Latest / WTR Small-Cap Spotlight / Maison Solutions Inc. (MSS): Grocery Gets Smart: Maison's AI-and-Blockchain Playbook

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Maison Solutions Inc. (MSS): Grocery Gets Smart: Maison's AI-and-Blockchain Playbook · WTR Small-Cap Spotlight

• 0:00
  SPEAKER_01: Welcome to the WTR Smallcap Spotlight Podcast.
• 0:04
  SPEAKER_01: I'm your host, Tim Gerdeman, Vice Chair and Co-Founder and Chief Marketing Officer of Water Tower Research.
• 0:10
  SPEAKER_01: Today we're joined by Chris Singh, Vice President of Corporate Development and Strategy of Maison Solutions, NASDAQ Ticker Symbol, MSS.
• 0:18
  SPEAKER_01: Maison Solutions is a specially grocery retailer serving Asian American and other ethnic communities operating supermarkets in Southern California under the HK Good Fortune brand and in Arizona under the Lele International Supermarkets banner.
• 0:34
  SPEAKER_01: What makes the company's story especially interesting today is its push to modernize specially retail through technology.
• 0:42
  SPEAKER_01: Management has been investing in AI and blockchain-enabled shelf display inventory and supply chain systems, targeting improvements in inventory visibility, shrinkage, replenishment, and store level efficiency while building direct sourcing relationships across Asia.
• 0:59
  SPEAKER_01: More recently, Maison has begun commercializing that operating know-how externally through software licensing and consulting for other supermarkets.
• 1:08
  SPEAKER_01: Finally, also joining us is WTR Equity Research Colleague James Kisner.
• 1:13
  SPEAKER_01: Chris and James, good morning and welcome to the show.
• 1:19
  SPEAKER_01: Chris, for listeners new to the Maison Solutions story, can you please give us a 30,000-foot overview of what the company does, the markets you serve, and where you're taking the business moving forward, please?
• 1:32
  SPEAKER_00: Sure, Tim.
• 1:33
  SPEAKER_00: So at our core, Mason Solutions is a specialty grocery store built to serve the Asian Americans and also, you know, the other ethnic um ethnic communities.
• 1:46
  SPEAKER_00: So shoppers who want you know the authentic products, um, you know, fresh perishable and the brands from from the home that usually the national chains don't carry, um, you know, they they tend to come to our stores.
• 2:00
  SPEAKER_00: Um so we operate um uh mainly in two um states right now, uh Southern California, uh under our brand, HK Good Fortune, and uh in the state of Arizona, under the name Um Levy International, uh, which we required and uh you know um and in 204 uh 2024, and it has been a strong uh contributor.
• 2:25
  SPEAKER_00: Um so I think I think in terms of you know where we're taking it, um, you know, we always have this idea of you know not to be seen as a pure um groceries uh grocery operator.
• 2:40
  SPEAKER_00: Um and uh you know uh we're we're building two things on top of the stores, you know, hoping to make make uh make a difference.
• 2:48
  SPEAKER_00: Uh the first is a um uh you know, as you mentioned um earlier, the direct sourcing supply chain.
• 2:55
  SPEAKER_00: Um so we um you know we put a we put a lot of you know skills on the shelf uh on a daily basis.
• 3:04
  SPEAKER_00: And uh you know, many of those brands are actually you know um uh kind of straight off uh you know from the uh the source in Asia.
• 3:13
  SPEAKER_00: Um of course, you know, when you do direct sourcing, there are just like tons of benefits, you know, we we can we can dive in um you know later.
• 3:21
  SPEAKER_00: Um and the second is the technology and the solution layer.
• 3:24
  SPEAKER_00: Um actually that's why we call it um you know Mason Solutions instead of you know um some grocery stores.
• 3:31
  SPEAKER_00: Um especially in today's world, you know, AI and the blockchain uh kind of kind of center around it.
• 3:37
  SPEAKER_00: Um that we believe, you know, uh for with the technology enablement, you know, um we can probably benefit from um you know you know benefit our own store and also help other you know independent grocers.
• 3:50
  SPEAKER_00: Um so decision is very simple, you know, grocery as the foundation and sourcing the solutions as a growth engine.
• 3:57
  SPEAKER_01: Great.
• 3:58
  SPEAKER_01: That's a really helpful uh overview, and I'll turn it over to you to James to ask a few questions.
• 4:03
  SPEAKER_02: All right, thanks, Tim, and welcome again, Chris.
• 4:05
  SPEAKER_02: So um your investor deck frames a tech-driven transformation built on AI and blockchain across four areas store inventory, sales and order operations, customer privacy, and customer loyalty.
• 4:19
  SPEAKER_02: Can can just walk us through that vision in more detail?
• 4:22
  SPEAKER_02: Which of these pillars is kind of furthest along today?
• 4:25
  SPEAKER_00: Sure.
• 4:26
  SPEAKER_00: Um, so we um you know frame the transformation as kind of four uh areas or four pillars um the inventory, um, sales and the orders, um, customer privacy and the loyalty.
• 4:41
  SPEAKER_00: Um, so the uh the idea is simple a specialty grocer lives or dies um on getting the right product um fresh um to the sh to the shelf and uh keeping the customer coming back.
• 4:56
  SPEAKER_00: Um so AI helps us on the uh operation side, and uh blockchain is where the privacy and the trust relationship is built over time.
• 5:06
  SPEAKER_00: Um to be candidate about the uh the kind of sequencing, um, of course, you know, uh the inventory and the order that you know those are more on the operation side um are kind of you know uh furthest along, uh, because that's where you see the day-to-day um, you know, uh uh pain points are and um you know um and and also the areas so we get the you know faster the payback, uh better visibility into what's moving, tighter um you know, replenishment, less waste.
• 5:38
  SPEAKER_00: Um the customer loyalty would come comes uh would come next because um you know we don't have to rebuild the customer base where it have it.
• 5:46
  SPEAKER_00: Um the the relationship is already there.
• 5:49
  SPEAKER_00: The privacy and blockchain enabled pillars are uh are uh in very early stage and more exploratory right now.
• 5:56
  SPEAKER_02: That's a helpful overview.
• 5:58
  SPEAKER_02: So um let's get a little more practical.
• 6:01
  SPEAKER_02: So, what does the uh AI-powered supply chain actually mean inside the store's day-to-day?
• 6:06
  SPEAKER_02: And you know, which are especially groceries' hardest problems, perishables, imported SKUs, holiday demand swings, is the technology kind of tackling first?
• 6:17
  SPEAKER_00: So I know it sounds fantastic and sounds uh uh quote unquote sexy when we say you know AI powered supply chain, but uh you know, uh day-to-day wise, it's actually a lot less futuristic than it sounds.
• 6:30
  SPEAKER_00: Uh it's about taking the guesswork out of the uh ordering and uh stocking.
• 6:35
  SPEAKER_00: Um so in a special store um, you know, like like like ours, uh, you know, we're managing thousands of skills, and many of them are perishable, uh, many imported with long lease time.
• 6:47
  SPEAKER_00: So tools, um, you know, we're we're putting in uh we're putting in a help store team to um to see what's actually selling, uh, you know, what sells good, you know, uh uh better, what sells not um, you know, kind of kind of um up to our expectation.
• 7:04
  SPEAKER_00: Uh anticipate you know uh what we need and uh order against um you know that instead of get you know against a gut feeling because um you know in the past in the traditional um you know uh a store operation a lot of these are kind of like based on experience but in uh in a you know a fast-paced world sometimes experience is uh is not as accurate as you know uh they used to.
• 7:28
  SPEAKER_00: So having um you know uh you know uh some AI enablement uh solution to accurately um predict and uh you know to accurately you know um uh order that's very important for us.
• 7:42
  SPEAKER_00: Um so of the three problems you you you named perishable comes first.
• 7:47
  SPEAKER_00: Um that's where the money leaks fastest.
• 7:49
  SPEAKER_00: Um in our category, um so a case of produce or you know fresh seafood that doesn't sell is a total waste.
• 7:59
  SPEAKER_00: Um, you know, basically, if you have you if you can't sell a box of you know um fresh fruit or or some seafood, that's your direct loss.
• 8:10
  SPEAKER_00: The modest improvement in forecasting and replenishment um, you know, give us a big benefit in terms of operation.
• 8:18
  SPEAKER_00: Um imported uh skills and the holiday demand swings are the next layers.
• 8:24
  SPEAKER_00: Those are about timing.
• 8:25
  SPEAKER_00: Um, you know, long lead times and the you know big seasonal spikes.
• 8:29
  SPEAKER_00: You you want to make sure you know you have enough time you know up front to uh prepare the the inventory so you're not running out of stocks um during the big season.
• 8:38
  SPEAKER_00: Um but again, you know, the the everyday perishable, you know, uh definitely is the you know where where we start and where we can see the um um uh you know the difference right away.
• 8:50
  SPEAKER_02: It's exciting to see you apply uh a new technology to an age-year-old problem.
• 8:54
  SPEAKER_02: Um problem that's probably thousands of years old, frankly.
• 8:58
  SPEAKER_02: Um so uh two of the biggest areas investors watch are shrinkage and demand forecasting.
• 9:04
  SPEAKER_02: So I think you touched on that just now.
• 9:06
  SPEAKER_02: So what's live today versus stone on the roadmap?
• 9:09
  SPEAKER_02: And what early evidence do you have that it's it's working, like whether it's the lower shrink or more accurate forecasting?
• 9:17
  SPEAKER_00: Um, so let me just discipline about you know a live versus roadmap.
• 9:22
  SPEAKER_00: Um, so on uh demand forecasting, we have tools in use uh in our store, um, you know, informing, ordering, and the replenishment that's operational today.
• 9:32
  SPEAKER_00: Um, and it's where we see the you know um uh clearest day-to-day benefit.
• 9:37
  SPEAKER_00: Um, shrinkage, um, the work is earlier.
• 9:40
  SPEAKER_00: Um, you know, better forecasting and replenishment reduced shrink um as a byproduct, and the tighter inventory visibility is the you know foundation we're we're still uh building on.
• 9:51
  SPEAKER_02: That's helpful.
• 9:52
  SPEAKER_02: So um, you know, we talked about uh loyalty, you know, the customer base that you already kind of have, but you know, AI is also about you know improving um you know customer relationships, not just the back end.
• 10:04
  SPEAKER_02: And you know, you've called out uh a customer loyalty program.
• 10:07
  SPEAKER_02: You know, how are you using data and AI to deepen loyalty and sharpen marketing, whether that's for shoppers in your own stores or the supermarkets that you advise?
• 10:15
  SPEAKER_00: Sure.
• 10:16
  SPEAKER_00: Um, so you know, as a as a grocery operator, you know, the law loyalty is one of the most natural places uh uh you know um of uh uh for us because you know you want your customer to keep coming back.
• 10:30
  SPEAKER_00: Um and uh the good thing about it is for you know we're in this you know in in terms of customer loyalty, customer relationship, we're no different from others because you know every store for every uh operator, you already know you know what your uh you know your customers and you know um um what are some of the you know categories you know they keep coming back and um you know purchase repeatedly.
• 10:55
  SPEAKER_00: Uh people buy their stables weekly, right?
• 10:58
  SPEAKER_00: Um AI lets us move from a generic loyalty program to something sharper, um, more targeted, and understanding what a household directly buys um you know uh uh actually buys, um you know, timing the promotions um to real demand and uh cutting waste um you know on the uh marketing side and marketing spend um as you know the same way we we we cut on the inventory side.
• 11:25
  SPEAKER_00: Um there's uh also a trust uh dimension to it.
• 11:28
  SPEAKER_00: Um making sure rewards goes to real unique customers rather than you know you know, some some uh you know uh uh uh you know like uh like a regular people.
• 11:41
  SPEAKER_00: Um which you know is um you know I I I think the other thing is the uh you know identity um you know protection because we've seen a you know a lot uh like many more fraud um you know incident happens.
• 11:55
  SPEAKER_00: And I think you know the the the blockchain uh pieces uh is you know eventually it you know ties into it.
• 12:02
  SPEAKER_00: Um the interesting part is that uh you know this applies to many stores.
• 12:08
  SPEAKER_00: You know, it's not just you know one program sits in one store.
• 12:11
  SPEAKER_00: Uh the same loyalty and uh you know marketing playbook, you know, uh we ran um in our store, uh you know, whether it's in California or Arizona, it can also travel to you know um others.
• 12:24
  SPEAKER_00: If someone else said, you know, hey, they don't know how to implement a good loyalty program, you know, that's exactly where we uh we can come in to help them.
• 12:33
  SPEAKER_02: Yeah, that makes a ton of sense.
• 12:35
  SPEAKER_02: So um so you recently announced a new AI collaboration.
• 12:40
  SPEAKER_02: Um what can you share about that?
• 12:43
  SPEAKER_00: Yeah, so uh that's something we announced um, I think last week.
• 12:47
  SPEAKER_00: Um it's a it's a you know a collaboration framework with Supply AI, uh, an AI native company built uh specifically for the uh physical uh food supply chain.
• 12:58
  SPEAKER_00: And also Minimax, um, as you guys may know, a leading global AI company with um serious multimodal and uh um agentic capabilities.
• 13:07
  SPEAKER_00: Uh it's still a nine-binding MOU at this stage.
• 13:11
  SPEAKER_00: So I want to be clear, um, you know, it's still exploratory right now, uh, but we're we're working towards that direction.
• 13:18
  SPEAKER_00: Um the idea is very powerful.
• 13:20
  SPEAKER_00: You know, we bring the operating experience, the customer relationships, and the uh um, you know, uh market access.
• 13:27
  SPEAKER_00: So supply AI builds the product, and Minimax brings the uh frontier AI model.
• 13:32
  SPEAKER_00: Um, so together we're aiming at um AI that's you know embedded in the daily workflow of food retailers and the distributors, um, you know, uh things that we touched earlier, ordering, procurement, inventory, uh management, you know, logistics.
• 13:49
  SPEAKER_00: Uh it's not another, you know, chatbot.
• 13:52
  SPEAKER_00: Um, you know, it's uh it's it's it's the AI technology that actually uh apply in a very real day um you know day-to-day use case that has a direct uh positive impact to the grocery business.
• 14:11
  SPEAKER_02: That's that's that's helpful.
• 14:13
  SPEAKER_02: Um that sounds very exciting.
• 14:14
  SPEAKER_02: So where do you draw the line between uh technology you use internally uh to run Mason's own stores, the technology you can package and sell to the other independent and specialty grocers?
• 14:27
  SPEAKER_00: That's a good question.
• 14:28
  SPEAKER_00: Um, so I want to be clear on one thing.
• 14:31
  SPEAKER_00: So, you know, we're we're not a software company, and we're not trying to be a software company.
• 14:38
  SPEAKER_00: So I think um, you know, I I don't really want to draw a clear line between, you know, ours, theirs, you know, our software, their software, because at our core, um, we're a grocery operator, and uh, you know, uh what we're we're we're you know, we're building on top of it on top of it is a solution.
• 14:58
  SPEAKER_00: Um it's not that you know we are we're we're developing a software uh software ourselves.
• 15:04
  SPEAKER_00: I think what we bring to the table is the operational know-how and the ability to uh you know utilize the technology to actually improve the uh the the business essentially.
• 15:17
  SPEAKER_00: Uh if someone is really good at um you know building a supply chain software, if someone is really good at you know um developing a uh um you know a large language model that could train um and you know uh to to to be applied in the uh you know supply chain or the retail or the retail world, that's you know, those are the players that we want to partner with.
• 15:40
  SPEAKER_00: And together, uh, you know, we bring to the table is you know the expertise in the uh in the business area.
• 15:47
  SPEAKER_00: Um so together I think we have a um um you know solution that works um in real life and you know that benefits us, that also benefits you know uh others.
• 16:00
  SPEAKER_02: That's a helpful verification.
• 16:01
  SPEAKER_02: Thank you.
• 16:02
  SPEAKER_02: So um, you know, let's go back to your uh direct sourcing strategy.
• 16:06
  SPEAKER_02: So you know, lean supply chain, you know, is very much about sourcing, at least it's a big part of it.
• 16:11
  SPEAKER_02: And you've been building direct relationships across Asia, including uh the recent Gijziao uh Matai.
• 16:17
  SPEAKER_02: Sorry if I pronounced that wrong, uh distribution deal in China.
• 16:20
  SPEAKER_02: And you know, how does technology enhance your direct sourcing strategy and what does sourcing like this do for your margins and private label development?
• 16:29
  SPEAKER_00: So it's it's fairly straightforward.
• 16:32
  SPEAKER_00: Um direct sourcing cut uh you know as many minima as you can uh cut, and uh, you know, that's a direct improvement to uh to margin.
• 16:41
  SPEAKER_00: So in our uh industry, you know, um margin, especially the uh the gross margin is a uh a key KPI um to measure the success of the business operation.
• 16:52
  SPEAKER_00: So any way to um improve the um the the the margin would help you know the company um you know uh economically.
• 17:01
  SPEAKER_00: Um consider we you know um we're uh especially grocery store, you know, we sell a lot of you know Asian products.
• 17:09
  SPEAKER_00: Um so direct sourcing from uh from from from Asia, you know, it's almost a no-brainer um that you know you wanna you want to continue to uh you know source as many products as you can, as many many brands as you can, so you know you have a you know um a stronger you know uh pricing capability.
• 17:27
  SPEAKER_00: Uh you know, sell to uh you know not only you're you're able to offer you know as many you know uh top-notch products uh at a competitive price um to the to customer, uh you will still be able to maintain the margin to improve the uh um you know uh the the overall performance.
• 17:46
  SPEAKER_00: The um you know the Mao Tai agreement we signed is uh is uh actually a very good example.
• 17:52
  SPEAKER_00: So uh not sure if you know, Mao Tai is one of the most sought-after um, you know, um uh kind of premium liquors uh in China, and uh it was it's also widely accepted in broader Asia.
• 18:07
  SPEAKER_00: So having the ability to set to source from the brand directly and kind of sell in our store is a huge plus for us.
• 18:14
  SPEAKER_02: Okay, that's a help that's helpful.
• 18:16
  SPEAKER_02: So um let's try to a different part of your tech mission.
• 18:19
  SPEAKER_02: You know, blockchain, very exciting um technology and topic for investors, you know, tied to trust, security, and and customer privacy.
• 18:28
  SPEAKER_02: And you know, separately you've taken a treasury position in WorldCoin, um, an outside identity verification network, and put it using it in stores.
• 18:37
  SPEAKER_02: So, how does this blockchain fit your overall technology strategy?
• 18:41
  SPEAKER_02: And where does the Worldcoin position fit into that?
• 18:45
  SPEAKER_00: Okay, so um I want to I want to just separate those two things.
• 18:51
  SPEAKER_00: Um of course, you know, a WorldCoin is a digital um you know uh uh asset that ties to blockchain, but I think I see you want to see you know blockchain and the word coin are two separate um you know uh things.
• 19:05
  SPEAKER_00: The blockchain generally um our interest is trust, security, and privacy.
• 19:10
  SPEAKER_00: Uh in in a loyalty and the payment context, blockchain-based identity um you know, can verify that a customer is a real, unique person, uh, which matters for reducing fraud in promotions and also you know protecting customer data uh and pro to provide uh you know better um uh uh targeted uh marketing.
• 19:30
  SPEAKER_00: That's a strategic fit.
• 19:32
  SPEAKER_00: Um, so the world coin specifically, first of all, um, you know, it's a digital asset treasury position.
• 19:39
  SPEAKER_00: Um the token of the world uh you know, world coin is a token of the world network, uh, which is an outside identity verification project uh uh uh protocol.
• 19:48
  SPEAKER_00: Uh I'd frame it in two ways.
• 19:50
  SPEAKER_00: First, um it's a treasury and a balance sheet decision.
• 19:54
  SPEAKER_00: Um and like any other you know digital asset, like you know, uh Bitcoin, Ethereum, Solana, uh, it carries volatility.
• 20:02
  SPEAKER_00: Um that's been visible and uh you know um and we've been transparent about it.
• 20:08
  SPEAKER_00: Um secondly, it gives us the uh a kind of window into whether world the world ID um uh proof of human technology could eventually you know support in-store verification and loyalty.
• 20:21
  SPEAKER_00: And the in-store verification and loyalty actually comes in two places.
• 20:25
  SPEAKER_00: Um both the customers and uh you know our own staff, because you know, many, many um uh stores also face you know the the the theft, you know, uh uh issue from the from the uh the warehouse.
• 20:39
  SPEAKER_00: So we're thinking, you know, with with a um you know very robust uh you know uh identity verification system.
• 20:46
  SPEAKER_00: You know, this actually uh you know it's kind of like a one-stone kills two bird.
• 20:50
  SPEAKER_00: Um but I stress this word uh explore because we have not joined um the world network um right now, and uh, you know, um and we haven't deployed any devices and anything we do there uh will be subject to regulation, of course.
• 21:09
  SPEAKER_00: Um so blockchain is uh you know um a part of the long-term strategy or vision, and the WorldCoin is an earlier um, you know, early operational uh I mean WorldCoin isn't kind of like early operational, carefully um scoped um uh you know item to explore.
• 21:32
  SPEAKER_00: Um it's not the center of the strategy right now, but it kind of like sits in our long term long-term vision.
• 21:38
  SPEAKER_00: I'm keeping uh continuing to keep an eye on.
• 21:41
  SPEAKER_02: Alright, understood.
• 21:42
  SPEAKER_02: So curious to wrap up over the next 12 months, what should uh what would tell investors uh the AI um and solution strategy is working?
• 21:51
  SPEAKER_02: You know, is the KPIs in your stores or new licensees or you know, or or consulting agreements or margin improvement or just something else?
• 22:01
  SPEAKER_00: So um I'd say the first thing would uh would come in mind is um tell the investor trust us.
• 22:08
  SPEAKER_00: Um but uh you know, I I don't want to just give a vague answer.
• 22:12
  SPEAKER_00: Um so I'll say a few things.
• 22:14
  SPEAKER_00: First, uh, you know, operating KPIs in our own stores, so margin and supply chain efficiency, um, you know, um you know uh um kind of like you know um as the the improvement um you know um for for our uh for our uh operations uh because it you know if it doesn't work for us um you know it doesn't work for anybody else.
• 22:39
  SPEAKER_00: And uh, you know, we have to um you know anytime we talk about performance and talk about you know operation uh KPIs, the margin always comes first.
• 22:50
  SPEAKER_00: Um second is the progress on the uh AI collaboration uh we just announced moving the uh supply AI and the Minimax framework from a non-binding um you know towards a uh you know defined products and the real deployments.
• 23:05
  SPEAKER_00: Um, you know, a real deployment would be a strong signal that you know um kind of kind of kind of um uh to the market that you know we commit we're committed to uh this technology and uh AI uh path.
• 23:19
  SPEAKER_00: A third is the sourcing side, uh, you know, more direct relationships like the multi-agreement we had, and uh, you know, um uh kind of kind of continue to improve you know the margins and also you know kind of kind of uh uh you know bring more products, whether it's you know um the original brands or potentially you know private label uh to the source to continue to serve the the customers.
• 23:44
  SPEAKER_02: All right, Chris.
• 23:45
  SPEAKER_02: That sounds like exciting stuff.
• 23:46
  SPEAKER_02: It's exciting to see uh you know helping transform uh your industry um with uh this exciting new technology and strategy.
• 23:55
  SPEAKER_02: So I'll pass it back to Tim for closing comments.
• 23:58
  SPEAKER_01: Thanks, James, for those uh great questions.
• 24:00
  SPEAKER_01: And uh Chris, thanks so much for joining us today to discuss Maison Solutions.
• 24:04
  SPEAKER_01: I'd be remiss if I didn't mention that I've read at least two articles, Wall Street articles nonetheless, over the course of the last two months, saying the Asian food category is the fastest single food category in the United States right now.
• 24:16
  SPEAKER_00: Yeah, definitely.
• 24:18
  SPEAKER_00: And uh, you know, we're we're we're looking to um you know continue to serve you know um our customers in the US, uh, whether they're they're they're Asian, they're international, they're mainstream, um, you know, uh we're we're hoping to bring as many products uh, you know, as we can to serve our um uh customers here.
• 24:35
  SPEAKER_01: Well, that's great.
• 24:36
  SPEAKER_01: It looks like you have some uh wind in your sails with the trend, at least in the US.
• 24:39
  SPEAKER_01: So thanks for your time and have a great day.
• 24:41
  SPEAKER_00: Thank you for having me.
• 24:42
  SPEAKER_00: Take care.
• 24:43
  SPEAKER_01: Bye bye.
• 24:47
  SPEAKER_01: Thank you for listening, and don't forget to subscribe, as well as visiting www.watertowerresearch.com to stay up to speed on the company's small cap written research reports, podcasts, fireside chats, industry specific symposiums, and conference schedules.
• 25:03
  SPEAKER_01: We will see you next time for another edition of the WTR Smallcap Spotlight Podcast.
• 25:08
  SPEAKER_01: Finally, a special thanks to the producer and editor of the podcast, Krista Fitzpatrick.