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Costco Takes A Stand On Tariffs | Fast Five Shorts · Omni Talk Retail

• 0:00
  Costco
• 0:00
  CEO
• 0:01
  Ron
• 0:01
  Bakris
• 0:02
  this
• 0:02
  week
• 0:03
  pledged
• 0:03
  that
• 0:04
  the
• 0:04
  warehouse
• 0:04
  giant
• 0:05
  will
• 0:05
  return
• 0:05
  any
• 0:06
  tariff
• 0:06
  refunds
• 0:07
  it
• 0:07
  receives
• 0:08
  directly
• 0:09
  to
• 0:09
  its
• 0:09
  members
• 0:09
  through
• 0:10
  lower
• 0:10
  prices
• 0:11
  and
• 0:11
  better
• 0:11
  values,
• 0:12
  saying
• 0:12
  the
• 0:13
  company
• 0:13
  will
• 0:13
  be
• 0:13
  fully
• 0:14
  transparent
• 0:14
  about
• 0:15
  how
• 0:15
  it
• 0:15
  passes
• 0:16
  along
• 0:16
  any
• 0:16
  savings
• 0:17
  if
• 0:17
  and
• 0:17
  when
• 0:18
  those
• 0:18
  refunds
• 0:19
  actually
• 0:19
  arrive.
• 0:20
  Key
• 0:21
  notes
• 0:21
  to
• 0:21
  mention
• 0:22
  here
• 0:23
  According
• 0:23
  to
• 0:23
  Retail
• 0:24
  dive
• 0:24
  the
• 0:25
  comments
• 0:26
  came
• 0:26
  on
• 0:26
  Costco's
• 0:27
  fiscal
• 0:27
  Q2
• 0:28
  earnings
• 0:28
  call,
• 0:29
  one
• 0:29
  day
• 0:30
  after
• 0:30
  the
• 0:30
  US
• 0:30
  Court
• 0:31
  of
• 0:31
  International
• 0:31
  Trade
• 0:32
  ordered
• 0:32
  Customs
• 0:33
  and
• 0:33
  Border
• 0:33
  Protection
• 0:34
  to
• 0:34
  begin
• 0:35
  removing
• 0:35
  defunct
• 0:36
  tariffs
• 0:36
  and
• 0:37
  processing
• 0:37
  refunds
• 0:38
  tied
• 0:38
  to
• 0:39
  IEEPA
• 0:41
  based
• 0:41
  duties
• 0:42
  that
• 0:43
  the
• 0:43
  Supreme
• 0:43
  Court
• 0:45
  ieepa,
• 0:46
  Chris
• 0:47
  duties
• 0:47
  that
• 0:47
  the
• 0:48
  Supreme
• 0:48
  Court
• 0:48
  struck
• 0:49
  down
• 0:49
  last
• 0:49
  month.
• 0:50
  Vacris
• 0:51
  was
• 0:51
  direct
• 0:51
  in
• 0:51
  saying,
• 0:52
  as
• 0:53
  we've
• 0:53
  done
• 0:53
  in
• 0:53
  the
• 0:53
  past
• 0:53
  when
• 0:54
  legal
• 0:54
  challenges
• 0:55
  have
• 0:55
  recovered
• 0:55
  charges,
• 0:56
  our
• 0:56
  commitment
• 0:56
  will
• 0:57
  be
• 0:57
  to
• 0:57
  find
• 0:57
  the
• 0:57
  best
• 0:57
  way
• 0:58
  to
• 0:58
  return
• 0:58
  this
• 0:58
  value
• 0:59
  to
• 0:59
  our
• 0:59
  members
• 0:59
  through
• 1:00
  lower
• 1:00
  prices
• 1:01
  and
• 1:01
  better
• 1:01
  values.
• 1:03
  Chris,
• 1:03
  what
• 1:04
  are
• 1:04
  your
• 1:04
  thoughts
• 1:05
  here?
• 1:05
  Does
• 1:05
  Costco's
• 1:06
  tariff
• 1:07
  refund
• 1:07
  pledge
• 1:08
  represent
• 1:08
  a
• 1:09
  gold
• 1:09
  standards
• 1:09
  for
• 1:10
  how
• 1:10
  retailers
• 1:10
  should
• 1:11
  handle
• 1:11
  this
• 1:11
  moment,
• 1:12
  or
• 1:13
  do
• 1:14
  you
• 1:14
  think
• 1:14
  it's
• 1:14
  a
• 1:14
  smart
• 1:14
  PR
• 1:15
  move
• 1:15
  that
• 1:16
  may
• 1:16
  never
• 1:17
  actually
• 1:17
  play
• 1:17
  out?
• 1:19
  Oh
• 1:19
  man,
• 1:19
  Jen,
• 1:19
  sounds
• 1:19
  like
• 1:20
  you've
• 1:20
  been
• 1:20
  listening
• 1:20
  to
• 1:20
  our
• 1:20
  show
• 1:21
  quite
• 1:21
  regularly.
• 1:22
  I
• 1:22
  think,
• 1:22
  I
• 1:23
  think,
• 1:24
  I
• 1:24
  think
• 1:24
  gold
• 1:24
  standard,
• 1:25
  I
• 1:25
  would
• 1:25
  say,
• 1:25
  I
• 1:26
  would
• 1:26
  say,
• 1:26
  no,
• 1:26
  it's
• 1:26
  not
• 1:26
  the
• 1:27
  gold
• 1:27
  standard
• 1:28
  because
• 1:28
  I
• 1:28
  don't
• 1:28
  think
• 1:28
  every
• 1:29
  brand
• 1:29
  is
• 1:30
  the
• 1:30
  same
• 1:30
  as
• 1:30
  Costco.
• 1:31
  You
• 1:31
  know,
• 1:31
  not
• 1:31
  every
• 1:32
  brand's
• 1:32
  customers
• 1:32
  identify
• 1:33
  with
• 1:34
  Costco
• 1:34
  the
• 1:34
  way
• 1:34
  that
• 1:35
  Costco's
• 1:35
  customers
• 1:36
  do.
• 1:36
  But
• 1:37
  with
• 1:37
  that
• 1:37
  said,
• 1:38
  I
• 1:38
  do
• 1:38
  think
• 1:38
  it's
• 1:38
  a
• 1:38
  baller
• 1:39
  PR
• 1:39
  move.
• 1:40
  It's
• 1:40
  right
• 1:40
  in
• 1:40
  line
• 1:40
  with
• 1:41
  Costco's
• 1:41
  decision
• 1:41
  earlier
• 1:42
  this
• 1:42
  year
• 1:42
  to
• 1:42
  hold
• 1:42
  true
• 1:43
  to
• 1:43
  its
• 1:43
  DEI
• 1:44
  platform.
• 1:45
  And
• 1:45
  for
• 1:45
  that
• 1:45
  reason
• 1:45
  alone,
• 1:46
  I
• 1:46
  think
• 1:46
  Costco
• 1:46
  is
• 1:46
  going
• 1:47
  to
• 1:47
  get
• 1:47
  a
• 1:47
  ton
• 1:47
  of
• 1:47
  PR
• 1:48
  mileage
• 1:48
  out
• 1:48
  of
• 1:48
  it.
• 1:49
  And
• 1:49
  the
• 1:49
  other
• 1:50
  thing
• 1:50
  I'd
• 1:50
  say
• 1:51
  is
• 1:51
  Costco
• 1:52
  also
• 1:52
  tends
• 1:52
  to
• 1:53
  eat
• 1:53
  what
• 1:53
  it
• 1:53
  cooks.
• 1:54
  So
• 1:54
  if
• 1:55
  and
• 1:55
  when,
• 1:55
  which
• 1:56
  is
• 1:56
  a
• 1:56
  big
• 1:56
  if
• 1:56
  and
• 1:56
  when
• 1:57
  about
• 1:57
  the
• 1:57
  biggest
• 1:57
  if
• 1:58
  and
• 1:58
  when
• 1:58
  one
• 1:58
  could
• 1:59
  possibly
• 1:59
  utter
• 2:00
  if
• 2:00
  and
• 2:00
  when
• 2:01
  the
• 2:01
  tariff
• 2:01
  refunds
• 2:02
  happen,
• 2:02
  I
• 2:03
  would
• 2:03
  bet
• 2:03
  that
• 2:03
  Costco
• 2:04
  will
• 2:04
  overtly
• 2:05
  and
• 2:05
  also
• 2:06
  transparently
• 2:07
  figure
• 2:07
  out
• 2:08
  a
• 2:08
  way
• 2:08
  to
• 2:08
  tell
• 2:09
  their
• 2:09
  customers
• 2:09
  how
• 2:09
  they're
• 2:10
  going
• 2:10
  to
• 2:10
  give
• 2:10
  them
• 2:10
  their
• 2:10
  money
• 2:11
  back.
• 2:12
  It's
• 2:12
  not
• 2:12
  going
• 2:12
  to
• 2:12
  just
• 2:12
  be
• 2:12
  through
• 2:13
  like
• 2:13
  you
• 2:13
  come
• 2:13
  and
• 2:14
  get
• 2:14
  lower
• 2:14
  prices
• 2:14
  through
• 2:14
  our
• 2:15
  doors.
• 2:15
  Like
• 2:15
  everyone
• 2:15
  knows
• 2:16
  that
• 2:16
  already.
• 2:16
  So
• 2:16
  that's
• 2:16
  kind
• 2:17
  of
• 2:17
  a
• 2:17
  empty
• 2:17
  promise.
• 2:18
  I
• 2:18
  think
• 2:18
  Costco
• 2:18
  will,
• 2:19
  you
• 2:19
  know,
• 2:19
  have
• 2:20
  something
• 2:20
  figured
• 2:20
  out
• 2:20
  to
• 2:21
  that
• 2:21
  degree.
• 2:21
  So.
• 2:21
  So
• 2:22
  yeah,
• 2:22
  so
• 2:22
  I
• 2:22
  don't
• 2:22
  think
• 2:22
  it's
• 2:22
  a
• 2:23
  gold
• 2:23
  standard,
• 2:23
  but
• 2:23
  I
• 2:23
  think
• 2:23
  it's
• 2:24
  an
• 2:24
  absolutely
• 2:24
  slam
• 2:25
  dunk
• 2:25
  PR
• 2:25
  move
• 2:26
  given,
• 2:26
  you
• 2:27
  know,
• 2:27
  the
• 2:27
  success
• 2:27
  they've
• 2:27
  had
• 2:28
  already
• 2:28
  taking
• 2:28
  similar
• 2:29
  stances
• 2:29
  on
• 2:29
  issues
• 2:30
  Yeah,
• 2:30
  I
• 2:30
  mean,
• 2:31
  I
• 2:31
  don't
• 2:31
  know
• 2:31
  what
• 2:32
  else
• 2:32
  a
• 2:32
  CEO
• 2:32
  would
• 2:33
  say
• 2:33
  here.
• 2:34
  Right.
• 2:34
  It
• 2:35
  seems
• 2:35
  like
• 2:35
  the
• 2:35
  natural
• 2:36
  response
• 2:36
  and
• 2:37
  probably
• 2:38
  the
• 2:38
  likely
• 2:39
  move.
• 2:39
  I
• 2:39
  think
• 2:40
  the
• 2:40
  other
• 2:40
  option
• 2:41
  that
• 2:41
  some,
• 2:42
  most
• 2:42
  companies
• 2:43
  are
• 2:43
  taking
• 2:43
  at
• 2:44
  this
• 2:44
  point
• 2:44
  is
• 2:44
  say
• 2:44
  nothing.
• 2:46
  And
• 2:46
  so
• 2:46
  I
• 2:46
  like
• 2:46
  your
• 2:46
  point
• 2:47
  about
• 2:47
  it
• 2:47
  sounds
• 2:48
  in
• 2:48
  line
• 2:48
  with
• 2:48
  their
• 2:48
  DEI
• 2:49
  position
• 2:50
  is
• 2:50
  they
• 2:50
  just,
• 2:50
  Costco
• 2:51
  has
• 2:51
  just
• 2:51
  decided,
• 2:52
  like
• 2:52
  we
• 2:52
  will
• 2:53
  say
• 2:53
  something.
• 2:54
  Right.
• 2:54
  We
• 2:54
  won't
• 2:55
  leave
• 2:55
  the
• 2:55
  elephant
• 2:55
  in
• 2:55
  the
• 2:56
  room.
• 2:56
  We're
• 2:56
  going
• 2:56
  to
• 2:56
  talk
• 2:57
  about
• 2:57
  this,
• 2:58
  how
• 2:58
  we
• 2:59
  plan
• 2:59
  to
• 2:59
  handle
• 2:59
  the
• 2:59
  tariff
• 3:00
  situation
• 3:00
  if
• 3:01
  and
• 3:01
  when
• 3:02
  it
• 3:02
  might
• 3:02
  happen.
• 3:04
  I
• 3:04
  think
• 3:04
  just
• 3:04
  days
• 3:04
  after
• 3:05
  the
• 3:05
  announcement
• 3:05
  was
• 3:06
  made.
• 3:06
  So
• 3:06
  I
• 3:06
  think
• 3:06
  it's
• 3:07
  bold,
• 3:08
  the
• 3:08
  legality
• 3:09
  and
• 3:09
  the
• 3:09
  complicated
• 3:10
  nature
• 3:10
  of
• 3:10
  again,
• 3:11
  that
• 3:11
  if
• 3:11
  and
• 3:12
  when,
• 3:12
  there's
• 3:13
  a
• 3:13
  lot
• 3:13
  to
• 3:13
  be
• 3:13
  seen
• 3:14
  on
• 3:14
  how
• 3:14
  it
• 3:14
  plays
• 3:15
  out.
• 3:15
  But
• 3:16
  my
• 3:16
  thoughts
• 3:16
  were
• 3:17
  really
• 3:17
  similar
• 3:17
  to
• 3:18
  yours,
• 3:18
  that
• 3:18
  if
• 3:18
  they
• 3:19
  are
• 3:19
  making
• 3:19
  this
• 3:19
  statement,
• 3:20
  I'd
• 3:21
  expect
• 3:21
  nothing
• 3:21
  less
• 3:21
  from
• 3:22
  Costco
• 3:23
  if
• 3:23
  and
• 3:24
  when
• 3:24
  they
• 3:24
  receive
• 3:25
  those
• 3:25
  refunds
• 3:26
  than
• 3:26
  to
• 3:26
  put
• 3:27
  this
• 3:27
  into
• 3:27
  motion.
• 3:27
  Right.
• 3:28
  Like
• 3:28
  even
• 3:28
  some
• 3:28
  type
• 3:29
  of
• 3:29
  promotion
• 3:29
  where
• 3:29
  they're
• 3:30
  sharing
• 3:30
  like
• 3:30
  it's
• 3:31
  tariff
• 3:31
  refund
• 3:32
  week,
• 3:32
  I
• 3:32
  don't
• 3:32
  know.
• 3:33
  But
• 3:34
  here
• 3:34
  are
• 3:34
  the
• 3:34
  price
• 3:34
  changes
• 3:35
  you're
• 3:35
  going
• 3:35
  to
• 3:35
  see
• 3:35
  or
• 3:35
  here
• 3:36
  are,
• 3:36
  here's
• 3:36
  the
• 3:36
  membership
• 3:37
  levels
• 3:37
  we're
• 3:37
  going
• 3:38
  to
• 3:38
  offer
• 3:38
  for
• 3:39
  savings
• 3:40
  in
• 3:40
  that
• 3:40
  regard.
• 3:41
  Spoken
• 3:42
  like
• 3:42
  a
• 3:42
  true
• 3:42
  merchant.
• 3:43
  So
• 3:43
  I'm
• 3:43
  curious,
• 3:43
  as
• 3:43
  the
• 3:44
  RTE
• 3:44
  again,
• 3:44
  Jen,
• 3:45
  then,
• 3:45
  so
• 3:45
  like
• 3:45
  you
• 3:45
  said,
• 3:46
  you
• 3:46
  know,
• 3:46
  what
• 3:46
  else
• 3:46
  are
• 3:46
  they
• 3:47
  going
• 3:47
  to
• 3:47
  say?
• 3:47
  But,
• 3:47
  but
• 3:47
  I
• 3:48
  mean,
• 3:48
  like
• 3:49
  there's
• 3:49
  probably
• 3:49
  plenty
• 3:49
  of
• 3:50
  CEOs
• 3:50
  saying,
• 3:50
  like
• 3:50
  you
• 3:50
  said,
• 3:51
  we
• 3:51
  don't
• 3:51
  want
• 3:51
  to
• 3:51
  say
• 3:51
  this
• 3:52
  because
• 3:52
  we
• 3:52
  want
• 3:52
  to
• 3:52
  get
• 3:52
  the
• 3:52
  refunds
• 3:53
  and
• 3:53
  we
• 3:53
  just
• 3:53
  want
• 3:53
  to
• 3:53
  bank
• 3:54
  it.
• 3:54
  So
• 3:54
  I'm
• 3:55
  curious,
• 3:55
  as
• 3:55
  the
• 3:55
  rte,
• 3:57
  what,
• 3:57
  what
• 3:58
  impact
• 3:58
  do
• 3:58
  you
• 3:58
  think
• 3:58
  that
• 3:58
  has
• 3:59
  on
• 3:59
  the
• 3:59
  morale
• 4:00
  of
• 4:00
  customers
• 4:01
  and
• 4:01
  both
• 4:01
  employees,
• 4:02
  if
• 4:02
  that
• 4:03
  ultimately
• 4:03
  is
• 4:03
  the
• 4:03
  position
• 4:04
  your
• 4:04
  company
• 4:04
  takes,
• 4:05
  say
• 4:05
  a
• 4:05
  year
• 4:06
  or
• 4:06
  two
• 4:06
  down
• 4:06
  the
• 4:07
  line,
• 4:07
  should
• 4:07
  these
• 4:07
  refunds
• 4:08
  come
• 4:08
  to
• 4:08
  fruition?
• 4:09
  It's
• 4:09
  something
• 4:09
  people
• 4:09
  need
• 4:10
  to
• 4:10
  be
• 4:10
  thinking
• 4:10
  about
• 4:10
  in
• 4:11
  terms
• 4:11
  of
• 4:11
  how
• 4:11
  you
• 4:11
  want
• 4:11
  to
• 4:12
  handle
• 4:12
  this.
• 4:13
  Yeah.
• 4:13
  So
• 4:14
  just
• 4:14
  for
• 4:14
  those
• 4:15
  listening
• 4:15
  rte,
• 4:16
  Chris
• 4:16
  has
• 4:16
  deemed
• 4:17
  as
• 4:17
  retail
• 4:17
  talent
• 4:18
  or
• 4:18
  resident
• 4:19
  talent
• 4:19
  expert.
• 4:19
  Is
• 4:19
  that
• 4:20
  what
• 4:20
  I'm
• 4:20
  working
• 4:20
  with
• 4:20
  here?
• 4:20
  Yes.
• 4:21
  Right.
• 4:21
  Yeah,
• 4:21
  I'm
• 4:22
  going
• 4:22
  on
• 4:22
  the
• 4:22
  fly,
• 4:22
  Jed.
• 4:23
  I'm,
• 4:23
  I'm
• 4:23
  in
• 4:23
  the
• 4:23
  moment
• 4:24
  here
• 4:24
  today.
• 4:24
  Know
• 4:25
  I'm
• 4:25
  bringing,
• 4:26
  bringing
• 4:26
  my
• 4:26
  A
• 4:26
  game.
• 4:27
  Okay.
• 4:28
  I
• 4:28
  just,
• 4:28
  I
• 4:28
  was
• 4:28
  doing
• 4:28
  the
• 4:29
  acronym
• 4:30
  sort
• 4:30
  of
• 4:30
  backpedaling
• 4:30
  in
• 4:31
  my
• 4:31
  head
• 4:31
  like
• 4:31
  rte.
• 4:32
  Okay,
• 4:32
  I
• 4:32
  got
• 4:32
  it.
• 4:33
  As
• 4:33
  the
• 4:34
  resident
• 4:34
  talent
• 4:34
  expert,
• 4:35
  I
• 4:35
  would
• 4:35
  say
• 4:36
  I
• 4:36
  think
• 4:36
  I
• 4:36
  understand
• 4:37
  your
• 4:37
  question.
• 4:39
  The
• 4:39
  talent
• 4:39
  community
• 4:40
  responds
• 4:41
  to
• 4:41
  transparency
• 4:42
  and
• 4:43
  these
• 4:43
  types
• 4:43
  of
• 4:43
  bold
• 4:44
  statements.
• 4:45
  Who
• 4:45
  will
• 4:46
  make
• 4:46
  the
• 4:46
  move?
• 4:47
  I
• 4:47
  think
• 4:47
  the
• 4:47
  right
• 4:47
  people.
• 4:48
  Right.
• 4:48
  So
• 4:49
  if
• 4:49
  someone
• 4:49
  was
• 4:49
  thinking
• 4:49
  about
• 4:50
  working
• 4:50
  for
• 4:50
  Costco
• 4:51
  or
• 4:51
  interviewing
• 4:52
  with
• 4:52
  Costco
• 4:53
  And
• 4:53
  Costco
• 4:54
  is
• 4:54
  one
• 4:54
  of
• 4:54
  the
• 4:55
  only
• 4:55
  that
• 4:55
  is
• 4:55
  making
• 4:56
  this
• 4:56
  type
• 4:56
  of
• 4:56
  a
• 4:56
  bold
• 4:56
  statement
• 4:57
  if
• 4:57
  they're
• 4:57
  the
• 4:58
  right
• 4:59
  person,
• 5:00
  if
• 5:00
  they're
• 5:00
  also
• 5:00
  the
• 5:00
  person
• 5:01
  that
• 5:01
  wants
• 5:01
  to
• 5:01
  make
• 5:01
  the
• 5:01
  bold
• 5:02
  statement,
• 5:02
  that
• 5:02
  wants
• 5:03
  to
• 5:03
  make
• 5:03
  moves,
• 5:03
  that
• 5:04
  wants
• 5:04
  to
• 5:04
  challenge
• 5:05
  ideas
• 5:05
  and
• 5:05
  stand
• 5:06
  their
• 5:06
  ground.
• 5:07
  They're,
• 5:08
  they're
• 5:08
  interested
• 5:09
  in
• 5:09
  this.
• 5:09
  And
• 5:10
  I
• 5:10
  think
• 5:10
  it's
• 5:10
  good
• 5:11
  employment
• 5:11
  branding
• 5:12
  for
• 5:12
  Costco
• 5:13
  to
• 5:13
  say,
• 5:13
  like,
• 5:13
  we
• 5:14
  know
• 5:14
  who
• 5:14
  we
• 5:15
  are
• 5:15
  and
• 5:15
  we
• 5:15
  show
• 5:16
  who
• 5:16
  we
• 5:16
  are.
• 5:16
  It's
• 5:16
  similar
• 5:16
  to,
• 5:17
  like
• 5:17
  a
• 5:17
  Trader
• 5:17
  Joe's.
• 5:18
  Right.
• 5:19
  The
• 5:19
  bold
• 5:19
  ways
• 5:20
  that
• 5:20
  Trader
• 5:20
  Joe's
• 5:21
  decides
• 5:21
  to
• 5:21
  not
• 5:22
  follow
• 5:23
  are
• 5:23
  so
• 5:23
  interesting.
• 5:24
  There
• 5:24
  are
• 5:24
  some
• 5:25
  candidates
• 5:25
  that
• 5:25
  are
• 5:25
  not
• 5:26
  in,
• 5:26
  are
• 5:26
  not
• 5:27
  into
• 5:27
  it.
• 5:27
  They're
• 5:27
  like,
• 5:28
  I
• 5:28
  can't
• 5:28
  believe
• 5:28
  they're
• 5:28
  not
• 5:28
  in
• 5:28
  E
• 5:29
  Commerce.
• 5:29
  I
• 5:30
  want
• 5:30
  to
• 5:30
  be
• 5:30
  innovative
• 5:31
  in
• 5:31
  those
• 5:31
  ways.
• 5:32
  There
• 5:32
  are
• 5:32
  other
• 5:32
  candidates
• 5:33
  that
• 5:33
  say,
• 5:34
  how
• 5:34
  cool
• 5:34
  is
• 5:34
  that?
• 5:35
  Like,
• 5:35
  I
• 5:35
  want
• 5:35
  to
• 5:35
  be
• 5:35
  part
• 5:36
  of
• 5:36
  that
• 5:36
  organization
• 5:37
  because
• 5:37
  that
• 5:37
  aligns
• 5:38
  with
• 5:38
  sort
• 5:38
  of
• 5:38
  who
• 5:38
  I
• 5:39
  am.
• 5:39
  So
• 5:39
  I
• 5:39
  think
• 5:40
  I'm
• 5:40
  answering
• 5:40
  your
• 5:40
  question
• 5:41
  there,
• 5:41
  Chris,
• 5:41
  in
• 5:41
  terms
• 5:41
  of
• 5:42
  how
• 5:42
  I
• 5:43
  think
• 5:43
  it
• 5:43
  could
• 5:43
  impact
• 5:43
  the
• 5:44
  talent
• 5:44
  market.
• 5:45
  You
• 5:45
  are,
• 5:45
  and
• 5:45
  it's
• 5:46
  a
• 5:46
  question
• 5:46
  that
• 5:46
  I
• 5:46
  hadn't
• 5:46
  thought
• 5:46
  about
• 5:46
  until
• 5:47
  I
• 5:47
  heard
• 5:47
  your
• 5:47
  answer,
• 5:47
  which
• 5:48
  is
• 5:48
  like,
• 5:48
  yeah,
• 5:48
  if,
• 5:49
  if,
• 5:49
  if
• 5:49
  you're
• 5:49
  not,
• 5:50
  if
• 5:50
  you're
• 5:50
  not
• 5:50
  talking
• 5:51
  about
• 5:51
  what
• 5:51
  you're
• 5:51
  going
• 5:51
  to
• 5:51
  do,
• 5:52
  you're
• 5:52
  signaling
• 5:52
  how
• 5:53
  you're
• 5:53
  thinking
• 5:53
  about
• 5:53
  this
• 5:54
  potentially.
• 5:54
  And
• 5:54
  that
• 5:55
  could
• 5:55
  have
• 5:55
  negative
• 5:55
  implications
• 5:56
  on
• 5:56
  your
• 5:56
  brand
• 5:56
  in
• 5:57
  the
• 5:57
  long
• 5:57
  run
• 5:57
  if,
• 5:58
  if
• 5:58
  it
• 5:58
  ends
• 5:58
  up
• 5:58
  being
• 5:58
  that
• 5:59
  you're
• 5:59
  just
• 5:59
  pocketing
• 5:59
  these
• 5:59
  for
• 6:00
  extra
• 6:00
  profit.
• 6:01
  So
• 6:01
  when
• 6:01
  you've
• 6:01
  got
• 6:01
  a
• 6:02
  competitor
• 6:02
  out
• 6:02
  there
• 6:02
  that's
• 6:03
  doing
• 6:03
  or
• 6:03
  saying
• 6:03
  they're
• 6:04
  going
• 6:04
  to
• 6:04
  do
• 6:04
  the
• 6:04
  exact
• 6:04
  opposite.
• 6:05
  So
• 6:05
  I,
• 6:05
  I
• 6:05
  just
• 6:05
  think
• 6:05
  it's
• 6:06
  a
• 6:06
  fascinating
• 6:06
  question
• 6:06
  and
• 6:07
  for,
• 6:07
  for
• 6:08
  leadership
• 6:08
  to
• 6:08
  ask
• 6:09
  yourselves,
• 6:09
  how
• 6:09
  would
• 6:10
  I
• 6:10
  respond
• 6:10
  in
• 6:10
  this
• 6:11
  situation
• 6:11
  with
• 6:11
  the
• 6:12
  company
• 6:12
  that
• 6:12
  I'm
• 6:12
  running.
• 6:13
  Yeah.
• 6:13
  And
• 6:14
  I
• 6:14
  also
• 6:14
  think,
• 6:14
  I
• 6:15
  mean,
• 6:15
  geez,
• 6:15
  candidates
• 6:16
  would
• 6:16
  love
• 6:16
  to
• 6:16
  hear,
• 6:17
  like,
• 6:17
  we're
• 6:17
  going
• 6:17
  to
• 6:17
  offer
• 6:18
  bonuses
• 6:18
  with
• 6:18
  all
• 6:19
  those
• 6:19
  tariffs
• 6:19
  that
• 6:20
  are
• 6:20
  refunded.
• 6:21
  But
• 6:21
  I
• 6:21
  don't
• 6:21
  think
• 6:21
  that's
• 6:22
  the
• 6:22
  answer.
• 6:22
  Right.
• 6:23
  I
• 6:23
  mean,
• 6:23
  maybe
• 6:23
  that's
• 6:23
  an
• 6:23
  internal
• 6:24
  announcement
• 6:24
  someone
• 6:25
  could
• 6:25
  make,
• 6:25
  but
• 6:27
  I
• 6:27
  think
• 6:27
  what
• 6:28
  it
• 6:28
  does
• 6:28
  more
• 6:28
  than
• 6:28
  anything
• 6:29
  is
• 6:29
  it
• 6:29
  just
• 6:29
  shows
• 6:30
  a
• 6:30
  brand
• 6:30
  that
• 6:31
  is
• 6:31
  willing
• 6:31
  to
• 6:31
  speak
• 6:32
  out.
• 6:32
  And
• 6:33
  so
• 6:33
  many
• 6:34
  are
• 6:34
  so
• 6:34
  afraid
• 6:35
  to
• 6:35
  make
• 6:35
  any
• 6:35
  type
• 6:36
  of
• 6:36
  announcement
• 6:37
  in
• 6:37
  this
• 6:38
  digital
• 6:38
  world,
• 6:38
  in
• 6:39
  the
• 6:39
  social
• 6:39
  media
• 6:40
  comment
• 6:41
  section
• 6:41
  world
• 6:41
  that
• 6:42
  we'll
• 6:42
  get
• 6:42
  to
• 6:42
  in
• 6:42
  a
• 6:42
  headline
• 6:43
  later,
• 6:44
  they're
• 6:44
  just
• 6:45
  so
• 6:45
  afraid
• 6:45
  to
• 6:45
  ruffle
• 6:46
  any
• 6:46
  feathers
• 6:46
  the
• 6:46
  wrong
• 6:47
  way
• 6:47
  that
• 6:47
  they
• 6:47
  say
• 6:47
  nothing.
• 6:48
  And
• 6:48
  I
• 6:48
  don't,
• 6:49
  I
• 6:49
  don't
• 6:49
  see
• 6:49
  a
• 6:49
  lot
• 6:49
  of
• 6:49
  candidates
• 6:50
  that
• 6:50
  can
• 6:50
  stand
• 6:50
  behind
• 6:51
  that
• 6:51
  or
• 6:51
  get
• 6:51
  excited
• 6:52
  to
• 6:52
  work
• 6:52
  for
• 6:52
  a
• 6:52
  brand
• 6:52
  like
• 6:53
  that,
• 6:53
  if
• 6:53
  that
• 6:53
  makes
• 6:53
  sense.
• 6:54
  Yeah.
• 6:55
  And
• 6:55
  to
• 6:55
  your
• 6:55
  point,
• 6:55
  I
• 6:55
  imagine
• 6:56
  for
• 6:56
  Costco,
• 6:56
  this
• 6:56
  is
• 6:57
  going
• 6:57
  to
• 6:57
  be
• 6:57
  a
• 6:57
  very
• 6:57
  good
• 6:57
  announcement
• 6:58
  for
• 6:58
  their
• 6:58
  sales.
• 6:59
  And
• 6:59
  those
• 6:59
  bonuses
• 7:00
  will
• 7:00
  end
• 7:00
  up
• 7:00
  coming
• 7:01
  because
• 7:01
  of
• 7:01
  this
• 7:02
  and
• 7:02
  because
• 7:02
  of
• 7:02
  the
• 7:03
  action
• 7:03
  they're
• 7:03
  taking.
• 7:03
  Like,
• 7:04
  it's
• 7:04
  all
• 7:04
  about
• 7:04
  the
• 7:04
  flywheel
• 7:05
  of
• 7:05
  how
• 7:05
  you
• 7:05
  produce
• 7:06
  revenue.