#21 – Nvidia, Fed Minutes, Birth Rates, and Florida Housekeepers

Wes Moss [00:02:21]:
Warren Buffett talks about it. If we get an expanding country, if it’s getting, if the pie is getting bigger, we have more people consuming more things. It’s a heck of a lot easier for companies to grow earnings over time. So the article, though, is sounding the alarm. And have you even said hello yet, or did I just skip right over.

Jeff Lloyd [00:02:40]:
That I can say hello again if you want me to.

Wes Moss [00:02:43]:
Yes.

Jeff Lloyd [00:02:43]:
Yes. I’m so good to be back here on a Memorial Day weekend.

Wes Moss [00:02:46]:
All right, so you saw this, I think you pointed this out, or I saw this, and I think everybody saw it, because it’s one of those, not just one of these headlines. It’s like one that they have the giant pictures in the story. When you scroll down, the text goes over different graphs. They spent a lot of time on this, and they’re sounding the alarm that population growth is really slowing around the world, and it’s a big deal. This global decline in birth rates, most specifically, can have really big consequences, social consequences, economic consequences, geopolitical. So this is the tide of the world when it comes to our population, and it impacts everything. And we’ve seen fertility rates, and this has been no secret. We’ve seen fertility rates go down and down and down.

Wes Moss [00:03:33]:
The wealthier we’ve gotten, the more, quote, developed countries have gotten, the less children per family we’ve seen. And that’s been a trend over time. But now it’s getting, evidently, it’s getting to more of an alarming rate. We need something like 2.1 children per mom in order to keep the population stable. It’s called the replacement rate. And the worry is that we start to drop a little bit below that, and that’s starting to show up in the forecast. If you think about what some countries are saying, they’re talking about countries like Japan, the United States, South Korea, the need to have something turn around. We literally need more babies in the world.

Wes Moss [00:04:19]:
And world leaders are taking this really seriously. So Fumio Quixada, do I pronounce that correctly? Fumio Quixada, that’s the japanese prime minister recently said, quote, we’re standing on the verge of whether we can continue to function as a society due to the collapse of the birth rate in Japan. Politicians say, wait a minute, we may not be able to function because we don’t have enough kids. We have too many older people in the population and not enough younger people supporting the economy.

Jeff Lloyd [00:04:53]:
Talk about sounding the alarm. That sounds pretty serious coming from the.

Wes Moss [00:04:57]:
Japanese prime minister, Giorgio Miloney. I don’t know if I’m pronouncing that right either. The italian prime minister has prioritized raising the country’s, quote, demographic GDP needs more kids. In Italy, they want more kids. That’s a critical national objective for the country of Italy. Here are some of the numbers. The global fertility rate has dropped to between 2.1 and 2.2. It needs to be at least at 2.1 to keep the population globally, keep it stable.

Wes Moss [00:05:33]:
If it’s below that and below the replacement rate, then we start to run into trouble. The us birth rates, 2022, total us fertility rate fell to 1.62. So less than two kids per person. Jeff, Lloyd, you’ve done the two. Yeah.

Jeff Lloyd [00:05:50]:
And we actually looked that up. That’s the lowest we’ve seen on record.

Wes Moss [00:05:54]:
That 1.6 in the history of America. I’m trying to do my part. We’ve got four in the moss house. You’re above the average.

Jeff Lloyd [00:06:01]:
We’re above the average. We got two.

Wes Moss [00:06:03]:
And then you have immigration. And this is, if you look at what the forecasts for immigration were, or the forecast, the estimate last year, they’re kind of all over the map. Some studies say a million. The census is saying a million. Then the CBO, the congressional Budget Office said something like 3.3 million net immigrants last year in 2023. So we’ve got a big discrepancy in that number. I think the CBO is probably a more accurate forecast. But.

Wes Moss [00:06:31]:
But we don’t know. So let’s think about this. The estimates. Well, so you get this alarm. I read this, and you go through the numbers, and, yes, our birth rates in the United States are. Our birth rates in the United States are lower than we’d like them to be, down to 1.62. That’s. We would like to see it higher than that.

Wes Moss [00:06:51]:
However, from all the numbers I can find, we still have real population growth in the United States, and that’s going to continue for the foreseeable future. So, yes, it may be falling around the world, and, yes, we’ve seen it come down to the United States, but we’re still growing. And this is what gives me hope. So this is the good news of the morning, despite the alarm bells that are going off from the Wall Street Journal. So, first of all, we should be at. We’re at about 341 million today, population of the United States. We’re projected to be a little over 350 million by the year 2030. And the reality here, though, is that we’re still growing in the United States.

Wes Moss [00:07:31]:
So right now, if you look at births per thousand, you can come up. We have about 3.8 million new babies born in the United States every single year, on average, we have about 2.8 people. 2.8 million people pass away. So births minus deaths. If you look at this, it’s a hard number to kind of wrap your head around. I’ve always talked about this in terms of stadiums, so I can think of how many stadiums of new babies do we have? And if you think about a big hundred thousand person stadium like University of Michigan. The big house, which is the biggest stadium in the United States, fits a little over 100,000 people. We fill up 38 of those in any given year, 38 new stadiums of people born each year.

Wes Moss [00:08:18]:
Now, sadly, we have 28 stadiums of people that die every year. But that means we have a net new ten stadiums, big houses up in Ann Arbor every single year. It’s a million. Our population is growing by about a million people per year. Just when looking at the. Without immigration, then you throw in what immigration is, and if you believe that 3.3 million person number from the CBO, that’s 30 new stadiums of people every single year. And now that number may dramatically change. We’re not, I don’t get political here with immigration, but those are the numbers.

Wes Moss [00:08:56]:
So all in last year, we saw an approximate 40 net new university of Michigan big house, stadiums of people in the United States. So we’re growing at about a third of a percent from births, about a third of a percent from immigration on the low end, all the way up to a full 1%, if you factor in immigration. So all in, we’re growing at about three quarters of a percent to 1.3%. Population growth per year in the United States, plus global population growth is projected to last. So, meaning that the world is still going to be growing. Now, the forecast was all the way out till 2100. That’s the year 2100. But it looks.

Wes Moss [00:09:43]:
But even the more recent forecasts, and this is from the United nations, is that we’ll see population growth all the way out into 2080. So we still have a very long way to go when it comes to this very important macro piece of the economic equation. More people, more spending, more demand and more supply of labor. And that still gives me lots of hope that we’ll see a growing economy, particularly here in the United States. So that’s good news here on a memorial day.

Jeff Lloyd [00:10:13]:
No, that is good news. I have a question. The us population on track and projected to grow to about 350 million people by 2030. You talk about the year 2100. How accurate do you think those projections are going out 76 years from now?

Wes Moss [00:10:30]:
Look, I’m not a demographer or an expert, so I can’t really say, but if you think about, we have. So if you think about we’ve got about six years to get to 2030, and if we’re growing at a million a year, that’s six more million. That gets us close to that 350 number. But really we’re growing at more like three to 4 million, if you’re counting immigration. So that number could be way beyond the 350 million, really, depending on what immigration is. The good news is we’re still having more births than people passing away in the United States. And that’s, that’s fundamentally, organically, we’re seeing growth here in the United States. We would love to see more, countries around the world would love to see more, politicians would love to see more.

Wes Moss [00:11:11]:
So I don’t know. Well, so what’s the solution? There’s not a lot. Any one, well, any one person can do, I guess, except for have more babies. But I could see at some point, as the world wakes up to this, literally seeing billboards. This sounds crazy, but I could see this. Just have more babies. You’re driving down 285. Going up 75, you have more babies.

Jeff Lloyd [00:11:35]:
You passed Northside Hospital, and I think at one point they, they, there were more births there than any other hospital in the US, I think at some point. But, yeah, there could be a billboard right outside north side that says that have more babies.

Wes Moss [00:11:50]:
Remember, we had a long period of time where China was limiting population growth. The one child policy that didn’t work out very well. That’s not good for their economy. So maybe we do the, maybe we’ll see the opposite. Look, I’m not in policy making nor in politics, but it wouldn’t shock me to see a billboard one day. Have more babies. Sponsored by north side hospital. Have more babies.

Wes Moss [00:12:13]:
Just don’t let them grow up to be cowboys. This Memorial Day weekend, almost 44 million travelers around the United States are going to go more than 50 miles somewhere over this holiday weekend. That’s 4% increase over last year. Matches the record of 2005. Wonder why. Oh, five was the record. 44. Probably lower gas prices, 44 million travelers back then.

Wes Moss [00:12:42]:
So we’re looking to break that record this weekend, which means we haven’t seen this many people travel.

Jeff Lloyd [00:12:48]:
We’re back above pre Covid travel numbers.

Wes Moss [00:12:51]:
Wait, wait. If we hit this, that’s a 20 year. That’s going back 20 years.

Jeff Lloyd [00:12:56]:
This is the most in 19 years. That’s right.

Wes Moss [00:12:59]:
So we’ve got, let’s see, 38 million by car, three and a half million by air.

Jeff Lloyd [00:13:07]:
And there’s this other category, and it’s bus, cruise, and train transportation.

Wes Moss [00:13:13]:
That’s almost 2 million people.

Jeff Lloyd [00:13:14]:
So almost 2 million.

Wes Moss [00:13:15]:
And good news for drivers on the inflation front, gas prices. Jeff Floyd, right around where they were last year, right around 361 a gallon. But if you go back, what, two years? It’s hard to even, it’s, if you think about two years ago, we were over $5 a gallon.

Jeff Lloyd [00:13:32]:
Yeah. And two years ago, that was literally an all time high for a price of a gallon of gas in the US.

Wes Moss [00:13:37]:
I remember getting texts of people sending when it was over $100 to fill up your tank. Now you gotta have a pretty big tank to get over $100. But it really is interesting. So if you’re listening now, you happen to be supposedly the best time of the weekend to be driving. And if you’re traveling and you’re more than 50 miles away from home, you’re one of 44 million travelers this weekend. Here on Memorial Day weekend, more money matters. Straight ahead. We keep hearing that inflation is coming down.

Wes Moss [00:14:14]:
But the past three years, the common man inflation gauge is still up over 20%. Thats necessities like food, gas, utilities and shelter. How can you possibly keep up? Well, one option is income investing. Thats using a combination of growing stock, dividends, bonds for more cash flow, and other areas that can be a hedge against inflation. Look, inflation is tough. Let us help you overcome it. Schedule a time directly with our team@yourwealth.com. dot thats your wealth.com dot.

Wes Moss [00:14:44]:
We had some rough days in the market this week, but still decidedly positive for the year. It’s been a strong year for stocks. We’ve also seen a really more of a broad market rally. It hasn’t just been one area. And this week, though, we continue to see numbers this May. Jeff Lloyd, I think you call this the most anticipated earnings report of all time.

Jeff Lloyd [00:15:05]:
Well, you hear it on CNBC or Bloomberg. Every time Nvidia set report, people start saying this is the most important earnings announcement in stock market history. They’ve said that. I feel like the last five or six times they’ve reported earnings.

Wes Moss [00:15:21]:
The market cap of Nvidia. Now, some people say Nvidia. I pronounce it Nvidia. The stock symbol is NVDA. So again, we’re not talking about buying or selling this. We’re talking about what the company has done and then what. So they had a blowout earnings report. Market with the stock was up again huge this past week.

Wes Moss [00:15:43]:
And you did some research around the size. Are you looking at their market cap?

Jeff Lloyd [00:15:48]:
We’re just looking at the market cap size for Nvidia and just kind of comparing it to a couple other companies, or in this case.

Wes Moss [00:15:56]:
So how big is it? Give us some perspective on how large this company has gotten. But by the way, up over 200% in just this, just this year. This is not a micro cap stock that went up 200%.

Jeff Lloyd [00:16:08]:
The market cap is bigger than the GDP of every country except seven. So it’d be in the top ten.

Wes Moss [00:16:15]:
If it were a country.

Jeff Lloyd [00:16:18]:
The GDP.

Wes Moss [00:16:19]:
So hold up, market cap, just right around two and a half trillion.

Jeff Lloyd [00:16:23]:
Okay, that’s bigger than the GDP of Spain and Saudi Arabia combined. That’s a big enough market cap to be four teslas, seven costcos.

Wes Moss [00:16:37]:
How great would it be to have seven costcos?

Jeff Lloyd [00:16:40]:
And it’s close to being the combined market cap of Amazon and Walmart.

Wes Moss [00:16:46]:
It’s gotten to be pretty powerful.

Jeff Lloyd [00:16:47]:
And the market cap is bigger than the entire german stock market.

Wes Moss [00:16:53]:
One more. I think you have one more comparison here.

Jeff Lloyd [00:16:56]:
The market cap is larger than the GDP of every state in the US except Texas and California.

Wes Moss [00:17:03]:
Combined or individually? Individually, yeah, that’s true. Individually. $2.5 trillion market cap, pretty blockbuster. And we’ve seen just this tremendous run, really, not just from a stock perspective, but earnings have grown dramatically because this insatiable demand for artificial intelligence, which we’ve been talking about really all year, is just a general tailwind. It’s not just the companies that are making the processing or the GPU’s that are powering artificial intelligence and what have now become ubiquitously used applications like chat, GPT, Google’s version, which is Gemini. There’s Anthropic’s version, which I tried to sign up for the other day, and it didn’t, it didn’t work for some reason. I think, again, sometimes you go onto these platforms and they’re shut down because too many people are using them. You still have some user issues.

Wes Moss [00:17:56]:
Because I think that we’re redlining the capacity for these in the United States. What will really be more interesting than just using AI for chat will be the applications of artificial intelligence in broad sectors. Think education, music, art, logistics, healthcare, medicine, technology, utilities, energy. There’s really no category that artificial intelligence can’t help with into the future. And that’s why it’s such a global, or I think of it as this tide and this tailwind, much like the Internet in the late 1990s. So that’s a big deal. And we’ll continue to talk about what that powers in the United States economy. However, I’d say on a more practical note, Nvidia also announced a ten for one stock split.

Wes Moss [00:18:45]:
And pragmatically, it really shouldn’t do anything. You’ve got the stock price that we’re hovering around 1000. Well, the only problem with that is that if you’re an employee there and you’re taking out money from your paycheck, and it’s only dollar 300 in a paycheck or a month. You can’t buy a share, so you’ve got to let it accumulate before you can even get to one share. So what they’ve, they’ve passed is to make this a cheaper and more accessible stock without changing the value of the overall company. So, Jeff, you want to explain a stock split for us?

Jeff Lloyd [00:19:21]:
You couldn’t buy a share because Nvidia stock prices is, give or take a few bucks, around $1,000. So they announced a ten for one stock split. So for every one share that you earn, you get an additional nine or one chair.

Wes Moss [00:19:35]:
So you own, you get now nine.

Jeff Lloyd [00:19:37]:
More, so you’ll have ten. It’s like if you had a whole pizza and you call that just one slice, one share. Now you have ten slices. Same pizza, same pizza, just cut differently.

Wes Moss [00:19:52]:
And each share goes. So $1,000 share price. You’ll get ten x that and you’ll also get. Well, you’ll get.

Jeff Lloyd [00:20:00]:
Yeah, and it’ll be dollar 100 a.

Wes Moss [00:20:01]:
Share and $100 a share. So. And if you had 100 shares now, you’ll have 1000 shares, exact value, because the price adjusts. So it doesn’t do anything to the value, but it perhaps makes it more accessible for individuals to buy as opposed to big institutions that can buy in chunks of 1000. No big deal.

Mallory Boggs [00:20:20]:
Yeah.

Jeff Lloyd [00:20:20]:
And we’ve seen a couple of other companies do that in the recent years. A couple months ago, we talked about Walmart. They did one. Google, slash, Alphabet. Amazon and Tesla have done similar stock splits.

Wes Moss [00:20:33]:
Nvidia even pays a dividend, doesn’t it?

Jeff Lloyd [00:20:37]:
It’s a dividend, albeit a small on a.

Wes Moss [00:20:39]:
It doesn’t pay zero, but it is at, what is it? Two tenths of a.

Jeff Lloyd [00:20:43]:
It was like 0.02%, something like that.

Wes Moss [00:20:47]:
Jeff, what’s up with this? I don’t think we’re going to talk through Jamie Dimon. He’s been talking about he’ll retire in five years. Five years. Five years forever. And now he said, oh, it’s going to be five years or less.

Jeff Lloyd [00:20:58]:
He’s retiring sooner.

Wes Moss [00:20:59]:
He’s retiring sooner. Must be listening to retire sooner podcast. Maybe money matters here, but what, what is this about? When it comes to half of Americans think we are in recession more. More than half Americans think the United States is in recession even though GDP continues to grow. I just looked at the Atlanta Fed, the Atlanta Fed’s predict projecting they have a GDP now, now cast forecast for, for second quarter, running it about three and a half percent.

Jeff Lloyd [00:21:29]:
Yeah, I saw the headline and there was a new poll from the Guardian in Harris and it said 56 of the respondents said they believe the US is in a recession.

Wes Moss [00:21:39]:
56% of Americans. Even though we’re just, you’re just not, we are not even close to a recession.

Jeff Lloyd [00:21:46]:
Yeah. And if you read a little bit through this article, it also has some other pretty interesting statistics. 49% believe the S and P 500 stock market is down for the year.

Wes Moss [00:21:57]:
I bet you after this week even more because the headlines will have shown the market corrected this week a little bit. So probably even more, even though the market’s up close to double digits. That’s wrong. How about the unemployment rate?

Jeff Lloyd [00:22:11]:
Almost half believe the unemployment is at a 50 year high even though it’s basically at a 50 year low.

Wes Moss [00:22:17]:
That to me is the hardest one to understand. It’s 50% of people think unemployment, and I’m rounding here because it’s only 49. 50% of people believe unemployment is at a 50 year high even though it’s at a 50 year low. Remarkable.

Jeff Lloyd [00:22:34]:
And this next one is a little bit more complicated, so let’s talk through it. 72% indicate they think inflation is increasing.

Wes Moss [00:22:43]:
It’s getting worse going on.

Jeff Lloyd [00:22:44]:
It’s getting worse. So you, you know, two years ago in the summer it was up over 9%. Now it’s at a 3.4% increase. So technically the rate of inflation is still going up, but it’s getting lower each month.

Wes Moss [00:23:00]:
Well, there’s still positive inflation. The rate of inflation has been coming down just ever so slightly. It’s actually been pretty flat. It’s been right around three and a half for a while now. But it’s a far cry from the 9%. But most Americans think it’s getting worse. And I think that’s just because we’ve been slowly boiled like frogs when it comes to inflation. In the first month or two, you don’t notice avocados have gone up by twenty five cents.

Wes Moss [00:23:30]:
And you don’t notice that bread is $0.22 higher in the very beginning. But the water’s been heating. We’ve been boiling in this pot of water for long enough that everything just feels hot. It feels like it’s now boiling. And that’s, that’s got to be why people have such a, their opinion of the economy. It’s just not great.

Jeff Lloyd [00:23:52]:
Yeah. If you check out at the grocery store counter, you’re not going to think to yourself when you get done paying, hey, inflation’s going down. I mean, it’s painful every time you go through the line.

Wes Moss [00:24:01]:
Well, and the other thing is that last week we talked about how McDonald’s is trying to bring back the value meal. Remember at the dollar value menu that I remember distinctly, and then that went away. Can’t buy anything for a dollar, but they’re trying to bring a $5 meal. And some of the franchisee owners this week were kind of up and out.

Jeff Lloyd [00:24:19]:
It’s like, hey, we’re going to lose a lot of money if we roll this out now. I think they’re going to kind of meet in the middle and only roll that promo out for maybe a month or two. So it’ll be a limited five dollar.

Wes Moss [00:24:33]:
Value mill offering one fry for a dollar. That’s about what they could offer these days. What about the, if we’re looking at the, so one of the market reactions this week was the Federal Reserve minutes came out. And again, this just goes back to another theme, is that the market has been obsessed with every nuance the Fed even mentions about interest rates. And even though we know that last week the Fed said, hey, we’re keeping rates where they are, we call this higher for longer. They raised rates eleven times. The federal funds rate is close to five and a half percent. But we’re stuck there.

Wes Moss [00:25:13]:
The Fed keeps saying we’re staying there. And that was the inflation news last week or a couple weeks ago. How many weeks ago was that?

Jeff Lloyd [00:25:21]:
Yeah, the minutes came out from the end of April.

Wes Moss [00:25:24]:
Let’s see, April 30 came out from.

Jeff Lloyd [00:25:28]:
Almost three weeks ago.

Wes Moss [00:25:30]:
And the market reacted to that. Yet the Fed had already spoken. So it’s kind of the, didn’t we already know that? Yeah, it’s like a rerun. The market was reacting to a rerun that we’ve already seen. Now the question still is, when do rates calm down? We don’t know. But what we do know is that persistently the Fed staying on pause has historically, if we look at the economic data, market data from going back to the 1970s, 19 7480-8184 et cetera, when the Fed is on pause, when the Fed is not moving rates, so they’re not raising and they’re not lowering interest rates, it’s historically been pretty darn good for stocks. The S and P 500 has averaged a positive 5.6% rate of return during Fed pauses. And if you look through the data, the longer the pause, typically the better.

Wes Moss [00:26:27]:
We’ve seen the market average during that period of time. So I’m ok, I’m fine to leave the Fed. I’m fine if the Fed doesn’t move interest rates. I see that as an ok or good thing, a general positive when it comes to stocks. Yeah.

Jeff Lloyd [00:26:41]:
And if the Fed isn’t in a rush to cut interest rates, they’ve indicated they’ve seen some healthy signs in the economy, but at the same time, they want to see inflation in that 2% range.

Wes Moss [00:26:52]:
We’re just not there yet, but I think we’re making some progress. I know you’ve got your own pound speed dial. Tell them just to leave rates on pause for a while. I think this one, Jeff, is just kind of feel good. It’s a feel good story, but it’s also an inflation story. It’s also demographics. It’s moving is geographic. And this is a story from CNBC this week.

Wes Moss [00:27:13]:
Palm beach housekeepers are making $150,000 a year due to massive demand from the wealthy. You have people moving to Florida. We knew that happened throughout the pandemic, again, leaving high tax states like New York and California and moving to Florida. Now, if you’re in a high tax state, well, this is also a very small sliver because it sounds like these are mansions. And I would suspect this happening in a bunch of places where there are mansions. But housekeepers in these areas around Florida, with these big multi, multi, multi million dollar houses, this is not just a $2 million, that we’re talking $20 million houses here, but making between 120 and $150,000 annually, some making up to $250,000, including overtime. Again, it’s because wages for housekeeping, they used to be $25 an hour back in, way back in 2020, which seems like yesterday, today, $45 to $50 per hour. And staffing agencies have this massive shortage of qualified, qualified housekeepers.

Jeff Lloyd [00:28:28]:
This is what I also like to see you said includes overtime. Some of these housekeepers also get 401k plans, healthcare and benefits.

Wes Moss [00:28:39]:
Healthcare benefits. Four hundred one k. And you’ve got the Wellington agency, which, by the way, just sounds rich. The Wellington Agency and Lilly Pond Services, these are both recruiting staffing agencies. So there was a story about one of the homeowners saying, look, I’ll hire someone for $75,000, again, full time housekeeper. And they said, look, that’s probably not going to fly. Guess what? It didn’t fly. They went back to Lily Pond or Wellington.

Wes Moss [00:29:08]:
One of these agencies said, look, that’s it, uncle. I’ll pay the 150 to get somebody great. Sounds like they did. But I think that’s a feel good story. I like this.

Jeff Lloyd [00:29:18]:
Yeah, it kind of also seems like maybe just a lesson in economics of supply and demand, a lot of demand, maybe not enough supply of workers down there.

Wes Moss [00:29:28]:
Wealthy relocations to Florida, Palm Beach, Miami, you name it. 401K benefits, house manager, $250,000 per year. Again, this is a story about inflation, and this is exactly what happens. You get the if you have a lack of supply, which we’ve had as workers, remember, we still have more jobs posted than we do people looking. So that is a macro trend we’ve seen. Now it’s gotten better. The number of job vacancies has come down, but still more vacancies and people looking. And then you get a microcosm of that, one particular industry, one particular geographic location, and you see these outsized moves.

Wes Moss [00:30:12]:
It’s a perfect example of wage inflation due to not enough people wanting or willing to do the job. More people saying I need help. What happens? Wages go up. It’s labor economics 101. One of my favorite classes I can remember from back in my North Carolina days, learning economics. Jeff Lloyd, thank you for being here on this holiday weekend.

Jeff Lloyd [00:30:35]:
Thanks for having me and enjoy your long holiday weekend.

Wes Moss [00:30:39]:
If you’re listening now, you’re driving, supposedly at the best time according to Triple A when it comes to traffic over this Memorial Day weekend. Be safe, have a wonderful weekend, enjoy the rest of your Sunday and holiday. Monday, Memorial Day weekend thanks for tuning in.

Mallory Boggs [00:30:59]:
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Mallory Boggs [00:31:47]:
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