:59.625 --> 00:06:00.593 that this is wrong. You think they want that? Oh, 00:06:00.593 --> 00:06:00.693 that this is wrong. You think they want that? Oh, hey, 00:06:00.693 --> 00:06:00.727 that this is wrong. You think they want that? Oh, hey, Jim 00:06:00.727 --> 00:06:00.860 they want that? Oh, hey, Jim 00:06:00.860 --> 00:06:00.993 they want that? Oh, hey, Jim just 00:06:00.993 --> 00:06:01.427 they want that? Oh, hey, Jim just trashed 00:06:01.427 --> 00:06:01.627 they want that? Oh, hey, Jim just trashed my 00:06:01.627 --> 00:06:01.694 they want that? Oh, hey, Jim just trashed my conference. 00:06:01.694 --> 00:06:01.728 they want that? Oh, hey, Jim just trashed my conference. You 00:06:01.728 --> 00:06:02.762 just trashed my conference. You 00:06:02.762 --> 00:06:02.829 just trashed my conference. You know, 00:06:02.829 --> 00:06:02.929 just trashed my conference. You know, he's 00:06:02.929 --> 00:06:02.962 just trashed my conference. You know, he's such 00:06:02.962 --> 00:06:03.529 just trashed my conference. You know, he's such a 00:06:03.529 --> 00:06:03.596 just trashed my conference. You know, he's such a good 00:06:03.596 --> 00:06:03.696 just trashed my conference. You know, he's such a good guy. 00:06:03.696 --> 00:06:03.730 just trashed my conference. You know, he's such a good guy. No. 00:06:03.730 --> 00:06:04.597 know, he's such a good guy. No. 00:06:04.597 --> 00:06:04.697 know, he's such a good guy. No. But. 00:06:04.697 --> 00:06:04.764 know, he's such a good guy. No. But. What? 00:06:04.764 --> 00:06:04.897 know, he's such a good guy. No. But. What? All 00:06:04.897 --> 00:06:04.931 know, he's such a good guy. No. But. What? All right. 00:06:04.931 --> 00:06:05.732 But. What? All right. 00:06:05.732 --> 00:06:05.765 But. What? All right. >> 00:06:05.765 --> 00:06:05.832 But. What? All right. >> To 00:06:05.832 --> 00:06:05.965 But. What? All right. >> To the 00:06:05.965 --> 00:06:06.799 But. What? All right. >> To the extent 00:06:06.799 --> 00:06:06.866 But. What? All right. >> To the extent that 00:06:06.866 --> 00:06:06.899 But. What? All right. >> To the extent that the 00:06:06.899 --> 00:06:07.133 >> To the extent that the 00:06:07.133 --> 00:06:07.166 >> To the extent that the allocation 00:06:07.166 --> 00:06:07.500 >> To the extent that the allocation of 00:06:07.500 --> 00:06:07.533 >> To the extent that the allocation of capital 00:06:07.533 --> 00:06:07.633 >> To the extent that the allocation of capital is 00:06:07.633 --> 00:06:07.667 >> To the extent that the allocation of capital is the 00:06:07.667 --> 00:06:07.800 allocation of capital is the 00:06:07.800 --> 00:06:08.568 allocation of capital is the most 00:06:08.568 --> 00:06:08.668 allocation of capital is the most important 00:06:08.668 --> 00:06:08.735 allocation of capital is the most important thing 00:06:08.735 --> 00:06:08.801 allocation of capital is the most important thing and 00:06:08.801 --> 00:06:08.835 allocation of capital is the most important thing and it 00:06:08.835 --> 00:06:09.635 most important thing and it 00:06:09.635 --> 00:06:09.869 most important thing and it being 00:06:09.869 --> 00:06:10.069 most important thing and it being appropriately 00:06:10.069 --> 00:06:10.103 most important thing and it being appropriately allocated, 00:06:10.103 --> 00:06:10.236 being appropriately allocated, 00:06:10.236 --> 00:06:10.703 being appropriately allocated, does 00:06:10.703 --> 00:06:10.770 being appropriately allocated, does it 00:06:10.770 --> 00:06:10.837 being appropriately allocated, does it does 00:06:10.837 --> 00:06:10.970 being appropriately allocated, does it does it 00:06:10.970 --> 00:06:11.804 being appropriately allocated, does it does it enhance 00:06:11.804 --> 00:06:11.871 being appropriately allocated, does it does it enhance that 00:06:11.871 --> 00:06:11.904 being appropriately allocated, does it does it enhance that or 00:06:11.904 --> 00:06:12.038 does it does it enhance that or 00:06:12.038 --> 00:06:12.572 does it does it enhance that or does 00:06:12.572 --> 00:06:12.705 does it does it enhance that or does it 00:06:12.705 --> 00:06:12.772 does it does it enhance that or does it detract 00:06:12.772 --> 00:06:13.706 does it does it enhance that or does it detract from 00:06:13.706 --> 00:06:13.740 does it does it enhance that or does it detract from it? 00:06:13.740 --> 00:06:13.840 does it detract from it? 00:06:13.840 --> 00:06:13.873 does it detract from it? >> 00:06:13.873 --> 00:06:14.640 does it detract from it? >> I 00:06:14.640 --> 00:06:14.707 does it detract from it? >> I think 00:06:14.707 --> 00:06:14.774 does it detract from it? >> I think that 00:06:14.774 --> 00:06:14.974 does it detract from it? >> I think that the 00:06:14.974 --> 00:06:15.007 does it detract from it? >> I think that the quarterly 00:06:15.007 --> 00:06:15.708 >> I think that the quarterly 00:06:15.708 --> 00:06:15.808 >> I think that the quarterly basis 00:06:15.808 --> 00:06:15.842 >> I think that the quarterly basis makes 00:06:15.842 --> 00:06:15.942 >> I think that the quarterly basis makes it 00:06:15.942 --> 00:06:16.542 >> I think that the quarterly basis makes it makes 00:06:16.542 --> 00:06:16.676 >> I think that the quarterly basis makes it makes it 00:06:16.676 --> 00:06:16.709 >> I think that the quarterly basis makes it makes it tougher 00:06:16.709 --> 00:06:16.809 basis makes it makes it tougher 00:06:16.809 --> 00:06:16.909 basis makes it makes it tougher for 00:06:16.909 --> 00:06:17.710 basis makes it makes it tougher for them 00:06:17.710 --> 00:06:17.777 basis makes it makes it tougher for them to 00:06:17.777 --> 00:06:17.877 basis makes it makes it tougher for them to make 00:06:17.877 --> 00:06:17.977 basis makes it makes it tougher for them to make long 00:06:17.977 --> 00:06:18.010 basis makes it makes it tougher for them to make long term 00:06:18.010 --> 00:06:18.644 for them to make long term 00:06:18.644 --> 00:06:18.711 for them to make long term decisions. 00:06:18.711 --> 00:06:18.778 for them to make long term decisions. But 00:06:18.778 --> 00:06:19.645 for them to make long term decisions. But we 00:06:19.645 --> 00:06:19.679 for them to make long term decisions. But we have 00:06:19.679 --> 00:06:19.746 for them to make long term decisions. But we have to 00:06:19.746 --> 00:06:19.779 for them to make long term decisions. But we have to we 00:06:19.779 --> 00:06:20.480 decisions. But we have to we 00:06:20.480 --> 00:06:20.580 decisions. But we have to we I'm 00:06:20.580 --> 00:06:20.646 decisions. But we have to we I'm using 00:06:20.646 --> 00:06:21.514 decisions. But we have to we I'm using Andy 00:06:21.514 --> 00:06:22.949 decisions. But we have to we I'm using Andy Grove's 00:06:22.949 --> 00:06:22.982 decisions. But we have to we I'm using Andy Grove's analysis 00:06:22.982 --> 00:06:23.116 I'm using Andy Grove's analysis 00:06:23.116 --> 00:06:23.182 I'm using Andy Grove's analysis that 00:06:23.182 --> 00:06:23.316 I'm using Andy Grove's analysis that the 00:06:23.316 --> 00:06:23.416 I'm using Andy Grove's analysis that the quarter 00:06:23.416 --> 00:06:23.516 I'm using Andy Grove's analysis that the quarter is 00:06:23.516 --> 00:06:23.616 I'm using Andy Grove's analysis that the quarter is fine. 00:06:23.616 --> 00:06:23.649 I'm using Andy Grove's analysis that the quarter is fine. It's 00:06:23.649 --> 00:06:24.784 that the quarter is fine. It's 00:06:24.784 --> 00:06:24.851 that the quarter is fine. It's just 00:06:24.851 --> 00:06:24.917 that the quarter is fine. It's just that 00:06:24.917 --> 00:06:24.951 that the quarter is fine. It's just that if 00:06:24.951 --> 00:06:25.785 that the quarter is fine. It's just that if I 00:06:25.785 --> 00:06:25.818 that the quarter is fine. It's just that if I were 00:06:25.818 --> 00:06:25.918 that the quarter is fine. It's just that if I were if 00:06:25.918 --> 00:06:25.952 that the quarter is fine. It's just that if I were if the 00:06:25.952 --> 00:06:26.152 just that if I were if the 00:06:26.152 --> 00:06:26.586 just that if I were if the president 00:06:26.586 --> 00:06:26.652 just that if I were if the president asked 00:06:26.652 --> 00:06:26.686 just that if I were if the president asked me, 00:06:26.686 --> 00:06:26.786 just that if I were if the president asked me, do 00:06:26.786 --> 00:06:26.819 just that if I were if the president asked me, do you 00:06:26.819 --> 00:06:27.954 president asked me, do you 00:06:27.954 --> 00:06:27.987 president asked me, do you think 00:06:27.987 --> 00:06:28.087 president asked me, do you think I 00:06:28.087 --> 00:06:28.121 president asked me, do you think I think 00:06:28.121 --> 00:06:28.654 president asked me, do you think I think I 00:06:28.654 --> 00:06:28.688 president asked me, do you think I think I would 00:06:28.688 --> 00:06:28.721 president asked me, do you think I think I would if 00:06:28.721 --> 00:06:28.821 president asked me, do you think I think I would if I 00:06:28.821 --> 00:06:28.855 president asked me, do you think I think I would if I were 00:06:28.855 --> 00:06:29.722 think I think I would if I were 00:06:29.722 --> 00:06:29.789 think I think I would if I were CEO, 00:06:29.789 --> 00:06:29.889 think I think I would if I were CEO, I'd 00:06:29.889 --> 00:06:30.490 think I think I would if I were CEO, I'd say, 00:06:30.490 --> 00:06:30.523 think I think I would if I were CEO, I'd say, listen, 00:06:30.523 --> 00:06:30.590 think I think I would if I were CEO, I'd say, listen, I 00:06:30.590 --> 00:06:30.656 think I think I would if I were CEO, I'd say, listen, I it's 00:06:30.656 --> 00:06:30.690 think I think I would if I were CEO, I'd say, listen, I it's so 00:06:30.690 --> 00:06:31.624 CEO, I'd say, listen, I it's so 00:06:31.624 --> 00:06:31.791 CEO, I'd say, listen, I it's so time 00:06:31.791 --> 00:06:31.891 CEO, I'd say, listen, I it's so time consuming, 00:06:31.891 --> 00:06:32.792 CEO, I'd say, listen, I it's so time consuming, it's 00:06:32.792 --> 00:06:32.825 CEO, I'd say, listen, I it's so time consuming, it's expensive. 00:06:32.825 --> 00:06:32.925 time consuming, it's expensive. 00:06:32.925 --> 00:06:32.959 time consuming, it's expensive. And 00:06:32.959 --> 00:06:33.025 time consuming, it's expensive. And I 00:06:33.025 --> 00:06:33.426 time consuming, it's expensive. And I get 00:06:33.426 --> 00:06:33.526 time consuming, it's expensive. And I get bogged 00:06:33.526 --> 00:06:33.559 time consuming, it's expensive. And I get bogged down. 00:06:33.559 --> 00:06:34.494 time consuming, it's expensive. And I get bogged down. I 00:06:34.494 --> 00:06:34.527 time consuming, it's expensive. And I get bogged down. I lose 00:06:34.527 --> 00:06:34.627 And I get bogged down. I lose 00:06:34.627 --> 00:06:34.727 And I get bogged down. I lose two 00:06:34.727 --> 00:06:34.827 And I get bogged down. I lose two weeks 00:06:34.827 --> 00:06:35.628 And I get bogged down. I lose two weeks every 00:06:35.628 --> 00:06:35.762 And I get bogged down. I lose two weeks every year. 00:06:35.762 --> 00:06:35.795 And I get bogged down. I lose two weeks every year. Every 00:06:35.795 --> 00:06:36.629 two weeks every year. Every 00:06:36.629 --> 00:06:36.729 two weeks every year. Every quarter. 00:06:36.729 --> 00:06:36.829 two weeks every year. Every quarter. Let's 00:06:36.829 --> 00:06:36.863 two weeks every year. Every quarter. Let's cut. 00:06:36.863 --> 00:06:36.963 quarter. Let's cut. 00:06:36.963 --> 00:06:38.064 quarter. Let's cut. >> 00:06:38.064 --> 00:06:38.097 quarter. Let's cut. >> Talking 00:06:38.097 --> 00:06:38.164 quarter. Let's cut. >> Talking to 00:06:38.164 --> 00:06:38.297 quarter. Let's cut. >> Talking to the 00:06:38.297 --> 00:06:39.065 quarter. Let's cut. >> Talking to the people 00:06:39.065 --> 00:06:39.098 quarter. Let's cut. >> Talking to the people who 00:06:39.098 --> 00:06:39.265 >> Talking to the people who 00:06:39.265 --> 00:06:39.332 >> Talking to the people who bought 00:06:39.332 --> 00:06:39.565 >> Talking to the people who bought your 00:06:39.565 --> 00:06:39.599 >> Talking to the people who bought your stock. 00:06:39.599 --> 00:06:39.699 bought your stock. 00:06:39.699 --> 00:06:40.700 bought your stock. >> 00:06:40.700 --> 00:06:40.800 bought your stock. >> I'm 00:06:40.800 --> 00:06:41.667 bought your stock. >> I'm sorry, 00:06:41.667 --> 00:06:41.734 bought your stock. >> I'm sorry, David, 00:06:41.734 --> 00:06:41.768 bought your stock. >> I'm sorry, David, I'm 00:06:41.768 --> 00:06:41.968 >> I'm sorry, David, I'm 00:06:41.968 --> 00:06:42.034 >> I'm sorry, David, I'm speaking 00:06:42.034 --> 00:06:42.735 >> I'm sorry, David, I'm speaking for 00:06:42.735 --> 00:06:42.802 >> I'm sorry, David, I'm speaking for them. 00:06:42.802 --> 00:06:42.835 >> I'm sorry, David, I'm speaking for them. Me? 00:06:42.835 --> 00:06:43.569 >> I'm sorry, David, I'm speaking for them. Me? I 00:06:43.569 --> 00:06:43.603 >> I'm sorry, David, I'm speaking for them. Me? I want 00:06:43.603 --> 00:06:43.703 speaking for them. Me? I want 00:06:43.703 --> 00:06:43.736 speaking for them. Me? I want it 00:06:43.736 --> 00:06:43.803 speaking for them. Me? I want it to 00:06:43.803 --> 00:06:44.604 speaking for them. Me? I want it to be 00:06:44.604 --> 00:06:44.637 speaking for them. Me? I want it to be eighths. 00:06:44.637 --> 00:06:44.737 it to be eighths. 00:06:44.737 --> 00:06:44.771 it to be eighths. >> 00:06:44.771 --> 00:06:44.871 it to be eighths. >> I 00:06:44.871 --> 00:06:45.938 it to be eighths. >> I don't 00:06:45.938 --> 00:06:45.972 it to be eighths. >> I don't know. 00:06:45.972 --> 00:06:46.072 >> I don't know. 00:06:46.072 --> 00:06:46.139 >> I don't know. >> 00:06:46.139 --> 00:06:46.239 >> I don't know. >> Who 00:06:46.239 --> 00:06:46.472 >> I don't know. >> Who you're 00:06:46.472 --> 00:06:46.606 >> I don't know. >> Who you're talking 00:06:46.606 --> 00:06:46.639 >> I don't know. >> Who you're talking about. 00:06:46.639 --> 00:06:46.839 >> Who you're talking about. 00:06:46.839 --> 00:06:46.873 >> Who you're talking about. Eighth. 00:06:46.873 --> 00:06:46.973 Eighth. 00:06:46.973 --> 00:06:47.440 Eighth. >> 00:06:47.440 --> 00:06:47.473 Eighth. >> Who? 00:06:47.473 --> 00:06:47.573 >> Who? 00:06:47.573 --> 00:06:47.673 >> Who? >> 00:06:47.673 --> 00:06:47.740 >> Who? >> Eight 00:06:47.740 --> 00:06:48.841 >> Who? >> Eight one 00:06:48.841 --> 00:06:48.975 >> Who? >> Eight one eighth 00:06:48.975 --> 00:06:49.041 >> Who? >> Eight one eighth instead 00:06:49.041 --> 00:06:49.075 >> Who? >> Eight one eighth instead of. 00:06:49.075 --> 00:06:49.175 >> Eight one eighth instead of. 00:06:49.175 --> 00:06:50.209 >> Eight one eighth instead of. >> 00:06:50.209 --> 00:06:50.276 >> Eight one eighth instead of. >> Oh 00:06:50.276 --> 00:06:50.410 >> Eight one eighth instead of. >> Oh one 00:06:50.410 --> 00:06:50.476 >> Eight one eighth instead of. >> Oh one eighth. 00:06:50.476 --> 00:06:50.510 >> Eight one eighth instead of. >> Oh one eighth. Oh. 00:06:50.510 --> 00:06:51.010 >> Oh one eighth. Oh. 00:06:51.010 --> 00:06:51.110 >> Oh one eighth. Oh. >> 00:06:51.110 --> 00:06:51.210 >> Oh one eighth. Oh. >> Yeah, 00:06:51.210 --> 00:06:51.310 >> Oh one eighth. Oh. >> Yeah, that's 00:06:51.310 --> 00:06:51.778 >> Oh one eighth. Oh. >> Yeah, that's what 00:06:51.778 --> 00:06:51.878 >> Oh one eighth. Oh. >> Yeah, that's what I 00:06:51.878 --> 00:06:51.911 >> Oh one eighth. Oh. >> Yeah, that's what I want. 00:06:51.911 --> 00:06:52.011 >> Yeah, that's what I want. 00:06:52.011 --> 00:06:52.111 >> Yeah, that's what I want. >> 00:06:52.111 --> 00:06:52.779 >> Yeah, that's what I want. >> 1818A 00:06:52.779 --> 00:06:52.845 >> Yeah, that's what I want. >> 1818A month 00:06:52.845 --> 00:06:52.879 >> Yeah, that's what I want. >> 1818A month and 00:06:52.879 --> 00:06:53.245 >> Yeah, that's what I want. >> 1818A month and a