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The Hidden Framework Behind Retail Technology Winners With UBS's Furhaan Khan · Omni Talk Retail

• 0:08
  The
• 0:08
  winners
• 0:08
  become
• 0:09
  those
• 0:09
  who
• 0:10
  have
• 0:10
  access
• 0:10
  to
• 0:10
  the
• 0:11
  customer
• 0:11
  who
• 0:11
  are
• 0:12
  executing
• 0:12
  the
• 0:12
  transaction
• 0:13
  and
• 0:13
  those
• 0:14
  who
• 0:14
  have
• 0:14
  the
• 0:14
  data.
• 0:15
  A
• 0:15
  lot
• 0:15
  of
• 0:16
  those
• 0:16
  companies
• 0:16
  that
• 0:16
  you
• 0:16
  and
• 0:17
  I
• 0:17
  sold
• 0:17
  aren't
• 0:17
  going
• 0:17
  to
• 0:18
  be
• 0:18
  there
• 0:18
  in
• 0:18
  a
• 0:19
  year's
• 0:19
  time
• 0:19
  because
• 0:20
  either
• 0:20
  they'll
• 0:20
  be
• 0:20
  acquired
• 0:21
  or
• 0:22
  the
• 0:22
  business
• 0:22
  model
• 0:23
  just
• 0:23
  won't
• 0:23
  work,
• 0:24
  or
• 0:24
  they're
• 0:25
  a
• 0:25
  point
• 0:25
  solution.
• 0:26
  Platforms
• 0:27
  over
• 0:27
  tools.
• 0:27
  So
• 0:28
  something
• 0:28
  that
• 0:28
  is
• 0:28
  embedded
• 0:29
  across
• 0:30
  the
• 0:30
  value
• 0:30
  chain,
• 0:31
  I
• 0:31
  think
• 0:31
  that's
• 0:32
  a
• 0:32
  good
• 0:32
  place
• 0:32
  to
• 0:32
  start.
• 0:33
  The
• 0:33
  Internet
• 0:33
  did
• 0:34
  two
• 0:34
  things.
• 0:34
  It's
• 0:35
  people
• 0:35
  buying
• 0:35
  things
• 0:35
  and
• 0:36
  people
• 0:36
  trying
• 0:36
  to
• 0:36
  get
• 0:36
  your
• 0:37
  attention.
• 0:37
  There
• 0:38
  are
• 0:38
  only
• 0:38
  two
• 0:38
  or
• 0:39
  three
• 0:39
  companies
• 0:39
  that
• 0:39
  have
• 0:40
  real
• 0:40
  intense
• 0:41
  data.
• 0:41
  Everybody
• 0:42
  else
• 0:42
  has
• 0:43
  been
• 0:43
  guessing.
• 0:45
  The
• 0:45
  AI
• 0:46
  disintermediation
• 0:46
  of
• 0:47
  the
• 0:47
  shopping
• 0:47
  journey
• 0:48
  and
• 0:48
  the
• 0:49
  personalization
• 0:50
  that
• 0:50
  will
• 0:51
  bring,
• 0:51
  it's
• 0:52
  going
• 0:52
  to
• 0:52
  fundamentally
• 0:52
  change
• 0:53
  the
• 0:53
  way
• 0:53
  we
• 0:53
  interact
• 0:54
  with
• 0:54
  the
• 0:55
  Internet
• 0:55
  as
• 0:55
  a
• 0:56
  whole.
• 0:56
  This
• 0:57
  Investor
• 0:57
  Perspectives
• 0:58
  on
• 0:58
  Retail
• 0:59
  and
• 0:59
  the
• 0:59
  Consumer
• 0:59
  Podcast
• 1:00
  is
• 1:00
  brought
• 1:00
  to
• 1:00
  you
• 1:01
  by
• 1:01
  the
• 1:01
  Omnitalk
• 1:01
  retail
• 1:02
  Podcast
• 1:02
  Network.
• 1:03
  Hello,
• 1:04
  everyone.
• 1:04
  I
• 1:04
  am
• 1:04
  Chris
• 1:04
  Walton,
• 1:05
  your
• 1:05
  host
• 1:05
  for
• 1:05
  today's
• 1:06
  interview,
• 1:06
  an
• 1:07
  interview
• 1:07
  in
• 1:07
  which
• 1:07
  you
• 1:07
  will
• 1:08
  hear
• 1:08
  from
• 1:08
  a
• 1:08
  gentleman
• 1:09
  I
• 1:09
  make
• 1:09
  a
• 1:09
  point
• 1:10
  to
• 1:10
  touch
• 1:10
  base
• 1:10
  with.
• 1:11
  Every
• 1:11
  time
• 1:12
  we
• 1:12
  find
• 1:12
  ourselves
• 1:13
  together
• 1:13
  in
• 1:13
  Vegas
• 1:14
  for
• 1:14
  Shop
• 1:14
  Talk
• 1:15
  in
• 1:15
  March,
• 1:16
  he
• 1:16
  and
• 1:16
  I
• 1:16
  always
• 1:16
  seek
• 1:17
  each
• 1:17
  other
• 1:17
  out.
• 1:17
  And
• 1:17
  this
• 1:18
  time
• 1:18
  this
• 1:19
  past
• 1:19
  March,
• 1:19
  he
• 1:19
  shared
• 1:20
  with
• 1:20
  me
• 1:20
  a
• 1:20
  framework
• 1:21
  for
• 1:21
  how
• 1:21
  he
• 1:21
  thinks
• 1:22
  about
• 1:22
  sizing
• 1:22
  up
• 1:23
  the
• 1:23
  technology
• 1:23
  investment
• 1:24
  landscape.
• 1:25
  And
• 1:25
  upon
• 1:25
  speaking
• 1:26
  with
• 1:26
  him,
• 1:26
  I
• 1:26
  said.
• 1:27
  I
• 1:27
  said,
• 1:27
  you
• 1:27
  have
• 1:28
  just.
• 1:28
  You
• 1:28
  have
• 1:28
  just
• 1:29
  got
• 1:29
  to
• 1:29
  be
• 1:30
  on
• 1:30
  my
• 1:30
  podcast.
• 1:31
  Some
• 1:31
  of
• 1:31
  you
• 1:32
  no
• 1:32
  doubt
• 1:32
  know
• 1:32
  of
• 1:32
  whom
• 1:33
  I'm
• 1:33
  speaking
• 1:33
  already,
• 1:34
  but
• 1:34
  I
• 1:34
  am
• 1:35
  of
• 1:35
  course
• 1:35
  talking
• 1:35
  about
• 1:35
  Ferhan
• 1:36
  Khan,
• 1:36
  the
• 1:36
  managing
• 1:37
  director
• 1:37
  and
• 1:37
  head
• 1:38
  of
• 1:38
  Internet
• 1:38
  and
• 1:38
  Digital
• 1:39
  commerce
• 1:39
  Investment
• 1:39
  banking
• 1:40
  at
• 1:41
  ubs.
• 1:42
  Ferhan,
• 1:42
  welcome
• 1:43
  to
• 1:43
  omnitalk.
• 1:44
  Great.
• 1:45
  It's
• 1:45
  great
• 1:45
  to
• 1:45
  be
• 1:45
  here,
• 1:45
  and
• 1:46
  nice
• 1:46
  to
• 1:46
  see
• 1:46
  you
• 1:46
  again
• 1:47
  outside
• 1:47
  of
• 1:47
  the
• 1:48
  heat
• 1:48
  of
• 1:48
  Vegas.
• 1:49
  Yeah,
• 1:49
  yeah.
• 1:51
  How
• 1:51
  many
• 1:51
  years
• 1:51
  has
• 1:51
  it
• 1:51
  been
• 1:52
  that
• 1:52
  we've
• 1:52
  been
• 1:52
  connecting
• 1:53
  out
• 1:53
  at
• 1:53
  that
• 1:53
  show?
• 1:54
  We
• 1:54
  always
• 1:55
  make
• 1:55
  sure
• 1:55
  we
• 1:55
  find
• 1:56
  each
• 1:56
  other.
• 1:56
  And
• 1:56
  that
• 1:57
  show
• 1:57
  just
• 1:57
  gets
• 1:58
  bigger
• 1:58
  and
• 1:58
  bigger
• 1:59
  and
• 1:59
  more
• 1:59
  interesting
• 2:00
  and
• 2:00
  more
• 2:00
  exciting
• 2:01
  and
• 2:01
  more
• 2:02
  confusing,
• 2:02
  actually.
• 2:04
  Yeah,
• 2:04
  yeah.
• 2:04
  What,
• 2:05
  what
• 2:05
  bring.
• 2:05
  What
• 2:05
  brings
• 2:06
  you
• 2:06
  out
• 2:06
  there?
• 2:06
  So,
• 2:07
  yeah,
• 2:07
  talk
• 2:07
  about,
• 2:07
  like,
• 2:08
  talk
• 2:08
  about
• 2:08
  what
• 2:08
  you
• 2:08
  oversee
• 2:09
  in
• 2:10
  your
• 2:10
  job,
• 2:10
  in
• 2:11
  your
• 2:11
  role,
• 2:11
  and
• 2:11
  what,
• 2:12
  what,
• 2:12
  what,
• 2:13
  why
• 2:13
  that
• 2:13
  brings
• 2:14
  you
• 2:14
  out
• 2:14
  to
• 2:14
  Shop
• 2:14
  Duck
• 2:15
  every
• 2:15
  year
• 2:15
  or
• 2:15
  any
• 2:15
  retail
• 2:15
  conference,
• 2:16
  for
• 2:16
  that
• 2:16
  matter.
• 2:17
  Yeah,
• 2:17
  absolutely.
• 2:18
  So,
• 2:18
  look,
• 2:18
  I.
• 2:18
  I
• 2:18
  sit
• 2:19
  in
• 2:19
  our
• 2:19
  investment
• 2:19
  banking
• 2:20
  group
• 2:20
  within
• 2:20
  our
• 2:20
  technology
• 2:21
  business.
• 2:22
  I'm
• 2:23
  usually
• 2:23
  based
• 2:23
  out
• 2:23
  of
• 2:23
  New
• 2:24
  York,
• 2:24
  but
• 2:24
  I'm
• 2:24
  traveling
• 2:25
  all
• 2:25
  over
• 2:25
  the
• 2:25
  place,
• 2:25
  as
• 2:26
  you
• 2:26
  can
• 2:26
  imagine.
• 2:27
  And
• 2:28
  what
• 2:28
  we
• 2:29
  do
• 2:29
  is
• 2:29
  we
• 2:29
  really
• 2:29
  spend
• 2:30
  time
• 2:30
  around
• 2:31
  companies
• 2:32
  that
• 2:32
  are
• 2:32
  looking
• 2:32
  for
• 2:33
  M
• 2:33
  and
• 2:34
  A
• 2:34
  advice.
• 2:34
  They're
• 2:35
  looking
• 2:35
  for
• 2:35
  IPOs,
• 2:36
  they're
• 2:36
  looking
• 2:37
  for
• 2:37
  leverage
• 2:37
  finance,
• 2:38
  they're
• 2:38
  looking
• 2:38
  for
• 2:38
  any
• 2:38
  sort
• 2:39
  of
• 2:39
  strategic
• 2:39
  transaction
• 2:40
  that
• 2:40
  might,
• 2:41
  that
• 2:41
  might
• 2:42
  occur
• 2:42
  in
• 2:42
  the
• 2:42
  life
• 2:42
  cycle
• 2:43
  of
• 2:43
  a
• 2:43
  business.
• 2:44
  And
• 2:44
  within
• 2:45
  that,
• 2:45
  I
• 2:46
  specialize
• 2:47
  in
• 2:47
  Internet
• 2:48
  more
• 2:48
  broadly,
• 2:50
  but
• 2:50
  also
• 2:50
  digital
• 2:51
  commerce
• 2:51
  as
• 2:51
  a
• 2:52
  specific
• 2:52
  subsector
• 2:53
  of
• 2:53
  the
• 2:53
  Internet.
• 2:54
  And
• 2:55
  what
• 2:55
  that
• 2:55
  means
• 2:55
  is
• 2:56
  anything
• 2:56
  that
• 2:57
  touches,
• 2:58
  from
• 2:58
  a
• 2:58
  tech
• 2:58
  perspective,
• 3:00
  the
• 3:00
  buyer's
• 3:00
  life
• 3:01
  cycle
• 3:01
  in
• 3:01
  and
• 3:02
  around
• 3:03
  buying
• 3:03
  something
• 3:04
  on
• 3:04
  the
• 3:04
  Internet.
• 3:04
  The
• 3:04
  way
• 3:05
  we,
• 3:05
  I
• 3:05
  mean,
• 3:06
  if
• 3:06
  you
• 3:06
  drill
• 3:06
  down
• 3:06
  the
• 3:07
  Internet
• 3:07
  very,
• 3:07
  very
• 3:07
  quickly,
• 3:08
  it's
• 3:10
  folks
• 3:10
  buying
• 3:11
  stuff
• 3:11
  and
• 3:12
  folks
• 3:12
  wanting
• 3:12
  to
• 3:13
  get
• 3:13
  in
• 3:13
  front
• 3:13
  of
• 3:13
  those
• 3:13
  people
• 3:14
  buying
• 3:14
  stuff,
• 3:17
  it
• 3:17
  really
• 3:17
  is
• 3:17
  that.
• 3:18
  And
• 3:19
  so
• 3:19
  the
• 3:19
  way
• 3:19
  I
• 3:19
  think
• 3:20
  about
• 3:20
  the
• 3:20
  value
• 3:20
  chain
• 3:21
  is
• 3:22
  if
• 3:22
  you
• 3:23
  start
• 3:23
  from
• 3:23
  the
• 3:23
  top
• 3:24
  of
• 3:24
  the
• 3:24
  funnel,
• 3:25
  you
• 3:25
  have
• 3:26
  how
• 3:26
  do
• 3:26
  you
• 3:26
  drive
• 3:26
  demand,
• 3:27
  how
• 3:27
  do
• 3:28
  you
• 3:28
  convert
• 3:28
  demand,
• 3:29
  how
• 3:29
  do
• 3:29
  you
• 3:29
  fulfill
• 3:30
  that
• 3:30
  demand,
• 3:30
  and
• 3:31
  then
• 3:31
  how
• 3:31
  do
• 3:31
  you
• 3:32
  ultimately
• 3:32
  keep
• 3:32
  the
• 3:33
  customer
• 3:34
  and
• 3:35
  bring
• 3:35
  them
• 3:35
  back
• 3:35
  to
• 3:37
  buying
• 3:37
  something
• 3:37
  again?
• 3:38
  So
• 3:39
  in
• 3:39
  essence,
• 3:39
  very,
• 3:40
  very
• 3:40
  straightforward,
• 3:41
  technically
• 3:42
  and
• 3:42
  practically
• 3:43
  incredibly
• 3:44
  complicated.
• 3:44
  Right.
• 3:45
  So
• 3:45
  if
• 3:45
  you
• 3:45
  think
• 3:45
  about
• 3:46
  all
• 3:46
  of
• 3:46
  the
• 3:46
  companies
• 3:47
  that
• 3:47
  we
• 3:48
  see
• 3:48
  over
• 3:49
  at
• 3:49
  Shop
• 3:49
  Talk,
• 3:50
  there's
• 3:50
  just
• 3:51
  so
• 3:51
  many,
• 3:51
  everybody's
• 3:52
  trying
• 3:52
  to
• 3:52
  do
• 3:52
  some
• 3:53
  version
• 3:53
  of
• 3:53
  what
• 3:53
  I
• 3:54
  just
• 3:54
  described,
• 3:55
  but
• 3:55
  there
• 3:55
  are
• 3:56
  so
• 3:56
  many
• 3:56
  flavors
• 3:57
  of
• 3:58
  effectively
• 3:58
  the
• 3:59
  same
• 3:59
  thing.
• 3:59
  When
• 3:59
  you
• 3:59
  drill
• 4:00
  it
• 4:00
  down
• 4:00
  to
• 4:00
  those
• 4:00
  few
• 4:02
  pillars
• 4:03
  that
• 4:03
  I
• 4:03
  just
• 4:03
  laid
• 4:03
  out,
• 4:04
  and
• 4:06
  I
• 4:06
  do
• 4:06
  there
• 4:07
  is
• 4:07
  meet
• 4:07
  these
• 4:08
  companies,
• 4:09
  stay
• 4:09
  current
• 4:10
  on
• 4:10
  what's
• 4:10
  going
• 4:10
  on,
• 4:11
  and
• 4:12
  make
• 4:13
  sure
• 4:13
  that
• 4:13
  we're
• 4:14
  there
• 4:14
  to
• 4:14
  help
• 4:14
  them
• 4:15
  as
• 4:15
  they
• 4:15
  go
• 4:15
  through
• 4:16
  that
• 4:16
  journey.
• 4:16
  So
• 4:16
  typically
• 4:17
  UBS
• 4:17
  will
• 4:18
  get
• 4:18
  involved,
• 4:19
  as
• 4:19
  I
• 4:19
  said,
• 4:19
  when
• 4:19
  there's
• 4:20
  a,
• 4:20
  when
• 4:20
  there's
• 4:21
  a
• 4:21
  transaction
• 4:21
  of
• 4:21
  some
• 4:21
  sort.
• 4:22
  But
• 4:22
  actually
• 4:23
  we
• 4:23
  love
• 4:24
  to
• 4:24
  support
• 4:24
  companies
• 4:25
  from
• 4:25
  an
• 4:25
  early
• 4:26
  stage
• 4:26
  all
• 4:27
  the
• 4:27
  way
• 4:27
  through
• 4:27
  to
• 4:27
  whatever
• 4:28
  it
• 4:28
  may
• 4:28
  be.
• 4:28
  So
• 4:29
  we
• 4:29
  spend
• 4:29
  time
• 4:29
  with
• 4:29
  the
• 4:29
  largest
• 4:30
  in
• 4:30
  the
• 4:30
  space,
• 4:30
  as
• 4:30
  you
• 4:31
  can
• 4:31
  imagine,
• 4:31
  but
• 4:32
  also
• 4:32
  some
• 4:32
  of
• 4:32
  the
• 4:32
  startups,
• 4:33
  as
• 4:33
  well
• 4:33
  as
• 4:33
  they're
• 4:33
  looking
• 4:34
  at
• 4:34
  raising
• 4:34
  capital,
• 4:34
  etcetera,
• 4:35
  and
• 4:35
  whatever
• 4:35
  it
• 4:36
  takes
• 4:36
  to,
• 4:36
  to
• 4:37
  get
• 4:37
  them
• 4:37
  to,
• 4:37
  to
• 4:38
  fulfill
• 4:38
  their
• 4:38
  ambition.
• 4:39
  And
• 4:39
  so
• 4:39
  that's
• 4:40
  what
• 4:40
  I
• 4:40
  do.
• 4:41
  Yeah,
• 4:41
  yeah,
• 4:42
  well
• 4:42
  said,
• 4:42
  well
• 4:43
  said.
• 4:43
  You
• 4:43
  know,
• 4:43
  it's
• 4:43
  funny.
• 4:44
  Producer
• 4:44
  and
• 4:44
  I
• 4:44
  were
• 4:45
  having
• 4:45
  a
• 4:45
  conversation
• 4:45
  very
• 4:46
  similar
• 4:46
  to
• 4:46
  what
• 4:46
  you
• 4:47
  just
• 4:47
  described
• 4:47
  yesterday
• 4:48
  in
• 4:48
  terms
• 4:48
  of
• 4:48
  just
• 4:48
  talking
• 4:49
  about
• 4:49
  general,
• 4:50
  just
• 4:50
  how
• 4:50
  you
• 4:50
  think
• 4:50
  about
• 4:51
  general
• 4:51
  business
• 4:51
  and
• 4:51
  the
• 4:52
  processes
• 4:52
  that
• 4:52
  need
• 4:52
  to
• 4:52
  happen
• 4:53
  for
• 4:53
  any
• 4:53
  business
• 4:53
  to
• 4:54
  succeed,
• 4:54
  which
• 4:54
  I
• 4:54
  think
• 4:54
  is
• 4:54
  applicable
• 4:55
  there
• 4:55
  too.
• 4:55
  And
• 4:56
  I
• 4:56
  tease
• 4:56
  at
• 4:57
  the
• 4:57
  outset
• 4:57
  that
• 4:57
  we're
• 4:57
  going
• 4:57
  to
• 4:58
  go
• 4:58
  into
• 4:58
  your
• 4:58
  framework
• 4:58
  for
• 4:59
  how
• 4:59
  you,
• 4:59
  how
• 4:59
  you
• 5:00
  think
• 5:00
  about
• 5:00
  everything,
• 5:00
  how
• 5:01
  you
• 5:01
  decide,
• 5:01
  like
• 5:02
  who's
• 5:02
  going
• 5:02
  to
• 5:03
  win,
• 5:03
  essentially.
• 5:03
  But
• 5:04
  I
• 5:04
  want
• 5:04
  to
• 5:04
  warm
• 5:04
  our
• 5:05
  way
• 5:05
  into
• 5:05
  that
• 5:05
  first.
• 5:06
  So,
• 5:06
  you
• 5:07
  know,
• 5:07
  and
• 5:07
  I
• 5:07
  do
• 5:07
  want
• 5:07
  to,
• 5:08
  I
• 5:08
  do
• 5:08
  want
• 5:08
  to,
• 5:08
  I
• 5:09
  want
• 5:09
  to
• 5:09
  legitimately
• 5:09
  go
• 5:10
  back
• 5:10
  to
• 5:10
  March
• 5:10
  because
• 5:11
  you
• 5:11
  and
• 5:11
  I
• 5:11
  were
• 5:11
  sitting
• 5:12
  on
• 5:12
  the
• 5:12
  couch
• 5:13
  in
• 5:13
  the
• 5:14
  speakers
• 5:14
  lounge.
• 5:15
  There's
• 5:15
  hundreds
• 5:16
  of
• 5:16
  technology
• 5:16
  vendors
• 5:17
  around
• 5:17
  us
• 5:17
  And
• 5:18
  I
• 5:18
  wanted
• 5:18
  to,
• 5:18
  I
• 5:18
  wanted
• 5:19
  you
• 5:19
  to
• 5:19
  share
• 5:19
  with
• 5:19
  your
• 5:19
  audience
• 5:20
  what
• 5:20
  were
• 5:20
  your
• 5:20
  impressions
• 5:21
  at
• 5:21
  that
• 5:22
  time?
• 5:22
  What
• 5:22
  were
• 5:22
  your,
• 5:23
  what
• 5:23
  were
• 5:23
  the
• 5:23
  thoughts
• 5:24
  going
• 5:24
  through
• 5:24
  your
• 5:24
  mind
• 5:25
  as
• 5:25
  you
• 5:26
  looked
• 5:26
  out
• 5:26
  on
• 5:27
  all
• 5:27
  that,
• 5:27
  that
• 5:28
  massive
• 5:28
  sea
• 5:29
  of
• 5:29
  technology
• 5:30
  vendors
• 5:30
  that
• 5:31
  inhabited
• 5:31
  the
• 5:31
  exhibit
• 5:32
  hall
• 5:32
  floor?
• 5:32
  Well,
• 5:33
  what
• 5:33
  I
• 5:33
  can
• 5:33
  tell
• 5:33
  you
• 5:33
  is
• 5:34
  everybody's
• 5:34
  now
• 5:34
  an
• 5:34
  AI
• 5:35
  company,
• 5:35
  right?
• 5:36
  Yes,
• 5:37
  without
• 5:37
  a
• 5:37
  doubt.
• 5:38
  But
• 5:38
  I
• 5:38
  think
• 5:38
  that's,
• 5:38
  I
• 5:39
  think,
• 5:39
  I
• 5:39
  think
• 5:39
  that's
• 5:39
  important.
• 5:40
  That's
• 5:40
  a
• 5:41
  paradigm
• 5:41
  shift
• 5:41
  in
• 5:42
  the
• 5:42
  way
• 5:42
  everything
• 5:42
  is,
• 5:43
  everything
• 5:43
  is
• 5:43
  going.
• 5:44
  So
• 5:44
  as
• 5:44
  you
• 5:44
  can
• 5:44
  imagine
• 5:45
  as
• 5:45
  a
• 5:45
  tech
• 5:46
  banker,
• 5:46
  absolutely
• 5:47
  everything
• 5:47
  that
• 5:47
  we
• 5:48
  now
• 5:48
  talk
• 5:48
  about
• 5:49
  and
• 5:50
  the
• 5:50
  conversations
• 5:50
  we're
• 5:51
  having
• 5:51
  is
• 5:52
  around
• 5:52
  AI.
• 5:53
  So
• 5:53
  it
• 5:54
  was
• 5:54
  good
• 5:54
  to
• 5:54
  see
• 5:54
  that
• 5:55
  kind
• 5:56
  of
• 5:56
  everybody
• 5:56
  was
• 5:57
  embracing
• 5:57
  that.
• 5:58
  But
• 5:59
  I
• 5:59
  think
• 5:59
  the
• 6:00
  biggest
• 6:00
  thing
• 6:00
  for
• 6:00
  me
• 6:00
  was
• 6:02
  there's
• 6:02
  a
• 6:02
  sense
• 6:02
  of
• 6:03
  paralysis
• 6:03
  as
• 6:04
  I
• 6:04
  looked
• 6:04
  out
• 6:04
  on
• 6:04
  that
• 6:04
  going
• 6:05
  if
• 6:05
  I'm
• 6:06
  an
• 6:06
  investor
• 6:06
  or
• 6:07
  if
• 6:07
  I'm
• 6:08
  trying
• 6:08
  to
• 6:08
  figure
• 6:08
  out
• 6:09
  what's
• 6:09
  differentiated
• 6:10
  and
• 6:10
  what's
• 6:10
  not,
• 6:11
  it's
• 6:12
  really
• 6:13
  hard
• 6:13
  to
• 6:13
  figure
• 6:13
  out
• 6:14
  who's
• 6:14
  differentiated
• 6:15
  and
• 6:15
  who's
• 6:15
  not.
• 6:16
  And
• 6:16
  I
• 6:17
  think
• 6:17
  that's
• 6:17
  where
• 6:19
  the
• 6:19
  sector
• 6:19
  expertise,
• 6:20
  that's
• 6:20
  where
• 6:21
  our
• 6:21
  knowledge,
• 6:21
  that's
• 6:22
  where
• 6:22
  our
• 6:22
  experience,
• 6:22
  all
• 6:22
  of
• 6:22
  those
• 6:23
  things
• 6:23
  really
• 6:24
  come
• 6:24
  to
• 6:24
  bear.
• 6:25
  Because
• 6:26
  without
• 6:27
  putting
• 6:27
  too
• 6:27
  finite
• 6:28
  point
• 6:28
  on
• 6:28
  it,
• 6:29
  a
• 6:29
  lot
• 6:29
  of
• 6:29
  those
• 6:29
  companies
• 6:30
  that
• 6:30
  you
• 6:30
  and
• 6:30
  I
• 6:30
  saw
• 6:31
  aren't
• 6:32
  going
• 6:32
  to
• 6:32
  be
• 6:32
  there
• 6:33
  in
• 6:33
  eight
• 6:33
  years
• 6:33
  time
• 6:34
  or
• 6:34
  two
• 6:34
  years
• 6:34
  time
• 6:34
  or
• 6:34
  three
• 6:35
  years
• 6:35
  time,
• 6:35
  because
• 6:36
  either
• 6:37
  they'll
• 6:37
  be
• 6:37
  acquired
• 6:38
  or
• 6:38
  the
• 6:39
  business
• 6:39
  model
• 6:39
  just
• 6:40
  won't
• 6:40
  work,
• 6:40
  or
• 6:42
  they're
• 6:42
  a
• 6:42
  point
• 6:43
  solution.
• 6:43
  And
• 6:43
  that
• 6:44
  point
• 6:44
  solution
• 6:44
  isn't
• 6:45
  going
• 6:45
  to
• 6:45
  be
• 6:45
  needed
• 6:46
  in
• 6:46
  an
• 6:46
  AI
• 6:46
  world.
• 6:47
  Something
• 6:47
  is
• 6:47
  going
• 6:48
  to
• 6:48
  happen
• 6:49
  which
• 6:49
  means
• 6:49
  that
• 6:50
  that
• 6:50
  business
• 6:50
  may
• 6:50
  or
• 6:50
  may
• 6:51
  not
• 6:51
  exist
• 6:51
  in
• 6:52
  a
• 6:52
  year,
• 6:52
  two,
• 6:52
  three,
• 6:52
  four
• 6:53
  years
• 6:53
  time.
• 6:57
  Trying
• 6:57
  to
• 6:57
  figure
• 6:57
  out
• 6:58
  where
• 6:58
  the
• 6:59
  value
• 6:59
  really
• 6:59
  lies
• 7:00
  is
• 7:00
  hard.
• 7:01
  The
• 7:02
  way
• 7:02
  I
• 7:02
  think
• 7:02
  about
• 7:02
  it
• 7:03
  is
• 7:03
  AI
• 7:04
  is
• 7:04
  really
• 7:04
  compressing
• 7:06
  the
• 7:07
  discovery
• 7:07
  layer
• 7:08
  and
• 7:08
  what's
• 7:08
  easy
• 7:09
  and
• 7:09
  what's
• 7:11
  easy
• 7:11
  to
• 7:12
  disintermed.
• 7:13
  So
• 7:13
  the
• 7:14
  value
• 7:14
  really
• 7:14
  lies
• 7:16
  somewhere
• 7:16
  downstream,
• 7:17
  I
• 7:17
  think.
• 7:17
  Right.
• 7:18
  It
• 7:18
  lies
• 7:19
  somewhere
• 7:19
  where
• 7:20
  there's
• 7:20
  execution,
• 7:21
  where
• 7:21
  there's
• 7:21
  a
• 7:22
  transaction,
• 7:22
  where
• 7:22
  there's
• 7:23
  trust.
• 7:23
  And
• 7:24
  that's
• 7:24
  where
• 7:24
  some
• 7:24
  of
• 7:25
  that
• 7:25
  framework
• 7:25
  you
• 7:25
  and
• 7:25
  I
• 7:26
  discussed
• 7:27
  really
• 7:28
  comes
• 7:28
  into
• 7:29
  view.
• 7:29
  Because
• 7:31
  if
• 7:32
  you
• 7:32
  believe
• 7:33
  that
• 7:34
  discovery
• 7:35
  gets
• 7:35
  easier
• 7:35
  and
• 7:36
  everybody
• 7:36
  is
• 7:36
  going
• 7:36
  to
• 7:37
  go
• 7:37
  and
• 7:37
  use
• 7:38
  some
• 7:38
  form
• 7:39
  of
• 7:39
  chatbot
• 7:40
  or
• 7:40
  LLM
• 7:41
  or
• 7:41
  to
• 7:41
  drive
• 7:42
  their
• 7:42
  decisioning
• 7:43
  process,
• 7:43
  which
• 7:44
  may
• 7:44
  or
• 7:44
  may
• 7:44
  not
• 7:44
  be
• 7:44
  true,
• 7:44
  by
• 7:45
  the
• 7:45
  way,
• 7:45
  but
• 7:45
  that's
• 7:45
  certainly
• 7:46
  prevailing
• 7:47
  right
• 7:47
  now.
• 7:48
  The
• 7:48
  winners
• 7:49
  become
• 7:49
  those
• 7:50
  who
• 7:51
  have
• 7:51
  access
• 7:51
  to
• 7:52
  the
• 7:52
  customer
• 7:53
  or
• 7:54
  who
• 7:54
  have,
• 7:54
  who
• 7:55
  are
• 7:55
  executing
• 7:55
  the
• 7:56
  transaction
• 7:57
  and
• 7:57
  those
• 7:58
  who
• 7:58
  have
• 7:58
  the
• 7:58
  data.
• 7:58
  Right.
• 7:59
  So
• 8:00
  when
• 8:00
  you
• 8:00
  think
• 8:01
  about
• 8:01
  examples
• 8:01
  of
• 8:02
  who
• 8:02
  that
• 8:02
  looks
• 8:03
  like,
• 8:03
  obviously
• 8:04
  on
• 8:04
  the
• 8:04
  retail
• 8:05
  side,
• 8:05
  you've
• 8:05
  got
• 8:05
  the
• 8:05
  large
• 8:05
  Retailers,
• 8:06
  there's
• 8:06
  Amazon,
• 8:07
  Walmart,
• 8:07
  Target,
• 8:07
  et
• 8:08
  cetera.
• 8:08
  You
• 8:08
  know,
• 8:09
  huge
• 8:09
  distribution,
• 8:11
  sometimes
• 8:11
  physical
• 8:11
  stores.
• 8:12
  In
• 8:12
  the
• 8:12
  case
• 8:12
  of
• 8:12
  the
• 8:12
  Walmart
• 8:13
  and
• 8:13
  Target,
• 8:13
  et
• 8:14
  cetera,
• 8:14
  you've
• 8:15
  got
• 8:15
  Costco.
• 8:15
  Right.
• 8:16
  Brand
• 8:16
  and
• 8:16
  loyalty
• 8:17
  doing
• 8:17
  a
• 8:17
  lot
• 8:17
  of
• 8:17
  the
• 8:18
  work
• 8:18
  there
• 8:18
  as
• 8:18
  well.
• 8:19
  Best
• 8:19
  Buy
• 8:19
  leaning
• 8:20
  into
• 8:20
  services.
• 8:21
  They've
• 8:21
  got
• 8:21
  a
• 8:21
  lot
• 8:21
  to
• 8:22
  say
• 8:22
  in
• 8:22
  the
• 8:22
  broader
• 8:23
  ecosystem.
• 8:25
  But
• 8:25
  then
• 8:26
  you've
• 8:26
  got
• 8:26
  some
• 8:27
  of
• 8:28
  the
• 8:28
  newer
• 8:29
  ways
• 8:29
  of
• 8:30
  distribution
• 8:30
  as
• 8:30
  well.
• 8:31
  So
• 8:31
  you
• 8:31
  think
• 8:31
  about
• 8:32
  Roku.
• 8:32
  Roku
• 8:33
  owns
• 8:33
  a
• 8:33
  screen,
• 8:34
  so
• 8:34
  they
• 8:34
  have
• 8:34
  their
• 8:35
  direct
• 8:35
  access
• 8:35
  to
• 8:35
  your
• 8:36
  living
• 8:36
  room.
• 8:36
  What
• 8:36
  does
• 8:36
  that
• 8:37
  look
• 8:37
  like?
• 8:37
  How
• 8:37
  do
• 8:37
  they
• 8:37
  position
• 8:38
  themselves?
• 8:40
  You've
• 8:40
  got
• 8:41
  up
• 8:42
  and
• 8:42
  comers
• 8:42
  like
• 8:42
  Rokt
• 8:43
  who
• 8:43
  are
• 8:43
  monetizing
• 8:44
  the
• 8:44
  checkout
• 8:44
  moment.
• 8:45
  You've
• 8:46
  got
• 8:46
  names
• 8:46
  like
• 8:46
  Narvar.
• 8:47
  So
• 8:47
  there's
• 8:48
  just
• 8:48
  so
• 8:48
  much
• 8:48
  complexity
• 8:49
  in
• 8:49
  this
• 8:49
  whole
• 8:50
  ecosystem.
• 8:52
  And
• 8:52
  when
• 8:52
  you
• 8:53
  and
• 8:53
  I
• 8:53
  were
• 8:53
  sitting
• 8:54
  there
• 8:54
  looking
• 8:55
  out
• 8:55
  at
• 8:55
  this
• 8:55
  sea
• 8:56
  going,
• 8:57
  it's
• 8:57
  our
• 8:57
  job
• 8:58
  to
• 8:58
  figure
• 8:58
  out
• 8:58
  what's
• 8:59
  hot
• 8:59
  and
• 8:59
  what's
• 9:00
  not.
• 9:00
  It's
• 9:01
  actually
• 9:01
  quite
• 9:01
  complicated.
• 9:02
  Yeah.
• 9:03
  Yeah.
• 9:03
  So,
• 9:04
  okay,
• 9:04
  so
• 9:04
  I
• 9:05
  want
• 9:05
  to.
• 9:05
  So
• 9:05
  I
• 9:05
  played
• 9:06
  devil's
• 9:06
  advocate
• 9:06
  for
• 9:06
  a
• 9:06
  second
• 9:06
  because
• 9:07
  the
• 9:07
  devil's
• 9:07
  advocate
• 9:07
  in
• 9:07
  me
• 9:08
  listen
• 9:08
  to
• 9:08
  you,
• 9:09
  listening
• 9:09
  to
• 9:10
  you.
• 9:10
  Listen
• 9:10
  to
• 9:10
  what
• 9:11
  you
• 9:11
  just
• 9:11
  said.
• 9:11
  And
• 9:11
  even
• 9:12
  thinking
• 9:12
  back,
• 9:13
  like,
• 9:14
  you
• 9:14
  know
• 9:14
  what,
• 9:14
  you
• 9:14
  could
• 9:14
  probably
• 9:15
  say
• 9:15
  the
• 9:15
  same
• 9:15
  thing
• 9:16
  about
• 9:16
  the
• 9:16
  exhibit
• 9:16
  hall
• 9:17
  floor
• 9:17
  every
• 9:17
  year.
• 9:18
  Right.
• 9:18
  Like
• 9:18
  there's
• 9:18
  going
• 9:18
  to
• 9:18
  be
• 9:19
  a
• 9:19
  certain
• 9:19
  amount
• 9:20
  of
• 9:20
  these
• 9:20
  companies
• 9:20
  that
• 9:21
  aren't
• 9:21
  going
• 9:21
  to
• 9:21
  exist
• 9:22
  the
• 9:22
  next
• 9:22
  year.
• 9:23
  But
• 9:23
  you're
• 9:23
  saying.
• 9:24
  Which
• 9:24
  I
• 9:24
  agree
• 9:24
  with,
• 9:25
  but
• 9:25
  I
• 9:25
  just
• 9:25
  want
• 9:25
  to
• 9:25
  make
• 9:25
  sure
• 9:26
  we
• 9:26
  understand
• 9:26
  why.
• 9:27
  But
• 9:27
  you're
• 9:27
  saying
• 9:28
  that
• 9:28
  the
• 9:29
  AI
• 9:29
  phenomenon
• 9:30
  has
• 9:30
  probably
• 9:30
  exacerbated
• 9:31
  that
• 9:31
  or
• 9:32
  will
• 9:32
  push
• 9:32
  that
• 9:33
  a
• 9:33
  step
• 9:33
  further,
• 9:34
  is
• 9:34
  that
• 9:34
  right?
• 9:35
  I
• 9:35
  think
• 9:35
  that's
• 9:36
  right.
• 9:36
  Let
• 9:36
  me
• 9:36
  take
• 9:36
  a
• 9:37
  step
• 9:37
  back
• 9:37
  because
• 9:38
  I
• 9:38
  don't
• 9:38
  think
• 9:38
  it's
• 9:39
  just
• 9:39
  in
• 9:39
  commerce
• 9:40
  or
• 9:40
  the
• 9:41
  Internet.
• 9:41
  I
• 9:41
  think
• 9:41
  it's
• 9:41
  across
• 9:43
  society.
• 9:43
  Right.
• 9:44
  We
• 9:44
  wanted
• 9:44
  to
• 9:44
  get
• 9:44
  philosophical
• 9:45
  about
• 9:45
  it.
• 9:46
  Yeah.
• 9:46
  Right.
• 9:47
  The
• 9:47
  way
• 9:47
  we
• 9:48
  operate,
• 9:48
  the
• 9:49
  way
• 9:49
  we
• 9:50
  interact
• 9:50
  with
• 9:50
  the
• 9:51
  world
• 9:51
  is
• 9:51
  fundamentally
• 9:52
  going
• 9:52
  to
• 9:52
  change
• 9:52
  given
• 9:53
  the
• 9:53
  way
• 9:53
  AI
• 9:54
  is
• 9:54
  affecting
• 9:54
  our
• 9:55
  lives.
• 9:56
  And
• 9:57
  to
• 9:57
  me,
• 9:57
  that's
• 9:57
  exciting.
• 9:58
  It's
• 9:59
  somewhat,
• 10:02
  somewhat
• 10:02
  scary
• 10:03
  because.
• 10:04
  Terrifying.
• 10:04
  You
• 10:04
  ahead
• 10:05
  and
• 10:05
  say
• 10:05
  it.
• 10:05
  I'll
• 10:05
  say
• 10:05
  it
• 10:06
  if
• 10:06
  you
• 10:06
  don't
• 10:06
  want
• 10:06
  to
• 10:06
  say
• 10:06
  it.
• 10:06
  Yeah.
• 10:07
  It's
• 10:07
  going
• 10:07
  to
• 10:07
  have
• 10:08
  so
• 10:08
  many
• 10:08
  societal
• 10:08
  impacts.
• 10:10
  But
• 10:11
  what
• 10:11
  I
• 10:12
  like
• 10:12
  about
• 10:12
  it
• 10:12
  is
• 10:14
  it
• 10:14
  keeps
• 10:15
  us
• 10:15
  on
• 10:15
  our
• 10:15
  toes.
• 10:15
  Right.
• 10:16
  Technology
• 10:16
  always
• 10:16
  keeps
• 10:16
  us
• 10:17
  on
• 10:17
  our
• 10:17
  toes.
• 10:17
  And
• 10:17
  that's
• 10:17
  what's
• 10:18
  very
• 10:19
  exciting
• 10:19
  about
• 10:19
  the.
• 10:20
  The
• 10:20
  job
• 10:20
  that
• 10:21
  I
• 10:21
  do.
• 10:23
  But
• 10:23
  what
• 10:23
  it
• 10:24
  means
• 10:24
  is
• 10:25
  I
• 10:25
  sort
• 10:26
  of
• 10:26
  drilled
• 10:26
  it
• 10:26
  down
• 10:26
  a
• 10:26
  second
• 10:27
  ago
• 10:27
  to
• 10:27
  say
• 10:28
  the
• 10:29
  Internet
• 10:29
  is
• 10:30
  two
• 10:30
  things.
• 10:30
  It's.
• 10:31
  It's
• 10:31
  people
• 10:32
  buying
• 10:32
  things
• 10:32
  and
• 10:33
  people
• 10:33
  trying
• 10:33
  to
• 10:33
  get
• 10:33
  your
• 10:34
  attention.
• 10:35
  And
• 10:37
  that
• 10:38
  changes
• 10:39
  because
• 10:39
  we
• 10:39
  have
• 10:39
  seen
• 10:40
  for
• 10:40
  a
• 10:40
  very
• 10:40
  long
• 10:40
  time
• 10:42
  the,
• 10:42
  that
• 10:43
  Google
• 10:43
  has
• 10:43
  effectively
• 10:44
  owned
• 10:44
  that
• 10:45
  channel.
• 10:45
  So
• 10:46
  in
• 10:46
  other
• 10:46
  words,
• 10:46
  people
• 10:46
  go
• 10:47
  and
• 10:47
  Google
• 10:47
  something.
• 10:48
  And
• 10:49
  our
• 10:49
  view
• 10:49
  has
• 10:50
  always
• 10:50
  been
• 10:50
  there
• 10:51
  are
• 10:51
  only
• 10:51
  two
• 10:51
  or
• 10:52
  three
• 10:52
  companies
• 10:52
  that
• 10:52
  have
• 10:53
  real
• 10:53
  intent
• 10:54
  data.
• 10:54
  So
• 10:54
  intent
• 10:55
  data
• 10:55
  being
• 10:56
  that
• 10:56
  data
• 10:56
  that
• 10:57
  says,
• 10:57
  I
• 10:57
  know
• 10:58
  what
• 10:58
  you
• 10:58
  want
• 10:58
  to
• 10:58
  buy.
• 10:59
  So
• 11:00
  you
• 11:00
  go
• 11:00
  to
• 11:00
  Google
• 11:01
  and
• 11:01
  you
• 11:01
  type
• 11:01
  in
• 11:02
  you
• 11:03
  want
• 11:03
  to
• 11:03
  buy.
• 11:03
  You
• 11:04
  want
• 11:04
  to
• 11:04
  buy
• 11:04
  treadmill.
• 11:05
  So
• 11:05
  you
• 11:06
  go
• 11:06
  to
• 11:06
  Google
• 11:06
  and
• 11:06
  you
• 11:06
  type
• 11:07
  in
• 11:07
  best
• 11:08
  treadmill,
• 11:08
  or
• 11:09
  what
• 11:10
  treadmill
• 11:10
  shall
• 11:10
  I
• 11:10
  buy?
• 11:11
  Or
• 11:11
  something
• 11:11
  like
• 11:12
  that.
• 11:13
  Amazon
• 11:13
  obviously
• 11:14
  has
• 11:15
  the
• 11:15
  same
• 11:15
  type
• 11:15
  of
• 11:15
  data
• 11:16
  because
• 11:18
  you
• 11:18
  go
• 11:18
  into
• 11:19
  Amazon
• 11:19
  and
• 11:19
  type
• 11:20
  the
• 11:20
  same
• 11:20
  thing.
• 11:20
  And
• 11:20
  so
• 11:21
  Amazon
• 11:21
  knows
• 11:21
  exactly
• 11:21
  what
• 11:22
  you're
• 11:22
  after.
• 11:24
  Everybody
• 11:24
  else
• 11:25
  has
• 11:26
  been
• 11:26
  guessing,
• 11:27
  right,
• 11:27
  Because
• 11:29
  Facebook
• 11:29
  guesses
• 11:30
  what
• 11:30
  you
• 11:30
  want
• 11:30
  as
• 11:31
  opposed
• 11:31
  to
• 11:31
  knows
• 11:31
  what
• 11:32
  you
• 11:32
  want.
• 11:33
  Pinterest
• 11:33
  arguably
• 11:34
  has
• 11:34
  real
• 11:35
  intent
• 11:35
  data
• 11:35
  because
• 11:37
  you're
• 11:37
  pinning
• 11:38
  things,
• 11:39
  but
• 11:39
  the
• 11:39
  retailers
• 11:39
  have
• 11:40
  real
• 11:40
  data.
• 11:40
  The
• 11:41
  retailers
• 11:41
  know
• 11:41
  what
• 11:42
  it
• 11:42
  is
• 11:42
  that
• 11:43
  you're
• 11:43
  buying.
• 11:43
  But
• 11:43
  Internet
• 11:44
  names,
• 11:47
  real
• 11:47
  intent
• 11:47
  data
• 11:48
  is
• 11:48
  actually,
• 11:49
  is
• 11:49
  actually
• 11:49
  hard
• 11:49
  to
• 11:49
  come
• 11:49
  by.
• 11:50
  Enter
• 11:51
  the
• 11:51
  LLMs.
• 11:51
  The
• 11:51
  LLMs
• 11:52
  are
• 11:52
  now
• 11:52
  saying,
• 11:52
  well,
• 11:53
  I
• 11:53
  know
• 11:53
  everything
• 11:53
  about
• 11:53
  you
• 11:55
  and
• 11:55
  you're
• 11:55
  actually
• 11:55
  asking
• 11:56
  me
• 11:56
  very
• 11:56
  directly
• 11:57
  not
• 11:57
  just
• 11:58
  what's
• 11:58
  the
• 11:58
  best
• 11:58
  treadmill,
• 11:59
  it's
• 11:59
  what's
• 11:59
  the
• 11:59
  best
• 12:00
  treadmill
• 12:00
  for
• 12:00
  me.
• 12:01
  Right?
• 12:02
  You
• 12:02
  know
• 12:02
  me,
• 12:03
  you
• 12:03
  know
• 12:03
  that
• 12:03
  I'm
• 12:04
  going
• 12:04
  to
• 12:04
  use
• 12:04
  it
• 12:04
  twice
• 12:05
  and
• 12:05
  then
• 12:05
  it's
• 12:05
  going
• 12:05
  to
• 12:05
  become
• 12:05
  a
• 12:06
  clothes
• 12:06
  rack
• 12:06
  or
• 12:09
  whatever
• 12:09
  the
• 12:10
  case
• 12:10
  may
• 12:10
  be.
• 12:10
  And
• 12:11
  so
• 12:11
  you
• 12:11
  start
• 12:11
  to
• 12:12
  see
• 12:13
  the
• 12:14
  AI
• 12:14
  disintermediation
• 12:15
  of
• 12:15
  the
• 12:15
  shopping
• 12:16
  journey
• 12:17
  and
• 12:18
  the
• 12:19
  personalization
• 12:20
  that
• 12:20
  that
• 12:20
  will
• 12:20
  bring
• 12:21
  and
• 12:22
  the
• 12:22
  innovation
• 12:22
  that
• 12:23
  that
• 12:23
  takes
• 12:24
  is
• 12:24
  going
• 12:24
  to
• 12:24
  be,
• 12:26
  is,
• 12:26
  is
• 12:27
  going
• 12:27
  to
• 12:27
  be
• 12:27
  fundamentally
• 12:28
  change.
• 12:29
  It's
• 12:29
  going
• 12:29
  to
• 12:29
  fundamentally
• 12:30
  change
• 12:30
  the
• 12:30
  way
• 12:31
  we
• 12:31
  interact
• 12:31
  with
• 12:32
  the
• 12:33
  Internet
• 12:33
  as
• 12:33
  a
• 12:34
  whole.
• 12:34
  And
• 12:35
  that
• 12:35
  has
• 12:35
  implications
• 12:35
  for
• 12:36
  brands,
• 12:36
  it
• 12:36
  has
• 12:37
  implications
• 12:37
  for
• 12:38
  retailers,
• 12:38
  it
• 12:38
  has
• 12:38
  implications
• 12:39
  for
• 12:40
  the
• 12:40
  technology
• 12:41
  providers
• 12:43
  and
• 12:43
  implications
• 12:43
  for
• 12:44
  you
• 12:44
  and
• 12:44
  I,
• 12:44
  because
• 12:45
  how
• 12:45
  much
• 12:45
  of
• 12:45
  our
• 12:45
  data
• 12:45
  do
• 12:46
  we
• 12:46
  really
• 12:46
  want
• 12:46
  out
• 12:46
  there
• 12:47
  and
• 12:47
  where's
• 12:48
  it
• 12:48
  going
• 12:48
  and
• 12:48
  what's
• 12:48
  it
• 12:48
  doing?
• 12:49
  Right,
• 12:50
  right.
• 12:50
  Okay,
• 12:51
  so
• 12:51
  let's
• 12:51
  get
• 12:52
  into
• 12:52
  it
• 12:52
  then,
• 12:52
  because,
• 12:52
  I
• 12:53
  mean,
• 12:53
  your
• 12:53
  job,
• 12:54
  in
• 12:54
  an
• 12:54
  essence,
• 12:55
  I
• 12:55
  mean,
• 12:55
  if
• 12:55
  I
• 12:55
  was
• 12:55
  to
• 12:56
  kind
• 12:56
  of
• 12:56
  wrap
• 12:56
  it
• 12:56
  up
• 12:56
  or
• 12:57
  simplify
• 12:57
  it
• 12:57
  in
• 12:57
  a
• 12:57
  lot
• 12:57
  of
• 12:58
  ways,
• 12:58
  which
• 12:58
  is
• 12:58
  probably
• 12:58
  an
• 12:58
  oversimplification,
• 12:59
  is
• 12:59
  to
• 13:00
  really
• 13:00
  help
• 13:01
  understand
• 13:01
  or
• 13:02
  decide
• 13:03
  who
• 13:03
  you
• 13:03
  think
• 13:03
  is
• 13:04
  going
• 13:04
  to
• 13:04
  win
• 13:04
  or
• 13:05
  lose,
• 13:05
  given
• 13:05
  everything
• 13:06
  you
• 13:06
  just
• 13:06
  said,
• 13:06
  if
• 13:07
  your
• 13:07
  impressions
• 13:07
  are
• 13:08
  true
• 13:08
  and
• 13:08
  the
• 13:08
  implications
• 13:09
  of
• 13:09
  what
• 13:09
  you
• 13:09
  just
• 13:09
  said
• 13:09
  come
• 13:10
  true.
• 13:10
  So.
• 13:11
  So,
• 13:11
  Ferran,
• 13:12
  how
• 13:12
  do
• 13:12
  you,
• 13:13
  how
• 13:14
  do
• 13:14
  you
• 13:14
  sort
• 13:14
  through
• 13:15
  it
• 13:15
  all?
• 13:15
  What
• 13:15
  is
• 13:15
  the
• 13:16
  framework
• 13:16
  that
• 13:16
  you
• 13:17
  use
• 13:17
  to
• 13:17
  help
• 13:17
  you
• 13:17
  decide
• 13:18
  who
• 13:18
  likely
• 13:19
  will
• 13:19
  succeed
• 13:20
  versus
• 13:20
  others
• 13:20
  in
• 13:21
  this
• 13:21
  landscape?
• 13:22
  As
• 13:22
  I
• 13:22
  laid
• 13:23
  out
• 13:23
  every
• 13:24
  minute
• 13:24
  ago,
• 13:24
  the
• 13:24
  journey
• 13:25
  for
• 13:25
  you,
• 13:25
  Right,
• 13:25
  so
• 13:26
  you
• 13:26
  sort
• 13:26
  of
• 13:26
  start
• 13:26
  in
• 13:27
  the,
• 13:27
  you
• 13:28
  start
• 13:28
  in
• 13:28
  the
• 13:28
  sort
• 13:28
  of
• 13:28
  pre
• 13:29
  purchase
• 13:29
  element
• 13:29
  of
• 13:30
  the
• 13:30
  value
• 13:30
  chain.
• 13:30
  The
• 13:31
  pre
• 13:31
  purchase
• 13:31
  element
• 13:32
  typically
• 13:32
  dominated
• 13:33
  by
• 13:33
  advertising
• 13:33
  companies,
• 13:34
  marketing
• 13:34
  companies.
• 13:35
  You
• 13:35
  then
• 13:36
  have,
• 13:37
  you
• 13:37
  know,
• 13:37
  product
• 13:37
  data
• 13:37
  and
• 13:38
  experience,
• 13:38
  which
• 13:38
  is
• 13:38
  important
• 13:40
  commerce
• 13:40
  and
• 13:41
  digital
• 13:41
  presence.
• 13:42
  You
• 13:42
  know,
• 13:42
  the
• 13:42
  checkout,
• 13:43
  the
• 13:43
  checkout
• 13:44
  process,
• 13:46
  that's
• 13:46
  the
• 13:46
  purchase
• 13:47
  so
• 13:47
  journey.
• 13:48
  Then
• 13:48
  there's
• 13:48
  the
• 13:48
  post
• 13:48
  purchase
• 13:49
  journey.
• 13:49
  So
• 13:49
  actually
• 13:50
  the
• 13:50
  thing
• 13:50
  has
• 13:51
  to
• 13:51
  get
• 13:51
  to
• 13:51
  your
• 13:51
  house
• 13:52
  or
• 13:52
  whatever
• 13:52
  it
• 13:52
  is
• 13:53
  you're
• 13:54
  buying.
• 13:55
  You
• 13:55
  have
• 13:56
  to
• 13:56
  be
• 13:56
  able
• 13:56
  to
• 13:56
  have
• 13:57
  easy
• 13:57
  returns.
• 13:58
  You
• 13:58
  have
• 13:58
  to
• 13:59
  trust
• 14:00
  that
• 14:00
  it's
• 14:00
  going
• 14:00
  to
• 14:00
  show
• 14:01
  up
• 14:01
  at
• 14:02
  the
• 14:02
  right
• 14:02
  address
• 14:02
  at
• 14:03
  the
• 14:03
  right
• 14:03
  time.
• 14:03
  And
• 14:03
  the
• 14:04
  thing
• 14:04
  is
• 14:05
  what
• 14:05
  as
• 14:05
  you
• 14:05
  wanted
• 14:06
  it
• 14:06
  to
• 14:06
  be,
• 14:07
  that's
• 14:07
  the
• 14:07
  customer
• 14:08
  experience
• 14:08
  aspect
• 14:08
  of
• 14:09
  it.
• 14:09
  And
• 14:09
  then
• 14:09
  the
• 14:09
  loyalty
• 14:10
  piece.
• 14:10
  So
• 14:11
  you
• 14:11
  know,
• 14:11
  I'm
• 14:11
  happy
• 14:12
  with
• 14:12
  my
• 14:12
  purchase,
• 14:12
  I'm
• 14:13
  going
• 14:13
  to
• 14:13
  come
• 14:13
  back
• 14:13
  and
• 14:13
  purchase
• 14:14
  something
• 14:14
  again.
• 14:14
  Because
• 14:16
  having
• 14:16
  a
• 14:17
  customer
• 14:17
  that
• 14:17
  you
• 14:17
  have
• 14:18
  retained
• 14:18
  is
• 14:19
  significantly
• 14:20
  cheaper
• 14:20
  than
• 14:20
  a
• 14:21
  customer
• 14:21
  that
• 14:21
  you've
• 14:21
  had
• 14:21
  to
• 14:22
  acquire.
• 14:22
  So
• 14:23
  that's
• 14:23
  the
• 14:23
  way
• 14:24
  I
• 14:24
  think
• 14:24
  about
• 14:24
  the
• 14:25
  flywheel.
• 14:26
  So
• 14:27
  if
• 14:27
  that's
• 14:27
  a
• 14:27
  journey
• 14:28
  where
• 14:28
  companies
• 14:28
  operate
• 14:30
  from
• 14:30
  a
• 14:30
  customer
• 14:30
  life
• 14:31
  cycle
• 14:31
  perspective,
• 14:32
  that
• 14:32
  doesn't
• 14:33
  tell
• 14:33
  you
• 14:33
  if
• 14:33
  it's
• 14:33
  a
• 14:33
  good
• 14:34
  business
• 14:34
  or
• 14:34
  not.
• 14:34
  That
• 14:34
  just
• 14:34
  tells
• 14:35
  you
• 14:35
  where
• 14:35
  in
• 14:36
  the
• 14:36
  value
• 14:36
  chain
• 14:36
  a
• 14:37
  company
• 14:37
  operates.
• 14:38
  Right.
• 14:39
  So
• 14:39
  what
• 14:40
  you
• 14:40
  and
• 14:40
  I
• 14:41
  discussed
• 14:41
  was
• 14:42
  how
• 14:42
  do
• 14:42
  you
• 14:42
  layer
• 14:43
  on
• 14:43
  a
• 14:43
  second
• 14:43
  lens
• 14:45
  which
• 14:45
  says
• 14:47
  what's
• 14:47
  going
• 14:47
  to
• 14:48
  be
• 14:48
  disintermediated
• 14:49
  and
• 14:49
  what's
• 14:49
  not
• 14:49
  going
• 14:49
  to
• 14:49
  be
• 14:49
  disintermediated
• 14:50
  in
• 14:50
  an
• 14:51
  AI
• 14:51
  world?
• 14:52
  So
• 14:52
  I
• 14:53
  think
• 14:53
  there
• 14:53
  are
• 14:54
  five
• 14:54
  things
• 14:55
  that
• 14:55
  I
• 14:55
  look
• 14:55
  for
• 14:57
  which
• 14:57
  I
• 14:57
  think
• 14:57
  matter.
• 14:58
  The
• 14:59
  first
• 14:59
  is
• 14:59
  data,
• 15:00
  real
• 15:01
  proprietary
• 15:02
  data.
• 15:02
  This
• 15:03
  is
• 15:03
  something
• 15:03
  that
• 15:04
  somebody
• 15:05
  else
• 15:05
  doesn't
• 15:05
  have,
• 15:07
  I
• 15:07
  own
• 15:07
  it.
• 15:08
  It's
• 15:09
  something
• 15:09
  that
• 15:09
  gets
• 15:09
  better
• 15:10
  the
• 15:10
  more
• 15:11
  people
• 15:11
  use
• 15:11
  my
• 15:11
  service
• 15:12
  or
• 15:12
  the
• 15:12
  more
• 15:13
  I
• 15:13
  operate.
• 15:14
  And
• 15:15
  therefore
• 15:16
  this
• 15:16
  gets
• 15:17
  better
• 15:17
  over
• 15:17
  time
• 15:18
  and
• 15:18
  it's
• 15:18
  very
• 15:19
  hard
• 15:19
  for
• 15:19
  AI
• 15:19
  to
• 15:20
  replicate
• 15:20
  or
• 15:20
  they
• 15:21
  have
• 15:21
  to
• 15:21
  partner
• 15:21
  with
• 15:21
  me
• 15:22
  to
• 15:22
  get
• 15:22
  it.
• 15:23
  That's
• 15:24
  the
• 15:24
  first
• 15:24
  piece.
• 15:25
  And
• 15:25
  if
• 15:25
  you
• 15:26
  think
• 15:26
  about
• 15:26
  names
• 15:26
  like
• 15:27
  Syndigo,
• 15:27
  they
• 15:27
  have
• 15:27
  real
• 15:28
  product
• 15:28
  data.
• 15:29
  You
• 15:29
  have
• 15:30
  names
• 15:30
  like
• 15:31
  Ibotta
• 15:32
  and
• 15:32
  Fetch,
• 15:32
  they
• 15:32
  have
• 15:33
  purchase
• 15:33
  data.
• 15:34
  You
• 15:34
  think
• 15:34
  about
• 15:34
  retailers,
• 15:35
  they've
• 15:35
  got
• 15:35
  full
• 15:36
  funnel
• 15:36
  data,
• 15:36
  right?
• 15:37
  So
• 15:37
  the
• 15:38
  real
• 15:38
  proprietary
• 15:40
  data,
• 15:40
  moats
• 15:41
  that
• 15:41
  are
• 15:41
  very
• 15:42
  hard
• 15:42
  to
• 15:42
  disintermediate
• 15:43
  in
• 15:43
  an
• 15:43
  AI
• 15:43
  world.
• 15:44
  That's
• 15:44
  one.
• 15:45
  Okay.
• 15:46
  The
• 15:46
  second
• 15:47
  piece,
• 15:47
  and
• 15:48
  by
• 15:48
  the
• 15:48
  way,
• 15:48
  you
• 15:48
  don't
• 15:48
  have
• 15:48
  to
• 15:48
  have
• 15:49
  all
• 15:49
  of
• 15:49
  these.
• 15:49
  Obviously
• 15:49
  if
• 15:49
  you
• 15:50
  have
• 15:50
  all
• 15:50
  of
• 15:50
  these,
• 15:51
  you're
• 15:51
  fantastic.
• 15:52
  But
• 15:52
  you
• 15:52
  don't
• 15:53
  have
• 15:53
  to
• 15:53
  have
• 15:53
  all
• 15:53
  of
• 15:53
  these.
• 15:53
  You
• 15:53
  just
• 15:54
  have
• 15:54
  to
• 15:54
  have
• 15:54
  some
• 15:55
  element
• 15:56
  of
• 15:56
  these.
• 15:57
  You
• 15:58
  don't
• 15:58
  want
• 15:58
  to
• 15:58
  not
• 15:58
  have
• 15:58
  any
• 15:58
  of
• 15:59
  them.
• 15:59
  That's
• 15:59
  why
• 15:59
  you
• 15:59
  don't
• 16:00
  want
• 16:00
  to
• 16:00
  not
• 16:00
  have
• 16:00
  any
• 16:00
  of
• 16:00
  them.
• 16:01
  Because
• 16:01
  that's
• 16:02
  where
• 16:02
  you
• 16:02
  have
• 16:02
  a
• 16:02
  real
• 16:03
  issue.
• 16:04
  The
• 16:04
  second
• 16:04
  is
• 16:04
  network
• 16:05
  effects.
• 16:05
  Network
• 16:05
  effects.
• 16:06
  We
• 16:06
  talk
• 16:06
  about
• 16:06
  it
• 16:07
  a
• 16:07
  lot.
• 16:07
  It's
• 16:08
  pretty.
• 16:09
  I
• 16:09
  think
• 16:09
  it's
• 16:10
  pretty
• 16:10
  obvious
• 16:10
  what
• 16:10
  that
• 16:11
  means.
• 16:12
  You
• 16:12
  and
• 16:12
  I
• 16:13
  could
• 16:13
  probably
• 16:14
  create
• 16:14
  Facebook
• 16:16
  in
• 16:16
  a
• 16:16
  weekend,
• 16:17
  but,
• 16:17
  you
• 16:18
  know,
• 16:18
  we'd
• 16:18
  be
• 16:18
  missing
• 16:18
  a
• 16:18
  billion
• 16:19
  and
• 16:19
  a
• 16:19
  half
• 16:19
  users.
• 16:19
  Right.
• 16:20
  So
• 16:20
  that's,
• 16:20
  that's.
• 16:21
  That.
• 16:21
  There's
• 16:22
  just
• 16:22
  that.
• 16:22
  Right.
• 16:23
  There's
• 16:23
  just
• 16:23
  that
• 16:23
  simple
• 16:24
  thing.
• 16:24
  So
• 16:24
  scale
• 16:25
  dramatically
• 16:26
  improves
• 16:27
  a
• 16:27
  product.
• 16:27
  Right?
• 16:28
  So
• 16:28
  Amazon,
• 16:29
  Uber,
• 16:30
  you
• 16:30
  know,
• 16:30
  Miracle,
• 16:31
  those
• 16:31
  sorts
• 16:31
  of
• 16:32
  names
• 16:32
  where
• 16:33
  real
• 16:33
  scale
• 16:35
  drives
• 16:36
  the
• 16:36
  product
• 16:36
  value.
• 16:37
  And
• 16:37
  that's
• 16:37
  very
• 16:38
  hard
• 16:38
  to
• 16:38
  disintermediate.
• 16:39
  Right.
• 16:39
  That
• 16:39
  scale.
• 16:40
  And
• 16:40
  that
• 16:40
  turns
• 16:41
  it
• 16:41
  into
• 16:41
  depensability.
• 16:44
  The
• 16:44
  one
• 16:44
  that
• 16:45
  we
• 16:45
  didn't
• 16:45
  talk
• 16:45
  about
• 16:45
  so
• 16:46
  much,
• 16:46
  and
• 16:46
  I've
• 16:46
  been
• 16:46
  thinking
• 16:46
  about
• 16:47
  a
• 16:47
  lot
• 16:47
  more,
• 16:47
  is
• 16:48
  distribution.
• 16:49
  Right.
• 16:49
  So
• 16:49
  how
• 16:49
  do
• 16:49
  you
• 16:50
  get
• 16:50
  to
• 16:50
  the
• 16:50
  customer?
• 16:51
  Right.
• 16:51
  So
• 16:52
  retailers
• 16:52
  have
• 16:52
  distribution.
• 16:54
  Roku
• 16:55
  is
• 16:55
  an
• 16:55
  example
• 16:56
  where
• 16:56
  there's
• 16:56
  real
• 16:56
  distribution
• 16:57
  in
• 16:57
  your
• 16:58
  living
• 16:58
  room
• 16:58
  or
• 16:58
  your
• 16:59
  bedroom
• 16:59
  or
• 16:59
  wherever
• 16:59
  you
• 17:00
  have
• 17:00
  a
• 17:00
  screen.
• 17:00
  That's
• 17:01
  a
• 17:01
  way
• 17:01
  to
• 17:01
  get
• 17:01
  to
• 17:01
  a
• 17:02
  consumer.
• 17:02
  That's
• 17:03
  very
• 17:03
  hard
• 17:03
  to
• 17:03
  disintermediate.
• 17:04
  Pinterest,
• 17:05
  those
• 17:05
  sorts
• 17:06
  of
• 17:06
  names.
• 17:06
  And
• 17:07
  increasingly,
• 17:09
  I'm
• 17:09
  thinking
• 17:09
  if
• 17:10
  you
• 17:10
  don't
• 17:10
  control
• 17:10
  the
• 17:11
  distribution,
• 17:11
  you're
• 17:11
  ultimately
• 17:12
  renting
• 17:12
  that
• 17:12
  demand.
• 17:13
  If
• 17:14
  you,
• 17:14
  if
• 17:14
  you
• 17:14
  control
• 17:14
  the
• 17:15
  distribution,
• 17:15
  you're
• 17:16
  at
• 17:16
  the
• 17:16
  heart
• 17:16
  of
• 17:17
  the
• 17:17
  consumer
• 17:17
  journey.
• 17:18
  And
• 17:18
  that's
• 17:18
  very
• 17:18
  hard
• 17:19
  to
• 17:19
  disintermediate.
• 17:20
  That's
• 17:20
  the
• 17:20
  point.
• 17:21
  So
• 17:21
  let
• 17:22
  me.
• 17:22
  So,
• 17:22
  yeah,
• 17:22
  that.
• 17:22
  So
• 17:23
  that
• 17:23
  is
• 17:23
  new
• 17:23
  because
• 17:23
  we.
• 17:24
  I
• 17:24
  mean,
• 17:24
  I
• 17:24
  actually
• 17:24
  was
• 17:25
  gonna.
• 17:25
  I
• 17:25
  was
• 17:25
  gonna
• 17:25
  joke
• 17:26
  with
• 17:26
  you.
• 17:26
  Like
• 17:26
  when
• 17:26
  we
• 17:26
  talked,
• 17:27
  you
• 17:27
  said
• 17:27
  there
• 17:27
  were
• 17:27
  four
• 17:27
  and
• 17:28
  now
• 17:28
  there's
• 17:28
  five.
• 17:28
  So.
• 17:29
  And
• 17:29
  the.
• 17:29
  Exactly.
• 17:29
  This,
• 17:30
  this
• 17:30
  new
• 17:30
  element
• 17:31
  is.
• 17:31
  We've
• 17:32
  gone
• 17:32
  back
• 17:32
  and
• 17:32
  forth
• 17:32
  on
• 17:32
  this
• 17:33
  a
• 17:33
  lot
• 17:33
  because,
• 17:34
  I
• 17:34
  mean,
• 17:34
  firstly,
• 17:35
  this
• 17:35
  isn't
• 17:35
  perfect.
• 17:35
  It's
• 17:36
  a
• 17:36
  framework.
• 17:36
  And
• 17:36
  all
• 17:36
  frameworks.
• 17:37
  No.
• 17:37
  Right.
• 17:37
  No.
• 17:38
  Frameworks
• 17:38
  are
• 17:39
  somehow
• 17:39
  falsified
• 17:40
  at
• 17:40
  some
• 17:40
  point.
• 17:40
  Right.
• 17:41
  So
• 17:42
  there's
• 17:42
  probably
• 17:42
  six,
• 17:42
  seven,
• 17:43
  eight
• 17:43
  things
• 17:43
  that
• 17:44
  you
• 17:44
  could
• 17:44
  argue.
• 17:45
  But
• 17:45
  when
• 17:45
  trying
• 17:46
  to
• 17:46
  distill
• 17:47
  it
• 17:47
  down,
• 17:47
  this
• 17:47
  is
• 17:47
  how
• 17:47
  we've
• 17:48
  been
• 17:48
  thinking.
• 17:49
  So
• 17:49
  to
• 17:49
  the
• 17:49
  point
• 17:50
  about
• 17:50
  distribution,
• 17:50
  because
• 17:50
  I
• 17:51
  want
• 17:51
  to
• 17:51
  ask
• 17:51
  you,
• 17:51
  this
• 17:51
  is
• 17:51
  my
• 17:51
  first
• 17:51
  time
• 17:52
  hearing
• 17:52
  it
• 17:52
  too.
• 17:53
  So
• 17:55
  is
• 17:55
  controlling
• 17:56
  your
• 17:56
  distribution
• 17:57
  now
• 17:58
  more
• 17:58
  important
• 17:58
  than
• 17:59
  ever?
• 18:00
  Because
• 18:00
  it's
• 18:00
  always
• 18:00
  been
• 18:01
  a
• 18:01
  factor.
• 18:02
  But
• 18:02
  is
• 18:02
  it.
• 18:03
  Is
• 18:03
  it.
• 18:03
  Is
• 18:03
  that
• 18:04
  being
• 18:04
  exacerbated
• 18:04
  as
• 18:05
  well?
• 18:05
  Because
• 18:05
  I
• 18:05
  think
• 18:05
  of
• 18:05
  moves
• 18:06
  like
• 18:06
  Walmart
• 18:06
  to
• 18:06
  control
• 18:07
  their
• 18:07
  distribution
• 18:07
  through
• 18:08
  the
• 18:08
  Vizio
• 18:09
  acquisition
• 18:09
  as
• 18:10
  an
• 18:10
  example
• 18:10
  of
• 18:10
  this.
• 18:11
  It's
• 18:11
  more
• 18:11
  important
• 18:11
  than
• 18:12
  ever
• 18:12
  before
• 18:13
  because
• 18:14
  of
• 18:14
  the
• 18:14
  way
• 18:15
  consumers
• 18:15
  interact
• 18:16
  with
• 18:17
  brands
• 18:17
  and
• 18:17
  products
• 18:18
  and
• 18:18
  retailers.
• 18:19
  If
• 18:20
  you
• 18:20
  believe
• 18:20
  that
• 18:21
  everybody
• 18:21
  is
• 18:21
  going
• 18:22
  to
• 18:22
  go
• 18:22
  to
• 18:22
  some
• 18:22
  sort
• 18:22
  of
• 18:22
  chatbot,
• 18:24
  and
• 18:24
  that's
• 18:24
  the
• 18:24
  way
• 18:24
  they're
• 18:25
  going
• 18:25
  to
• 18:25
  interact
• 18:26
  with
• 18:26
  the
• 18:26
  world.
• 18:26
  If
• 18:27
  you
• 18:27
  have
• 18:27
  a
• 18:27
  different
• 18:27
  way
• 18:28
  for
• 18:28
  them
• 18:28
  to
• 18:28
  interact
• 18:28
  with
• 18:29
  the
• 18:29
  world,
• 18:29
  that's
• 18:30
  a
• 18:30
  moat.
• 18:30
  And
• 18:31
  you
• 18:31
  can
• 18:31
  sort
• 18:32
  of
• 18:32
  zoom
• 18:32
  out
• 18:33
  a
• 18:33
  little
• 18:33
  bit
• 18:33
  and
• 18:33
  say,
• 18:33
  well,
• 18:34
  distribution
• 18:34
  matters
• 18:35
  in
• 18:35
  lots
• 18:35
  of
• 18:35
  other
• 18:35
  ways
• 18:35
  as
• 18:36
  well.
• 18:36
  You
• 18:36
  know,
• 18:36
  if
• 18:36
  Apple,
• 18:37
  because
• 18:38
  I
• 18:38
  happen
• 18:38
  to
• 18:38
  have
• 18:38
  an
• 18:38
  iPhone
• 18:39
  in
• 18:39
  front
• 18:39
  of
• 18:39
  me,
• 18:39
  if
• 18:39
  Apple,
• 18:40
  which
• 18:40
  has
• 18:40
  great
• 18:41
  distribution
• 18:41
  to
• 18:41
  me
• 18:42
  directly
• 18:42
  decides
• 18:43
  to
• 18:43
  launch
• 18:43
  a
• 18:43
  product,
• 18:44
  that's
• 18:45
  a
• 18:45
  very
• 18:45
  easy
• 18:46
  thing
• 18:46
  for
• 18:46
  them
• 18:46
  to
• 18:46
  push
• 18:46
  on
• 18:47
  me
• 18:47
  than
• 18:47
  some
• 18:47
  other
• 18:48
  new
• 18:48
  entrant
• 18:49
  who
• 18:49
  wants
• 18:49
  to
• 18:49
  push
• 18:49
  that
• 18:50
  same
• 18:50
  product
• 18:51
  to
• 18:51
  me.
• 18:52
  Right,
• 18:52
  That's
• 18:52
  a
• 18:53
  very
• 18:53
  clear
• 18:53
  example
• 18:54
  of
• 18:54
  how
• 18:54
  distribution
• 18:55
  wins.
• 18:55
  Yeah.
• 18:55
  And
• 18:56
  to
• 18:56
  your
• 18:56
  point,
• 18:56
  I
• 18:56
  think
• 18:57
  the
• 18:57
  other
• 18:57
  thing
• 18:57
  too
• 18:57
  I'd
• 18:57
  call
• 18:57
  out
• 18:58
  is
• 18:58
  distribution
• 18:58
  can
• 18:58
  be
• 18:59
  the
• 18:59
  physical
• 18:59
  substrate
• 19:00
  and,
• 19:00
  or
• 19:00
  the
• 19:01
  software
• 19:01
  too,
• 19:02
  right?
• 19:02
  Yeah,
• 19:03
  that's
• 19:03
  right.
• 19:03
  If
• 19:04
  you
• 19:04
  have
• 19:05
  access
• 19:05
  to
• 19:05
  retailers,
• 19:06
  if
• 19:06
  you're
• 19:06
  a
• 19:06
  technology
• 19:07
  provider
• 19:07
  and
• 19:07
  you
• 19:07
  have
• 19:08
  access
• 19:08
  to,
• 19:08
  you
• 19:09
  know,
• 19:09
  thousands
• 19:10
  of
• 19:10
  retailers
• 19:10
  and
• 19:10
  you,
• 19:11
  they
• 19:11
  already
• 19:11
  take
• 19:12
  your
• 19:12
  product,
• 19:13
  you
• 19:14
  releasing
• 19:14
  something
• 19:14
  new
• 19:15
  to
• 19:15
  them
• 19:16
  is
• 19:17
  substantially
• 19:17
  easier
• 19:18
  than
• 19:18
  somebody
• 19:18
  who
• 19:18
  wants
• 19:19
  to
• 19:19
  enter
• 19:19
  the
• 19:19
  market.
• 19:19
  Of
• 19:20
  course.
• 19:20
  Yeah.
• 19:21
  Or
• 19:21
  even
• 19:21
  a
• 19:21
  physical
• 19:22
  store
• 19:22
  too.
• 19:22
  To
• 19:23
  that
• 19:23
  point
• 19:23
  that,
• 19:24
  that
• 19:24
  falls
• 19:24
  in
• 19:24
  here
• 19:25
  too
• 19:25
  as
• 19:25
  well
• 19:25
  and
• 19:26
  also
• 19:26
  goes
• 19:26
  into
• 19:26
  some
• 19:27
  of
• 19:27
  the
• 19:27
  network
• 19:27
  effect
• 19:27
  and
• 19:28
  the
• 19:28
  scale
• 19:28
  too.
• 19:28
  Exactly
• 19:29
  right.
• 19:29
  Talked
• 19:29
  about
• 19:29
  before.
• 19:30
  All
• 19:31
  right,
• 19:31
  so
• 19:31
  what's
• 19:32
  next?
• 19:32
  The
• 19:32
  next
• 19:32
  piece.
• 19:32
  And
• 19:33
  I
• 19:33
  think
• 19:33
  this
• 19:33
  is
• 19:33
  a
• 19:33
  term
• 19:34
  that
• 19:34
  we've
• 19:34
  made
• 19:35
  up,
• 19:35
  but
• 19:35
  you
• 19:36
  know,
• 19:36
  forgive
• 19:36
  me
• 19:37
  if
• 19:37
  I,
• 19:37
  if
• 19:37
  I
• 19:38
  borrowed
• 19:38
  it
• 19:38
  from
• 19:38
  somewhere.
• 19:39
  It's
• 19:40
  what
• 19:40
  we
• 19:40
  call,
• 19:40
  what
• 19:41
  we
• 19:41
  call
• 19:41
  transactional
• 19:42
  intensity.
• 19:43
  So
• 19:43
  this
• 19:43
  is
• 19:43
  the
• 19:44
  point
• 19:44
  of
• 19:44
  the
• 19:44
  workflow.
• 19:45
  How
• 19:45
  much
• 19:45
  of
• 19:46
  the
• 19:46
  workflow
• 19:46
  do
• 19:47
  you
• 19:47
  actually
• 19:47
  control?
• 19:48
  How
• 19:48
  much
• 19:48
  of
• 19:48
  the
• 19:48
  transaction
• 19:49
  do
• 19:49
  you
• 19:49
  actually
• 19:49
  control?
• 19:51
  So
• 19:51
  the
• 19:52
  point
• 19:52
  being,
• 19:53
  if
• 19:54
  you
• 19:54
  are
• 19:54
  providing
• 19:55
  some
• 19:55
  form
• 19:56
  of
• 19:56
  trust
• 19:57
  or
• 19:57
  some
• 19:57
  sort
• 19:57
  of
• 19:57
  payment
• 19:58
  or
• 19:58
  some
• 19:58
  sort
• 19:59
  of
• 19:59
  insurance
• 19:59
  or
• 20:00
  something
• 20:00
  that,
• 20:01
  or
• 20:01
  delivery
• 20:02
  or
• 20:02
  something
• 20:02
  that
• 20:02
  sits
• 20:03
  at
• 20:03
  the
• 20:03
  heart
• 20:03
  of
• 20:04
  the
• 20:04
  transaction,
• 20:05
  that's
• 20:05
  not
• 20:05
  just
• 20:06
  pure
• 20:06
  software.
• 20:07
  That's
• 20:07
  very
• 20:08
  hard
• 20:08
  to
• 20:08
  disintermediate
• 20:09
  in
• 20:09
  the
• 20:09
  AI
• 20:09
  world.
• 20:10
  So
• 20:10
  you
• 20:10
  know,
• 20:11
  you
• 20:11
  think
• 20:11
  about
• 20:11
  cart.com
• 20:13
  they're
• 20:13
  fulfilling
• 20:15
  products
• 20:15
  and
• 20:15
  goods.
• 20:16
  That's
• 20:16
  a
• 20:17
  good
• 20:17
  example.
• 20:17
  You
• 20:18
  think
• 20:18
  about,
• 20:19
  you
• 20:19
  know,
• 20:19
  Narvar
• 20:20
  who
• 20:20
  sits,
• 20:20
  I
• 20:21
  know
• 20:21
  you've
• 20:21
  had
• 20:21
  them
• 20:21
  on
• 20:21
  your,
• 20:22
  on
• 20:22
  your
• 20:22
  show.
• 20:22
  You
• 20:23
  think
• 20:23
  about
• 20:23
  them
• 20:23
  as
• 20:23
  a,
• 20:24
  as
• 20:24
  a
• 20:24
  post
• 20:25
  purchase
• 20:26
  machine
• 20:27
  who
• 20:27
  is
• 20:28
  sitting
• 20:28
  at
• 20:28
  the
• 20:28
  heart
• 20:29
  of
• 20:29
  the
• 20:29
  transaction.
• 20:29
  You
• 20:30
  press
• 20:30
  the
• 20:30
  buy
• 20:30
  button,
• 20:31
  they
• 20:31
  know
• 20:31
  exactly
• 20:31
  what's
• 20:32
  happening
• 20:32
  at
• 20:32
  that
• 20:32
  point.
• 20:33
  They're
• 20:33
  making
• 20:33
  sure
• 20:34
  that,
• 20:34
  you
• 20:34
  know,
• 20:35
  the
• 20:35
  delivery
• 20:36
  piece
• 20:36
  is
• 20:37
  properly,
• 20:38
  is
• 20:38
  properly
• 20:39
  orchestrated
• 20:40
  and
• 20:40
  that
• 20:40
  the,
• 20:41
  you
• 20:41
  know,
• 20:41
  when
• 20:41
  you're
• 20:41
  returning
• 20:42
  it
• 20:42
  is
• 20:42
  getting
• 20:42
  back
• 20:43
  to
• 20:43
  the
• 20:43
  right
• 20:44
  warehouse,
• 20:44
  et
• 20:44
  cetera,
• 20:44
  et
• 20:45
  cetera.
• 20:46
  That's
• 20:46
  what
• 20:46
  we
• 20:46
  call
• 20:46
  transactional
• 20:47
  intensity.
• 20:48
  And
• 20:48
  the
• 20:48
  point
• 20:49
  being,
• 20:49
  AI
• 20:49
  can't
• 20:50
  Replace
• 20:50
  all
• 20:51
  of
• 20:51
  that
• 20:51
  execution
• 20:52
  layer.
• 20:53
  And
• 20:54
  that's
• 20:54
  hard.
• 20:54
  So
• 20:55
  Shopify
• 20:56
  is
• 20:56
  the
• 20:56
  obvious
• 20:56
  example,
• 20:57
  if
• 20:57
  you
• 20:57
  wanted
• 20:57
  to
• 20:57
  go
• 20:58
  that
• 20:58
  far
• 20:58
  and
• 20:58
  say,
• 20:58
  well,
• 20:59
  look,
• 21:01
  merchants
• 21:01
  still
• 21:02
  need
• 21:02
  a
• 21:03
  stack
• 21:03
  and
• 21:04
  that
• 21:04
  stack
• 21:04
  is
• 21:04
  complex
• 21:05
  and
• 21:05
  they
• 21:06
  need
• 21:06
  to
• 21:06
  either
• 21:07
  put
• 21:07
  it
• 21:07
  all
• 21:07
  together
• 21:08
  themselves
• 21:09
  or
• 21:10
  they
• 21:10
  can
• 21:10
  use
• 21:10
  something
• 21:10
  like
• 21:11
  Shopify,
• 21:11
  which
• 21:11
  would
• 21:12
  provide
• 21:12
  them
• 21:12
  with,
• 21:13
  you
• 21:13
  know,
• 21:13
  store
• 21:13
  in
• 21:14
  a
• 21:14
  box
• 21:15
  type
• 21:15
  of,
• 21:15
  type
• 21:16
  of,
• 21:17
  type
• 21:17
  of
• 21:17
  value.
• 21:18
  So
• 21:19
  execution
• 21:19
  is
• 21:20
  sort
• 21:20
  of
• 21:20
  where
• 21:20
  the
• 21:20
  value
• 21:20
  accrues
• 21:21
  in
• 21:21
  our
• 21:21
  mind.
• 21:22
  That's
• 21:23
  interesting
• 21:23
  too,
• 21:23
  because
• 21:24
  there's
• 21:24
  also
• 21:24
  some
• 21:24
  linkage
• 21:24
  here.
• 21:25
  Like
• 21:25
  let's
• 21:25
  go
• 21:25
  back
• 21:25
  to
• 21:25
  the
• 21:25
  Narvar
• 21:26
  example.
• 21:27
  Like,
• 21:27
  you
• 21:27
  know,
• 21:28
  Narvar
• 21:28
  is
• 21:28
  providing
• 21:29
  that,
• 21:29
  that
• 21:30
  service
• 21:30
  for
• 21:30
  a
• 21:31
  number
• 21:31
  of
• 21:31
  retailers.
• 21:32
  So
• 21:32
  they
• 21:32
  have
• 21:32
  the,
• 21:33
  the
• 21:33
  trust
• 21:33
  and
• 21:34
  the
• 21:34
  loyalty
• 21:34
  of
• 21:35
  the
• 21:35
  first
• 21:35
  of
• 21:36
  the
• 21:36
  groups
• 21:36
  that
• 21:36
  they're
• 21:36
  providing
• 21:37
  it
• 21:37
  for.
• 21:37
  And
• 21:37
  then
• 21:38
  on
• 21:38
  top
• 21:38
  of
• 21:38
  that,
• 21:38
  the
• 21:39
  retailers
• 21:39
  are
• 21:39
  leveraging
• 21:40
  it
• 21:40
  to
• 21:40
  give
• 21:40
  that
• 21:41
  trust
• 21:41
  to
• 21:41
  their
• 21:41
  consumers.
• 21:42
  So
• 21:42
  where
• 21:42
  those
• 21:42
  linkages
• 21:43
  are
• 21:43
  especially
• 21:43
  tight,
• 21:45
  I
• 21:45
  have
• 21:45
  to
• 21:45
  think
• 21:46
  that's
• 21:46
  a
• 21:46
  very
• 21:46
  strong
• 21:47
  value
• 21:47
  proposition.
• 21:48
  Right.
• 21:49
  And
• 21:49
  then
• 21:49
  I
• 21:49
  would
• 21:49
  argue
• 21:50
  they
• 21:50
  have.
• 21:50
  So
• 21:51
  if
• 21:51
  you
• 21:51
  think
• 21:51
  about
• 21:52
  the
• 21:52
  different
• 21:52
  things
• 21:52
  that
• 21:53
  we've
• 21:53
  talked
• 21:53
  about,
• 21:53
  they
• 21:53
  have
• 21:54
  transactional
• 21:54
  intensity,
• 21:55
  they
• 21:55
  have
• 21:55
  very
• 21:56
  strong
• 21:56
  data
• 21:57
  moats
• 21:57
  because
• 21:57
  they
• 21:58
  know
• 21:58
  who's
• 21:58
  shopping
• 21:59
  and
• 21:59
  where
• 21:59
  and
• 21:59
  what
• 21:59
  and
• 22:00
  how,
• 22:00
  et
• 22:00
  cetera.
• 22:00
  And
• 22:00
  they're
• 22:00
  able
• 22:01
  to
• 22:01
  link
• 22:01
  those
• 22:01
  things
• 22:01
  together
• 22:03
  and
• 22:03
  then
• 22:05
  they've
• 22:05
  got
• 22:05
  that
• 22:06
  linkage,
• 22:06
  as
• 22:06
  you
• 22:06
  said.
• 22:07
  So,
• 22:07
  you
• 22:07
  know,
• 22:07
  the
• 22:07
  trust
• 22:09
  and
• 22:10
  the
• 22:10
  delivery
• 22:10
  of
• 22:11
  the
• 22:11
  whole
• 22:11
  thing.
• 22:11
  So.
• 22:13
  And
• 22:13
  they've
• 22:13
  got
• 22:13
  distribution
• 22:14
  by
• 22:14
  the
• 22:14
  way.
• 22:14
  They've
• 22:14
  got
• 22:15
  a
• 22:15
  ton
• 22:15
  of
• 22:15
  retailers
• 22:16
  on
• 22:16
  their,
• 22:16
  on
• 22:16
  their
• 22:16
  ecosystem.
• 22:17
  So
• 22:19
  yeah,
• 22:19
  pretty
• 22:19
  much,
• 22:20
  yeah.
• 22:20
  Right.
• 22:20
  So
• 22:21
  they're
• 22:21
  very
• 22:21
  defensible
• 22:22
  from
• 22:22
  an
• 22:22
  AI
• 22:23
  perspective.
• 22:24
  And
• 22:24
  they're
• 22:24
  not
• 22:24
  the
• 22:24
  only
• 22:24
  ones.
• 22:25
  Right.
• 22:25
  There
• 22:25
  are
• 22:25
  a
• 22:25
  bunch
• 22:25
  of
• 22:25
  other
• 22:26
  companies
• 22:26
  who
• 22:26
  have
• 22:27
  that
• 22:27
  defensibility,
• 22:28
  but
• 22:28
  that's
• 22:29
  a
• 22:29
  good
• 22:30
  framework
• 22:30
  for
• 22:30
  me
• 22:30
  when
• 22:31
  I'm
• 22:31
  trying
• 22:31
  to
• 22:31
  drill
• 22:32
  down
• 22:32
  into,
• 22:32
  well,
• 22:32
  okay,
• 22:33
  if
• 22:33
  I
• 22:33
  believe
• 22:34
  this
• 22:34
  business
• 22:34
  is
• 22:35
  going
• 22:35
  to
• 22:35
  be
• 22:35
  durable,
• 22:35
  why
• 22:36
  do
• 22:36
  I
• 22:36
  believe
• 22:36
  it?
• 22:37
  It's
• 22:37
  because
• 22:37
  I
• 22:37
  think
• 22:37
  it
• 22:38
  checks
• 22:38
  one
• 22:38
  or
• 22:38
  more
• 22:38
  of
• 22:39
  these
• 22:39
  boxes.
• 22:40
  Okay,
• 22:41
  all
• 22:41
  right,
• 22:41
  what's
• 22:41
  the
• 22:42
  last?
• 22:42
  And
• 22:42
  then
• 22:42
  the
• 22:42
  last
• 22:42
  one
• 22:43
  is
• 22:44
  brand
• 22:44
  and
• 22:44
  this
• 22:45
  is
• 22:45
  less
• 22:45
  sort
• 22:46
  of
• 22:46
  tech
• 22:46
  related
• 22:46
  and
• 22:47
  it's
• 22:47
  more
• 22:48
  broad,
• 22:49
  very
• 22:50
  simple.
• 22:50
  Right.
• 22:50
  I
• 22:50
  trust
• 22:51
  Apple
• 22:51
  with
• 22:52
  my,
• 22:52
  with
• 22:52
  my
• 22:53
  iPhone
• 22:53
  and
• 22:53
  I'll
• 22:53
  probably
• 22:54
  buy
• 22:54
  an
• 22:54
  iPhone
• 22:55
  till
• 22:55
  the
• 22:55
  day
• 22:56
  I
• 22:56
  die.
• 22:56
  Right.
• 22:57
  You
• 22:57
  know,
• 22:58
  I
• 22:59
  trust
• 22:59
  Nike
• 22:59
  with
• 23:00
  my
• 23:00
  sneakers.
• 23:00
  I
• 23:01
  trust,
• 23:02
  you
• 23:02
  know,
• 23:02
  whoever
• 23:03
  it
• 23:03
  may
• 23:03
  be.
• 23:03
  So
• 23:04
  it
• 23:04
  might
• 23:04
  be
• 23:04
  a,
• 23:05
  a
• 23:05
  subsect
• 23:06
  of
• 23:06
  trust,
• 23:06
  but
• 23:07
  you
• 23:07
  know,
• 23:08
  Costco
• 23:08
  is
• 23:08
  a
• 23:08
  good
• 23:08
  example.
• 23:09
  I
• 23:09
  trust
• 23:09
  that
• 23:09
  Costco
• 23:10
  has
• 23:10
  curated
• 23:11
  things
• 23:11
  for
• 23:11
  me
• 23:12
  in
• 23:12
  a
• 23:12
  way
• 23:12
  that
• 23:13
  I
• 23:13
  will
• 23:13
  like
• 23:13
  and
• 23:14
  therefore
• 23:15
  trust
• 23:15
  drives
• 23:16
  my
• 23:16
  behavior.
• 23:17
  And
• 23:18
  in
• 23:18
  a
• 23:18
  low,
• 23:19
  low,
• 23:20
  low
• 23:20
  switching
• 23:21
  cost
• 23:21
  world,
• 23:22
  Where
• 23:22
  I
• 23:22
  can,
• 23:23
  as
• 23:23
  a
• 23:23
  consumer
• 23:24
  pick
• 23:24
  and
• 23:24
  choose
• 23:24
  what
• 23:25
  I
• 23:25
  want.
• 23:26
  Brand
• 23:26
  is
• 23:26
  an
• 23:26
  easy
• 23:27
  differentiator
• 23:27
  as
• 23:28
  a
• 23:28
  consumer
• 23:28
  to
• 23:28
  say,
• 23:29
  well,
• 23:29
  I
• 23:30
  know
• 23:30
  that
• 23:30
  this
• 23:30
  is
• 23:30
  a
• 23:31
  good
• 23:31
  brand,
• 23:31
  I
• 23:31
  trust
• 23:32
  it,
• 23:33
  and
• 23:33
  so
• 23:33
  I'm
• 23:33
  going
• 23:33
  to
• 23:33
  buy
• 23:34
  it.
• 23:34
  Is
• 23:34
  it
• 23:34
  always
• 23:35
  the
• 23:35
  best
• 23:35
  product?
• 23:36
  Probably
• 23:36
  not.
• 23:37
  Right.
• 23:38
  But
• 23:39
  is
• 23:39
  it
• 23:39
  the
• 23:39
  one
• 23:40
  I'm
• 23:40
  going
• 23:40
  to
• 23:40
  buy?
• 23:40
  Yes.
• 23:41
  Translate
• 23:42
  the
• 23:42
  brand
• 23:42
  idea
• 23:43
  into
• 23:43
  like
• 23:44
  the
• 23:44
  solutions
• 23:44
  provider
• 23:45
  space.
• 23:45
  So
• 23:46
  again,
• 23:46
  as
• 23:46
  you're
• 23:46
  looking
• 23:46
  across
• 23:47
  that
• 23:47
  landscape,
• 23:48
  how
• 23:48
  do
• 23:48
  you
• 23:48
  decide
• 23:49
  if
• 23:49
  someone
• 23:49
  checks
• 23:50
  the
• 23:50
  box
• 23:50
  with
• 23:51
  brand?
• 23:52
  We
• 23:52
  talked
• 23:52
  about
• 23:53
  Navar
• 23:54
  a
• 23:54
  second
• 23:54
  ago.
• 23:54
  We'll
• 23:55
  talk
• 23:55
  about
• 23:55
  the
• 23:55
  retailers,
• 23:56
  we'll
• 23:56
  talk
• 23:56
  about
• 23:57
  Shopify.
• 23:58
  So
• 23:58
  if
• 23:58
  somebody,
• 23:59
  you
• 23:59
  know,
• 23:59
  if
• 24:00
  as
• 24:01
  an
• 24:01
  example,
• 24:02
  somebody
• 24:02
  is
• 24:02
  working
• 24:02
  with
• 24:03
  Shopify,
• 24:03
  that
• 24:04
  helps
• 24:04
  me
• 24:04
  because
• 24:04
  it
• 24:05
  gives
• 24:05
  them
• 24:05
  a
• 24:05
  halo
• 24:05
  effect
• 24:06
  from,
• 24:07
  from,
• 24:07
  from
• 24:07
  Shopify.
• 24:08
  If
• 24:08
  somebody's
• 24:08
  working
• 24:08
  with
• 24:09
  Nara,
• 24:09
  I
• 24:09
  trust
• 24:10
  that
• 24:10
  they've
• 24:10
  done
• 24:10
  a
• 24:11
  good
• 24:11
  job
• 24:11
  of
• 24:11
  selecting
• 24:12
  their
• 24:12
  partners
• 24:12
  and
• 24:13
  working
• 24:13
  with
• 24:13
  them.
• 24:15
  You
• 24:15
  know,
• 24:15
  from
• 24:16
  a,
• 24:16
  from
• 24:16
  a,
• 24:16
  from
• 24:17
  a
• 24:17
  trust
• 24:17
  and
• 24:17
  loyalty
• 24:18
  space.
• 24:20
  You
• 24:20
  know,
• 24:20
  take,
• 24:21
  take
• 24:21
  Rakuten
• 24:22
  as
• 24:22
  an
• 24:22
  example.
• 24:22
  In
• 24:22
  the
• 24:23
  loyalty
• 24:23
  space,
• 24:23
  if
• 24:23
  I
• 24:24
  know
• 24:24
  that
• 24:24
  retailer
• 24:25
  is
• 24:25
  working
• 24:25
  with
• 24:25
  Rakuten,
• 24:27
  it's
• 24:27
  likely
• 24:27
  to
• 24:28
  have
• 24:28
  been
• 24:28
  vetted
• 24:28
  and
• 24:29
  I
• 24:29
  trust
• 24:29
  that
• 24:29
  it's
• 24:30
  not
• 24:30
  going
• 24:30
  to,
• 24:31
  you
• 24:31
  know,
• 24:31
  going
• 24:31
  to
• 24:32
  let
• 24:32
  me
• 24:32
  down
• 24:32
  at
• 24:33
  some
• 24:33
  point
• 24:33
  whenever
• 24:33
  I,
• 24:34
  whenever
• 24:34
  I
• 24:34
  buy
• 24:35
  something,
• 24:35
  if
• 24:35
  it's
• 24:36
  on,
• 24:36
  if
• 24:36
  it's
• 24:36
  unrecognizable.
• 24:37
  So
• 24:37
  there's
• 24:37
  a
• 24:37
  curation
• 24:38
  element,
• 24:38
  there's
• 24:38
  a
• 24:39
  trust
• 24:39
  element
• 24:39
  to
• 24:40
  the
• 24:40
  brand.
• 24:40
  The
• 24:41
  easiest
• 24:41
  way
• 24:41
  to
• 24:42
  understand
• 24:42
  brand
• 24:43
  is
• 24:43
  what
• 24:44
  I
• 24:44
  gave
• 24:44
  you
• 24:44
  a
• 24:44
  minute
• 24:44
  ago.
• 24:45
  It's
• 24:45
  Apple,
• 24:45
  it's
• 24:45
  Nike,
• 24:46
  it's
• 24:46
  those
• 24:46
  things.
• 24:46
  Yeah,
• 24:47
  yeah,
• 24:47
  yeah.
• 24:48
  It's
• 24:48
  interesting
• 24:48
  though,
• 24:48
  because
• 24:48
  I've
• 24:48
  never,
• 24:49
  I've
• 24:49
  never
• 24:49
  thought
• 24:49
  about,
• 24:50
  like,
• 24:51
  as
• 24:51
  a
• 24:51
  former
• 24:51
  retail
• 24:52
  executive,
• 24:52
  I've
• 24:52
  never
• 24:53
  thought
• 24:53
  about,
• 24:53
  until
• 24:53
  you
• 24:54
  just
• 24:54
  said
• 24:54
  this,
• 24:55
  that
• 24:55
  the
• 24:56
  brand
• 24:56
  of
• 24:57
  the
• 24:57
  solutions
• 24:57
  provider
• 24:58
  plays
• 24:58
  into
• 24:58
  my
• 24:59
  decision
• 24:59
  making
• 25:00
  in
• 25:00
  terms
• 25:00
  of
• 25:00
  which
• 25:00
  solution
• 25:01
  I
• 25:01
  want
• 25:01
  to
• 25:02
  procure.
• 25:03
  And
• 25:03
  I'm
• 25:04
  asking,
• 25:04
  I'm
• 25:04
  asking
• 25:04
  myself,
• 25:05
  how
• 25:05
  much
• 25:05
  does
• 25:06
  it
• 25:06
  really.
• 25:06
  And
• 25:07
  so
• 25:07
  that's,
• 25:08
  you
• 25:08
  know,
• 25:08
  that
• 25:08
  and
• 25:09
  that.
• 25:09
  And
• 25:09
  that's
• 25:09
  where
• 25:09
  I'm
• 25:09
  like,
• 25:09
  okay,
• 25:11
  maybe
• 25:11
  it
• 25:11
  does,
• 25:11
  it
• 25:12
  probably
• 25:12
  does
• 25:12
  psychologically,
• 25:13
  but.
• 25:13
  I
• 25:13
  mean,
• 25:13
  it
• 25:14
  does
• 25:14
  completely.
• 25:14
  I
• 25:14
  mean,
• 25:14
  you
• 25:15
  know,
• 25:15
  take.
• 25:16
  There's
• 25:17
  a
• 25:17
  halo
• 25:17
  effect
• 25:18
  to
• 25:18
  trust,
• 25:18
  which
• 25:19
  I
• 25:19
  think
• 25:19
  you
• 25:20
  potentially
• 25:20
  take,
• 25:21
  take
• 25:21
  for
• 25:21
  granted.
• 25:22
  If
• 25:22
  something
• 25:22
  is
• 25:23
  on
• 25:23
  the
• 25:23
  Apple
• 25:23
  app
• 25:23
  store,
• 25:24
  I
• 25:24
  am
• 25:25
  infinitely
• 25:26
  more
• 25:26
  likely
• 25:26
  to
• 25:26
  download
• 25:27
  it
• 25:28
  than
• 25:28
  if
• 25:28
  I
• 25:29
  just
• 25:29
  find
• 25:29
  something
• 25:29
  randomly
• 25:30
  on
• 25:30
  the
• 25:30
  Internet.
• 25:31
  Because
• 25:32
  I
• 25:32
  trust
• 25:32
  that
• 25:32
  Apple's
• 25:33
  done
• 25:33
  the
• 25:33
  work
• 25:33
  to
• 25:35
  make
• 25:35
  sure
• 25:36
  that
• 25:36
  it's
• 25:36
  of
• 25:36
  good
• 25:37
  quality
• 25:37
  and
• 25:38
  isn't
• 25:38
  going
• 25:38
  to
• 25:38
  infect
• 25:39
  my
• 25:39
  phone
• 25:39
  with
• 25:39
  viruses.
• 25:41
  I
• 25:41
  gave
• 25:42
  you
• 25:42
  the
• 25:42
  example
• 25:42
  of
• 25:42
  Costco
• 25:42
  a
• 25:43
  minute
• 25:43
  ago.
• 25:43
  I
• 25:43
  trust
• 25:44
  that
• 25:44
  if
• 25:44
  something
• 25:44
  is
• 25:44
  in
• 25:45
  Costco,
• 25:46
  the
• 25:46
  brand
• 25:46
  of
• 25:47
  Costco
• 25:47
  is
• 25:47
  providing
• 25:48
  a
• 25:48
  halo
• 25:48
  effect
• 25:48
  to
• 25:49
  the
• 25:49
  thing
• 25:49
  that
• 25:49
  I'm
• 25:50
  buying.
• 25:51
  The
• 25:51
  thing
• 25:52
  I
• 25:52
  may
• 25:52
  never
• 25:52
  have
• 25:52
  heard
• 25:53
  of
• 25:53
  before,
• 25:53
  but
• 25:53
  the
• 25:53
  fact
• 25:53
  that
• 25:54
  it
• 25:54
  exists
• 25:54
  in
• 25:54
  Costco,
• 25:55
  okay,
• 25:56
  I'm
• 25:56
  going
• 25:57
  to
• 25:57
  buy
• 25:57
  it.
• 25:57
  So
• 25:58
  there
• 25:58
  is
• 25:58
  definitely
• 25:59
  a
• 25:59
  halo
• 25:59
  effect
• 25:59
  around
• 26:00
  brand
• 26:02
  from
• 26:03
  that
• 26:03
  perspective.
• 26:03
  And
• 26:04
  then
• 26:04
  in
• 26:04
  technology.
• 26:05
  Absolutely.
• 26:07
  And
• 26:07
  this
• 26:07
  talks
• 26:08
  to
• 26:08
  distribution
• 26:09
  a
• 26:09
  little
• 26:09
  bit
• 26:10
  that
• 26:10
  we
• 26:10
  talked
• 26:10
  about
• 26:10
  a
• 26:11
  few
• 26:11
  minutes
• 26:11
  ago,
• 26:11
  which
• 26:12
  is
• 26:13
  if
• 26:13
  Microsoft
• 26:14
  releases
• 26:14
  a
• 26:14
  product
• 26:14
  or
• 26:15
  Apple
• 26:15
  releases
• 26:15
  a
• 26:15
  product
• 26:16
  or
• 26:16
  one
• 26:17
  of
• 26:17
  the
• 26:17
  named
• 26:17
  brands
• 26:18
  of
• 26:18
  Shopify
• 26:18
  releases
• 26:19
  a
• 26:19
  product,
• 26:20
  then
• 26:20
  I
• 26:21
  am
• 26:21
  more
• 26:21
  likely
• 26:22
  to
• 26:23
  use
• 26:23
  it
• 26:23
  or
• 26:23
  buy
• 26:24
  it
• 26:25
  because
• 26:25
  I
• 26:26
  trust
• 26:26
  that
• 26:26
  they've
• 26:26
  done
• 26:26
  the
• 26:27
  work.
• 26:27
  Yeah,
• 26:28
  right.
• 26:28
  Right.
• 26:28
  Yeah.
• 26:29
  I
• 26:29
  mean,
• 26:29
  I
• 26:29
  can
• 26:29
  think
• 26:29
  of,
• 26:29
  even
• 26:29
  for
• 26:30
  my
• 26:30
  own
• 26:30
  example,
• 26:30
  you
• 26:30
  know,
• 26:31
  like,
• 26:31
  you
• 26:31
  mentioned
• 26:31
  Miracle,
• 26:32
  I
• 26:32
  think,
• 26:32
  you
• 26:33
  know,
• 26:33
  10
• 26:33
  or
• 26:33
  15
• 26:33
  minutes
• 26:34
  ago.
• 26:34
  That's
• 26:34
  a
• 26:34
  great
• 26:34
  example.
• 26:35
  And
• 26:35
  full
• 26:35
  disclosure,
• 26:36
  I'm
• 26:36
  an
• 26:36
  advisor
• 26:36
  for
• 26:36
  them,
• 26:36
  for
• 26:37
  everyone
• 26:37
  listening.
• 26:37
  But,
• 26:37
  like,
• 26:38
  you
• 26:38
  know,
• 26:38
  I
• 26:38
  see
• 26:38
  it
• 26:38
  firsthand
• 26:39
  in
• 26:39
  terms
• 26:39
  of
• 26:39
  the
• 26:40
  number
• 26:40
  of
• 26:40
  retailers
• 26:40
  that
• 26:40
  come
• 26:41
  to
• 26:41
  me
• 26:41
  and
• 26:41
  say,
• 26:41
  like,
• 26:41
  hey,
• 26:41
  I
• 26:41
  tried
• 26:42
  to
• 26:42
  get
• 26:42
  my
• 26:42
  marketplace
• 26:43
  off
• 26:43
  the
• 26:43
  ground.
• 26:43
  I
• 26:44
  can't
• 26:44
  quite
• 26:44
  do
• 26:44
  it.
• 26:45
  Like,
• 26:45
  Mark,
• 26:45
  you
• 26:46
  know,
• 26:46
  Miracle
• 26:46
  has
• 26:47
  that
• 26:47
  reputation
• 26:47
  of
• 26:47
  being
• 26:48
  able
• 26:48
  to
• 26:48
  do
• 26:48
  that
• 26:49
  and
• 26:49
  do
• 26:49
  it
• 26:50
  well
• 26:50
  and
• 26:50
  do
• 26:50
  it
• 26:50
  consistently
• 26:52
  over
• 26:52
  time.
• 26:52
  So
• 26:53
  that,
• 26:53
  that
• 26:53
  plays
• 26:53
  into
• 26:54
  exactly
• 26:54
  what.
• 26:54
  You're
• 26:55
  saying
• 26:55
  and
• 26:55
  bringing
• 26:56
  in.
• 26:57
  Bringing
• 26:57
  in
• 26:57
  product
• 26:58
  and
• 26:58
  saying,
• 26:59
  you
• 26:59
  know,
• 26:59
  I
• 26:59
  know
• 26:59
  that
• 27:00
  this
• 27:00
  product
• 27:00
  is
• 27:00
  vetted
• 27:02
  from
• 27:02
  a
• 27:02
  marketplace
• 27:02
  perspective,
• 27:03
  so
• 27:03
  you're
• 27:04
  not
• 27:04
  going
• 27:04
  to
• 27:04
  have
• 27:04
  issues
• 27:04
  around.
• 27:05
  Yeah.
• 27:06
  And
• 27:06
  it
• 27:06
  also
• 27:06
  explains
• 27:06
  why
• 27:07
  so
• 27:07
  many
• 27:07
  solutions
• 27:07
  providers
• 27:08
  try
• 27:08
  to
• 27:08
  align
• 27:08
  themselves
• 27:09
  with
• 27:09
  the
• 27:09
  big
• 27:09
  companies
• 27:09
  for
• 27:10
  validation.
• 27:10
  Like,
• 27:10
  you
• 27:11
  know,
• 27:11
  I'm
• 27:11
  a.
• 27:11
  And,
• 27:11
  you
• 27:11
  know,
• 27:12
  Microsoft
• 27:12
  license
• 27:12
  or
• 27:13
  Microsoft
• 27:13
  Certified.
• 27:14
  Right.
• 27:15
  Yeah,
• 27:15
  certified.
• 27:16
  Right.
• 27:17
  All
• 27:17
  right,
• 27:17
  well,
• 27:17
  okay,
• 27:18
  so.
• 27:18
  So
• 27:19
  before
• 27:19
  I
• 27:19
  let
• 27:19
  you
• 27:19
  go,
• 27:19
  this
• 27:20
  has
• 27:20
  been
• 27:20
  great.
• 27:20
  This
• 27:20
  has
• 27:20
  been
• 27:21
  so
• 27:21
  much
• 27:21
  fun.
• 27:21
  It's.
• 27:21
  It's
• 27:22
  always
• 27:22
  fun
• 27:22
  getting
• 27:22
  to
• 27:22
  pick
• 27:23
  your
• 27:23
  brain.
• 27:23
  And
• 27:23
  now
• 27:23
  we're
• 27:23
  getting
• 27:24
  to
• 27:24
  do
• 27:24
  it
• 27:24
  live
• 27:24
  in
• 27:24
  front
• 27:25
  of
• 27:25
  microphones,
• 27:25
  which
• 27:25
  is
• 27:26
  awesome.
• 27:26
  Instead
• 27:26
  of
• 27:26
  doing
• 27:27
  it
• 27:27
  on
• 27:27
  a
• 27:27
  couch
• 27:28
  at
• 27:28
  a
• 27:29
  conference
• 27:30
  sweltering
• 27:30
  in
• 27:31
  Vegas.
• 27:31
  All
• 27:32
  right,
• 27:32
  so
• 27:32
  based
• 27:32
  on
• 27:32
  everything
• 27:33
  you
• 27:33
  just
• 27:33
  said,
• 27:33
  if
• 27:33
  I'm
• 27:34
  a
• 27:34
  retail
• 27:34
  executive
• 27:35
  again.
• 27:36
  Yeah.
• 27:37
  What
• 27:37
  advice
• 27:38
  would
• 27:38
  you
• 27:38
  have
• 27:38
  for
• 27:39
  me
• 27:39
  as
• 27:40
  I
• 27:40
  try
• 27:40
  to
• 27:40
  determine
• 27:41
  where
• 27:41
  I
• 27:42
  should
• 27:42
  place
• 27:42
  my
• 27:42
  technology
• 27:43
  bets
• 27:43
  going
• 27:44
  forward?
• 27:45
  So
• 27:45
  I
• 27:45
  think
• 27:46
  if
• 27:46
  you
• 27:46
  think
• 27:46
  about
• 27:47
  the
• 27:48
  discussion
• 27:48
  we've
• 27:48
  just
• 27:49
  had,
• 27:49
  where
• 27:49
  are
• 27:49
  you
• 27:49
  going
• 27:49
  to
• 27:50
  place
• 27:50
  your
• 27:50
  bet?
• 27:51
  Platforms
• 27:52
  over
• 27:52
  tools.
• 27:53
  Right.
• 27:53
  So
• 27:53
  something
• 27:54
  that
• 27:54
  is
• 27:54
  embedded
• 27:55
  across
• 27:56
  the
• 27:56
  value
• 27:56
  chain,
• 27:57
  which
• 27:57
  is
• 27:57
  very
• 27:58
  hard
• 27:58
  to
• 27:58
  replace.
• 27:59
  I
• 27:59
  think
• 28:00
  that's
• 28:00
  a
• 28:00
  good,
• 28:01
  good
• 28:01
  place
• 28:01
  to
• 28:01
  start.
• 28:02
  Right.
• 28:02
  So
• 28:02
  embedded,
• 28:03
  interesting.
• 28:04
  Replaceable.
• 28:06
  Follow
• 28:06
  the
• 28:06
  data.
• 28:07
  Is
• 28:08
  this
• 28:08
  real
• 28:08
  proprietary
• 28:09
  data?
• 28:09
  Is
• 28:10
  this
• 28:10
  valuable?
• 28:10
  Does
• 28:11
  it
• 28:11
  get
• 28:11
  better
• 28:11
  with
• 28:12
  time?
• 28:13
  And
• 28:14
  can
• 28:14
  I
• 28:15
  take
• 28:15
  advantage
• 28:16
  of
• 28:16
  that
• 28:16
  data
• 28:16
  advantage?
• 28:17
  That
• 28:17
  I
• 28:17
  have.
• 28:18
  And
• 28:19
  where's
• 28:19
  my
• 28:19
  data
• 28:19
  going?
• 28:20
  Right.
• 28:20
  Am
• 28:20
  I
• 28:21
  making
• 28:21
  sure
• 28:21
  that
• 28:21
  my
• 28:21
  data
• 28:21
  is
• 28:22
  not
• 28:22
  leaking
• 28:22
  everywhere?
• 28:23
  And
• 28:23
  so,
• 28:23
  yes,
• 28:23
  it
• 28:23
  might
• 28:23
  be
• 28:24
  proprietary,
• 28:24
  but
• 28:24
  actually
• 28:26
  within
• 28:28
  some
• 28:28
  short
• 28:28
  period
• 28:28
  of
• 28:29
  time,
• 28:29
  it's
• 28:29
  actually
• 28:29
  not
• 28:30
  proprietary
• 28:30
  because
• 28:30
  it's
• 28:30
  leaked
• 28:31
  all
• 28:31
  over
• 28:31
  the
• 28:31
  place.
• 28:33
  And
• 28:33
  then
• 28:33
  this
• 28:34
  point
• 28:34
  about
• 28:34
  owning
• 28:34
  the
• 28:35
  critical
• 28:35
  moments
• 28:35
  in
• 28:35
  the
• 28:36
  transaction,
• 28:36
  so
• 28:37
  owning
• 28:38
  the
• 28:38
  demand,
• 28:38
  owning
• 28:39
  the
• 28:39
  conversion,
• 28:39
  owning
• 28:40
  the
• 28:40
  fulfillment,
• 28:41
  owning
• 28:42
  the
• 28:42
  retention,
• 28:43
  owning
• 28:43
  the
• 28:43
  returns
• 28:44
  process,
• 28:44
  whatever
• 28:45
  it
• 28:45
  may
• 28:45
  be.
• 28:45
  So
• 28:45
  I
• 28:46
  think
• 28:46
  control
• 28:47
  the
• 28:47
  journey
• 28:48
  means
• 28:48
  controlling
• 28:49
  the
• 28:49
  value.
• 28:50
  And
• 28:51
  to
• 28:51
  me,
• 28:51
  that
• 28:52
  is
• 28:52
  where
• 28:53
  I
• 28:53
  would
• 28:53
  be
• 28:53
  placing
• 28:54
  my
• 28:54
  bets
• 28:55
  if
• 28:55
  I
• 28:55
  were
• 28:55
  a
• 28:56
  retail
• 28:56
  executive
• 28:56
  today.
• 28:58
  To
• 28:58
  that
• 28:59
  point,
• 28:59
  like,
• 28:59
  we
• 28:59
  also,
• 29:00
  we
• 29:00
  have
• 29:00
  a
• 29:00
  lot
• 29:00
  of
• 29:00
  conversations
• 29:00
  on
• 29:01
  the
• 29:01
  show
• 29:01
  about
• 29:01
  whether
• 29:01
  I
• 29:01
  should
• 29:02
  build
• 29:02
  or
• 29:02
  buy
• 29:02
  my
• 29:03
  technology.
• 29:04
  Would,
• 29:04
  would
• 29:04
  you
• 29:05
  then
• 29:05
  recommend,
• 29:06
  if
• 29:06
  I
• 29:06
  extrapolate
• 29:06
  what
• 29:07
  you
• 29:07
  just
• 29:07
  said,
• 29:07
  would
• 29:07
  you
• 29:07
  recommend
• 29:08
  that
• 29:08
  I
• 29:08
  should
• 29:08
  potentially
• 29:09
  be
• 29:09
  building
• 29:10
  my
• 29:10
  own
• 29:10
  at
• 29:11
  those
• 29:11
  critical
• 29:11
  juncture
• 29:12
  points
• 29:12
  that
• 29:12
  you
• 29:12
  just
• 29:12
  mentioned?
• 29:14
  You
• 29:14
  know,
• 29:14
  buy
• 29:14
  and
• 29:14
  build
• 29:14
  is
• 29:15
  a
• 29:15
  conversation.
• 29:15
  Buy
• 29:16
  or
• 29:16
  build,
• 29:16
  sorry,
• 29:16
  is
• 29:17
  a
• 29:17
  conversation
• 29:17
  that
• 29:17
  we
• 29:18
  have
• 29:19
  all
• 29:19
  the
• 29:19
  time.
• 29:20
  Right.
• 29:20
  You
• 29:20
  know,
• 29:20
  in
• 29:21
  a
• 29:21
  world
• 29:21
  where
• 29:21
  we're
• 29:21
  thinking
• 29:22
  about
• 29:22
  strategic
• 29:22
  options,
• 29:23
  should
• 29:23
  you
• 29:23
  acquire,
• 29:24
  should
• 29:24
  you
• 29:24
  buy,
• 29:24
  should
• 29:25
  you
• 29:25
  partner,
• 29:27
  what
• 29:27
  should
• 29:27
  you,
• 29:27
  what
• 29:27
  should
• 29:28
  you
• 29:28
  do?
• 29:30
  It
• 29:30
  really
• 29:30
  is
• 29:31
  dependent
• 29:31
  on
• 29:31
  each
• 29:31
  situation.
• 29:32
  And
• 29:32
  that's
• 29:33
  where,
• 29:33
  you
• 29:34
  know,
• 29:34
  working
• 29:34
  with,
• 29:35
  pardon
• 29:35
  the
• 29:36
  plug,
• 29:36
  right.
• 29:36
  Working
• 29:36
  with
• 29:37
  someone
• 29:37
  like
• 29:37
  us
• 29:38
  can
• 29:38
  be
• 29:38
  hugely
• 29:39
  valuable
• 29:39
  because
• 29:40
  we
• 29:40
  can
• 29:40
  help
• 29:40
  you
• 29:40
  think
• 29:41
  through
• 29:41
  the
• 29:41
  pros
• 29:42
  and
• 29:42
  cons
• 29:42
  of
• 29:42
  acquiring,
• 29:43
  partnering,
• 29:43
  or,
• 29:44
  or
• 29:44
  just
• 29:44
  building
• 29:44
  it
• 29:45
  yourself.
• 29:46
  There
• 29:46
  are
• 29:46
  instances
• 29:47
  where
• 29:47
  building
• 29:47
  it
• 29:48
  yourself
• 29:48
  makes
• 29:48
  a
• 29:48
  ton
• 29:48
  of
• 29:49
  sense.
• 29:49
  There
• 29:49
  are
• 29:49
  instances
• 29:49
  where
• 29:50
  you
• 29:50
  don't
• 29:50
  need
• 29:50
  to
• 29:51
  buy,
• 29:51
  you
• 29:51
  can
• 29:51
  partner.
• 29:52
  And
• 29:53
  of
• 29:53
  course,
• 29:53
  there
• 29:53
  are
• 29:53
  instances
• 29:54
  where
• 29:54
  buying
• 29:55
  makes
• 29:55
  the
• 29:55
  most
• 29:55
  sense.
• 29:56
  And
• 29:56
  so,
• 29:57
  you
• 29:57
  know,
• 29:58
  each
• 29:58
  situation
• 29:59
  is
• 29:59
  very,
• 29:59
  very
• 30:00
  unique.
• 30:01
  And
• 30:02
  that's
• 30:03
  where
• 30:03
  we
• 30:03
  can
• 30:04
  add
• 30:04
  value
• 30:04
  to
• 30:04
  those
• 30:05
  who
• 30:05
  are
• 30:05
  thinking
• 30:05
  about
• 30:05
  either
• 30:06
  selling
• 30:06
  their
• 30:06
  company
• 30:06
  or
• 30:07
  they're
• 30:07
  thinking
• 30:07
  about
• 30:07
  acquiring
• 30:08
  things,
• 30:08
  raising
• 30:09
  capital,
• 30:09
  they're
• 30:09
  thinking
• 30:10
  of
• 30:10
  partnerships,
• 30:11
  whatever
• 30:11
  it
• 30:11
  may
• 30:11
  be.
• 30:12
  You
• 30:12
  know,
• 30:12
  that's,
• 30:12
  that's
• 30:13
  what
• 30:13
  we
• 30:13
  do
• 30:13
  for
• 30:13
  a
• 30:13
  living.
• 30:14
  Yeah.
• 30:14
  Wow,
• 30:15
  wow,
• 30:15
  wow.
• 30:16
  Good
• 30:16
  stuff,
• 30:16
  man.
• 30:17
  So,
• 30:17
  yeah,
• 30:17
  to
• 30:17
  that
• 30:17
  point,
• 30:17
  if
• 30:18
  people
• 30:18
  want
• 30:18
  to
• 30:18
  get
• 30:18
  in
• 30:18
  touch
• 30:18
  with
• 30:18
  you,
• 30:19
  what's
• 30:19
  the
• 30:19
  best
• 30:19
  way
• 30:19
  for
• 30:20
  them
• 30:20
  to
• 30:20
  do
• 30:20
  that?
• 30:21
  Absolutely.
• 30:21
  So
• 30:22
  feel
• 30:22
  free
• 30:22
  to
• 30:22
  look
• 30:22
  me
• 30:22
  up
• 30:23
  on
• 30:23
  LinkedIn
• 30:23
  or
• 30:23
  feel
• 30:24
  free
• 30:24
  to
• 30:24
  drop
• 30:24
  me
• 30:25
  an
• 30:25
  email.
• 30:25
  It's
• 30:25
  just
• 30:25
  ferhan.khanbs.com
• 30:28
  awesome,
• 30:29
  awesome.
• 30:29
  So
• 30:29
  where
• 30:30
  are
• 30:30
  your
• 30:30
  travels
• 30:30
  taking
• 30:30
  you
• 30:31
  next,
• 30:31
  my
• 30:31
  friend?
• 30:32
  Oh,
• 30:32
  God.
• 30:32
  So
• 30:32
  I'm
• 30:33
  out
• 30:33
  in.
• 30:34
  I'm
• 30:35
  out
• 30:35
  on
• 30:35
  the
• 30:35
  west
• 30:35
  coast
• 30:35
  next
• 30:36
  week.
• 30:36
  I'm
• 30:36
  in
• 30:36
  San
• 30:36
  Francisco.
• 30:37
  I'm
• 30:37
  in
• 30:38
  la.
• 30:38
  We
• 30:39
  actually
• 30:39
  run
• 30:39
  a
• 30:39
  large
• 30:40
  conference
• 30:40
  for
• 30:40
  the
• 30:41
  fintech,
• 30:42
  for
• 30:42
  the
• 30:42
  fintech
• 30:43
  ecosystem,
• 30:43
  which
• 30:44
  obviously
• 30:44
  touches
• 30:44
  a
• 30:45
  lot
• 30:45
  of
• 30:45
  what
• 30:45
  we've
• 30:45
  talked
• 30:45
  about.
• 30:46
  So
• 30:46
  we've
• 30:47
  got
• 30:47
  that
• 30:47
  up
• 30:47
  in
• 30:47
  Napa.
• 30:48
  We
• 30:48
  have
• 30:48
  a
• 30:48
  private
• 30:49
  conference
• 30:50
  in.
• 30:51
  In
• 30:51
  Menlo
• 30:52
  later
• 30:52
  this
• 30:53
  year
• 30:53
  as
• 30:53
  well.
• 30:53
  We
• 30:53
  do
• 30:54
  a
• 30:54
  large
• 30:54
  conference
• 30:56
  in.
• 30:56
  In
• 30:57
  December
• 30:57
  time
• 30:57
  in
• 30:58
  Arizona
• 30:58
  for
• 30:59
  a
• 30:59
  global
• 31:00
  tech
• 31:00
  conference.
• 31:00
  So,
• 31:01
  you
• 31:01
  know,
• 31:01
  we
• 31:01
  see
• 31:02
  lots
• 31:02
  and
• 31:02
  lots
• 31:03
  of
• 31:03
  companies
• 31:03
  at,
• 31:04
  you
• 31:04
  know,
• 31:04
  all
• 31:05
  over
• 31:05
  the.
• 31:05
  All
• 31:05
  over
• 31:06
  the
• 31:06
  US
• 31:06
  and
• 31:06
  the
• 31:06
  world,
• 31:07
  candidly.
• 31:07
  And
• 31:08
  it's.
• 31:08
  It's
• 31:09
  exciting.
• 31:09
  It's
• 31:09
  an
• 31:09
  exciting
• 31:10
  part
• 31:10
  time
• 31:10
  to
• 31:11
  be
• 31:11
  in
• 31:11
  tech,
• 31:11
  and
• 31:12
  it's
• 31:12
  an
• 31:12
  exciting
• 31:13
  system
• 31:13
  to
• 31:14
  be
• 31:14
  a
• 31:14
  part
• 31:14
  of.
• 31:15
  Yeah,
• 31:15
  well,
• 31:15
  you
• 31:16
  had
• 31:16
  me
• 31:16
  at
• 31:16
  Napa.
• 31:17
  You
• 31:17
  had
• 31:17
  me
• 31:17
  at
• 31:17
  Napa.
• 31:18
  100%.
• 31:19
  Yes.
• 31:20
  Yes.
• 31:20
  That's
• 31:20
  a
• 31:21
  lot
• 31:21
  of
• 31:21
  fun.
• 31:21
  Yeah.
• 31:22
  Yeah.
• 31:22
  And
• 31:22
  I
• 31:22
  hope.
• 31:22
  Well,
• 31:23
  I
• 31:23
  hope
• 31:23
  our
• 31:23
  paths
• 31:24
  cross
• 31:24
  again.
• 31:24
  And
• 31:25
  if
• 31:25
  not
• 31:25
  between
• 31:25
  now
• 31:26
  and
• 31:26
  next
• 31:26
  year,
• 31:26
  I'm
• 31:27
  definitely
• 31:27
  already
• 31:27
  looking
• 31:28
  forward
• 31:28
  to
• 31:29
  Shop
• 31:29
  Talk
• 31:29
  Spring
• 31:30
  2027
• 31:31
  in
• 31:31
  Las
• 31:32
  Vegas.
• 31:32
  Love
• 31:33
  it.
• 31:33
  Looking
• 31:33
  forward
• 31:33
  to
• 31:34
  it.
• 31:34
  Awesome.
• 31:35
  All
• 31:35
  right,
• 31:35
  well,
• 31:35
  that
• 31:36
  wraps
• 31:36
  us
• 31:36
  up.
• 31:36
  Today's
• 31:36
  podcast
• 31:37
  was
• 31:37
  produced,
• 31:37
  of
• 31:37
  course,
• 31:38
  with
• 31:38
  the
• 31:38
  help
• 31:38
  of
• 31:38
  Ella
• 31:38
  Sirjord.
• 31:39
  As
• 31:40
  always,
• 31:40
  on
• 31:40
  behalf
• 31:40
  of
• 31:41
  all
• 31:41
  of
• 31:41
  us
• 31:41
  here
• 31:41
  at
• 31:41
  omnitalk,
• 31:42
  be
• 31:42
  careful
• 31:42
  out
• 31:43
  there.