Latest / The Curve / TCW40: Birks are down, women are out of pocket, and Soph might be in for more baggage.

Transcript

TCW40: Birks are down, women are out of pocket, and Soph might be in for more baggage. · The Curve

• 0:00
  Hi and welcome to the Curve Weekly. The podcast that keeps you up to date with all the money,
• 0:06
  business and stock market tea. Everyone should experience for us at least once in their lives
• 0:10
  and Annie shouldn't miss out just because she can't afford it. Help me. I can't wait to have
• 0:16
  an actual studio. Oh no, we've been slotting our way around London. We've now just snuck into
• 0:20
  the shortage house like photo studio, which is, don't tell them. If nobody didn't, we're not in here.
• 0:27
  If anyone knows what we're talking about, please don't dole us up. I'm pretty sure it's
• 0:31
  meant to be used for a studio, but most people just use it when they're drunk and taking photos of
• 0:35
  themselves. And they've got like a no-phones policy here. So true. And we've got phones here. We've got
• 0:40
  phones. We're recording. Yeah, so hopefully. Also, the lights only last 15 minutes. So we've got 15,
• 0:45
  14 minutes now, so if it feels like less than that, just doing it off and we're in the dark again.
• 0:50
  Quite fun. Yeah, maybe. Like a club. It's like a club of the lights from the podcast, mixer.
• 0:54
  Yeah. It's like dating in the dark. A friend of mine's doing that this week, like taking
• 0:58
  hit the sky, she's saying to a full pitch black dinner. I've done that.
• 1:02
  Have you? Not with the date. What was my sister? What was it like? It was hilarious.
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  Because you're trying to fill up your glass of water and you can't see the glass
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  and you spray your fingers and everyone's glass. No, I'm going to get to the top. Honestly, it was
• 1:13
  and then you're like, jazzing them by like playing footsies under the table. And I was like,
• 1:16
  it was fun. I was like, not mine. And then I was like, I'm topless. And everyone's like,
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  are you? Because nobody can see it. And it's quite interesting eating without seeing
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  your food. I think you're seeing foods and like, yeah, you definitely have to be like, I might
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  maybe lamb or pork or yeah, I went to a meditation. You know, one of those ones I,
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  where you don't talk for 10 days. So a lot of people on those retreats or, you know,
• 1:38
  meditation, you know, they're called for passengers. And you don't need to look at each other,
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  etc. It's all quite strict. And lots of people put blindfolds on when they're eating. So they're
• 1:47
  basically doing the same thing because you're focusing on your food. You're trying to be really
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  mindful. You quite like your meditation retreats. I haven't done one in a while. Did you go to a
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  bit of a shocking one in Australia? Oh my god. Yes. I fully forgot about that. We had a mutual
• 2:03
  friend of ours, message me going, oh my god, we've got the best story for you, Vic, about
• 2:09
  sof and we chose in Australia. And I was like, send it to me, send it to me. One of his friends
• 2:14
  had seen him and he goes, I've got a really funny story about the curve. Oh my god, wait, hold on.
• 2:19
  So one of my friends sent this to you. Yes. Yeah, yeah. And was like, this is for the podcast.
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  And sometimes you're like, yeah, what even makes you know, like, I'll decide that if it's podcast
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  really. But this I was actually like, lol, I'm going to keep this up mostly. So anyway, his
• 2:36
  friend or that I'm quite nervous. Send him this message. And it was like, I've got a funny
• 2:40
  story read the curve. Years ago, we had gone to the blue mountains to do a short hike. I made
• 2:46
  a vow that was with us was a good mate of Sophie Horat. So we get out there and this mate gets
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  this frantic call from Sophie, who was attending a silent yoga retreat in the blue mountains,
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  which is in Australia. We had to go and pick her up because she become convinced she was going
• 2:59
  to be abducted in some weird cult. I can just imagine this phone call, you being like, oh my god,
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  I know Sally's in the blue mountains. I'm going to give her a call and help her get me out of here.
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  I can't for the life of every member who that was anyway. He goes, so that's my connection to
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  the curve. I spent a day hiking with Sophie in the blue mountains after we rescued her from a cult.
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  I mean, like it doesn't surprise me. It's like it's, but also that you had friends in the blue
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  mountains. Who has friends that nearby? So what happened was I was in a different need of some,
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  you know, Sophie time. Yes. Yeah. And I found, I think I looked online or I saw a flyer somewhere
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  it was really not like, you know, it wasn't like you didn't do your research. No, not at all.
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  And I ended up in pickles, not doing my research before, but this was bad. So I turned up to this
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  what I thought was a retreat. And everyone was wearing white. I just, I was like, and they were walking
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  really slowly, gliding. And I remember going into the meditation room and they just had this big
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  eye in the center of the room and no one was taught. And I was like, I'm going to die. This is
• 4:04
  fucking scary. Yeah, it was so scary. And I was trying to have an open mind. I was like wandering
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  around, like looking at who was there. And I was like, you know, we just instantly get a feeling
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  of like, oh, like, yeah, got to leave like panic mode activated. I can always trust your gut in
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  those senses. Yeah. Quite funny, though. So some updated news on Birkenstock. Oh, yeah. Yeah.
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  So we spoke about this company. So this IPO, which means it is now available on the stock market
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  for you and me to buy shares. Anyone in the public, which is awesome. Because this is super old
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  company, isn't it? Yeah. Hundreds of years old. And it's a super well-known company. You know,
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  gosh, everyone knows about Birkenstock. Yeah. I actually got on my hinge, green flags, Birkenstocks,
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  and socks. Yeah. Nice. And quite a few guys like it. Yeah. And then it's always people who
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  style them into. Yeah. And then it's conversation starter. And I'm like, hot, show me your Birks.
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  So Birkenstock IPO. So IPO's last week. Sorry. Why didn't you tell me I wanted to put
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  shares in? Not just somewhere. What? Sorry. Just you wait. I'm like, where's your girl when you
• 5:08
  need it? Well, your girl might be helping you out even more if you just let me. Sorry. Yeah.
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  So it's actually fallen. Oh, yeah. I still have faith in it. Yeah. Yeah. Yeah. So it's a great
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  time for me to get it. It's fallen 12% on its debut. So shit. Yeah. Why? Is there any indication?
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  Yeah. We kind of spoke about this, but it's really good to know the kind of process that
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  IPO's go through. So when a company is selling its shares and it is IPO. So selling shares for the
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  first time to the public, it gets super expensive asizers to figure out the value of the business,
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  come up with a figure, and essentially that rewards early investors that have gotten
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  when the company's private. So might be venture capital, private equity or, you know, family
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  and friends, you know, this first time investors and they can sell their shares at IPO to new investors.
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  Anyway, what sometimes happens is those investors or the company gets quite greedy and so they
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  want a really high valuation. And so when you have a high valuation, that means that new investors
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  are like, oh, it's probably a bit expensive or it's a bit too much. So they don't buy it. Whereas
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  if you're like, look, we're going to be a little less greedy and the hope that should create a bit
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  more demand once the company's public. So I think what's happened is people have gone, you know
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  what? There hasn't been a lot of IPO's around. A lot of companies haven't IPO'd in the last
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  couple of years, been pretty dry out there. And so these companies are coming to market for the
• 6:34
  first time and the company's being a bit greedy. So it's just rating themselves highly.
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  Yeah, but then if there's, that's why she prices fall when their IPO is because there's not enough
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  demand because they've asked too much in the beginning if that makes sense. So I'm trying to
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  think what's a good analogy for this. Yeah, because I don't, I'm sort of like, isn't this an
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  example where it's like, right yourself, like the other day. Yeah, but you, but your value as a
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  company's only worth what someone's going to pay. So if people aren't going to pay for that,
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  when it's actually public, then you've got an issue where it's almost like leaving a little bit,
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  it's like leaving a little bit to the imagination. You know why are you rolling around like you
• 7:12
  get a feeling like sexual energy riding up your pants? You know, it's like not letting it all out
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  on the first date. Okay. Because you want demand for the next few dates. So you want to be in
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  the stereo intriguing. You're like, you know what, I've got a little bit left to show you. Yeah,
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  it's, I remember a mutual friend of ours when he first met me. I was doing yoga in your living room.
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  Oh, yeah. And put in sense on and was just like being all like, you know, sexual. No, not sexual,
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  just like a bit of, yeah, bit of a topic, like, don't be a thing. And he was like, I thought you
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  were quite mysterious. And then I heard you talk for the first time and I was like, well, she's
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  anything. But yeah, that's kind of what accompanies when it went IPO. So you want to leave a little
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  bit of mystery on the table so that investors buy into there's still a bit left to discover.
• 7:57
  That's quite, that is so hard. Yeah. It's hard to tell. Totally. And it's hard to find that
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  happy medium. Yeah. Happy medium. Well, also with everything else going on in the world and how
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  that's affecting the stock market. So with an example of when all birds IPO and that we're not
• 8:09
  100% is that because they priced it really low? That's the thing. That was probably too low because
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  I mean, that went up over 100% on day one. Yeah. And that's like, okay, well, that's a bit stupid.
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  You should have priced it a little bit higher. But now it's come completely back down. So yeah,
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  who knows. But I think it's a really good lesson that just like you said before, you're like, why
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  didn't you tell me? You know, it's like, there's always opportunities that are going to come up
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  again, nearly always, that give you an opportunity to buy IPOs. I also just feel like IPOs maybe
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  is not my like to think that Birkenstock, I would have gone into that and thought, yeah,
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  shit, yeah, I'm going to buy this. I think it's going to be really well. And it's the fact that
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  it's already down to a percent of my own. Yeah. But also that's that's in a couple of days.
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  I know. I know. I know. I know. And I live in the long term story that it's kind of irrelevant.
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  I think that's good because it means I could now buy it for 12% less than what IPOs. Yeah. But who
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  knows? You could wait tomorrow and get it for an even cheaper. I'm not in the mood for this
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  energy. Sorry. No, I'm saying. I know. But the ambiguous, like, you never know.
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  Oh, you're like, you're up or down. You're like, just give me a solid answer that I can offer.
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  But another one that has done well is Clevio. Oh my god, I saw I went to a TikTok event the
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  other day. Is this related? Kind of. Yeah. So TikTok, I mean, Clevio would set up a little stand
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  at the corner. And I was quite shocked when I turned up. So I saw Clevio and I got really excited
• 9:27
  and I yelled, we use Clavio. The guy came up to me and was like, cool. Who are you with?
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  And I was like, I'm so sorry. That was weird. I'll come chat to you. Who are you with?
• 9:37
  I guess in who's your company? Oh, okay. That's a weird thing to ask.
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  Um, Clevio has done really, really well. Well, not really well. But considering there's been a
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  pretty bad trick record of IPOs lately, like a lot of them are down. The fact that Clevio is up.
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  So it listed at $30, sorry, it listed at $30 and it's now at $33. So it's mainly managed to
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  kind of hold that price ish, which is really, really good. I think it's good to differentiate
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  why did Birkenstock not do well and why did Clevio do well? And there's kind of two things I
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  look for in an IPO, which is what's the reason they're going public or they're going to IPO?
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  And are the founders selling or staying? Yeah. Yeah. That's okay. Cool. I love that. It's so
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  good for. So I'm being serious. No, no, because I think sometimes I'm like, yeah, never know.
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  And I'm like, those are two very tangible things that we can all figure out ourselves.
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  So Birkenstock, so they raised about $1.4 billion. That wasn't the value of the business,
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  but it was the amount of money that they got from the IPO. And the majority of that went to
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  existing shareholders. So people were selling to new investors on the stock market. So it's like,
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  you and me selling our shares, you know, the curves going, going public for the first time,
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  it's IPOing, let's sell our shares to new investors that are coming on board.
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  Why? Well, that's the thing is because we've been shareholders for so long,
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  we want to take a bit of money off the table, that kind of thing. So they were a private company.
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  Did they and some of their private investors wanted to sell to new public investors? So they
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  were like, we'll sell at IPO. And then there was also they, I guess what you call raised new
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  money. So created new shares, but that money was used to pay down loans. So the Birkenstock had a
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  lot of debt. So I guess, oh, so that's, and okay, I think I've got a thought on this.
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  That's not creating new business or innovation or some kind of exciting new product.
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  That's just getting rid of debt, which is not really, I'm paying, I'm paying old investors.
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  Yeah, it's like, I've got heaps of parking funds and I just take so many so I can pay that off.
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  It's not that exciting. Okay, like going and asking someone to pay off to make you and
• 11:43
  a bit of financial position. Whereas I guess the flip side is Clevver, the majority of the
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  600 million that they raised or they got at IPO was what we call growth equity. So it's money to
• 11:58
  grow the business. But I guess the takeaway from this is Birkenstock raised money to pay back
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  existing shareholders and pay off loans. Clevver did the opposite. It raised money to grow.
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  So it's like, look, we've got all these grand plans. Can we please have money from you and
• 12:12
  investors and investors like, shit, yeah, I want to get on board with those grand plans.
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  I don't want to just get on board to pay back your debt that you've accumulated.
• 12:18
  It's quite weird that it was Birkenstock such an old company and not old as in
• 12:23
  gross and crusty, but it's been around forever. The fact that they IPO'd, I mean, they've been around
• 12:28
  what for 150 years. The only time they decide to IPO is to pay off debt, like it almost feels
• 12:33
  weird. Well, some, some, the majority of it was to pay down existing shareholders. So they obviously,
• 12:38
  but this comes to my next point are the founders selling or staying? Oh, what do they do?
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  And with Birkenstock, it's not founder lead anymore. It's private equity. So this is existing
• 12:48
  investors and they wanted to sell and exit some of their shareholding. So they're still,
• 12:53
  they store in a lot, but it's not run by a founder and it was existing shareholders selling.
• 12:58
  I mean, founders are going to be 150. I know exactly. So you can kind of do you want that kind of
• 13:03
  founder? But anyway, and then whereas the founder of Clevio, yes, he sold some, but it was that he
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  still owns 40% he's still in the business. So it's kind of something to think about is that if
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  you are thinking of investing in IPOs, you know, what are they going public for and other founders
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  selling or staying? So just two things to remember, it's really good to see a contrasting example,
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  you know, one that's done really good, one that's done really bad. And I'm not saying it's the primary
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  reason why they've done good and bad, but it's, yeah, it's definitely probably one of the main
• 13:36
  reasons. Definitely, probably. Definitely, probably maybe surely, yeah, definitely. Anyway,
• 13:40
  in other news, I saw a very interesting article on CNN, which actually was quite depressing,
• 13:46
  but it said that women spend $15 billion more on out of pocket healthcare expenses than men.
• 13:52
  Out of pocket, which means if you've got insurance, it only covers so much and then you've got
• 13:56
  to pay more. And so it's showing that, again, insurance isn't really covering enough for women
• 14:02
  specific issues, which is quite annoying. Yeah, there might be some cancers that affect women,
• 14:09
  for example, breast cancer, more than that affect men. It's just interesting to know that that's
• 14:13
  a huge amount of money that women are paying in America to cover these health related expenses.
• 14:20
  And it's 18% more than men. So we pay out 18% more on average than men.
• 14:25
  I hate this conversation. I don't want to talk about it. I know you always tell me to bring up
• 14:29
  lifting stuff and I know I think it's good to know what's going on, but I just like, I've
• 14:32
  nothing to say about that because other than the fact that that needs to change within
• 14:36
  health care. But I think it's really good to ask your insurance company, or make sure,
• 14:40
  you know, what do they cover? And yeah, just make sure that they cover the necessary things
• 14:46
  that you might. That's what I mean. And I find with the insurance policies, you know, sometimes
• 14:52
  there's so many pages. And it's not until you're actually diagnosed or you've got a condition
• 14:58
  or something, or you need surgery, that's when they're like, sorry, yeah, it kind of annoys me
• 15:03
  things. I mean, I don't know if endometriosis and IVF and giving birth and like all of the things
• 15:08
  that are so inherently related to women's bodies are just maybe less like covered less in general,
• 15:15
  but yeah, that's really sad. And that doesn't even cover maternity issues like childbirth and
• 15:19
  all those foreign effects and everything. So we just want to make sure, almost cool out insurance
• 15:24
  companies as well, and be like, you should be covering equal conditions for men and women,
• 15:29
  and covering more women's specific issues. And I think it's just a really good reminder to check
• 15:33
  in with your insurance and make sure, okay, does it cover breast cancer and everything related to
• 15:39
  that? Does it cover any maternity issues? Does it, you know, like just, it's so annoying. How much
• 15:45
  do you have to do? Yeah. But I think once a year, if you could sit down and review your insurance,
• 15:49
  it's like, it would be so much more beneficial than waking up in a hospital bed.
• 15:54
  And I'm sorry, I'm feeling it sensitive today. And I think we need to move on from this
• 15:58
  close session. Okay. I like it. This one's quite fun. I love the enthusiasm you're trying to bring
• 16:03
  in. I love it when I, well, not I discover, but when I hear of a new and besting trend,
• 16:09
  I'm like, this is fun. This bandwagon, can I guess? You're all going to be like,
• 16:15
  okay, but like, give me some tips or like some clothes. Oh, I guess it's having huge impacts.
• 16:21
  Excuse the pun. Impacts. Huge. Huge. Impacts. Which is the key word here? Impacts. Huge. Huge. Huge.
• 16:30
  Abyss. Abyss impacts. Massive. Massive. So this is an investing trend. Yeah. We're investing in,
• 16:39
  it's going to have lots of weight on the stock market. So something to do with weight and being overweight.
• 16:44
  An investing trend for helping obesity. Yeah. Is it more clothes? I want to guess it.
• 16:50
  Fat burning products. Fat burning products. That, that, that, that, really, that you put food in
• 16:56
  and the food, the, the, the old drip. No, no, no, she was nearly there. Um,
• 17:01
  everyone's probably like screaming into the headphones right now. One more clue.
• 17:04
  We're talking about it before. Diet pills. Close. Yes. Not a pill. Not a pill. Um, drinks.
• 17:09
  Weight loss drinks. No, not a pill back. Oh my god. Weight loss. We're going to run
• 17:13
  at the time. Not eating operations. No. Go back to pill. But just say injection. Injection.
• 17:21
  Injection. No. Weight loss injection. Yes. Oh, this really? I know. Yeah, I know. I get that
• 17:26
  reaction. No, but like, as in, is it, is it now proven test and thing? Test and? Yes. So, so
• 17:32
  they're, they've gone crazy. It was then pick. Oh, yes. Yeah. It was then pick and we go V.
• 17:38
  I don't know how you say that, but I hope that's how you say it. Anyway, the company that produces
• 17:42
  them, Novo Nordisk, which we spoke about, the Denmark company, it's now worth $400 billion.
• 17:48
  It's pretty much Europe's biggest company bigger than the size of Denmark where operates.
• 17:52
  But there's a, there's a good diet pill that was for diabetes that people have said. Injection.
• 17:56
  Injection. Oh. So, ozempick and we're gov. Are the two drugs? Yeah. Okay. Um, and there it's an
• 18:01
  injection that you can take, which I totally assumed when we first talked about it as a pill.
• 18:06
  Yeah. Sorry. No, it's injection that you can take, which stifles.
• 18:08
  Appetite. Yes. Sorry. Yeah. So stifles appetite. So, this is why it's having huge impacts.
• 18:14
  Yeah. No, I get the job. You don't need to repeat it. Got it. Anyway, it's like changing lives
• 18:20
  globally, like in terms of their run out of stock, you know, heaps people taking it. But there's
• 18:25
  a huge stock market impact actually. And I think this could be just the beginning. Like the,
• 18:30
  the kind of flower effects have been quite wild. And there's now competitors that are bringing
• 18:34
  out similar product products. So I think this is going to be quite a big thing. These kind of
• 18:38
  weight loss injections. So anyway, over the last week, there's been a really good test that's
• 18:43
  come out and it's shown that it's really effective for kidney failure. These weight loss drugs. So
• 18:48
  that's like being a huge positive. And then it's sent the shares of kind of kidney dialysis companies
• 18:53
  like fell off a cliff because you're not going to need them. You're not going to need dialysis if
• 18:57
  you don't have kidney failure. And then it's kind of been looking into I'm like, well, what other
• 19:03
  sectors, industries, companies are going to benefit negatively or positively. And, you know, I guess
• 19:10
  obesity is one of the biggest epidemics in the world. If this can make people healthier and
• 19:16
  live longer, just like imagine what that could do if you've got, I guess, more people in population
• 19:22
  that are healthier living longer. You just got to pop a couple of needles up your bum.
• 19:25
  Exactly. I bet it is. Come on, lie down. So thank you for shove it in.
• 19:31
  Anyway, I think this could be wild. The kind of reverberations, I guess this is going to happen.
• 19:35
  There's just going to be one of those things where it's like, don't smoke anymore, but why don't you
• 19:39
  vape? Or maybe, maybe. I mean, like, what would be surely these downsides or side effects of an
• 19:45
  addiction that makes you lose? Like, and it's kind of is a bit like, it's a bit too good to be true.
• 19:49
  Yeah. I think that the positives though of having a healthier population because we aren't
• 19:55
  suffering from all these health problems of being obese, I think is probably a really good thing.
• 20:00
  But anyway, it's really hurting junk food, the junk food industry at the moment.
• 20:04
  Usually overweight or unhealthy people have got quite a bad appetite. You know, they're eating a lot
• 20:09
  of snacks and... It's a downwards bar. Yeah, and junk food. Exactly. So companies like Pepsi,
• 20:15
  you know, they've been hurt. Weight watches. Weight watches is a public company. You don't
• 20:20
  need to go to weight watches anymore. Yeah. So the companies that provide... All the health
• 20:26
  companies are doing well, right? Well, all the companies, the companies that do like syringes and
• 20:30
  the injections, they're doing really well. So the other thing is clothing companies. Imagine,
• 20:37
  so if you're taking this drug and then you're just like, sheeding the pounds, you're going to have
• 20:41
  to refresh your wardrobe. So you're going to see this boom and clothing sales. I mean, I'm getting
• 20:45
  a bit faster. I'm going to see the stock market's ridiculous. And then the other one. The other one
• 20:50
  that I read about was airline companies doing really well because you've got less weight
• 20:56
  of people on the plates. They use less, they use less petrol. Because there's less weight.
• 21:02
  Oh, you're kidding. Yeah. I know. So less, they'll be flying, they'll have fuel savings because
• 21:08
  they'll be flying lighter planes. Oh, my God. So, you know, there's new chairs coming out,
• 21:12
  the whole really light humans. But if you think of this like, this is a really good example of like,
• 21:17
  okay, is this a small train that's going to boom and be a big trend? And we aren't going to start
• 21:21
  seeing these things. Or is this like getting you getting a bit out of hand and it's a bit far
• 21:26
  efficient. I'd say the latter. What do you say? Yeah. I mean, it is quite funny. I think the whole
• 21:31
  immediate impact, like the junk food industry, the weight watcher, I think that's a bit more feasible.
• 21:35
  I think that airlines, I'm like, okay. Come on. Yeah. If you think of it on a big scale,
• 21:41
  you've got a population that is now 10, 20, 30 kg lighter, maybe they'll let us take more baggage on.
• 21:48
  Yeah, which would be a matter of time. So I would love that. Always gets paying.
• 21:51
  I was like, please be 20, please be 20. The fuck it's not doing it. I was trying to like cover
• 21:55
  the cover the thing. And I'm like, oh, and they're like, is this your only bag? I'm like,
• 21:59
  yep, just don't look under the counter. What about, I just try and be really friendly so that
• 22:05
  they're so distracted. They're not thinking about baggage. I'm like, how's your kids giving
• 22:09
  you dogs and cats? You know, they're like, she's so lovely. I won't even think of it. I remember
• 22:14
  at the airport, we were heading back from Italy or something and I checked in and then we had a
• 22:19
  meeting straight after we checked in. This is way. We didn't sit down. Yeah. And then I was sitting
• 22:23
  there waiting and I was on the meeting and I was like, I'm not at the meeting and I still see
• 22:27
  you're checking in. And then I kind of 10, 15 minutes still into the meeting. I was like, gosh,
• 22:32
  she hasn't really dialed in yet. Looked back, she's still at the check in. I was like, oh,
• 22:36
  and then I see her repacking and I was like, oh, dear God. And then I see, I see Duranma
• 22:41
  so I was just a bit preoccupied and I could see you out of my corner where I just like,
• 22:46
  tearing everything out of your suitcase and like, and then you came back and you were carrying so much
• 22:52
  and I was like, oh, she's obviously been overweight and then had to like stuff everything
• 22:56
  and then carry on luggage. It was so funny. Just like carrying all this stuff over like super
• 23:01
  flustered and frustrated. It's so easy and like annoying. I know it's honestly just it's a real
• 23:07
  toxic trait of mine. It's not being able to pack my baggage to the correct size. Yeah, yeah.
• 23:12
  It's almost have like baggage creep, like you know, lifestyle creepers. Yeah.
• 23:17
  When you just spend more, it's like, if I've got a 30 kg bag, it'll be 35. If I've got a 20 to 25,
• 23:22
  I cannot get it like, but it back to the injection. So I mean, this could be a fad. You're right.
• 23:29
  It could be overblown and we all go back to normal and people forget about it and
• 23:35
  there's only a small percentage of the population. It's a little bit more healthy or have less weight
• 23:40
  on them. But it could be, I guess, the next boom kind of an AI and yeah, an investor should be
• 23:47
  kind of looking at, you know, what is the next impact from this weight loss drug? I don't know.
• 23:52
  I've loved this episode. Have you? Yeah. I've reloved it. I'm not sure. That's because I had like a
• 23:57
  coffee banana smoothie before and I was just I'm feeling good. But yeah, I also loved
• 24:01
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