{"version":"1.0.0","segments":[{"speaker":"Unknown","startTime":0.0,"endTime":3.06,"body":"Hello, listeners. This"},{"speaker":"Unknown","startTime":0.0,"endTime":3.06,"body":"is the risky planner podcast."},{"speaker":"Unknown","startTime":3.36,"endTime":4.32,"body":"Thanks for tuning in."},{"speaker":"Unknown","startTime":11.22,"endTime":15.72,"body":"Actually, so totally separate"},{"speaker":"Unknown","startTime":11.22,"endTime":15.72,"body":"topic. 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I am, by no"},{"speaker":"Unknown","startTime":52.48,"endTime":54.7,"body":"means a libertarian, okay,"},{"speaker":"Unknown","startTime":55.84,"endTime":60.6,"body":"but one of the like libertarian"},{"speaker":"Unknown","startTime":55.84,"endTime":60.6,"body":"talking points that actually"},{"speaker":"Unknown","startTime":60.6,"endTime":67.32,"body":"really does resonate with me, is"},{"speaker":"Unknown","startTime":60.6,"endTime":67.32,"body":"why make law when another one"},{"speaker":"Unknown","startTime":67.32,"endTime":74.7,"body":"already exists? And I don't know"},{"speaker":"Unknown","startTime":67.32,"endTime":74.7,"body":"with 100% certainty what the"},{"speaker":"Unknown","startTime":74.88,"endTime":79.14,"body":"like legal coverage framework is"},{"speaker":"Unknown","startTime":74.88,"endTime":79.14,"body":"for indigenous consultation, but"},{"speaker":"Unknown","startTime":79.14,"endTime":83.06,"body":"I do know that there is one at"},{"speaker":"Unknown","startTime":79.14,"endTime":83.06,"body":"the provincial level in Alberta,"},{"speaker":"Unknown","startTime":83.06,"endTime":86.42,"body":"at the very least, because I've"},{"speaker":"Unknown","startTime":83.06,"endTime":86.42,"body":"done a fair bit of work here in"},{"speaker":"Unknown","startTime":86.42,"endTime":90.14,"body":"areas where, you know, it's"},{"speaker":"Unknown","startTime":86.42,"endTime":90.14,"body":"traditional native land, and"},{"speaker":"Unknown","startTime":90.14,"endTime":94.28,"body":"there's, there's lots of"},{"speaker":"Unknown","startTime":90.14,"endTime":94.28,"body":"activity on it that, for"},{"speaker":"Unknown","startTime":94.28,"endTime":97.52,"body":"example, we have to respect the"},{"speaker":"Unknown","startTime":94.28,"endTime":97.52,"body":"the hunting and fishing rights"},{"speaker":"Unknown","startTime":97.52,"endTime":101.38,"body":"of the indigenous populations"},{"speaker":"Unknown","startTime":97.52,"endTime":101.38,"body":"When we're designing things like"},{"speaker":"Unknown","startTime":101.38,"endTime":104.5,"body":"our construction seasons and the"},{"speaker":"Unknown","startTime":101.38,"endTime":104.5,"body":"eventual impact of of whatever"},{"speaker":"Unknown","startTime":104.5,"endTime":107.44,"body":"we're building has to be, you"},{"speaker":"Unknown","startTime":104.5,"endTime":107.44,"body":"know, has to comprehend that or"},{"speaker":"Unknown","startTime":107.44,"endTime":110.26,"body":"or make some kind of"},{"speaker":"Unknown","startTime":107.44,"endTime":110.26,"body":"compensation for removing it at"},{"speaker":"Unknown","startTime":110.26,"endTime":113.56,"body":"with their consent, right? 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That's true"},{"speaker":"Unknown","startTime":154.34,"endTime":157.1,"body":"for sure, but it's not true,"},{"speaker":"Unknown","startTime":154.34,"endTime":157.1,"body":"like, across the board, you know"},{"speaker":"Unknown","startTime":157.1,"endTime":160.54,"body":"what I mean, yeah. And even"},{"speaker":"Unknown","startTime":157.1,"endTime":160.54,"body":"those times when, when rights"},{"speaker":"Unknown","startTime":160.54,"endTime":163.18,"body":"are not properly respected,"},{"speaker":"Unknown","startTime":160.54,"endTime":163.18,"body":"like, those are regrettable"},{"speaker":"Unknown","startTime":163.18,"endTime":166.0,"body":"things that we should all be"},{"speaker":"Unknown","startTime":163.18,"endTime":166.0,"body":"learning from. But it's not the"},{"speaker":"Unknown","startTime":166.0,"endTime":168.76,"body":"norm, right? You know? And"},{"speaker":"Unknown","startTime":166.0,"endTime":168.76,"body":"there's also, like, there's"},{"speaker":"Unknown","startTime":168.76,"endTime":172.72,"body":"responsibility on the part of of"},{"speaker":"Unknown","startTime":168.76,"endTime":172.72,"body":"major infrastructure owners and"},{"speaker":"Unknown","startTime":172.72,"endTime":176.32,"body":"new project proponents to get"},{"speaker":"Unknown","startTime":172.72,"endTime":176.32,"body":"that right, right? There's also"},{"speaker":"Unknown","startTime":176.32,"endTime":179.44,"body":"a responsibility for the"},{"speaker":"Unknown","startTime":176.32,"endTime":179.44,"body":"indigenous groups to show up,"},{"speaker":"Unknown","startTime":179.5,"endTime":182.28,"body":"right? Yeah? Like, well, that's,"},{"speaker":"Unknown","startTime":179.5,"endTime":182.28,"body":"that's what this panel was"},{"speaker":"Unknown","startTime":182.28,"endTime":184.86,"body":"talking about. 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It"},{"speaker":"Unknown","startTime":250.68,"endTime":253.56,"body":"some I feel like I've been on at"},{"speaker":"Unknown","startTime":250.68,"endTime":253.56,"body":"least one or two projects where"},{"speaker":"Unknown","startTime":253.56,"endTime":255.84,"body":"the answer was, we just didn't"},{"speaker":"Unknown","startTime":253.56,"endTime":255.84,"body":"know they existed, right? Like,"},{"speaker":"Unknown","startTime":255.84,"endTime":259.68,"body":"we had no idea they were there,"},{"speaker":"Unknown","startTime":255.84,"endTime":259.68,"body":"you know, our sweet because,"},{"speaker":"Unknown","startTime":259.68,"endTime":262.7,"body":"like, they all, like, all the"},{"speaker":"Unknown","startTime":259.68,"endTime":262.7,"body":"major I think that's their their"},{"speaker":"Unknown","startTime":262.7,"endTime":265.82,"body":"attempt is to prevent exactly"},{"speaker":"Unknown","startTime":262.7,"endTime":265.82,"body":"that situation. 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So"},{"speaker":"Unknown","startTime":304.44,"endTime":306.72,"body":"it's tempting to just assume,"},{"speaker":"Unknown","startTime":304.44,"endTime":306.72,"body":"Oh, well, we tried and you"},{"speaker":"Unknown","startTime":306.72,"endTime":309.54,"body":"didn't say anything. So like,"},{"speaker":"Unknown","startTime":306.72,"endTime":309.54,"body":"jokes on you, buddy, but like,"},{"speaker":"Unknown","startTime":309.54,"endTime":313.14,"body":"that's not the right way to"},{"speaker":"Unknown","startTime":309.54,"endTime":313.14,"body":"handle it, right? 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It's,"},{"speaker":"Unknown","startTime":330.98,"endTime":335.06,"body":"you know, a lot of people aren't"},{"speaker":"Unknown","startTime":330.98,"endTime":335.06,"body":"responding or reacting until,"},{"speaker":"Unknown","startTime":335.12,"endTime":339.08,"body":"well, maybe it's until it's kind"},{"speaker":"Unknown","startTime":335.12,"endTime":339.08,"body":"of too late. Yeah, yeah. So"},{"speaker":"Unknown","startTime":339.08,"endTime":341.2,"body":"anyways, it was really"},{"speaker":"Unknown","startTime":339.08,"endTime":341.2,"body":"interesting, and"},{"speaker":"Unknown","startTime":342.94,"endTime":346.0,"body":"the thing that we left with, I"},{"speaker":"Unknown","startTime":342.94,"endTime":346.0,"body":"actually got a lapel pin that's"},{"speaker":"Unknown","startTime":346.06,"endTime":352.18,"body":"actual moose hide. And it's a"},{"speaker":"Unknown","startTime":346.06,"endTime":352.18,"body":"the moose hide campaign, which"},{"speaker":"Unknown","startTime":352.18,"endTime":352.42,"body":"is a"},{"speaker":"Unknown","startTime":353.86,"endTime":358.84,"body":"indigenous led grassroots"},{"speaker":"Unknown","startTime":353.86,"endTime":358.84,"body":"movement for of men and boys who"},{"speaker":"Unknown","startTime":358.84,"endTime":363.18,"body":"are advocate well, and it's for"},{"speaker":"Unknown","startTime":358.84,"endTime":363.18,"body":"all Canadians, but indigenous"},{"speaker":"Unknown","startTime":363.18,"endTime":366.3,"body":"led and men and boys that are"},{"speaker":"Unknown","startTime":363.18,"endTime":366.3,"body":"advocating and fighting against"},{"speaker":"Unknown","startTime":366.3,"endTime":369.24,"body":"violence against women and"},{"speaker":"Unknown","startTime":366.3,"endTime":369.24,"body":"girls, which I thought was, I"},{"speaker":"Unknown","startTime":369.24,"endTime":374.4,"body":"mean, I like lapel pens for my"},{"speaker":"Unknown","startTime":369.24,"endTime":374.4,"body":"suits. It was pretty unique. It"},{"speaker":"Unknown","startTime":374.4,"endTime":376.2,"body":"was like, Hey, this is moose."},{"speaker":"Unknown","startTime":374.4,"endTime":376.2,"body":"But"},{"speaker":"Unknown","startTime":377.4,"endTime":381.14,"body":"check out. Check out. I want to"},{"speaker":"Unknown","startTime":377.4,"endTime":381.14,"body":"give them a shout out moose hide"},{"speaker":"Unknown","startTime":381.14,"endTime":381.68,"body":"campaign.ca,"},{"speaker":"Unknown","startTime":383.06,"endTime":387.32,"body":"and put a link to that in our in"},{"speaker":"Unknown","startTime":383.06,"endTime":387.32,"body":"our show notes. Yeah, yeah."},{"speaker":"Unknown","startTime":387.38,"endTime":389.66,"body":"Well, by the way, speaking of"},{"speaker":"Unknown","startTime":387.38,"endTime":389.66,"body":"which, I'm Albert, he's Nate,"},{"speaker":"Unknown","startTime":389.66,"endTime":392.42,"body":"this is the risky planner"},{"speaker":"Unknown","startTime":389.66,"endTime":392.42,"body":"podcast. Welcome everybody to"},{"speaker":"Unknown","startTime":392.42,"endTime":394.88,"body":"the risky planner podcast."},{"speaker":"Unknown","startTime":398.06,"endTime":401.02,"body":"Was so let's switch gears. We"},{"speaker":"Unknown","startTime":398.06,"endTime":401.02,"body":"have, it's pretty interesting."},{"speaker":"Unknown","startTime":401.02,"endTime":405.16,"body":"Like, I we're going to talk"},{"speaker":"Unknown","startTime":401.02,"endTime":405.16,"body":"about, actually, we're talking"},{"speaker":"Unknown","startTime":405.16,"endTime":406.78,"body":"about oil."},{"speaker":"Unknown","startTime":407.8,"endTime":411.34,"body":"Yeah, a lot more than just oil,"},{"speaker":"Unknown","startTime":407.8,"endTime":411.34,"body":"but like oil and supply chains"},{"speaker":"Unknown","startTime":411.34,"endTime":415.66,"body":"and war, Nate is current. Nate"},{"speaker":"Unknown","startTime":411.34,"endTime":415.66,"body":"buried the lead three list items"},{"speaker":"Unknown","startTime":415.66,"endTime":418.84,"body":"deep there, right? Because we"},{"speaker":"Unknown","startTime":415.66,"endTime":418.84,"body":"are recording this on March the"},{"speaker":"Unknown","startTime":418.9,"endTime":423.36,"body":"12th, which makes this, I"},{"speaker":"Unknown","startTime":418.9,"endTime":423.36,"body":"believe we're two weeks in to"},{"speaker":"Unknown","startTime":423.36,"endTime":425.58,"body":"the Iran war at this point,"},{"speaker":"Unknown","startTime":423.36,"endTime":425.58,"body":"something like that. Yeah."},{"speaker":"Unknown","startTime":427.44,"endTime":433.68,"body":"So, yeah, the we changed gears"},{"speaker":"Unknown","startTime":427.44,"endTime":433.68,"body":"last minutes to record and talk"},{"speaker":"Unknown","startTime":433.68,"endTime":436.86,"body":"about this instead. Because,"},{"speaker":"Unknown","startTime":433.68,"endTime":436.86,"body":"quite frankly, what else is"},{"speaker":"Unknown","startTime":436.86,"endTime":440.06,"body":"there to talk about right now?"},{"speaker":"Unknown","startTime":436.86,"endTime":440.06,"body":"Nate, that's right. Well, I"},{"speaker":"Unknown","startTime":440.06,"endTime":442.16,"body":"mean, the supply, I think what's"},{"speaker":"Unknown","startTime":443.18,"endTime":449.3,"body":"wild is, you know, just watching"},{"speaker":"Unknown","startTime":443.18,"endTime":449.3,"body":"the price of crude oil, I was"},{"speaker":"Unknown","startTime":449.3,"endTime":455.18,"body":"looking at like bent crude, and"},{"speaker":"Unknown","startTime":449.3,"endTime":455.18,"body":"this morning it was at 99 and"},{"speaker":"Unknown","startTime":455.18,"endTime":457.76,"body":"then I watched it go to 100 and"},{"speaker":"Unknown","startTime":455.18,"endTime":457.76,"body":"then to $100.50"},{"speaker":"Unknown","startTime":460.88,"endTime":465.04,"body":"and then, I mean, it's just, you"},{"speaker":"Unknown","startTime":460.88,"endTime":465.04,"body":"can see it ticking up and up,"},{"speaker":"Unknown","startTime":465.76,"endTime":470.08,"body":"and it's it whipsawed from what"},{"speaker":"Unknown","startTime":465.76,"endTime":470.08,"body":"$70 to $120"},{"speaker":"Unknown","startTime":471.94,"endTime":476.2,"body":"and back to 80, like, all in the"},{"speaker":"Unknown","startTime":471.94,"endTime":476.2,"body":"span of a week. Maybe it's like,"},{"speaker":"Unknown","startTime":476.2,"endTime":480.06,"body":"yeah, so we're switching gears,"},{"speaker":"Unknown","startTime":476.2,"endTime":480.06,"body":"because it's like, what is the"},{"speaker":"Unknown","startTime":480.06,"endTime":483.3,"body":"impact on all the supply chains"},{"speaker":"Unknown","startTime":480.06,"endTime":483.3,"body":"that are"},{"speaker":"Unknown","startTime":484.56,"endTime":488.7,"body":"serving the capital projects."},{"speaker":"Unknown","startTime":484.56,"endTime":488.7,"body":"You know this to us is like,"},{"speaker":"Unknown","startTime":488.7,"endTime":491.64,"body":"what does it all mean for"},{"speaker":"Unknown","startTime":488.7,"endTime":491.64,"body":"capital? 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And if you"},{"speaker":"Unknown","startTime":544.62,"endTime":549.24,"body":"are a project director, if you"},{"speaker":"Unknown","startTime":549.24,"endTime":552.72,"body":"are a VP, if you are, you know,"},{"speaker":"Unknown","startTime":549.24,"endTime":552.72,"body":"in the C suite of a company that"},{"speaker":"Unknown","startTime":552.72,"endTime":555.48,"body":"runs projects, you need to be"},{"speaker":"Unknown","startTime":552.72,"endTime":555.48,"body":"thinking about it from these,"},{"speaker":"Unknown","startTime":555.48,"endTime":559.14,"body":"you know, financial and"},{"speaker":"Unknown","startTime":555.48,"endTime":559.14,"body":"practical perspectives. But that"},{"speaker":"Unknown","startTime":559.14,"endTime":562.28,"body":"doesn't mean that it has to get,"},{"speaker":"Unknown","startTime":559.14,"endTime":562.28,"body":"you know, the human side of it"},{"speaker":"Unknown","startTime":562.34,"endTime":564.98,"body":"has to get lost. It doesn't like"},{"speaker":"Unknown","startTime":562.34,"endTime":564.98,"body":"we're we're living with that all"},{"speaker":"Unknown","startTime":564.98,"endTime":567.26,"body":"the time. That's probably the"},{"speaker":"Unknown","startTime":564.98,"endTime":567.26,"body":"part of this that you and I talk"},{"speaker":"Unknown","startTime":567.26,"endTime":570.26,"body":"about the most, actually, yeah,"},{"speaker":"Unknown","startTime":567.26,"endTime":570.26,"body":"I think that was a really good I"},{"speaker":"Unknown","startTime":570.26,"endTime":573.56,"body":"thank you for that, because"},{"speaker":"Unknown","startTime":570.26,"endTime":573.56,"body":"that's a good sort of segue into"},{"speaker":"Unknown","startTime":574.16,"endTime":576.86,"body":"the topic. And we don't want"},{"speaker":"Unknown","startTime":574.16,"endTime":576.86,"body":"people to think that we're just"},{"speaker":"Unknown","startTime":576.86,"endTime":581.44,"body":"ignoring some of that. But we"},{"speaker":"Unknown","startTime":576.86,"endTime":581.44,"body":"want to focus on, yeah, what our"},{"speaker":"Unknown","startTime":581.44,"endTime":583.0,"body":"expertise is, right? Like,"},{"speaker":"Unknown","startTime":584.2,"endTime":587.14,"body":"any way you can help go hella,"},{"speaker":"Unknown","startTime":584.2,"endTime":587.14,"body":"right? Like, figure out a way to"},{"speaker":"Unknown","startTime":587.14,"endTime":589.84,"body":"make things easier for, you"},{"speaker":"Unknown","startTime":587.14,"endTime":589.84,"body":"know, your your friends and"},{"speaker":"Unknown","startTime":589.84,"endTime":593.38,"body":"maybe future friends that live"},{"speaker":"Unknown","startTime":589.84,"endTime":593.38,"body":"in the region. And, you know,"},{"speaker":"Unknown","startTime":593.38,"endTime":595.66,"body":"there's a lot of expats who are"},{"speaker":"Unknown","startTime":593.38,"endTime":595.66,"body":"stuck out there. There's a lot"},{"speaker":"Unknown","startTime":595.66,"endTime":598.78,"body":"of that's in addition to the the"},{"speaker":"Unknown","startTime":595.66,"endTime":598.78,"body":"obvious, you know, issues with"},{"speaker":"Unknown","startTime":598.78,"endTime":599.92,"body":"people who live in."},{"speaker":"Unknown","startTime":600.0,"endTime":603.0,"body":"In Iran and the neighboring"},{"speaker":"Unknown","startTime":600.0,"endTime":603.0,"body":"countries, you know, it's a,"},{"speaker":"Unknown","startTime":603.0,"endTime":604.98,"body":"it's a bad situation for"},{"speaker":"Unknown","startTime":603.0,"endTime":604.98,"body":"everybody. And we have"},{"speaker":"Unknown","startTime":604.98,"endTime":608.52,"body":"colleagues too, that are, you"},{"speaker":"Unknown","startTime":604.98,"endTime":608.52,"body":"know, they do only you know, and"},{"speaker":"Unknown","startTime":608.52,"endTime":612.48,"body":"they're from various countries"},{"speaker":"Unknown","startTime":608.52,"endTime":612.48,"body":"in the Middle East. So we, you"},{"speaker":"Unknown","startTime":612.48,"endTime":615.9,"body":"know, have some, you know, they"},{"speaker":"Unknown","startTime":612.48,"endTime":615.9,"body":"have connections. So it's"},{"speaker":"Unknown","startTime":615.9,"endTime":619.74,"body":"English expats who are, you"},{"speaker":"Unknown","startTime":615.9,"endTime":619.74,"body":"know, stuck in in the UAE,"},{"speaker":"Unknown","startTime":619.86,"endTime":623.78,"body":"unable to travel, you know,"},{"speaker":"Unknown","startTime":619.86,"endTime":623.78,"body":"sheltering we have. One of our"},{"speaker":"Unknown","startTime":623.78,"endTime":626.72,"body":"directors is from Ras Al Khama."},{"speaker":"Unknown","startTime":623.78,"endTime":626.72,"body":"No, he's not. He's in Ras Al"},{"speaker":"Unknown","startTime":626.72,"endTime":630.08,"body":"khema. Now, he's from Abu Dhabi,"},{"speaker":"Unknown","startTime":626.72,"endTime":630.08,"body":"like, he's from an extremely"},{"speaker":"Unknown","startTime":630.08,"endTime":633.44,"body":"short walk from the US Air Base"},{"speaker":"Unknown","startTime":630.08,"endTime":633.44,"body":"in Abu Dhabi. So you bet, when"},{"speaker":"Unknown","startTime":633.44,"endTime":636.26,"body":"the bomb started falling, you"},{"speaker":"Unknown","startTime":633.44,"endTime":636.26,"body":"know, he got his family out,"},{"speaker":"Unknown","startTime":636.56,"endTime":639.2,"body":"yeah, and we were very pleased"},{"speaker":"Unknown","startTime":636.56,"endTime":639.2,"body":"to hear that he's okay. But it's"},{"speaker":"Unknown","startTime":639.2,"endTime":641.74,"body":"a lot. There's a lot of those"},{"speaker":"Unknown","startTime":639.2,"endTime":641.74,"body":"stories going on right now. This"},{"speaker":"Unknown","startTime":641.74,"endTime":644.5,"body":"is not a project management"},{"speaker":"Unknown","startTime":641.74,"endTime":644.5,"body":"story first, but it is the"},{"speaker":"Unknown","startTime":644.5,"endTime":646.96,"body":"element that we're going to"},{"speaker":"Unknown","startTime":644.5,"endTime":646.96,"body":"cover, the hardness. Let's,"},{"speaker":"Unknown","startTime":647.38,"endTime":650.26,"body":"let's switch gears. Yeah. So"},{"speaker":"Unknown","startTime":651.52,"endTime":656.62,"body":"I've been following this closely"},{"speaker":"Unknown","startTime":651.52,"endTime":656.62,"body":"because I just, I mean, I can't,"},{"speaker":"Unknown","startTime":656.68,"endTime":659.86,"body":"not, you know anything, if it's"},{"speaker":"Unknown","startTime":656.68,"endTime":659.86,"body":"global, political,"},{"speaker":"Unknown","startTime":659.92,"endTime":662.34,"body":"macroeconomic, whatever,"},{"speaker":"Unknown","startTime":663.48,"endTime":669.24,"body":"like Albert, this is like, you"},{"speaker":"Unknown","startTime":663.48,"endTime":669.24,"body":"know, let's just focus on the"},{"speaker":"Unknown","startTime":669.24,"endTime":673.92,"body":"capital project environment like"},{"speaker":"Unknown","startTime":669.24,"endTime":673.92,"body":"this was already under pressure,"},{"speaker":"Unknown","startTime":673.92,"endTime":678.54,"body":"right? So, tariffs, inflation,"},{"speaker":"Unknown","startTime":673.92,"endTime":678.54,"body":"talent, sort. We've talked about"},{"speaker":"Unknown","startTime":678.54,"endTime":682.4,"body":"that, and, yeah, all of a"},{"speaker":"Unknown","startTime":678.54,"endTime":682.4,"body":"sudden, it seemed like"},{"speaker":"Unknown","startTime":682.46,"endTime":686.66,"body":"overnight, the Strait of Hormuz"},{"speaker":"Unknown","startTime":682.46,"endTime":686.66,"body":"was just completely closed. Yep,"},{"speaker":"Unknown","startTime":686.78,"endTime":692.18,"body":"yeah, right. And traffic,"},{"speaker":"Unknown","startTime":686.78,"endTime":692.18,"body":"nobody's going in or out like"},{"speaker":"Unknown","startTime":692.24,"endTime":696.98,"body":"now ships are being attacked"},{"speaker":"Unknown","startTime":692.24,"endTime":696.98,"body":"like it is shut. So Albert, my"},{"speaker":"Unknown","startTime":696.98,"endTime":699.74,"body":"question to you, just to start"},{"speaker":"Unknown","startTime":696.98,"endTime":699.74,"body":"us off, is when you look,"},{"speaker":"Unknown","startTime":700.76,"endTime":705.88,"body":"if you're sitting with a project"},{"speaker":"Unknown","startTime":700.76,"endTime":705.88,"body":"sponsor who has, you know, a"},{"speaker":"Unknown","startTime":705.88,"endTime":709.84,"body":"high investment capital"},{"speaker":"Unknown","startTime":705.88,"endTime":709.84,"body":"portfolio in any sector, we"},{"speaker":"Unknown","startTime":709.84,"endTime":713.86,"body":"don't you know, nothing"},{"speaker":"Unknown","startTime":709.84,"endTime":713.86,"body":"specific, like, what's the first"},{"speaker":"Unknown","startTime":713.86,"endTime":716.92,"body":"decision? They should be"},{"speaker":"Unknown","startTime":713.86,"endTime":716.92,"body":"considerate. Like, what do you"},{"speaker":"Unknown","startTime":716.92,"endTime":720.66,"body":"think their first consider?"},{"speaker":"Unknown","startTime":716.92,"endTime":720.66,"body":"Their first decision they should"},{"speaker":"Unknown","startTime":720.66,"endTime":724.98,"body":"be considering today. Well, like"},{"speaker":"Unknown","startTime":720.66,"endTime":724.98,"body":"this is, you know, our friend"},{"speaker":"Unknown","startTime":724.98,"endTime":727.8,"body":"and colleague Roger has been all"},{"speaker":"Unknown","startTime":724.98,"endTime":727.8,"body":"over this on LinkedIn. He's been"},{"speaker":"Unknown","startTime":727.8,"endTime":731.34,"body":"talking about the impacts of the"},{"speaker":"Unknown","startTime":727.8,"endTime":731.34,"body":"closure of the strait and what"},{"speaker":"Unknown","startTime":731.34,"endTime":735.66,"body":"they mean for a risk profile."},{"speaker":"Unknown","startTime":731.34,"endTime":735.66,"body":"And, you know, I stuck in his"},{"speaker":"Unknown","startTime":735.66,"endTime":738.24,"body":"comments and made my two cents."},{"speaker":"Unknown","startTime":735.66,"endTime":738.24,"body":"So I'll kind of repeat what I"},{"speaker":"Unknown","startTime":738.24,"endTime":740.72,"body":"said there, which was that this"},{"speaker":"Unknown","startTime":738.24,"endTime":740.72,"body":"is a really good example of the"},{"speaker":"Unknown","startTime":740.72,"endTime":745.04,"body":"purpose of enterprise risk"},{"speaker":"Unknown","startTime":740.72,"endTime":745.04,"body":"management, right? Like, no one"},{"speaker":"Unknown","startTime":745.04,"endTime":747.86,"body":"project, okay, so, like, the"},{"speaker":"Unknown","startTime":745.04,"endTime":747.86,"body":"distinction here that I'm making"},{"speaker":"Unknown","startTime":747.86,"endTime":751.52,"body":"is between project and"},{"speaker":"Unknown","startTime":747.86,"endTime":751.52,"body":"enterprise risk so, you know,"},{"speaker":"Unknown","startTime":751.58,"endTime":754.46,"body":"both are effectively measured in"},{"speaker":"Unknown","startTime":751.58,"endTime":754.46,"body":"dollars, right? Like they're"},{"speaker":"Unknown","startTime":754.46,"endTime":758.66,"body":"measured in money. But you know,"},{"speaker":"Unknown","startTime":754.46,"endTime":758.66,"body":"some of them are a little more"},{"speaker":"Unknown","startTime":758.66,"endTime":761.74,"body":"granular and some of them a"},{"speaker":"Unknown","startTime":758.66,"endTime":761.74,"body":"little bit more global. 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The region we're talking"},{"speaker":"Unknown","startTime":837.7,"endTime":840.54,"body":"about is the Middle East, of"},{"speaker":"Unknown","startTime":837.7,"endTime":840.54,"body":"course, but like that it there"},{"speaker":"Unknown","startTime":840.54,"endTime":843.6,"body":"is some amount of baking in of"},{"speaker":"Unknown","startTime":840.54,"endTime":843.6,"body":"risk that you do when you're"},{"speaker":"Unknown","startTime":843.6,"endTime":847.2,"body":"doing work out there or when"},{"speaker":"Unknown","startTime":843.6,"endTime":847.2,"body":"you're dependent on inputs from"},{"speaker":"Unknown","startTime":847.2,"endTime":851.1,"body":"there. So yes, is the short"},{"speaker":"Unknown","startTime":847.2,"endTime":851.1,"body":"answer. Of course, they did. But"},{"speaker":"Unknown","startTime":851.1,"endTime":853.98,"body":"did they think about this"},{"speaker":"Unknown","startTime":851.1,"endTime":853.98,"body":"specifically? Like maybe it was"},{"speaker":"Unknown","startTime":853.98,"endTime":859.32,"body":"on a scenario board somewhere,"},{"speaker":"Unknown","startTime":853.98,"endTime":859.32,"body":"right? But it's probably not how"},{"speaker":"Unknown","startTime":859.32,"endTime":863.3,"body":"they are building their their"},{"speaker":"Unknown","startTime":859.32,"endTime":863.3,"body":"risk allowances. You know, you"},{"speaker":"Unknown","startTime":863.3,"endTime":866.42,"body":"don't think, I mean, obviously,"},{"speaker":"Unknown","startTime":863.3,"endTime":866.42,"body":"when you're when you're trying"},{"speaker":"Unknown","startTime":866.54,"endTime":870.86,"body":"to build a risk profile for a"},{"speaker":"Unknown","startTime":866.54,"endTime":870.86,"body":"like the geopolitical risk"},{"speaker":"Unknown","startTime":870.86,"endTime":873.26,"body":"attached to a region that"},{"speaker":"Unknown","startTime":870.86,"endTime":873.26,"body":"supplies you with goods and"},{"speaker":"Unknown","startTime":873.26,"endTime":877.1,"body":"services, then you have to think"},{"speaker":"Unknown","startTime":873.26,"endTime":877.1,"body":"about some of the plausible"},{"speaker":"Unknown","startTime":877.16,"endTime":880.48,"body":"things that might happen out"},{"speaker":"Unknown","startTime":877.16,"endTime":880.48,"body":"there. So, you know, I mentioned"},{"speaker":"Unknown","startTime":880.48,"endTime":882.82,"body":"it earlier, but like, Israel"},{"speaker":"Unknown","startTime":880.48,"endTime":882.82,"body":"lashing out against its"},{"speaker":"Unknown","startTime":882.82,"endTime":885.34,"body":"neighbors, or its neighbors"},{"speaker":"Unknown","startTime":882.82,"endTime":885.34,"body":"lashing out against it, is a"},{"speaker":"Unknown","startTime":885.34,"endTime":887.92,"body":"fairly plausible scenario,"},{"speaker":"Unknown","startTime":885.34,"endTime":887.92,"body":"right? It's one that you can"},{"speaker":"Unknown","startTime":887.92,"endTime":890.08,"body":"kind of put on the dream board"},{"speaker":"Unknown","startTime":887.92,"endTime":890.08,"body":"and say, like, well, not the"},{"speaker":"Unknown","startTime":890.08,"endTime":892.36,"body":"dream board, the nightmare"},{"speaker":"Unknown","startTime":890.08,"endTime":892.36,"body":"board, and say, like, this might"},{"speaker":"Unknown","startTime":892.36,"endTime":895.06,"body":"happen, right? So we need to"},{"speaker":"Unknown","startTime":892.36,"endTime":895.06,"body":"think about that as part of our"},{"speaker":"Unknown","startTime":895.06,"endTime":898.96,"body":"overall risk exposure, right?"},{"speaker":"Unknown","startTime":895.06,"endTime":898.96,"body":"Like our risk universe includes"},{"speaker":"Unknown","startTime":898.96,"endTime":899.92,"body":"things like this. Does it?"},{"speaker":"Unknown","startTime":900.0,"endTime":902.94,"body":"Include this specific thing,"},{"speaker":"Unknown","startTime":900.0,"endTime":902.94,"body":"almost certainly not right,"},{"speaker":"Unknown","startTime":902.94,"endTime":905.52,"body":"right? This was a surprise to"},{"speaker":"Unknown","startTime":902.94,"endTime":905.52,"body":"basically everybody"},{"speaker":"Unknown","startTime":906.72,"endTime":910.92,"body":"you know, but, but the"},{"speaker":"Unknown","startTime":906.72,"endTime":910.92,"body":"executives must have been if"},{"speaker":"Unknown","startTime":910.92,"endTime":915.54,"body":"they were dependent on this,"},{"speaker":"Unknown","startTime":910.92,"endTime":915.54,"body":"like, you say, like once the US"},{"speaker":"Unknown","startTime":915.54,"endTime":921.38,"body":"buildup of of ships and and"},{"speaker":"Unknown","startTime":915.54,"endTime":921.38,"body":"military, you know, once that"},{"speaker":"Unknown","startTime":921.38,"endTime":925.1,"body":"buildup started happening, I"},{"speaker":"Unknown","startTime":921.38,"endTime":925.1,"body":"imagine that some of those"},{"speaker":"Unknown","startTime":925.1,"endTime":926.36,"body":"conversations began,"},{"speaker":"Unknown","startTime":927.38,"endTime":931.58,"body":"yeah, well, me and my friends"},{"speaker":"Unknown","startTime":927.38,"endTime":931.58,"body":"too. So like, if me and my buddy"},{"speaker":"Unknown","startTime":931.58,"endTime":935.18,"body":"from college noticed that, you"},{"speaker":"Unknown","startTime":931.58,"endTime":935.18,"body":"know, F sixteens are sorting"},{"speaker":"Unknown","startTime":935.18,"endTime":938.84,"body":"with equipment that that has"},{"speaker":"Unknown","startTime":935.18,"endTime":938.84,"body":"only ever flown on test planes"},{"speaker":"Unknown","startTime":938.84,"endTime":942.52,"body":"before, right, and now suddenly"},{"speaker":"Unknown","startTime":938.84,"endTime":942.52,"body":"they're being deployed, you"},{"speaker":"Unknown","startTime":942.52,"endTime":945.4,"body":"know, to to the Middle East, or"},{"speaker":"Unknown","startTime":942.52,"endTime":945.4,"body":"that's what seems, you know what"},{"speaker":"Unknown","startTime":945.4,"endTime":947.8,"body":"I mean, like, you can follow the"},{"speaker":"Unknown","startTime":945.4,"endTime":947.8,"body":"logistics trail. If my buddy"},{"speaker":"Unknown","startTime":947.8,"endTime":950.56,"body":"from college and I figured it"},{"speaker":"Unknown","startTime":947.8,"endTime":950.56,"body":"out. A lot of other people"},{"speaker":"Unknown","startTime":950.56,"endTime":954.1,"body":"figured it out too, yeah, but"},{"speaker":"Unknown","startTime":950.56,"endTime":954.1,"body":"that was like, two weeks prior"},{"speaker":"Unknown","startTime":954.1,"endTime":957.22,"body":"to it happening. That is not"},{"speaker":"Unknown","startTime":954.1,"endTime":957.22,"body":"enough time to adjust Enterprise"},{"speaker":"Unknown","startTime":957.22,"endTime":959.92,"body":"Risk foot, not at all. Right?"},{"speaker":"Unknown","startTime":957.22,"endTime":959.92,"body":"No, two weeks is zero days,"},{"speaker":"Unknown","startTime":959.92,"endTime":963.42,"body":"right? At the enterprise level."},{"speaker":"Unknown","startTime":959.92,"endTime":963.42,"body":"I mean, these decisions are made"},{"speaker":"Unknown","startTime":963.42,"endTime":967.74,"body":"over the course of, you know,"},{"speaker":"Unknown","startTime":963.42,"endTime":967.74,"body":"quarters, mostly years and"},{"speaker":"Unknown","startTime":967.74,"endTime":970.74,"body":"chunks of five years, right? So"},{"speaker":"Unknown","startTime":967.74,"endTime":970.74,"body":"actually, I was talking to"},{"speaker":"Unknown","startTime":970.74,"endTime":975.3,"body":"somebody at the university"},{"speaker":"Unknown","startTime":970.74,"endTime":975.3,"body":"pension fund here in Canada, and"},{"speaker":"Unknown","startTime":975.36,"endTime":979.02,"body":"I asked if this was affecting,"},{"speaker":"Unknown","startTime":975.36,"endTime":979.02,"body":"sort of their portfolio"},{"speaker":"Unknown","startTime":979.02,"endTime":982.58,"body":"management, totally different"},{"speaker":"Unknown","startTime":979.02,"endTime":982.58,"body":"industry. But, I mean, they're"},{"speaker":"Unknown","startTime":982.58,"endTime":986.54,"body":"planning three, five, you know,"},{"speaker":"Unknown","startTime":982.58,"endTime":986.54,"body":"more years out. So, yeah, the"},{"speaker":"Unknown","startTime":986.54,"endTime":989.36,"body":"risk of supply chain disruption,"},{"speaker":"Unknown","startTime":986.54,"endTime":989.36,"body":"I mean, that sure that's"},{"speaker":"Unknown","startTime":989.36,"endTime":992.72,"body":"factored in, but it doesn't"},{"speaker":"Unknown","startTime":989.36,"endTime":992.72,"body":"affect them because they're in a"},{"speaker":"Unknown","startTime":992.72,"endTime":995.24,"body":"completely different space. But"},{"speaker":"Unknown","startTime":992.72,"endTime":995.24,"body":"it's just interesting that"},{"speaker":"Unknown","startTime":995.24,"endTime":997.52,"body":"everybody's talking about it"},{"speaker":"Unknown","startTime":995.24,"endTime":997.52,"body":"every Well, of course, I mean,"},{"speaker":"Unknown","startTime":997.52,"endTime":999.5,"body":"they have to be, but like,"},{"speaker":"Unknown","startTime":997.52,"endTime":999.5,"body":"they're not thinking about it"},{"speaker":"Unknown","startTime":999.5,"endTime":1001.68,"body":"because of the five year plan."},{"speaker":"Unknown","startTime":999.5,"endTime":1001.68,"body":"They're thinking about it"},{"speaker":"Unknown","startTime":1001.68,"endTime":1004.44,"body":"because of the next quarter"},{"speaker":"Unknown","startTime":1001.68,"endTime":1004.44,"body":"plan, right? Exactly. I mean so,"},{"speaker":"Unknown","startTime":1004.44,"endTime":1006.9,"body":"because, if you think about it"},{"speaker":"Unknown","startTime":1004.44,"endTime":1006.9,"body":"from the perspective of, I"},{"speaker":"Unknown","startTime":1008.04,"endTime":1011.58,"body":"can't remember the name of the"},{"speaker":"Unknown","startTime":1008.04,"endTime":1011.58,"body":"guy, but there's like a retail"},{"speaker":"Unknown","startTime":1011.58,"endTime":1015.24,"body":"investor who made himself"},{"speaker":"Unknown","startTime":1011.58,"endTime":1015.24,"body":"somewhat famous by outperforming"},{"speaker":"Unknown","startTime":1015.24,"endTime":1017.7,"body":"most hedge funds and"},{"speaker":"Unknown","startTime":1015.24,"endTime":1017.7,"body":"professional investment firms"},{"speaker":"Unknown","startTime":1017.7,"endTime":1021.56,"body":"and things by basically never"},{"speaker":"Unknown","startTime":1017.7,"endTime":1021.56,"body":"buying or selling anything"},{"speaker":"Unknown","startTime":1021.68,"endTime":1025.7,"body":"right? Like his portfolio is"},{"speaker":"Unknown","startTime":1021.68,"endTime":1025.7,"body":"extremely stable, and he has"},{"speaker":"Unknown","startTime":1025.7,"endTime":1028.46,"body":"outperformed most of the"},{"speaker":"Unknown","startTime":1025.7,"endTime":1028.46,"body":"professional hedge funds just"},{"speaker":"Unknown","startTime":1028.46,"endTime":1031.4,"body":"because he's not reactive to"},{"speaker":"Unknown","startTime":1028.46,"endTime":1031.4,"body":"market. Is just like, it'll even"},{"speaker":"Unknown","startTime":1031.4,"endTime":1034.58,"body":"out. And, you know, did not buy"},{"speaker":"Unknown","startTime":1031.4,"endTime":1034.58,"body":"GameStop. He did not buy"},{"speaker":"Unknown","startTime":1034.58,"endTime":1037.52,"body":"GameStop, but, but the point is"},{"speaker":"Unknown","startTime":1034.58,"endTime":1037.52,"body":"that even if he had bought"},{"speaker":"Unknown","startTime":1037.52,"endTime":1042.04,"body":"Gamespot, stop, He also bought"},{"speaker":"Unknown","startTime":1037.52,"endTime":1042.04,"body":"stop, right? GameStop. He also"},{"speaker":"Unknown","startTime":1042.04,"endTime":1045.64,"body":"bought other things, yeah, that"},{"speaker":"Unknown","startTime":1042.04,"endTime":1045.64,"body":"were hedges against GameStop,"},{"speaker":"Unknown","startTime":1045.64,"endTime":1048.28,"body":"and he didn't do it, you know?"},{"speaker":"Unknown","startTime":1045.64,"endTime":1048.28,"body":"He didn't like panic sell"},{"speaker":"Unknown","startTime":1048.28,"endTime":1052.06,"body":"GameStop, right? If he owned it,"},{"speaker":"Unknown","startTime":1048.28,"endTime":1052.06,"body":"he just waited it out, yeah,"},{"speaker":"Unknown","startTime":1052.36,"endTime":1055.18,"body":"because things do tend to even"},{"speaker":"Unknown","startTime":1052.36,"endTime":1055.18,"body":"out, and the general trend is"},{"speaker":"Unknown","startTime":1055.18,"endTime":1058.54,"body":"towards growth, right? So when"},{"speaker":"Unknown","startTime":1055.18,"endTime":1058.54,"body":"you think about it from that"},{"speaker":"Unknown","startTime":1058.54,"endTime":1063.72,"body":"perspective, your next quarter"},{"speaker":"Unknown","startTime":1058.54,"endTime":1063.72,"body":"as a portfolio planning director"},{"speaker":"Unknown","startTime":1064.08,"endTime":1067.14,"body":"looks really rocky and"},{"speaker":"Unknown","startTime":1064.08,"endTime":1067.14,"body":"unpleasant for you, right? But"},{"speaker":"Unknown","startTime":1067.14,"endTime":1071.52,"body":"the next five years looks the"},{"speaker":"Unknown","startTime":1067.14,"endTime":1071.52,"body":"same as the last five. So what's"},{"speaker":"Unknown","startTime":1071.52,"endTime":1075.96,"body":"the so in terms of that quarter?"},{"speaker":"Unknown","startTime":1071.52,"endTime":1075.96,"body":"What's the what's the decision"},{"speaker":"Unknown","startTime":1076.32,"endTime":1080.9,"body":"that they should be considering"},{"speaker":"Unknown","startTime":1076.32,"endTime":1080.9,"body":"just for the next quarter? Well,"},{"speaker":"Unknown","startTime":1080.9,"endTime":1083.72,"body":"it's not necessarily true that,"},{"speaker":"Unknown","startTime":1080.9,"endTime":1083.72,"body":"like so most of these guys have"},{"speaker":"Unknown","startTime":1083.72,"endTime":1086.6,"body":"their these folks, I should say,"},{"speaker":"Unknown","startTime":1083.72,"endTime":1086.6,"body":"have have their budgets locked"},{"speaker":"Unknown","startTime":1086.6,"endTime":1089.06,"body":"in already, right? So whatever"},{"speaker":"Unknown","startTime":1086.6,"endTime":1089.06,"body":"they executing over the next"},{"speaker":"Unknown","startTime":1089.06,"endTime":1091.4,"body":"three months, like they know"},{"speaker":"Unknown","startTime":1089.06,"endTime":1091.4,"body":"what that money is, they can't"},{"speaker":"Unknown","startTime":1091.4,"endTime":1092.96,"body":"really spend more than that,"},{"speaker":"Unknown","startTime":1094.04,"endTime":1096.86,"body":"and they really shouldn't be"},{"speaker":"Unknown","startTime":1094.04,"endTime":1096.86,"body":"spending less either. So if"},{"speaker":"Unknown","startTime":1096.86,"endTime":1099.98,"body":"they've got that time already"},{"speaker":"Unknown","startTime":1096.86,"endTime":1099.98,"body":"programmed out with what they"},{"speaker":"Unknown","startTime":1099.98,"endTime":1104.56,"body":"intend to spend, yep, then,"},{"speaker":"Unknown","startTime":1099.98,"endTime":1104.56,"body":"then, basically the the risk"},{"speaker":"Unknown","startTime":1104.56,"endTime":1108.22,"body":"part of it just takes a bigger"},{"speaker":"Unknown","startTime":1104.56,"endTime":1108.22,"body":"chunk of that space away to"},{"speaker":"Unknown","startTime":1108.22,"endTime":1112.24,"body":"actual do work, right? So if"},{"speaker":"Unknown","startTime":1108.22,"endTime":1112.24,"body":"they're assigning dollar values"},{"speaker":"Unknown","startTime":1112.24,"endTime":1115.84,"body":"to all of these enterprise level"},{"speaker":"Unknown","startTime":1112.24,"endTime":1115.84,"body":"risks and using that to inform"},{"speaker":"Unknown","startTime":1115.84,"endTime":1119.08,"body":"their capital planning, then the"},{"speaker":"Unknown","startTime":1115.84,"endTime":1119.08,"body":"risk component of that just got"},{"speaker":"Unknown","startTime":1119.08,"endTime":1121.68,"body":"a little bit bigger, as sure"},{"speaker":"Unknown","startTime":1119.08,"endTime":1121.68,"body":"happened. Okay, so that just"},{"speaker":"Unknown","startTime":1121.68,"endTime":1124.5,"body":"means that the actual capital"},{"speaker":"Unknown","startTime":1121.68,"endTime":1124.5,"body":"spend part is getting squeezed"},{"speaker":"Unknown","startTime":1124.5,"endTime":1127.92,"body":"out somewhat, but, but weirdly,"},{"speaker":"Unknown","startTime":1124.5,"endTime":1127.92,"body":"in a way, this might actually"},{"speaker":"Unknown","startTime":1127.92,"endTime":1131.04,"body":"make some portfolio planning"},{"speaker":"Unknown","startTime":1127.92,"endTime":1131.04,"body":"look a little better than it"},{"speaker":"Unknown","startTime":1131.04,"endTime":1134.88,"body":"would have without the war"},{"speaker":"Unknown","startTime":1131.04,"endTime":1134.88,"body":"really. How so? Because"},{"speaker":"Unknown","startTime":1134.88,"endTime":1137.52,"body":"especially when you're dealing"},{"speaker":"Unknown","startTime":1134.88,"endTime":1137.52,"body":"with big tranches of small"},{"speaker":"Unknown","startTime":1137.52,"endTime":1141.5,"body":"projects, yeah, projects tend to"},{"speaker":"Unknown","startTime":1137.52,"endTime":1141.5,"body":"get delayed on schedule, which"},{"speaker":"Unknown","startTime":1141.5,"endTime":1144.02,"body":"moves our cash flow to the"},{"speaker":"Unknown","startTime":1141.5,"endTime":1144.02,"body":"right, right, like it moves"},{"speaker":"Unknown","startTime":1144.02,"endTime":1147.92,"body":"everything out. So if you had a"},{"speaker":"Unknown","startTime":1144.02,"endTime":1147.92,"body":"capital plan that had you doing"},{"speaker":"Unknown","startTime":1147.92,"endTime":1151.64,"body":"three projects that cost $100"},{"speaker":"Unknown","startTime":1147.92,"endTime":1151.64,"body":"million you know, in Why do I"},{"speaker":"Unknown","startTime":1151.64,"endTime":1154.4,"body":"always give myself fun math"},{"speaker":"Unknown","startTime":1151.64,"endTime":1154.4,"body":"problems? You have four projects"},{"speaker":"Unknown","startTime":1154.4,"endTime":1157.52,"body":"that cost $100 billion in the"},{"speaker":"Unknown","startTime":1154.4,"endTime":1157.52,"body":"next quarter, and one of them"},{"speaker":"Unknown","startTime":1157.52,"endTime":1160.54,"body":"gets shoved out. Then you know,"},{"speaker":"Unknown","startTime":1157.52,"endTime":1160.54,"body":"you're only going to be spending"},{"speaker":"Unknown","startTime":1160.6,"endTime":1165.34,"body":"75 million, right? So the"},{"speaker":"Unknown","startTime":1160.6,"endTime":1165.34,"body":"overall cost of that work just"},{"speaker":"Unknown","startTime":1165.34,"endTime":1169.24,"body":"went up because of the war, but"},{"speaker":"Unknown","startTime":1165.34,"endTime":1169.24,"body":"the impacts in quarter maybe"},{"speaker":"Unknown","startTime":1169.24,"endTime":1173.68,"body":"actually smooth out versus your"},{"speaker":"Unknown","startTime":1169.24,"endTime":1173.68,"body":"plan. This is a really dangerous"},{"speaker":"Unknown","startTime":1173.68,"endTime":1175.9,"body":"I like to compare this to"},{"speaker":"Unknown","startTime":1173.68,"endTime":1175.9,"body":"squeezing the toothpaste to the"},{"speaker":"Unknown","startTime":1175.9,"endTime":1178.3,"body":"end of the tube like it does"},{"speaker":"Unknown","startTime":1175.9,"endTime":1178.3,"body":"have to come out at some point."},{"speaker":"Unknown","startTime":1178.36,"endTime":1182.4,"body":"My dad used to Captain"},{"speaker":"Unknown","startTime":1178.36,"endTime":1182.4,"body":"Habermeyer used to use the paper"},{"speaker":"Unknown","startTime":1182.4,"endTime":1186.36,"body":"clip. You remember the little"},{"speaker":"Unknown","startTime":1182.4,"endTime":1186.36,"body":"black paper I use the binder"},{"speaker":"Unknown","startTime":1186.36,"endTime":1189.96,"body":"clip? Yeah, the binder clip."},{"speaker":"Unknown","startTime":1186.36,"endTime":1189.96,"body":"That Nate issue. That's what I"},{"speaker":"Unknown","startTime":1189.96,"endTime":1193.02,"body":"do. That's funny. Well, so I'm"},{"speaker":"Unknown","startTime":1189.96,"endTime":1193.02,"body":"basically a submarine captain."},{"speaker":"Unknown","startTime":1193.02,"endTime":1195.72,"body":"Is what I'm saying. Yeah, you"},{"speaker":"Unknown","startTime":1193.02,"endTime":1195.72,"body":"are basically, yes, we can all"},{"speaker":"Unknown","startTime":1195.72,"endTime":1199.92,"body":"be Captain Habermeyer in our"},{"speaker":"Unknown","startTime":1195.72,"endTime":1199.92,"body":"heads. So, yeah. So."},{"speaker":"Unknown","startTime":1200.0,"endTime":1204.5,"body":"The real cost impact on capital"},{"speaker":"Unknown","startTime":1200.0,"endTime":1204.5,"body":"projects. And, you know, may"},{"speaker":"Unknown","startTime":1204.56,"endTime":1208.58,"body":"appear, you know, quarter, like,"},{"speaker":"Unknown","startTime":1204.56,"endTime":1208.58,"body":"years later, you know, it may"},{"speaker":"Unknown","startTime":1208.58,"endTime":1211.1,"body":"appear, whatever, it's not going"},{"speaker":"Unknown","startTime":1208.58,"endTime":1211.1,"body":"to happen today, but it's going"},{"speaker":"Unknown","startTime":1211.1,"endTime":1214.94,"body":"to happen, you know, sometime"},{"speaker":"Unknown","startTime":1211.1,"endTime":1214.94,"body":"later cycles impacts to, like,"},{"speaker":"Unknown","startTime":1214.94,"endTime":1218.54,"body":"long term planning, yeah, like"},{"speaker":"Unknown","startTime":1214.94,"endTime":1218.54,"body":"90 days, 100 are we talking 180"},{"speaker":"Unknown","startTime":1219.56,"endTime":1222.94,"body":"days? Like, I think we're gonna"},{"speaker":"Unknown","startTime":1219.56,"endTime":1222.94,"body":"see some, we're gonna see some,"},{"speaker":"Unknown","startTime":1222.94,"endTime":1226.3,"body":"some quarterly revisions amongst"},{"speaker":"Unknown","startTime":1222.94,"endTime":1226.3,"body":"publicly traded companies in the"},{"speaker":"Unknown","startTime":1226.3,"endTime":1228.7,"body":"next quarter. Like, maybe when"},{"speaker":"Unknown","startTime":1226.3,"endTime":1228.7,"body":"they do their quarterly"},{"speaker":"Unknown","startTime":1228.7,"endTime":1232.66,"body":"announcements. Yeah, exactly."},{"speaker":"Unknown","startTime":1228.7,"endTime":1232.66,"body":"So, what other industries do you"},{"speaker":"Unknown","startTime":1232.66,"endTime":1236.44,"body":"think are experiencing"},{"speaker":"Unknown","startTime":1232.66,"endTime":1236.44,"body":"disruptions with this? You know,"},{"speaker":"Unknown","startTime":1236.44,"endTime":1240.18,"body":"whole the war and Hormuz being"},{"speaker":"Unknown","startTime":1236.44,"endTime":1240.18,"body":"closed down. Like, I've heard"},{"speaker":"Unknown","startTime":1240.18,"endTime":1243.54,"body":"about fertilizer, right? Like"},{"speaker":"Unknown","startTime":1240.18,"endTime":1243.54,"body":"being disrupted? Well, you know"},{"speaker":"Unknown","startTime":1243.54,"endTime":1248.94,"body":"why, right? Why? Because a huge"},{"speaker":"Unknown","startTime":1243.54,"endTime":1248.94,"body":"percentage of the world's urea,"},{"speaker":"Unknown","startTime":1248.94,"endTime":1252.42,"body":"u, r, e, a supply comes from"},{"speaker":"Unknown","startTime":1248.94,"endTime":1252.42,"body":"there. That's a key input into"},{"speaker":"Unknown","startTime":1252.54,"endTime":1258.06,"body":"fertilizer, okay? And basically,"},{"speaker":"Unknown","startTime":1252.54,"endTime":1258.06,"body":"you know when, when the Strait"},{"speaker":"Unknown","startTime":1258.06,"endTime":1262.94,"body":"of Hormuz is closed, an enormous"},{"speaker":"Unknown","startTime":1258.06,"endTime":1262.94,"body":"amount of that urea is trapped"},{"speaker":"Unknown","startTime":1262.94,"endTime":1266.72,"body":"where it is, right, okay, which"},{"speaker":"Unknown","startTime":1262.94,"endTime":1266.72,"body":"means that, you know, if you"},{"speaker":"Unknown","startTime":1266.72,"endTime":1269.0,"body":"are, say, an American farmer,"},{"speaker":"Unknown","startTime":1266.72,"endTime":1269.0,"body":"and you're thinking about your"},{"speaker":"Unknown","startTime":1269.0,"endTime":1271.16,"body":"spring planting season and"},{"speaker":"Unknown","startTime":1269.0,"endTime":1271.16,"body":"you've placed orders for"},{"speaker":"Unknown","startTime":1271.16,"endTime":1274.88,"body":"fertilizer, like last year,"},{"speaker":"Unknown","startTime":1271.16,"endTime":1274.88,"body":"those orders are being reported"},{"speaker":"Unknown","startTime":1274.88,"endTime":1279.26,"body":"as stranded now, right by the"},{"speaker":"Unknown","startTime":1274.88,"endTime":1279.26,"body":"logistics companies, and there"},{"speaker":"Unknown","startTime":1279.26,"endTime":1281.98,"body":"are some force majeure claims"},{"speaker":"Unknown","startTime":1279.26,"endTime":1281.98,"body":"happening there. We'll get to"},{"speaker":"Unknown","startTime":1281.98,"endTime":1287.14,"body":"that later, but the the price"},{"speaker":"Unknown","startTime":1281.98,"endTime":1287.14,"body":"for for fertilizer is about to"},{"speaker":"Unknown","startTime":1287.14,"endTime":1291.4,"body":"skyrocket, like, for sure. Yeah,"},{"speaker":"Unknown","startTime":1287.14,"endTime":1291.4,"body":"that's so that's one of the big"},{"speaker":"Unknown","startTime":1291.4,"endTime":1293.86,"body":"and that's getting a lot of news"},{"speaker":"Unknown","startTime":1291.4,"endTime":1293.86,"body":"coverage now. One that's getting"},{"speaker":"Unknown","startTime":1293.86,"endTime":1297.34,"body":"a lot less coverage, though, is"},{"speaker":"Unknown","startTime":1293.86,"endTime":1297.34,"body":"aluminum. Yeah, so a huge"},{"speaker":"Unknown","startTime":1297.34,"endTime":1300.16,"body":"percentage of the world's"},{"speaker":"Unknown","startTime":1297.34,"endTime":1300.16,"body":"aluminum comes from the Middle"},{"speaker":"Unknown","startTime":1300.16,"endTime":1303.18,"body":"East. I don't know why I thought"},{"speaker":"Unknown","startTime":1300.16,"endTime":1303.18,"body":"aluminum went into fertilizer"},{"speaker":"Unknown","startTime":1303.18,"endTime":1307.44,"body":"when I asked the question"},{"speaker":"Unknown","startTime":1303.18,"endTime":1307.44,"body":"anyway, shows how much I know"},{"speaker":"Unknown","startTime":1307.44,"endTime":1310.62,"body":"about livestock. But what you're"},{"speaker":"Unknown","startTime":1307.44,"endTime":1310.62,"body":"saying is that, if you're a"},{"speaker":"Unknown","startTime":1310.62,"endTime":1315.72,"body":"farmer, all of that like it's"},{"speaker":"Unknown","startTime":1310.62,"endTime":1315.72,"body":"gonna affect that's that's where"},{"speaker":"Unknown","startTime":1315.72,"endTime":1318.06,"body":"the consumer effect comes in,"},{"speaker":"Unknown","startTime":1315.72,"endTime":1318.06,"body":"because the price of beef goes"},{"speaker":"Unknown","startTime":1318.06,"endTime":1321.44,"body":"up, or the price of chicken goes"},{"speaker":"Unknown","startTime":1318.06,"endTime":1321.44,"body":"up, or"},{"speaker":"Unknown","startTime":1322.46,"endTime":1325.7,"body":"the price of, I don't know, corn"},{"speaker":"Unknown","startTime":1322.46,"endTime":1325.7,"body":"in the fall goes up like it just"},{"speaker":"Unknown","startTime":1325.7,"endTime":1329.24,"body":"depends on what the fertilizer"},{"speaker":"Unknown","startTime":1325.7,"endTime":1329.24,"body":"is for. Well, we'll see supply"},{"speaker":"Unknown","startTime":1329.24,"endTime":1334.58,"body":"constraints. We'll see price"},{"speaker":"Unknown","startTime":1329.24,"endTime":1334.58,"body":"hikes for sure. And what I find"},{"speaker":"Unknown","startTime":1334.58,"endTime":1337.22,"body":"really kind of fascinating about"},{"speaker":"Unknown","startTime":1334.58,"endTime":1337.22,"body":"this. I was doing a little"},{"speaker":"Unknown","startTime":1337.22,"endTime":1340.48,"body":"research over dinner about this"},{"speaker":"Unknown","startTime":1337.22,"endTime":1340.48,"body":"in anticipation of recording"},{"speaker":"Unknown","startTime":1340.48,"endTime":1343.9,"body":"this episode, but also just"},{"speaker":"Unknown","startTime":1340.48,"endTime":1343.9,"body":"because I find it interesting,"},{"speaker":"Unknown","startTime":1343.9,"endTime":1346.6,"body":"and, you know, I was curious"},{"speaker":"Unknown","startTime":1343.9,"endTime":1346.6,"body":"because we were, there's a lot"},{"speaker":"Unknown","startTime":1346.6,"endTime":1351.22,"body":"of talk about the strategic oil"},{"speaker":"Unknown","startTime":1346.6,"endTime":1351.22,"body":"reserves, right, like in the US"},{"speaker":"Unknown","startTime":1351.22,"endTime":1353.86,"body":"and elsewhere, like yesterday,"},{"speaker":"Unknown","startTime":1351.22,"endTime":1353.86,"body":"it was the big announcement,"},{"speaker":"Unknown","startTime":1354.04,"endTime":1356.74,"body":"yeah, right, releasing some, and"},{"speaker":"Unknown","startTime":1354.04,"endTime":1356.74,"body":"that's gonna help a little bit."},{"speaker":"Unknown","startTime":1357.16,"endTime":1362.1,"body":"But the the thing I was curious"},{"speaker":"Unknown","startTime":1357.16,"endTime":1362.1,"body":"about is, okay, oil fine, makes"},{"speaker":"Unknown","startTime":1362.1,"endTime":1364.26,"body":"sense. There's like an"},{"speaker":"Unknown","startTime":1362.1,"endTime":1364.26,"body":"international treaty that"},{"speaker":"Unknown","startTime":1364.26,"endTime":1367.44,"body":"governs strategic stockpiles of"},{"speaker":"Unknown","startTime":1364.26,"endTime":1367.44,"body":"oil. What about other things?"},{"speaker":"Unknown","startTime":1367.44,"endTime":1371.94,"body":"Like, do nations maintain"},{"speaker":"Unknown","startTime":1367.44,"endTime":1371.94,"body":"strategic stockpiles of other"},{"speaker":"Unknown","startTime":1371.94,"endTime":1377.1,"body":"things? And the short answer is"},{"speaker":"Unknown","startTime":1371.94,"endTime":1377.1,"body":"yes, but not the US, right? Like"},{"speaker":"Unknown","startTime":1377.1,"endTime":1381.74,"body":"the US doesn't have a strategic"},{"speaker":"Unknown","startTime":1377.1,"endTime":1381.74,"body":"fertilizer stockpile, right? But"},{"speaker":"Unknown","startTime":1381.74,"endTime":1385.94,"body":"guess who does China? China?"},{"speaker":"Unknown","startTime":1381.74,"endTime":1385.94,"body":"Yeah, yeah. In fact, it's deemed"},{"speaker":"Unknown","startTime":1385.94,"endTime":1390.74,"body":"a national asset there. So in"},{"speaker":"Unknown","startTime":1385.94,"endTime":1390.74,"body":"China, like fertilizer is meted"},{"speaker":"Unknown","startTime":1390.74,"endTime":1393.98,"body":"out to farming interests on an"},{"speaker":"Unknown","startTime":1390.74,"endTime":1393.98,"body":"as needed basis by the"},{"speaker":"Unknown","startTime":1393.98,"endTime":1396.98,"body":"government. You know,"},{"speaker":"Unknown","startTime":1393.98,"endTime":1396.98,"body":"interesting story that I have"},{"speaker":"Unknown","startTime":1396.98,"endTime":1400.9,"body":"let me take us on a tangent real"},{"speaker":"Unknown","startTime":1396.98,"endTime":1400.9,"body":"quick, on just how that so about"},{"speaker":"Unknown","startTime":1400.9,"endTime":1407.32,"body":"12 years ago, we had a Chinese"},{"speaker":"Unknown","startTime":1400.9,"endTime":1407.32,"body":"mining client who came to Regina"},{"speaker":"Unknown","startTime":1408.16,"endTime":1414.82,"body":"to buy the permits to mine"},{"speaker":"Unknown","startTime":1408.16,"endTime":1414.82,"body":"potash outside of Regina from"},{"speaker":"Unknown","startTime":1414.82,"endTime":1416.86,"body":"get this the Russians."},{"speaker":"Unknown","startTime":1418.18,"endTime":1422.52,"body":"And so our job, my agency's job,"},{"speaker":"Unknown","startTime":1418.18,"endTime":1422.52,"body":"it was, you know, on the ground,"},{"speaker":"Unknown","startTime":1422.52,"endTime":1426.06,"body":"with, with the clients, was, was"},{"speaker":"Unknown","startTime":1422.52,"endTime":1426.06,"body":"basically to keep, like, you"},{"speaker":"Unknown","startTime":1426.06,"endTime":1430.8,"body":"know, this, like two dozen, you"},{"speaker":"Unknown","startTime":1426.06,"endTime":1430.8,"body":"know, this group of two dozen"},{"speaker":"Unknown","startTime":1430.98,"endTime":1433.62,"body":"Chinese engineers, and"},{"speaker":"Unknown","startTime":1434.7,"endTime":1438.9,"body":"I don't know, chemical, chemical"},{"speaker":"Unknown","startTime":1434.7,"endTime":1438.9,"body":"engineers and others, out of the"},{"speaker":"Unknown","startTime":1438.9,"endTime":1442.28,"body":"news, out of the Regina"},{"speaker":"Unknown","startTime":1438.9,"endTime":1442.28,"body":"newspaper, basically running"},{"speaker":"Unknown","startTime":1442.28,"endTime":1445.22,"body":"around. I've been to every"},{"speaker":"Unknown","startTime":1442.28,"endTime":1445.22,"body":"Chinese restaurant in Regina,"},{"speaker":"Unknown","startTime":1445.22,"endTime":1451.4,"body":"but it's because China has"},{"speaker":"Unknown","startTime":1445.22,"endTime":1451.4,"body":"designated fertilizer potash as"},{"speaker":"Unknown","startTime":1451.4,"endTime":1455.0,"body":"a strategic asset. I mean, it's"},{"speaker":"Unknown","startTime":1451.4,"endTime":1455.0,"body":"food, right? So that does not"},{"speaker":"Unknown","startTime":1455.0,"endTime":1458.3,"body":"surprise me, yeah, yeah, no, but"},{"speaker":"Unknown","startTime":1455.0,"endTime":1458.3,"body":"it's something that didn't,"},{"speaker":"Unknown","startTime":1458.54,"endTime":1460.96,"body":"didn't click for me right away"},{"speaker":"Unknown","startTime":1458.54,"endTime":1460.96,"body":"until I asked the question. Did"},{"speaker":"Unknown","startTime":1460.96,"endTime":1463.84,"body":"a little bit of reading on it."},{"speaker":"Unknown","startTime":1460.96,"endTime":1463.84,"body":"And it's not just China. Like"},{"speaker":"Unknown","startTime":1463.84,"endTime":1468.64,"body":"India also maintains a massive"},{"speaker":"Unknown","startTime":1463.84,"endTime":1468.64,"body":"urea buffer, which they've"},{"speaker":"Unknown","startTime":1468.64,"endTime":1471.52,"body":"announced publicly that they"},{"speaker":"Unknown","startTime":1468.64,"endTime":1471.52,"body":"have enough to get them through"},{"speaker":"Unknown","startTime":1471.52,"endTime":1472.72,"body":"the next monsoon season,"},{"speaker":"Unknown","startTime":1473.74,"endTime":1477.04,"body":"like they had pre bought a lot"},{"speaker":"Unknown","startTime":1473.74,"endTime":1477.04,"body":"last year, which has started to"},{"speaker":"Unknown","startTime":1477.04,"endTime":1479.74,"body":"look like a really smart"},{"speaker":"Unknown","startTime":1477.04,"endTime":1479.74,"body":"strategic choice at this point."},{"speaker":"Unknown","startTime":1480.28,"endTime":1485.34,"body":"But yeah, so like and this, this"},{"speaker":"Unknown","startTime":1480.28,"endTime":1485.34,"body":"is another example of, you know,"},{"speaker":"Unknown","startTime":1485.4,"endTime":1487.8,"body":"the the US pulling out both of"},{"speaker":"Unknown","startTime":1485.4,"endTime":1487.8,"body":"its guns and immediately"},{"speaker":"Unknown","startTime":1487.8,"endTime":1490.74,"body":"shooting itself in the foot,"},{"speaker":"Unknown","startTime":1487.8,"endTime":1490.74,"body":"right? Yes, you know, it's"},{"speaker":"Unknown","startTime":1490.8,"endTime":1494.94,"body":"because the US doesn't have a"},{"speaker":"Unknown","startTime":1490.8,"endTime":1494.94,"body":"strategic, you know, urea or"},{"speaker":"Unknown","startTime":1494.94,"endTime":1499.14,"body":"fertilizer stockpile. They also"},{"speaker":"Unknown","startTime":1494.94,"endTime":1499.14,"body":"don't maintain an aluminum, uh."},{"speaker":"Unknown","startTime":1500.0,"endTime":1503.66,"body":"Reserve, right? Some countries"},{"speaker":"Unknown","startTime":1500.0,"endTime":1503.66,"body":"do, but the US does act that's"},{"speaker":"Unknown","startTime":1503.66,"endTime":1506.66,"body":"going to affect capital projects"},{"speaker":"Unknown","startTime":1503.66,"endTime":1506.66,"body":"big time. It's going to affect"},{"speaker":"Unknown","startTime":1506.66,"endTime":1510.32,"body":"capital projects more than,"},{"speaker":"Unknown","startTime":1506.66,"endTime":1510.32,"body":"arguably, than than fertilizer"},{"speaker":"Unknown","startTime":1510.32,"endTime":1514.46,"body":"and 100% and maybe not as much"},{"speaker":"Unknown","startTime":1510.32,"endTime":1514.46,"body":"as oil, but it'll be similar."},{"speaker":"Unknown","startTime":1514.88,"endTime":1518.24,"body":"Yeah. I mean, there are force"},{"speaker":"Unknown","startTime":1514.88,"endTime":1518.24,"body":"majeures and shutdowns and all"},{"speaker":"Unknown","startTime":1518.24,"endTime":1520.1,"body":"that. Things happening across"},{"speaker":"Unknown","startTime":1518.24,"endTime":1520.1,"body":"the the region,"},{"speaker":"Unknown","startTime":1521.12,"endTime":1525.64,"body":"like the most high profile,"},{"speaker":"Unknown","startTime":1521.12,"endTime":1525.64,"body":"which is Qatar's Catalan plant,"},{"speaker":"Unknown","startTime":1525.76,"endTime":1528.16,"body":"which has just begun a"},{"speaker":"Unknown","startTime":1525.76,"endTime":1528.16,"body":"controlled shutdown."},{"speaker":"Unknown","startTime":1529.36,"endTime":1533.14,"body":"And that is because of a lack of"},{"speaker":"Unknown","startTime":1529.36,"endTime":1533.14,"body":"incoming, like risk to their"},{"speaker":"Unknown","startTime":1533.14,"endTime":1535.72,"body":"supply chain, basically. So it's"},{"speaker":"Unknown","startTime":1533.14,"endTime":1535.72,"body":"because of the LNG stuff that"},{"speaker":"Unknown","startTime":1535.72,"endTime":1538.12,"body":"they weren't able to continue"},{"speaker":"Unknown","startTime":1535.72,"endTime":1538.12,"body":"producing. LNG is a whole"},{"speaker":"Unknown","startTime":1538.12,"endTime":1540.28,"body":"separate thing, like LNG is also"},{"speaker":"Unknown","startTime":1538.12,"endTime":1540.28,"body":"blockaded,"},{"speaker":"Unknown","startTime":1541.6,"endTime":1546.66,"body":"so it's just and because, like,"},{"speaker":"Unknown","startTime":1541.6,"endTime":1546.66,"body":"oil and LNG and aluminum and,"},{"speaker":"Unknown","startTime":1546.72,"endTime":1548.82,"body":"you know, fertilizer, like,"},{"speaker":"Unknown","startTime":1546.72,"endTime":1548.82,"body":"that's going to have ripple"},{"speaker":"Unknown","startTime":1548.82,"endTime":1551.64,"body":"effects across every element of"},{"speaker":"Unknown","startTime":1548.82,"endTime":1551.64,"body":"the economy. Well, it's funny"},{"speaker":"Unknown","startTime":1551.64,"endTime":1554.16,"body":"you like fertilizer the"},{"speaker":"Unknown","startTime":1551.64,"endTime":1554.16,"body":"discussion, because it makes me"},{"speaker":"Unknown","startTime":1554.16,"endTime":1558.36,"body":"think of food, and then it makes"},{"speaker":"Unknown","startTime":1554.16,"endTime":1558.36,"body":"me think of talent, right? And"},{"speaker":"Unknown","startTime":1558.36,"endTime":1564.38,"body":"then also, to your point about"},{"speaker":"Unknown","startTime":1558.36,"endTime":1564.38,"body":"attacks on Qatar is like water"},{"speaker":"Unknown","startTime":1564.38,"endTime":1568.22,"body":"supply, right? Bahrain, oh, my"},{"speaker":"Unknown","startTime":1564.38,"endTime":1568.22,"body":"god. Bahrain has a desalination"},{"speaker":"Unknown","startTime":1568.22,"endTime":1572.72,"body":"plant that was attacked by a"},{"speaker":"Unknown","startTime":1568.22,"endTime":1572.72,"body":"ray, I think, last weekend, by"},{"speaker":"Unknown","startTime":1572.72,"endTime":1577.28,"body":"an Iranian drone. And that water"},{"speaker":"Unknown","startTime":1572.72,"endTime":1577.28,"body":"supply cut off maybe to dozens"},{"speaker":"Unknown","startTime":1577.28,"endTime":1581.86,"body":"of villages, right? So there's a"},{"speaker":"Unknown","startTime":1577.28,"endTime":1581.86,"body":"knock on effect, a direct, like,"},{"speaker":"Unknown","startTime":1581.86,"endTime":1587.98,"body":"actually, direct effect on human"},{"speaker":"Unknown","startTime":1581.86,"endTime":1587.98,"body":"talent for these projects. And"},{"speaker":"Unknown","startTime":1587.98,"endTime":1591.64,"body":"that's another big, big it's"},{"speaker":"Unknown","startTime":1587.98,"endTime":1591.64,"body":"gonna have a huge impact. It is."},{"speaker":"Unknown","startTime":1591.64,"endTime":1596.02,"body":"And Dubai also had a near miss"},{"speaker":"Unknown","startTime":1591.64,"endTime":1596.02,"body":"on a desalination plant"},{"speaker":"Unknown","startTime":1596.02,"endTime":1600.3,"body":"recently. And like, if you're,"},{"speaker":"Unknown","startTime":1596.02,"endTime":1600.3,"body":"if you're cutting off the route"},{"speaker":"Unknown","startTime":1600.3,"endTime":1602.94,"body":"to the plant, you may as well"},{"speaker":"Unknown","startTime":1600.3,"endTime":1602.94,"body":"destroy the plant, right? Like"},{"speaker":"Unknown","startTime":1602.94,"endTime":1605.22,"body":"you can't operate. It doesn't it"},{"speaker":"Unknown","startTime":1602.94,"endTime":1605.22,"body":"doesn't work. So, you know,"},{"speaker":"Unknown","startTime":1605.22,"endTime":1607.44,"body":"there's, there's a lot of"},{"speaker":"Unknown","startTime":1605.22,"endTime":1607.44,"body":"concern about that right now."},{"speaker":"Unknown","startTime":1607.98,"endTime":1610.68,"body":"You know, back to my let's not"},{"speaker":"Unknown","startTime":1607.98,"endTime":1610.68,"body":"ignore the human cost thing."},{"speaker":"Unknown","startTime":1610.68,"endTime":1614.76,"body":"Like attacking critical water"},{"speaker":"Unknown","startTime":1610.68,"endTime":1614.76,"body":"supplies is, in fact, a massive"},{"speaker":"Unknown","startTime":1614.76,"endTime":1617.52,"body":"violation of international human"},{"speaker":"Unknown","startTime":1614.76,"endTime":1617.52,"body":"rights law."},{"speaker":"Unknown","startTime":1618.54,"endTime":1623.24,"body":"And the reason is because it"},{"speaker":"Unknown","startTime":1618.54,"endTime":1623.24,"body":"immediately degrades the"},{"speaker":"Unknown","startTime":1623.24,"endTime":1626.12,"body":"civilian population's quality of"},{"speaker":"Unknown","startTime":1623.24,"endTime":1626.12,"body":"life and lowers life"},{"speaker":"Unknown","startTime":1626.12,"endTime":1629.06,"body":"expectancies, right, right? If"},{"speaker":"Unknown","startTime":1626.12,"endTime":1629.06,"body":"you can't get access to enough"},{"speaker":"Unknown","startTime":1629.06,"endTime":1633.74,"body":"clean water, you get sicker, you"},{"speaker":"Unknown","startTime":1629.06,"endTime":1633.74,"body":"die faster. It's bad, right?"},{"speaker":"Unknown","startTime":1634.34,"endTime":1637.94,"body":"Obviously, this has impacts from"},{"speaker":"Unknown","startTime":1634.34,"endTime":1637.94,"body":"a humanitarian perspective, but"},{"speaker":"Unknown","startTime":1637.94,"endTime":1640.84,"body":"it also has impacts on, you"},{"speaker":"Unknown","startTime":1637.94,"endTime":1640.84,"body":"know, who can be doing, which"},{"speaker":"Unknown","startTime":1640.84,"endTime":1644.26,"body":"projects and where? Right? You"},{"speaker":"Unknown","startTime":1640.84,"endTime":1644.26,"body":"know the workforce is, is what"},{"speaker":"Unknown","startTime":1644.26,"endTime":1648.22,"body":"it is. It's all but miss, made"},{"speaker":"Unknown","startTime":1644.26,"endTime":1648.22,"body":"up of No, I'm glad, I'm glad you"},{"speaker":"Unknown","startTime":1648.22,"endTime":1650.26,"body":"pointed that out, because you"},{"speaker":"Unknown","startTime":1648.22,"endTime":1650.26,"body":"and I do have these"},{"speaker":"Unknown","startTime":1650.26,"endTime":1653.92,"body":"conversations. So yes, you, you"},{"speaker":"Unknown","startTime":1650.26,"endTime":1653.92,"body":"100% there is the"},{"speaker":"Unknown","startTime":1655.12,"endTime":1661.38,"body":"massive humanitarian crisis. And"},{"speaker":"Unknown","startTime":1655.12,"endTime":1661.38,"body":"arguably that is most important."},{"speaker":"Unknown","startTime":1661.56,"endTime":1663.78,"body":"It is most important. But, you"},{"speaker":"Unknown","startTime":1661.56,"endTime":1663.78,"body":"know, like we said earlier,"},{"speaker":"Unknown","startTime":1663.78,"endTime":1666.96,"body":"project management podcast,"},{"speaker":"Unknown","startTime":1663.78,"endTime":1666.96,"body":"let's talk about the project"},{"speaker":"Unknown","startTime":1666.96,"endTime":1670.56,"body":"management element of it. Let me"},{"speaker":"Unknown","startTime":1666.96,"endTime":1670.56,"body":"so just on top, on the topic of,"},{"speaker":"Unknown","startTime":1670.74,"endTime":1674.16,"body":"of like, you know, the"},{"speaker":"Unknown","startTime":1670.74,"endTime":1674.16,"body":"desalination plant you were"},{"speaker":"Unknown","startTime":1674.16,"endTime":1677.1,"body":"talking about, you know, if it"},{"speaker":"Unknown","startTime":1674.16,"endTime":1677.1,"body":"get hit, you got to destroy it."},{"speaker":"Unknown","startTime":1677.1,"endTime":1680.84,"body":"Like, then there are strait of"},{"speaker":"Unknown","startTime":1677.1,"endTime":1680.84,"body":"Hormuz. There's like, so there's"},{"speaker":"Unknown","startTime":1680.84,"endTime":1685.16,"body":"LNG, there's urea, there's crude"},{"speaker":"Unknown","startTime":1680.84,"endTime":1685.16,"body":"that goes through there. Like,"},{"speaker":"Unknown","startTime":1685.16,"endTime":1688.94,"body":"these are multiple systems that"},{"speaker":"Unknown","startTime":1685.16,"endTime":1688.94,"body":"are failing simultaneously,"},{"speaker":"Unknown","startTime":1689.24,"endTime":1693.44,"body":"right? Yeah, so is that."},{"speaker":"Unknown","startTime":1689.24,"endTime":1693.44,"body":"Shipping is failing, energy is"},{"speaker":"Unknown","startTime":1693.44,"endTime":1697.88,"body":"failing, water infrastructure is"},{"speaker":"Unknown","startTime":1693.44,"endTime":1697.88,"body":"failing. Like are risk registers"},{"speaker":"Unknown","startTime":1697.94,"endTime":1702.22,"body":"even equipped to manage that"},{"speaker":"Unknown","startTime":1697.94,"endTime":1702.22,"body":"kind of like simultaneous"},{"speaker":"Unknown","startTime":1702.22,"endTime":1706.54,"body":"failure. Like, what do project"},{"speaker":"Unknown","startTime":1702.22,"endTime":1706.54,"body":"control teams do? Or, what do"},{"speaker":"Unknown","startTime":1706.54,"endTime":1709.78,"body":"they know? No, which? What"},{"speaker":"Unknown","startTime":1706.54,"endTime":1709.78,"body":"should they be thinking about?"},{"speaker":"Unknown","startTime":1709.78,"endTime":1712.18,"body":"Well, the short answer is, no,"},{"speaker":"Unknown","startTime":1709.78,"endTime":1712.18,"body":"they're not equipped to handle"},{"speaker":"Unknown","startTime":1712.18,"endTime":1716.68,"body":"it. And like, you know, you kind"},{"speaker":"Unknown","startTime":1712.18,"endTime":1716.68,"body":"of mentioned offhandedly the"},{"speaker":"Unknown","startTime":1716.74,"endTime":1719.26,"body":"hooties, but like, it's worth"},{"speaker":"Unknown","startTime":1716.74,"endTime":1719.26,"body":"mentioning that the hooties"},{"speaker":"Unknown","startTime":1719.26,"endTime":1722.76,"body":"started resuming attacks in the,"},{"speaker":"Unknown","startTime":1719.26,"endTime":1722.76,"body":"in the in the Red Sea, right,"},{"speaker":"Unknown","startTime":1722.94,"endTime":1726.54,"body":"right? That's not, that's not"},{"speaker":"Unknown","startTime":1722.94,"endTime":1726.54,"body":"the Gulf, right? That's the Red"},{"speaker":"Unknown","startTime":1726.54,"endTime":1731.1,"body":"Sea. So this is where the strait"},{"speaker":"Unknown","startTime":1726.54,"endTime":1731.1,"body":"the Suez Canal is, right? So now"},{"speaker":"Unknown","startTime":1731.1,"endTime":1734.46,"body":"the Strait of Hormuz is"},{"speaker":"Unknown","startTime":1731.1,"endTime":1734.46,"body":"effectively closed, and the Suez"},{"speaker":"Unknown","startTime":1734.46,"endTime":1739.2,"body":"Canal just got a lot more"},{"speaker":"Unknown","startTime":1734.46,"endTime":1739.2,"body":"hazardous. You know, like, there"},{"speaker":"Unknown","startTime":1739.2,"endTime":1742.46,"body":"are oil supplies now being"},{"speaker":"Unknown","startTime":1739.2,"endTime":1742.46,"body":"shipped in the other direction,"},{"speaker":"Unknown","startTime":1742.46,"endTime":1745.34,"body":"like by super long pipelines to"},{"speaker":"Unknown","startTime":1742.46,"endTime":1745.34,"body":"get to the Red Sea, but then"},{"speaker":"Unknown","startTime":1745.34,"endTime":1749.6,"body":"once it gets there, Hootie"},{"speaker":"Unknown","startTime":1745.34,"endTime":1749.6,"body":"attacks, right, right. So, or"},{"speaker":"Unknown","startTime":1749.72,"endTime":1753.14,"body":"around this the or around"},{"speaker":"Unknown","startTime":1749.72,"endTime":1753.14,"body":"Africa, right? I mean, it adds"},{"speaker":"Unknown","startTime":1753.14,"endTime":1756.92,"body":"so much extra time. Oh, yeah,"},{"speaker":"Unknown","startTime":1753.14,"endTime":1756.92,"body":"and cost, yeah. I mean, we're"},{"speaker":"Unknown","startTime":1756.92,"endTime":1760.78,"body":"already exactly so, like some if"},{"speaker":"Unknown","startTime":1756.92,"endTime":1760.78,"body":"you are a container ship, and"},{"speaker":"Unknown","startTime":1760.78,"endTime":1763.42,"body":"you're trying to de risk your"},{"speaker":"Unknown","startTime":1760.78,"endTime":1763.42,"body":"route. You're not looking at the"},{"speaker":"Unknown","startTime":1763.54,"endTime":1766.36,"body":"Suez Canal or the Strait of"},{"speaker":"Unknown","startTime":1763.54,"endTime":1766.36,"body":"Hormuz. You're going all the way"},{"speaker":"Unknown","startTime":1766.36,"endTime":1771.1,"body":"around, you know, the Horn of"},{"speaker":"Unknown","startTime":1766.36,"endTime":1771.1,"body":"Africa. And that's weeks, it's"},{"speaker":"Unknown","startTime":1771.1,"endTime":1775.36,"body":"1000s of miles. It's extra risk."},{"speaker":"Unknown","startTime":1771.1,"endTime":1775.36,"body":"It's extra delays, you know, so"},{"speaker":"Unknown","startTime":1775.36,"endTime":1778.12,"body":"how does, how does the project"},{"speaker":"Unknown","startTime":1775.36,"endTime":1778.12,"body":"controls team like, Look, if"},{"speaker":"Unknown","startTime":1778.12,"endTime":1780.78,"body":"they're thinking about a"},{"speaker":"Unknown","startTime":1778.12,"endTime":1780.78,"body":"schedule, how are like, what"},{"speaker":"Unknown","startTime":1780.78,"endTime":1783.9,"body":"should they be thinking? How"},{"speaker":"Unknown","startTime":1780.78,"endTime":1783.9,"body":"should they be thinking? What"},{"speaker":"Unknown","startTime":1783.9,"endTime":1786.96,"body":"are they thinking? I guess"},{"speaker":"Unknown","startTime":1783.9,"endTime":1786.96,"body":"that's a lot of questions. There"},{"speaker":"Unknown","startTime":1787.02,"endTime":1790.26,"body":"it is. Yeah, go ahead. I'll let"},{"speaker":"Unknown","startTime":1787.02,"endTime":1790.26,"body":"you in. Should they be thinking?"},{"speaker":"Unknown","startTime":1790.38,"endTime":1795.12,"body":"Yes, the answer that last one"},{"speaker":"Unknown","startTime":1790.38,"endTime":1795.12,"body":"is, you know, six months ago,"},{"speaker":"Unknown","startTime":1795.12,"endTime":1799.26,"body":"right? Because when, when we do"},{"speaker":"Unknown","startTime":1795.12,"endTime":1799.26,"body":"a a quantitative risk assessment"},{"speaker":"Unknown","startTime":1799.26,"endTime":1799.92,"body":"for a project."},{"speaker":"Unknown","startTime":1800.0,"endTime":1802.34,"body":"Risk we should do a lot of those"},{"speaker":"Unknown","startTime":1800.0,"endTime":1802.34,"body":"right. As part of our embedded"},{"speaker":"Unknown","startTime":1802.34,"endTime":1805.16,"body":"Project Control Services, we"},{"speaker":"Unknown","startTime":1802.34,"endTime":1805.16,"body":"provide a lot of quantitative"},{"speaker":"Unknown","startTime":1805.16,"endTime":1808.46,"body":"risk assessments for our"},{"speaker":"Unknown","startTime":1805.16,"endTime":1808.46,"body":"clients, and there's always two"},{"speaker":"Unknown","startTime":1808.46,"endTime":1812.9,"body":"elements to the risk inputs,"},{"speaker":"Unknown","startTime":1808.46,"endTime":1812.9,"body":"right, broadly speaking. So"},{"speaker":"Unknown","startTime":1812.9,"endTime":1816.98,"body":"those two elements are discrete"},{"speaker":"Unknown","startTime":1812.9,"endTime":1816.98,"body":"risks, right? Like things, risk"},{"speaker":"Unknown","startTime":1816.98,"endTime":1820.64,"body":"events that you can see coming,"},{"speaker":"Unknown","startTime":1816.98,"endTime":1820.64,"body":"or, you know, things I gave an"},{"speaker":"Unknown","startTime":1820.64,"endTime":1823.18,"body":"example earlier, of the worker"},{"speaker":"Unknown","startTime":1820.64,"endTime":1823.18,"body":"climbing on top of the tall,"},{"speaker":"Unknown","startTime":1823.18,"endTime":1825.58,"body":"tall tower and falling off."},{"speaker":"Unknown","startTime":1823.18,"endTime":1825.58,"body":"Right, right? Like that is a"},{"speaker":"Unknown","startTime":1825.58,"endTime":1826.72,"body":"risk you can see coming."},{"speaker":"Unknown","startTime":1827.8,"endTime":1830.32,"body":"There are other risks that you"},{"speaker":"Unknown","startTime":1827.8,"endTime":1830.32,"body":"can't see coming. But you know"},{"speaker":"Unknown","startTime":1830.32,"endTime":1833.38,"body":"something like, in the in the in"},{"speaker":"Unknown","startTime":1830.32,"endTime":1833.38,"body":"the big stew pot of craziness"},{"speaker":"Unknown","startTime":1833.38,"endTime":1837.04,"body":"that happens to projects and in"},{"speaker":"Unknown","startTime":1833.38,"endTime":1837.04,"body":"the world, something's gonna"},{"speaker":"Unknown","startTime":1837.04,"endTime":1841.92,"body":"happen, right? So we call that,"},{"speaker":"Unknown","startTime":1837.04,"endTime":1841.92,"body":"depending on, you know, your"},{"speaker":"Unknown","startTime":1841.92,"endTime":1846.06,"body":"preferred definition, systemic"},{"speaker":"Unknown","startTime":1841.92,"endTime":1846.06,"body":"risk or base uncertainty. Okay,"},{"speaker":"Unknown","startTime":1846.72,"endTime":1851.46,"body":"so the idea that, for reasons,"},{"speaker":"Unknown","startTime":1846.72,"endTime":1851.46,"body":"you know, in scare quotes,"},{"speaker":"Unknown","startTime":1851.58,"endTime":1855.18,"body":"things will be delayed and they"},{"speaker":"Unknown","startTime":1851.58,"endTime":1855.18,"body":"will cost more, right? It's it's"},{"speaker":"Unknown","startTime":1855.18,"endTime":1858.72,"body":"difficult to say, and by the"},{"speaker":"Unknown","startTime":1855.18,"endTime":1858.72,"body":"way, for for similar reasons, in"},{"speaker":"Unknown","startTime":1858.72,"endTime":1861.86,"body":"scare quotes, things might come"},{"speaker":"Unknown","startTime":1858.72,"endTime":1861.86,"body":"in sooner and cost less. So"},{"speaker":"Unknown","startTime":1861.86,"endTime":1865.64,"body":"based on certainty and systemic"},{"speaker":"Unknown","startTime":1861.86,"endTime":1865.64,"body":"risk is often modeled, you know,"},{"speaker":"Unknown","startTime":1865.94,"endTime":1869.54,"body":"in both directions. Right?"},{"speaker":"Unknown","startTime":1865.94,"endTime":1869.54,"body":"Positive and negative history"},{"speaker":"Unknown","startTime":1869.54,"endTime":1872.78,"body":"tells us that positive wins out."},{"speaker":"Unknown","startTime":1869.54,"endTime":1872.78,"body":"Right? Projects cost more and"},{"speaker":"Unknown","startTime":1872.78,"endTime":1874.94,"body":"take longer. They don't cost"},{"speaker":"Unknown","startTime":1872.78,"endTime":1874.94,"body":"less and take shorter. That's"},{"speaker":"Unknown","startTime":1874.94,"endTime":1877.94,"body":"just how it is, right? So when"},{"speaker":"Unknown","startTime":1874.94,"endTime":1877.94,"body":"you're modeling for systemic"},{"speaker":"Unknown","startTime":1877.94,"endTime":1881.14,"body":"risks and uncertainties, you"},{"speaker":"Unknown","startTime":1877.94,"endTime":1881.14,"body":"typically would, you know, put a"},{"speaker":"Unknown","startTime":1881.14,"endTime":1885.46,"body":"right word bias on them. Yep. So"},{"speaker":"Unknown","startTime":1881.14,"endTime":1885.46,"body":"you're supposed to, as a project"},{"speaker":"Unknown","startTime":1885.46,"endTime":1890.74,"body":"team, maintain a reserve of time"},{"speaker":"Unknown","startTime":1885.46,"endTime":1890.74,"body":"and money that is sufficient to"},{"speaker":"Unknown","startTime":1890.74,"endTime":1895.06,"body":"cover off your discrete risks"},{"speaker":"Unknown","startTime":1890.74,"endTime":1895.06,"body":"and your systemic risks and"},{"speaker":"Unknown","startTime":1895.06,"endTime":1899.26,"body":"uncertainties to a certain"},{"speaker":"Unknown","startTime":1895.06,"endTime":1899.26,"body":"confidence interval right now,"},{"speaker":"Unknown","startTime":1899.32,"endTime":1903.6,"body":"your your average when we set up"},{"speaker":"Unknown","startTime":1899.32,"endTime":1903.6,"body":"program and portfolio risk"},{"speaker":"Unknown","startTime":1904.08,"endTime":1907.02,"body":"methodologies for our clients,"},{"speaker":"Unknown","startTime":1904.08,"endTime":1907.02,"body":"we typically would put the"},{"speaker":"Unknown","startTime":1907.02,"endTime":1911.04,"body":"project p value or the"},{"speaker":"Unknown","startTime":1907.02,"endTime":1911.04,"body":"confidence interval at 50%"},{"speaker":"Unknown","startTime":1912.6,"endTime":1916.86,"body":"and the program or portfolio one"},{"speaker":"Unknown","startTime":1912.6,"endTime":1916.86,"body":"at somewhere between 70 and 90%"},{"speaker":"Unknown","startTime":1917.28,"endTime":1921.38,"body":"depending on the risk appetite"},{"speaker":"Unknown","startTime":1917.28,"endTime":1921.38,"body":"of the company. Right? So the"},{"speaker":"Unknown","startTime":1921.5,"endTime":1923.96,"body":"the in broad strokes, what that"},{"speaker":"Unknown","startTime":1921.5,"endTime":1923.96,"body":"means, and you know, in poor"},{"speaker":"Unknown","startTime":1923.96,"endTime":1928.34,"body":"words, is that every project in"},{"speaker":"Unknown","startTime":1923.96,"endTime":1928.34,"body":"your portfolio has a 50% chance"},{"speaker":"Unknown","startTime":1928.34,"endTime":1931.58,"body":"of succeeding or failing, you"},{"speaker":"Unknown","startTime":1928.34,"endTime":1931.58,"body":"know, given the conditions that"},{"speaker":"Unknown","startTime":1931.58,"endTime":1935.42,"body":"existed at the time, but the"},{"speaker":"Unknown","startTime":1931.58,"endTime":1935.42,"body":"whole portfolio has more like a"},{"speaker":"Unknown","startTime":1935.42,"endTime":1939.14,"body":"70 to 90% chance of succeeding,"},{"speaker":"Unknown","startTime":1935.42,"endTime":1939.14,"body":"right, right, right, right. So,"},{"speaker":"Unknown","startTime":1939.14,"endTime":1941.32,"body":"and that's how you want it,"},{"speaker":"Unknown","startTime":1939.14,"endTime":1941.32,"body":"right? Like you want, you want"},{"speaker":"Unknown","startTime":1941.32,"endTime":1944.44,"body":"every project to be beholden to"},{"speaker":"Unknown","startTime":1941.32,"endTime":1944.44,"body":"its neighbors, like there's a"},{"speaker":"Unknown","startTime":1944.44,"endTime":1947.26,"body":"balancing act of which capital"},{"speaker":"Unknown","startTime":1944.44,"endTime":1947.26,"body":"goes. We actually have written a"},{"speaker":"Unknown","startTime":1947.26,"endTime":1949.66,"body":"paper for the A, C, E. I"},{"speaker":"Unknown","startTime":1947.26,"endTime":1949.66,"body":"mentioned this on the last show,"},{"speaker":"Unknown","startTime":1949.66,"endTime":1952.42,"body":"so I won't get too deep into it,"},{"speaker":"Unknown","startTime":1949.66,"endTime":1952.42,"body":"but, like, it covers off some of"},{"speaker":"Unknown","startTime":1952.42,"endTime":1954.94,"body":"this about the different ways"},{"speaker":"Unknown","startTime":1952.42,"endTime":1954.94,"body":"that the math works out when you"},{"speaker":"Unknown","startTime":1954.94,"endTime":1957.58,"body":"do things without getting into"},{"speaker":"Unknown","startTime":1954.94,"endTime":1957.58,"body":"the technical specifics. The"},{"speaker":"Unknown","startTime":1957.58,"endTime":1960.18,"body":"reason I bring it up is you have"},{"speaker":"Unknown","startTime":1957.58,"endTime":1960.18,"body":"a lot of projects who have"},{"speaker":"Unknown","startTime":1960.36,"endTime":1963.96,"body":"estimated for these systemic"},{"speaker":"Unknown","startTime":1960.36,"endTime":1963.96,"body":"risks and uncertainties doing"},{"speaker":"Unknown","startTime":1963.96,"endTime":1967.02,"body":"the best and most responsible"},{"speaker":"Unknown","startTime":1963.96,"endTime":1967.02,"body":"job they could at the time that"},{"speaker":"Unknown","startTime":1967.02,"endTime":1969.54,"body":"are now looking like maybe they"},{"speaker":"Unknown","startTime":1967.02,"endTime":1969.54,"body":"won't complete on their P 50,"},{"speaker":"Unknown","startTime":1969.54,"endTime":1972.96,"body":"but they might complete on their"},{"speaker":"Unknown","startTime":1969.54,"endTime":1972.96,"body":"P 70. So it's more or less like"},{"speaker":"Unknown","startTime":1972.96,"endTime":1977.04,"body":"just a mindset and adjusting the"},{"speaker":"Unknown","startTime":1972.96,"endTime":1977.04,"body":"schedule is what you're saying."},{"speaker":"Unknown","startTime":1977.04,"endTime":1979.74,"body":"Like they're going to finish,"},{"speaker":"Unknown","startTime":1977.04,"endTime":1979.74,"body":"but it's not going to be what"},{"speaker":"Unknown","startTime":1979.74,"endTime":1982.64,"body":"you thought it was going to be,"},{"speaker":"Unknown","startTime":1979.74,"endTime":1982.64,"body":"yeah, there's definitely going"},{"speaker":"Unknown","startTime":1982.64,"endTime":1984.68,"body":"to be some of that, right? The"},{"speaker":"Unknown","startTime":1982.64,"endTime":1984.68,"body":"most immediate effects are"},{"speaker":"Unknown","startTime":1984.68,"endTime":1986.84,"body":"coming from, you know, we talked"},{"speaker":"Unknown","startTime":1984.68,"endTime":1986.84,"body":"about those container ships"},{"speaker":"Unknown","startTime":1986.84,"endTime":1990.14,"body":"getting rerouted around Africa,"},{"speaker":"Unknown","startTime":1986.84,"endTime":1990.14,"body":"yeah, you know, if you have a"},{"speaker":"Unknown","startTime":1990.14,"endTime":1993.38,"body":"piece of important equipment,"},{"speaker":"Unknown","startTime":1990.14,"endTime":1993.38,"body":"you know, we just talked to a"},{"speaker":"Unknown","startTime":1993.38,"endTime":1997.1,"body":"client about procuring medical"},{"speaker":"Unknown","startTime":1993.38,"endTime":1997.1,"body":"equipment, right? So if you got"},{"speaker":"Unknown","startTime":1997.1,"endTime":1999.74,"body":"a CT machine, you know, coming"},{"speaker":"Unknown","startTime":1997.1,"endTime":1999.74,"body":"in from China,"},{"speaker":"Unknown","startTime":2000.76,"endTime":2003.84,"body":"and it was going to go through"},{"speaker":"Unknown","startTime":2000.76,"endTime":2003.84,"body":"or maybe not coming in from"},{"speaker":"Unknown","startTime":2003.84,"endTime":2005.64,"body":"China, that would make sense."},{"speaker":"Unknown","startTime":2003.84,"endTime":2005.64,"body":"They would just go to"},{"speaker":"Unknown","startTime":2005.64,"endTime":2008.4,"body":"California. But, you know, if"},{"speaker":"Unknown","startTime":2005.64,"endTime":2008.4,"body":"coming from so I gave you a"},{"speaker":"Unknown","startTime":2008.4,"endTime":2010.86,"body":"really terrible example, but"},{"speaker":"Unknown","startTime":2008.4,"endTime":2010.86,"body":"let's just run with it. Yeah,"},{"speaker":"Unknown","startTime":2010.86,"endTime":2014.1,"body":"right, it's all, you know. Let's"},{"speaker":"Unknown","startTime":2010.86,"endTime":2014.1,"body":"How about this? We're buying"},{"speaker":"Unknown","startTime":2014.1,"endTime":2016.74,"body":"surplus equipment from a"},{"speaker":"Unknown","startTime":2014.1,"endTime":2016.74,"body":"hospital in Dubai. That makes"},{"speaker":"Unknown","startTime":2016.74,"endTime":2020.88,"body":"much more sense. Okay, does so?"},{"speaker":"Unknown","startTime":2016.74,"endTime":2020.88,"body":"That container ship is now going"},{"speaker":"Unknown","startTime":2020.88,"endTime":2023.84,"body":"all the way around Africa. Your"},{"speaker":"Unknown","startTime":2020.88,"endTime":2023.84,"body":"piece of equipment, is now weeks"},{"speaker":"Unknown","startTime":2023.84,"endTime":2027.5,"body":"behind schedule, right? So you"},{"speaker":"Unknown","startTime":2023.84,"endTime":2027.5,"body":"can't even do project until it"},{"speaker":"Unknown","startTime":2027.5,"endTime":2030.2,"body":"shows up. So, you know, if"},{"speaker":"Unknown","startTime":2027.5,"endTime":2030.2,"body":"you're replacing old equipment,"},{"speaker":"Unknown","startTime":2030.2,"endTime":2033.02,"body":"then the risk of that equipment"},{"speaker":"Unknown","startTime":2030.2,"endTime":2033.02,"body":"failing has just gotten higher,"},{"speaker":"Unknown","startTime":2033.44,"endTime":2036.68,"body":"you know. So there's a lot of"},{"speaker":"Unknown","startTime":2033.44,"endTime":2036.68,"body":"things going on when your"},{"speaker":"Unknown","startTime":2036.68,"endTime":2039.2,"body":"schedule gets delayed, but yes,"},{"speaker":"Unknown","startTime":2036.68,"endTime":2039.2,"body":"like, what you basically said"},{"speaker":"Unknown","startTime":2039.2,"endTime":2041.48,"body":"is, is accurate? Like, things"},{"speaker":"Unknown","startTime":2039.2,"endTime":2041.48,"body":"will happen. It'll just take"},{"speaker":"Unknown","startTime":2041.48,"endTime":2044.2,"body":"longer, and it might cost you"},{"speaker":"Unknown","startTime":2041.48,"endTime":2044.2,"body":"more. It might cost you more,"},{"speaker":"Unknown","startTime":2044.2,"endTime":2046.96,"body":"right? The you brought up force"},{"speaker":"Unknown","startTime":2044.2,"endTime":2046.96,"body":"majeure, which I want to ask you"},{"speaker":"Unknown","startTime":2046.96,"endTime":2047.8,"body":"about now, because"},{"speaker":"Unknown","startTime":2049.42,"endTime":2054.88,"body":"I mean to me, I don't think I've"},{"speaker":"Unknown","startTime":2049.42,"endTime":2054.88,"body":"ever you know seen like, force"},{"speaker":"Unknown","startTime":2054.88,"endTime":2056.02,"body":"majeure, being"},{"speaker":"Unknown","startTime":2057.88,"endTime":2062.46,"body":"act, can we say activated at"},{"speaker":"Unknown","startTime":2057.88,"endTime":2062.46,"body":"declared? Yeah, declared at this"},{"speaker":"Unknown","startTime":2062.46,"endTime":2063.66,"body":"level, like it"},{"speaker":"Unknown","startTime":2064.8,"endTime":2071.88,"body":"is mind blowing to see that"},{"speaker":"Unknown","startTime":2064.8,"endTime":2071.88,"body":"happen, because that is going"},{"speaker":"Unknown","startTime":2071.88,"endTime":2074.94,"body":"to, that's gonna, like, I mean,"},{"speaker":"Unknown","startTime":2071.88,"endTime":2074.94,"body":"the economist said it right,"},{"speaker":"Unknown","startTime":2074.94,"endTime":2078.54,"body":"like the world economy has"},{"speaker":"Unknown","startTime":2074.94,"endTime":2078.54,"body":"changed overnight. And when"},{"speaker":"Unknown","startTime":2078.54,"endTime":2081.5,"body":"somebody's declaring force"},{"speaker":"Unknown","startTime":2078.54,"endTime":2081.5,"body":"majeure, people are thinking"},{"speaker":"Unknown","startTime":2081.5,"endTime":2084.38,"body":"about contracts, and they're"},{"speaker":"Unknown","startTime":2081.5,"endTime":2084.38,"body":"thinking about rates, and"},{"speaker":"Unknown","startTime":2085.82,"endTime":2088.22,"body":"they're thinking about, you"},{"speaker":"Unknown","startTime":2085.82,"endTime":2088.22,"body":"know, exposure to those"},{"speaker":"Unknown","startTime":2088.22,"endTime":2090.86,"body":"contracts, and what's the final"},{"speaker":"Unknown","startTime":2088.22,"endTime":2090.86,"body":"I mean, there's so many"},{"speaker":"Unknown","startTime":2090.86,"endTime":2095.6,"body":"discussions to be had when that"},{"speaker":"Unknown","startTime":2090.86,"endTime":2095.6,"body":"happens. So put me like, think"},{"speaker":"Unknown","startTime":2095.6,"endTime":2098.84,"body":"about and put me into the mind"},{"speaker":"Unknown","startTime":2095.6,"endTime":2098.84,"body":"of the project controls team,"},{"speaker":"Unknown","startTime":2098.84,"endTime":2099.92,"body":"like, what are they doing?"},{"speaker":"Unknown","startTime":2100.0,"endTime":2103.78,"body":"Right now, considering, you know"},{"speaker":"Unknown","startTime":2100.0,"endTime":2103.78,"body":"maybe their contracts aren't"},{"speaker":"Unknown","startTime":2103.78,"endTime":2109.72,"body":"going to be honored. Well, this"},{"speaker":"Unknown","startTime":2103.78,"endTime":2109.72,"body":"is where things get really hairy"},{"speaker":"Unknown","startTime":2110.2,"endTime":2114.88,"body":"from a contract management"},{"speaker":"Unknown","startTime":2110.2,"endTime":2114.88,"body":"perspective, because you"},{"speaker":"Unknown","startTime":2114.88,"endTime":2115.66,"body":"remember, you"},{"speaker":"Unknown","startTime":2116.68,"endTime":2119.8,"body":"remember covid, remember that a"},{"speaker":"Unknown","startTime":2116.68,"endTime":2119.8,"body":"few years ago, crazy pandemic."},{"speaker":"Unknown","startTime":2119.8,"endTime":2123.6,"body":"Remember that? Yeah? Me too. So,"},{"speaker":"Unknown","startTime":2119.8,"endTime":2123.6,"body":"yeah, yeah. The reason I bring"},{"speaker":"Unknown","startTime":2123.6,"endTime":2127.56,"body":"it up is that was a good example"},{"speaker":"Unknown","startTime":2123.6,"endTime":2127.56,"body":"of the worst case scenario for"},{"speaker":"Unknown","startTime":2127.56,"endTime":2131.34,"body":"price impacts from a situation"},{"speaker":"Unknown","startTime":2127.56,"endTime":2131.34,"body":"like that, right? You know, it"},{"speaker":"Unknown","startTime":2131.34,"endTime":2134.34,"body":"had there were legitimate supply"},{"speaker":"Unknown","startTime":2131.34,"endTime":2134.34,"body":"chain, chain disruptions that"},{"speaker":"Unknown","startTime":2134.34,"endTime":2138.78,"body":"made prices go skyward, and they"},{"speaker":"Unknown","startTime":2134.34,"endTime":2138.78,"body":"kind of didn't come down. Why?"},{"speaker":"Unknown","startTime":2139.26,"endTime":2142.22,"body":"Because companies realized they"},{"speaker":"Unknown","startTime":2139.26,"endTime":2142.22,"body":"could get away with selling"},{"speaker":"Unknown","startTime":2142.22,"endTime":2144.26,"body":"things for more money, and so"},{"speaker":"Unknown","startTime":2142.22,"endTime":2144.26,"body":"they did. You remember the"},{"speaker":"Unknown","startTime":2144.26,"endTime":2147.02,"body":"Evergreen getting stuck, the"},{"speaker":"Unknown","startTime":2144.26,"endTime":2147.02,"body":"ever give, the ever giving, ever"},{"speaker":"Unknown","startTime":2147.02,"endTime":2150.26,"body":"giving, getting stuck in the it"},{"speaker":"Unknown","startTime":2147.02,"endTime":2150.26,"body":"was run by evergreen, but the"},{"speaker":"Unknown","startTime":2150.26,"endTime":2152.72,"body":"ever giving getting stuck in the"},{"speaker":"Unknown","startTime":2150.26,"endTime":2152.72,"body":"Suez Canal, and like the"},{"speaker":"Unknown","startTime":2152.72,"endTime":2155.84,"body":"disruption that caused too, that"},{"speaker":"Unknown","startTime":2152.72,"endTime":2155.84,"body":"was, yeah, for sure, not as"},{"speaker":"Unknown","startTime":2155.84,"endTime":2159.26,"body":"major as covid, but definitely"},{"speaker":"Unknown","startTime":2155.84,"endTime":2159.26,"body":"major it was, it was actually"},{"speaker":"Unknown","startTime":2159.26,"endTime":2162.76,"body":"more like what's happening now,"},{"speaker":"Unknown","startTime":2159.26,"endTime":2162.76,"body":"and that it's a short term shock"},{"speaker":"Unknown","startTime":2162.82,"endTime":2166.48,"body":"that has ripple effects, right?"},{"speaker":"Unknown","startTime":2162.82,"endTime":2166.48,"body":"And that's definitely what's"},{"speaker":"Unknown","startTime":2166.48,"endTime":2169.42,"body":"happening now. But the reason I"},{"speaker":"Unknown","startTime":2166.48,"endTime":2169.42,"body":"bring up covid Is there is going"},{"speaker":"Unknown","startTime":2169.42,"endTime":2173.62,"body":"to be a temptation amongst"},{"speaker":"Unknown","startTime":2169.42,"endTime":2173.62,"body":"commodity resellers and people"},{"speaker":"Unknown","startTime":2173.62,"endTime":2176.74,"body":"who install equipment and buy"},{"speaker":"Unknown","startTime":2173.62,"endTime":2176.74,"body":"equipment for it, things like"},{"speaker":"Unknown","startTime":2176.74,"endTime":2179.62,"body":"that. There's going to be a"},{"speaker":"Unknown","startTime":2176.74,"endTime":2179.62,"body":"temptation to Jack prices up,"},{"speaker":"Unknown","startTime":2180.22,"endTime":2183.3,"body":"whether they are impacted by"},{"speaker":"Unknown","startTime":2180.22,"endTime":2183.3,"body":"this situation or not. I think"},{"speaker":"Unknown","startTime":2183.3,"endTime":2186.84,"body":"there was legislation, like some"},{"speaker":"Unknown","startTime":2183.3,"endTime":2186.84,"body":"countries, about around, like,"},{"speaker":"Unknown","startTime":2186.84,"endTime":2189.78,"body":"just price gouging and, you"},{"speaker":"Unknown","startTime":2186.84,"endTime":2189.78,"body":"know, groceries and, yeah, I"},{"speaker":"Unknown","startTime":2189.78,"endTime":2192.12,"body":"think there was more"},{"speaker":"Unknown","startTime":2189.78,"endTime":2192.12,"body":"profiteering. And it's"},{"speaker":"Unknown","startTime":2192.12,"endTime":2194.76,"body":"disgusting, yeah, but it is"},{"speaker":"Unknown","startTime":2192.12,"endTime":2194.76,"body":"realistic, and it does happen,"},{"speaker":"Unknown","startTime":2194.76,"endTime":2198.06,"body":"you know, yeah, yeah. So it's"},{"speaker":"Unknown","startTime":2194.76,"endTime":2198.06,"body":"the kind of thing that you know,"},{"speaker":"Unknown","startTime":2198.06,"endTime":2201.62,"body":"you as a project management"},{"speaker":"Unknown","startTime":2198.06,"endTime":2201.62,"body":"team, need to be really mindful"},{"speaker":"Unknown","startTime":2201.62,"endTime":2205.16,"body":"of because you can't, you know,"},{"speaker":"Unknown","startTime":2201.62,"endTime":2205.16,"body":"I'm a big fan of the phrase"},{"speaker":"Unknown","startTime":2205.22,"endTime":2209.48,"body":"trust but verify, right? So when"},{"speaker":"Unknown","startTime":2205.22,"endTime":2209.48,"body":"your contractors are coming to"},{"speaker":"Unknown","startTime":2209.48,"endTime":2212.78,"body":"you and saying, Hey, we're gonna"},{"speaker":"Unknown","startTime":2209.48,"endTime":2212.78,"body":"see, you know, $40,000 impact"},{"speaker":"Unknown","startTime":2212.78,"endTime":2215.96,"body":"and a two week delay from this"},{"speaker":"Unknown","startTime":2212.78,"endTime":2215.96,"body":"piece of equipment, you need"},{"speaker":"Unknown","startTime":2215.96,"endTime":2218.06,"body":"them to show you their receipts,"},{"speaker":"Unknown","startTime":2215.96,"endTime":2218.06,"body":"right? You need them to show up"},{"speaker":"Unknown","startTime":2218.06,"endTime":2220.52,"body":"with documentation. You can't"},{"speaker":"Unknown","startTime":2218.06,"endTime":2220.52,"body":"just take their word for it,"},{"speaker":"Unknown","startTime":2220.52,"endTime":2222.5,"body":"they're gonna say something to"},{"speaker":"Unknown","startTime":2220.52,"endTime":2222.5,"body":"the effect of like, well,"},{"speaker":"Unknown","startTime":2222.5,"endTime":2224.68,"body":"haven't you? Haven't you? Aren't"},{"speaker":"Unknown","startTime":2222.5,"endTime":2224.68,"body":"you watching the news? I'm like,"},{"speaker":"Unknown","startTime":2224.68,"endTime":2227.32,"body":"Yeah, I'm watching the news. And"},{"speaker":"Unknown","startTime":2224.68,"endTime":2227.32,"body":"my CT machine is not"},{"speaker":"Unknown","startTime":2227.32,"endTime":2230.44,"body":"specifically in the news, so you"},{"speaker":"Unknown","startTime":2227.32,"endTime":2230.44,"body":"need to give me some equipment"},{"speaker":"Unknown","startTime":2230.44,"endTime":2232.9,"body":"information about it. Well, and"},{"speaker":"Unknown","startTime":2230.44,"endTime":2232.9,"body":"those end users are going to"},{"speaker":"Unknown","startTime":2232.9,"endTime":2235.78,"body":"start submitting claims, right?"},{"speaker":"Unknown","startTime":2232.9,"endTime":2235.78,"body":"They're going to want money"},{"speaker":"Unknown","startTime":2235.78,"endTime":2239.32,"body":"back, or that's why, like, a"},{"speaker":"Unknown","startTime":2235.78,"endTime":2239.32,"body":"claims process is really, really"},{"speaker":"Unknown","startTime":2239.32,"endTime":2242.94,"body":"important to any project, right?"},{"speaker":"Unknown","startTime":2239.32,"endTime":2242.94,"body":"I mean, the when, and this is"},{"speaker":"Unknown","startTime":2242.94,"endTime":2245.52,"body":"earlier when, when you said"},{"speaker":"Unknown","startTime":2242.94,"endTime":2245.52,"body":"when, I was kind of joking"},{"speaker":"Unknown","startTime":2245.52,"endTime":2248.76,"body":"around. I said, Well, when"},{"speaker":"Unknown","startTime":2245.52,"endTime":2248.76,"body":"should I be thinking of this?"},{"speaker":"Unknown","startTime":2248.76,"endTime":2251.46,"body":"And the answer I gave was six"},{"speaker":"Unknown","startTime":2248.76,"endTime":2251.46,"body":"months ago. I mean, that's part"},{"speaker":"Unknown","startTime":2251.46,"endTime":2254.58,"body":"of the reason why, because a"},{"speaker":"Unknown","startTime":2251.46,"endTime":2254.58,"body":"strong claims process that"},{"speaker":"Unknown","startTime":2254.58,"endTime":2258.84,"body":"requires proof of impact, right?"},{"speaker":"Unknown","startTime":2254.58,"endTime":2258.84,"body":"Yeah, and that impact statement"},{"speaker":"Unknown","startTime":2258.84,"endTime":2261.98,"body":"to be evaluated and all that"},{"speaker":"Unknown","startTime":2258.84,"endTime":2261.98,"body":"stuff like, you know, a good"},{"speaker":"Unknown","startTime":2261.98,"endTime":2265.1,"body":"claims process should, should"},{"speaker":"Unknown","startTime":2261.98,"endTime":2265.1,"body":"exclude the stuff that's too"},{"speaker":"Unknown","startTime":2265.1,"endTime":2267.56,"body":"small to matter, right? That"},{"speaker":"Unknown","startTime":2265.1,"endTime":2267.56,"body":"where you're just throwing good"},{"speaker":"Unknown","startTime":2267.56,"endTime":2270.5,"body":"money after bad by by chasing"},{"speaker":"Unknown","startTime":2267.56,"endTime":2270.5,"body":"it, evaluating it. So, like,"},{"speaker":"Unknown","startTime":2270.5,"endTime":2273.5,"body":"small claims and small changes"},{"speaker":"Unknown","startTime":2270.5,"endTime":2273.5,"body":"and things should be absorbed by"},{"speaker":"Unknown","startTime":2273.5,"endTime":2276.56,"body":"the project plan and the"},{"speaker":"Unknown","startTime":2273.5,"endTime":2276.56,"body":"existing contracts. Well,"},{"speaker":"Unknown","startTime":2276.56,"endTime":2279.08,"body":"there's ones like for this,"},{"speaker":"Unknown","startTime":2276.56,"endTime":2279.08,"body":"yeah, exactly. Like, that's, at"},{"speaker":"Unknown","startTime":2279.08,"endTime":2282.04,"body":"least in principle, that's what"},{"speaker":"Unknown","startTime":2279.08,"endTime":2282.04,"body":"the contingency is for. So as"},{"speaker":"Unknown","startTime":2282.04,"endTime":2285.64,"body":"long as you kind of have some"},{"speaker":"Unknown","startTime":2282.04,"endTime":2285.64,"body":"comfort level that you've you,"},{"speaker":"Unknown","startTime":2285.64,"endTime":2288.4,"body":"quote, unquote, planned for this"},{"speaker":"Unknown","startTime":2285.64,"endTime":2288.4,"body":"as part of your discrete risks,"},{"speaker":"Unknown","startTime":2288.4,"endTime":2292.42,"body":"or your your your systemic risks"},{"speaker":"Unknown","startTime":2288.4,"endTime":2292.42,"body":"and uncertainties, you should be"},{"speaker":"Unknown","startTime":2292.42,"endTime":2294.46,"body":"able to pay for some of the"},{"speaker":"Unknown","startTime":2292.42,"endTime":2294.46,"body":"small stuff, but some of the"},{"speaker":"Unknown","startTime":2294.46,"endTime":2297.04,"body":"really big dollar stuff that"},{"speaker":"Unknown","startTime":2294.46,"endTime":2297.04,"body":"that constitutes, by virtue of"},{"speaker":"Unknown","startTime":2297.04,"endTime":2299.98,"body":"needing to replan your project,"},{"speaker":"Unknown","startTime":2297.04,"endTime":2299.98,"body":"it kind of constitutes a scope"},{"speaker":"Unknown","startTime":2299.98,"endTime":2302.28,"body":"change, you know, right? So,"},{"speaker":"Unknown","startTime":2299.98,"endTime":2302.28,"body":"because you're planning based,"},{"speaker":"Unknown","startTime":2302.28,"endTime":2305.76,"body":"so how? So, what do you mean?"},{"speaker":"Unknown","startTime":2302.28,"endTime":2305.76,"body":"Well, like, if my scope basis is"},{"speaker":"Unknown","startTime":2305.76,"endTime":2310.56,"body":"that I'm going to do things X, Y"},{"speaker":"Unknown","startTime":2305.76,"endTime":2310.56,"body":"and Z, like, irrespective of any"},{"speaker":"Unknown","startTime":2310.56,"endTime":2313.56,"body":"time or sequencing, my scope is"},{"speaker":"Unknown","startTime":2310.56,"endTime":2313.56,"body":"X, Y and Z, no matter what"},{"speaker":"Unknown","startTime":2313.56,"endTime":2317.52,"body":"happens in the world, right? But"},{"speaker":"Unknown","startTime":2313.56,"endTime":2317.52,"body":"the fact that I'm installing X,"},{"speaker":"Unknown","startTime":2317.52,"endTime":2320.04,"body":"Y and Z doesn't necessarily mean"},{"speaker":"Unknown","startTime":2317.52,"endTime":2320.04,"body":"that I'm doing them in that"},{"speaker":"Unknown","startTime":2320.04,"endTime":2322.64,"body":"order. Maybe I'm doing them"},{"speaker":"Unknown","startTime":2320.04,"endTime":2322.64,"body":"sequentially. Maybe I'm not"},{"speaker":"Unknown","startTime":2322.64,"endTime":2325.76,"body":"right, maybe I'm doing them with"},{"speaker":"Unknown","startTime":2322.64,"endTime":2325.76,"body":"different contractors. Maybe"},{"speaker":"Unknown","startTime":2325.76,"endTime":2329.0,"body":"it's the same contractor, right?"},{"speaker":"Unknown","startTime":2325.76,"endTime":2329.0,"body":"And all of that stuff taken"},{"speaker":"Unknown","startTime":2329.0,"endTime":2332.6,"body":"together, I think of all those"},{"speaker":"Unknown","startTime":2329.0,"endTime":2332.6,"body":"things as elements of your"},{"speaker":"Unknown","startTime":2332.6,"endTime":2335.96,"body":"scope, right, right, okay,"},{"speaker":"Unknown","startTime":2332.6,"endTime":2335.96,"body":"because the scope is defined by"},{"speaker":"Unknown","startTime":2335.96,"endTime":2338.96,"body":"your contracts, not just by your"},{"speaker":"Unknown","startTime":2335.96,"endTime":2338.96,"body":"design, and by, you know, like"},{"speaker":"Unknown","startTime":2338.96,"endTime":2341.3,"body":"your project brief, or anything"},{"speaker":"Unknown","startTime":2338.96,"endTime":2341.3,"body":"like that. Like, there's a lot"},{"speaker":"Unknown","startTime":2341.3,"endTime":2343.66,"body":"of things that go into what your"},{"speaker":"Unknown","startTime":2341.3,"endTime":2343.66,"body":"scope is. Into what your scope"},{"speaker":"Unknown","startTime":2343.66,"endTime":2347.2,"body":"is, and contracts are a big part"},{"speaker":"Unknown","startTime":2343.66,"endTime":2347.2,"body":"of it. So if your contracts need"},{"speaker":"Unknown","startTime":2347.2,"endTime":2349.78,"body":"to change, that's effectively a"},{"speaker":"Unknown","startTime":2347.2,"endTime":2349.78,"body":"change to your project's scope,"},{"speaker":"Unknown","startTime":2349.78,"endTime":2352.54,"body":"right? Even if this, even if X,"},{"speaker":"Unknown","startTime":2349.78,"endTime":2352.54,"body":"Y and Z didn't change, what"},{"speaker":"Unknown","startTime":2352.66,"endTime":2355.12,"body":"sequence they're coming in,"},{"speaker":"Unknown","startTime":2352.66,"endTime":2355.12,"body":"higher contractually arranging,"},{"speaker":"Unknown","startTime":2355.12,"endTime":2357.52,"body":"things, all that stuff. Like,"},{"speaker":"Unknown","startTime":2355.12,"endTime":2357.52,"body":"that's that all is changing,"},{"speaker":"Unknown","startTime":2357.58,"endTime":2361.98,"body":"right, right? So, you know, the"},{"speaker":"Unknown","startTime":2357.58,"endTime":2361.98,"body":"six months ago, comment was"},{"speaker":"Unknown","startTime":2361.98,"endTime":2365.76,"body":"about the project. Systems that"},{"speaker":"Unknown","startTime":2361.98,"endTime":2365.76,"body":"are in place need to be able to"},{"speaker":"Unknown","startTime":2365.76,"endTime":2368.46,"body":"absorb and handle those kinds of"},{"speaker":"Unknown","startTime":2365.76,"endTime":2368.46,"body":"things regardless of what the"},{"speaker":"Unknown","startTime":2368.46,"endTime":2371.76,"body":"source of change is like. So"},{"speaker":"Unknown","startTime":2368.46,"endTime":2371.76,"body":"today, it's real messages. If"},{"speaker":"Unknown","startTime":2371.76,"endTime":2374.4,"body":"you don't have it, it's you"},{"speaker":"Unknown","startTime":2371.76,"endTime":2374.4,"body":"better be it's too late. The"},{"speaker":"Unknown","startTime":2374.4,"endTime":2377.28,"body":"horse is out of the barn, yeah?"},{"speaker":"Unknown","startTime":2374.4,"endTime":2377.28,"body":"Horses out of the barn. The"},{"speaker":"Unknown","startTime":2377.28,"endTime":2382.34,"body":"horse is out of the barn. Yeah,"},{"speaker":"Unknown","startTime":2377.28,"endTime":2382.34,"body":"exactly. So we're really, you"},{"speaker":"Unknown","startTime":2382.34,"endTime":2385.58,"body":"know, as Project professionals,"},{"speaker":"Unknown","startTime":2382.34,"endTime":2385.58,"body":"it's incumbent on us to make"},{"speaker":"Unknown","startTime":2385.58,"endTime":2388.28,"body":"sure that those things are there"},{"speaker":"Unknown","startTime":2385.58,"endTime":2388.28,"body":"in case we need them, right?"},{"speaker":"Unknown","startTime":2388.28,"endTime":2391.34,"body":"Yeah, yeah. So, yeah, you know"},{"speaker":"Unknown","startTime":2388.28,"endTime":2391.34,"body":"the handshake agreement. And I"},{"speaker":"Unknown","startTime":2391.34,"endTime":2393.86,"body":"could plan this on the back of"},{"speaker":"Unknown","startTime":2391.34,"endTime":2393.86,"body":"the napkin. Like, great for you,"},{"speaker":"Unknown","startTime":2393.92,"endTime":2397.04,"body":"but what about this, right?"},{"speaker":"Unknown","startTime":2393.92,"endTime":2397.04,"body":"Like, I guess your back of Nate"},{"speaker":"Unknown","startTime":2397.04,"endTime":2399.68,"body":"can plan probably did not"},{"speaker":"Unknown","startTime":2397.04,"endTime":2399.68,"body":"include a war of adventure in"},{"speaker":"Unknown","startTime":2399.68,"endTime":2399.92,"body":"Iraq."},{"speaker":"Unknown","startTime":2400.3,"endTime":2404.62,"body":"Um, you know, the the claims"},{"speaker":"Unknown","startTime":2400.3,"endTime":2404.62,"body":"process is interesting. I think"},{"speaker":"Unknown","startTime":2404.62,"endTime":2409.24,"body":"some companies, like, in covid,"},{"speaker":"Unknown","startTime":2404.62,"endTime":2409.24,"body":"there is like, kind of a wait"},{"speaker":"Unknown","startTime":2409.24,"endTime":2413.44,"body":"and see trap, if you will, like,"},{"speaker":"Unknown","startTime":2409.24,"endTime":2413.44,"body":"it happened. People just kind of"},{"speaker":"Unknown","startTime":2413.44,"endTime":2416.8,"body":"paused. People, I mean, like"},{"speaker":"Unknown","startTime":2413.44,"endTime":2416.8,"body":"companies paused and project,"},{"speaker":"Unknown","startTime":2416.8,"endTime":2421.62,"body":"let's wait and see. Prices went"},{"speaker":"Unknown","startTime":2416.8,"endTime":2421.62,"body":"up. Then suppliers left those"},{"speaker":"Unknown","startTime":2421.62,"endTime":2424.38,"body":"prices alone, then stuff cost"},{"speaker":"Unknown","startTime":2421.62,"endTime":2424.38,"body":"extra."},{"speaker":"Unknown","startTime":2425.76,"endTime":2432.0,"body":"So is the instinct at the"},{"speaker":"Unknown","startTime":2425.76,"endTime":2432.0,"body":"portfolio? Enterprise portfolio?"},{"speaker":"Unknown","startTime":2432.3,"endTime":2433.38,"body":"Is the instinct"},{"speaker":"Unknown","startTime":2434.58,"endTime":2439.38,"body":"to pause and wait for clarity?"},{"speaker":"Unknown","startTime":2434.58,"endTime":2439.38,"body":"Or is there something,"},{"speaker":"Unknown","startTime":2440.4,"endTime":2446.18,"body":"something else at play? Well,"},{"speaker":"Unknown","startTime":2440.4,"endTime":2446.18,"body":"that instinct is damaging, yeah,"},{"speaker":"Unknown","startTime":2446.3,"endTime":2449.9,"body":"you know, to macroeconomics and"},{"speaker":"Unknown","startTime":2446.3,"endTime":2449.9,"body":"maybe even to your individual"},{"speaker":"Unknown","startTime":2449.9,"endTime":2450.5,"body":"project,"},{"speaker":"Unknown","startTime":2451.52,"endTime":2453.92,"body":"and I'll tell you why. Like, we"},{"speaker":"Unknown","startTime":2451.52,"endTime":2453.92,"body":"touched on this, and, you know,"},{"speaker":"Unknown","startTime":2453.98,"endTime":2458.0,"body":"in a season one episode, you"},{"speaker":"Unknown","startTime":2453.98,"endTime":2458.0,"body":"know, we talked about how the"},{"speaker":"Unknown","startTime":2458.0,"endTime":2462.1,"body":"worry about covid actually"},{"speaker":"Unknown","startTime":2458.0,"endTime":2462.1,"body":"wasn't inflation at first, it"},{"speaker":"Unknown","startTime":2462.1,"endTime":2466.54,"body":"was deflation, right? Because"},{"speaker":"Unknown","startTime":2462.1,"endTime":2466.54,"body":"when the Great Depression was"},{"speaker":"Unknown","startTime":2466.54,"endTime":2469.18,"body":"caused by a deflationary cycle,"},{"speaker":"Unknown","startTime":2466.54,"endTime":2469.18,"body":"or was exacerbated by a"},{"speaker":"Unknown","startTime":2469.18,"endTime":2473.02,"body":"deflationary cycle where, you"},{"speaker":"Unknown","startTime":2469.18,"endTime":2473.02,"body":"know, people are concerned about"},{"speaker":"Unknown","startTime":2473.02,"endTime":2476.26,"body":"the state of the economy, and"},{"speaker":"Unknown","startTime":2473.02,"endTime":2476.26,"body":"hold back their their money to"},{"speaker":"Unknown","startTime":2476.38,"endTime":2479.2,"body":"buy things, and then the money"},{"speaker":"Unknown","startTime":2476.38,"endTime":2479.2,"body":"starts to dry up, and all of a"},{"speaker":"Unknown","startTime":2479.2,"endTime":2481.42,"body":"sudden they're like, well, now I"},{"speaker":"Unknown","startTime":2479.2,"endTime":2481.42,"body":"can't afford to buy that thing"},{"speaker":"Unknown","startTime":2481.42,"endTime":2483.72,"body":"that I wanted to buy, so need to"},{"speaker":"Unknown","startTime":2481.42,"endTime":2483.72,"body":"buy, so need to wait for the"},{"speaker":"Unknown","startTime":2483.72,"endTime":2486.84,"body":"price to go down. So then you"},{"speaker":"Unknown","startTime":2483.72,"endTime":2486.84,"body":"get a glut of supply. You know,"},{"speaker":"Unknown","startTime":2486.96,"endTime":2489.9,"body":"inventories build up. And as we"},{"speaker":"Unknown","startTime":2486.96,"endTime":2489.9,"body":"know from previous discussions,"},{"speaker":"Unknown","startTime":2489.9,"endTime":2494.34,"body":"inventory is not an asset, it's"},{"speaker":"Unknown","startTime":2489.9,"endTime":2494.34,"body":"a liability, right? So when"},{"speaker":"Unknown","startTime":2494.34,"endTime":2498.24,"body":"companies have that much"},{"speaker":"Unknown","startTime":2494.34,"endTime":2498.24,"body":"liability on their books, by the"},{"speaker":"Unknown","startTime":2498.24,"endTime":2501.68,"body":"way, in accounting terms, it is"},{"speaker":"Unknown","startTime":2498.24,"endTime":2501.68,"body":"an asset. I understand that. So"},{"speaker":"Unknown","startTime":2502.04,"endTime":2505.4,"body":"sit down. I understand all"},{"speaker":"Unknown","startTime":2502.04,"endTime":2505.4,"body":"right, but from a planning"},{"speaker":"Unknown","startTime":2505.4,"endTime":2508.04,"body":"perspective, it's very much a"},{"speaker":"Unknown","startTime":2505.4,"endTime":2508.04,"body":"liability, right? Because,"},{"speaker":"Unknown","startTime":2508.16,"endTime":2510.86,"body":"think, because if you don't have"},{"speaker":"Unknown","startTime":2508.16,"endTime":2510.86,"body":"a thing in a warehouse, it can't"},{"speaker":"Unknown","startTime":2510.86,"endTime":2513.56,"body":"catch on fire, it can't get"},{"speaker":"Unknown","startTime":2510.86,"endTime":2513.56,"body":"stolen, it can't be mishandled,"},{"speaker":"Unknown","startTime":2513.56,"endTime":2516.26,"body":"like it can't be misdelivered,"},{"speaker":"Unknown","startTime":2513.56,"endTime":2516.26,"body":"like, if it doesn't exist,"},{"speaker":"Unknown","startTime":2516.26,"endTime":2519.26,"body":"nothing can happen to it, yeah,"},{"speaker":"Unknown","startTime":2516.26,"endTime":2519.26,"body":"yeah. Well, I don't think any of"},{"speaker":"Unknown","startTime":2519.26,"endTime":2521.5,"body":"our listeners are going to be"},{"speaker":"Unknown","startTime":2519.26,"endTime":2521.5,"body":"grabbing, like, their P and L"},{"speaker":"Unknown","startTime":2521.5,"endTime":2525.64,"body":"and be like, no, no, it's an"},{"speaker":"Unknown","startTime":2521.5,"endTime":2525.64,"body":"asset. Like, I don't think"},{"speaker":"Unknown","startTime":2525.64,"endTime":2527.86,"body":"that's gonna happen. Well, I"},{"speaker":"Unknown","startTime":2525.64,"endTime":2527.86,"body":"welcome, I welcome the"},{"speaker":"Unknown","startTime":2527.86,"endTime":2531.1,"body":"conversation. So if you, if you"},{"speaker":"Unknown","startTime":2527.86,"endTime":2531.1,"body":"are, you know, a corporate"},{"speaker":"Unknown","startTime":2531.1,"endTime":2533.56,"body":"accountant, and you take great"},{"speaker":"Unknown","startTime":2531.1,"endTime":2533.56,"body":"umbrage at what I'm saying,"},{"speaker":"Unknown","startTime":2533.56,"endTime":2535.36,"body":"like, let's talk about it. Like,"},{"speaker":"Unknown","startTime":2536.38,"endTime":2540.6,"body":"you know, we'll leave a link in"},{"speaker":"Unknown","startTime":2536.38,"endTime":2540.6,"body":"the show notes for comments and"},{"speaker":"Unknown","startTime":2540.6,"endTime":2543.84,"body":"feedback. But yeah, if you're an"},{"speaker":"Unknown","startTime":2540.6,"endTime":2543.84,"body":"accountant, please, by all"},{"speaker":"Unknown","startTime":2543.84,"endTime":2547.02,"body":"means, leave a comment. Oh, and"},{"speaker":"Unknown","startTime":2543.84,"endTime":2547.02,"body":"fill out our survey. Albert,"},{"speaker":"Unknown","startTime":2547.02,"endTime":2550.08,"body":"yes, thank you. Yeah. Fill out"},{"speaker":"Unknown","startTime":2547.02,"endTime":2550.08,"body":"our survey. Yeah, tell us what"},{"speaker":"Unknown","startTime":2550.08,"endTime":2552.84,"body":"an idiot I am and how I don't"},{"speaker":"Unknown","startTime":2550.08,"endTime":2552.84,"body":"understand how accounting works."},{"speaker":"Unknown","startTime":2552.84,"endTime":2555.48,"body":"That's, that's I would love that"},{"speaker":"Unknown","startTime":2552.84,"endTime":2555.48,"body":"I would love nothing more. So"},{"speaker":"Unknown","startTime":2555.48,"endTime":2557.94,"body":"let me ask you, oh, sorry,"},{"speaker":"Unknown","startTime":2555.48,"endTime":2557.94,"body":"you're gonna go back to the"},{"speaker":"Unknown","startTime":2558.0,"endTime":2560.34,"body":"well, let me, let me see if I"},{"speaker":"Unknown","startTime":2558.0,"endTime":2560.34,"body":"can remember what I was trying"},{"speaker":"Unknown","startTime":2560.34,"endTime":2562.94,"body":"to talk about there, like the"},{"speaker":"Unknown","startTime":2560.34,"endTime":2562.94,"body":"deflationary cycle. Yeah, the"},{"speaker":"Unknown","startTime":2562.94,"endTime":2565.7,"body":"deflationary Yep. So as"},{"speaker":"Unknown","startTime":2562.94,"endTime":2565.7,"body":"inventories build up, right?"},{"speaker":"Unknown","startTime":2565.7,"endTime":2568.22,"body":"Companies don't need to make as"},{"speaker":"Unknown","startTime":2565.7,"endTime":2568.22,"body":"much stuff, which means they lay"},{"speaker":"Unknown","startTime":2568.22,"endTime":2570.62,"body":"people off, which means that"},{"speaker":"Unknown","startTime":2568.22,"endTime":2570.62,"body":"people have even less money on"},{"speaker":"Unknown","startTime":2570.62,"endTime":2573.32,"body":"average, which means that prices"},{"speaker":"Unknown","startTime":2570.62,"endTime":2573.32,"body":"continue to go down. So that's"},{"speaker":"Unknown","startTime":2573.32,"endTime":2575.96,"body":"the deflationary cycle that that"},{"speaker":"Unknown","startTime":2573.32,"endTime":2575.96,"body":"the Great Depression was kind"},{"speaker":"Unknown","startTime":2575.96,"endTime":2579.14,"body":"of, you know, built on, right?"},{"speaker":"Unknown","startTime":2575.96,"endTime":2579.14,"body":"So the the"},{"speaker":"Unknown","startTime":2580.34,"endTime":2583.24,"body":"quantitative easing and"},{"speaker":"Unknown","startTime":2580.34,"endTime":2583.24,"body":"government spending and those"},{"speaker":"Unknown","startTime":2583.24,"endTime":2585.58,"body":"kinds of things are what"},{"speaker":"Unknown","startTime":2583.24,"endTime":2585.58,"body":"traditionally help get you out"},{"speaker":"Unknown","startTime":2585.58,"endTime":2590.2,"body":"of a deflationary cycle. And a"},{"speaker":"Unknown","startTime":2585.58,"endTime":2590.2,"body":"lot of that happened in during"},{"speaker":"Unknown","startTime":2590.2,"endTime":2594.46,"body":"covid and that's like the point"},{"speaker":"Unknown","startTime":2590.2,"endTime":2594.46,"body":"of that is to be inflationary,"},{"speaker":"Unknown","startTime":2594.46,"endTime":2599.68,"body":"right? Because a healthy economy"},{"speaker":"Unknown","startTime":2594.46,"endTime":2599.68,"body":"is slightly inflationary, right?"},{"speaker":"Unknown","startTime":2599.86,"endTime":2604.2,"body":"So if I'm a board, I'm at the"},{"speaker":"Unknown","startTime":2599.86,"endTime":2604.2,"body":"enterprise portfolio level"},{"speaker":"Unknown","startTime":2604.2,"endTime":2609.0,"body":"project sponsor, the real choice"},{"speaker":"Unknown","startTime":2604.2,"endTime":2609.0,"body":"is not to pause, you know, wait,"},{"speaker":"Unknown","startTime":2609.6,"endTime":2613.5,"body":"you know that trap that truly is"},{"speaker":"Unknown","startTime":2609.6,"endTime":2613.5,"body":"a trap. You're saying it's to"},{"speaker":"Unknown","startTime":2614.46,"endTime":2618.36,"body":"reconfigure and then press"},{"speaker":"Unknown","startTime":2614.46,"endTime":2618.36,"body":"forward somehow. Yeah, that's"},{"speaker":"Unknown","startTime":2618.36,"endTime":2621.92,"body":"exactly it. I mean, it's,"},{"speaker":"Unknown","startTime":2618.36,"endTime":2621.92,"body":"really, it's a tough pill to"},{"speaker":"Unknown","startTime":2621.92,"endTime":2624.44,"body":"swallow, right, that your thing"},{"speaker":"Unknown","startTime":2621.92,"endTime":2624.44,"body":"is going to cost more and it's"},{"speaker":"Unknown","startTime":2624.44,"endTime":2627.14,"body":"going to take longer, but you"},{"speaker":"Unknown","startTime":2624.44,"endTime":2627.14,"body":"should still do it right. Like,"},{"speaker":"Unknown","startTime":2627.14,"endTime":2631.94,"body":"does a project sponsor say to"},{"speaker":"Unknown","startTime":2627.14,"endTime":2631.94,"body":"the PMO, like, well, actually,"},{"speaker":"Unknown","startTime":2631.94,"endTime":2636.62,"body":"what do they say? Like, what's"},{"speaker":"Unknown","startTime":2631.94,"endTime":2636.62,"body":"that conversation like? Well,"},{"speaker":"Unknown","startTime":2637.7,"endTime":2640.54,"body":"I guess that depends on, I say"},{"speaker":"Unknown","startTime":2637.7,"endTime":2640.54,"body":"that answer a lot. It depends on"},{"speaker":"Unknown","startTime":2640.54,"endTime":2641.32,"body":"the project, right? Yeah."},{"speaker":"Unknown","startTime":2642.52,"endTime":2646.9,"body":"And it really does, hard, hard,"},{"speaker":"Unknown","startTime":2642.52,"endTime":2646.9,"body":"heterogeneous, hard. There are"},{"speaker":"Unknown","startTime":2646.9,"endTime":2649.42,"body":"going to be some tough decisions"},{"speaker":"Unknown","startTime":2646.9,"endTime":2649.42,"body":"that need to get made. And we're"},{"speaker":"Unknown","startTime":2649.42,"endTime":2652.0,"body":"kind of, you know, I might want"},{"speaker":"Unknown","startTime":2649.42,"endTime":2652.0,"body":"to save this for my, my piece of"},{"speaker":"Unknown","startTime":2652.0,"endTime":2654.7,"body":"advice, yeah, don't give it"},{"speaker":"Unknown","startTime":2652.0,"endTime":2654.7,"body":"away. Don't give it away. I"},{"speaker":"Unknown","startTime":2654.7,"endTime":2657.04,"body":"won't give it not yet. No, you"},{"speaker":"Unknown","startTime":2654.7,"endTime":2657.04,"body":"got to listen to the end for"},{"speaker":"Unknown","startTime":2657.04,"endTime":2661.06,"body":"that. Sorry, sorry, Charlie. But"},{"speaker":"Unknown","startTime":2657.04,"endTime":2661.06,"body":"the, the main thing I want to,"},{"speaker":"Unknown","startTime":2661.06,"endTime":2663.36,"body":"the main thing I want to the"},{"speaker":"Unknown","startTime":2661.06,"endTime":2663.36,"body":"main point I want to make here"},{"speaker":"Unknown","startTime":2663.36,"endTime":2666.12,"body":"is that just the fact that"},{"speaker":"Unknown","startTime":2663.36,"endTime":2666.12,"body":"things got harder doesn't mean"},{"speaker":"Unknown","startTime":2666.12,"endTime":2669.84,"body":"you should stop necessarily."},{"speaker":"Unknown","startTime":2666.12,"endTime":2669.84,"body":"Okay, there is definitely, you"},{"speaker":"Unknown","startTime":2669.84,"endTime":2673.14,"body":"know, a wait and see trap that"},{"speaker":"Unknown","startTime":2669.84,"endTime":2673.14,"body":"you know you were alluding to"},{"speaker":"Unknown","startTime":2673.14,"endTime":2679.02,"body":"earlier. If things aren't going"},{"speaker":"Unknown","startTime":2673.14,"endTime":2679.02,"body":"to get any better, then that"},{"speaker":"Unknown","startTime":2679.02,"endTime":2681.8,"body":"means that they're either going"},{"speaker":"Unknown","startTime":2679.02,"endTime":2681.8,"body":"to stay the same or get worse?"},{"speaker":"Unknown","startTime":2681.86,"endTime":2685.64,"body":"Well, that's becomes your new"},{"speaker":"Unknown","startTime":2681.86,"endTime":2685.64,"body":"planning basis, right? Because"},{"speaker":"Unknown","startTime":2685.7,"endTime":2690.2,"body":"you can't plan on running a"},{"speaker":"Unknown","startTime":2685.7,"endTime":2690.2,"body":"company that's project driven"},{"speaker":"Unknown","startTime":2690.2,"endTime":2694.46,"body":"and just not doing anything"},{"speaker":"Unknown","startTime":2690.2,"endTime":2694.46,"body":"ever, right? Like eventually you"},{"speaker":"Unknown","startTime":2694.46,"endTime":2697.76,"body":"are going to have to do project"},{"speaker":"Unknown","startTime":2694.46,"endTime":2697.76,"body":"at some point. So you know, if"},{"speaker":"Unknown","startTime":2697.76,"endTime":2699.92,"body":"you put too much of that stuff"},{"speaker":"Unknown","startTime":2697.76,"endTime":2699.92,"body":"on ice, your impact."},{"speaker":"Unknown","startTime":2700.0,"endTime":2703.12,"body":"Testing your future cash flow."},{"speaker":"Unknown","startTime":2700.0,"endTime":2703.12,"body":"The point of capital projects is"},{"speaker":"Unknown","startTime":2703.12,"endTime":2706.72,"body":"to make you money down the road,"},{"speaker":"Unknown","startTime":2703.12,"endTime":2706.72,"body":"right? Yeah, well, so cash flow,"},{"speaker":"Unknown","startTime":2706.78,"endTime":2709.12,"body":"interesting, right? Like, that's"},{"speaker":"Unknown","startTime":2706.78,"endTime":2709.12,"body":"an interesting topic. Like"},{"speaker":"Unknown","startTime":2709.12,"endTime":2712.42,"body":"interest rates. We talked about"},{"speaker":"Unknown","startTime":2709.12,"endTime":2712.42,"body":"inflation. You're talking about"},{"speaker":"Unknown","startTime":2712.96,"endTime":2718.36,"body":"deflation. Like, yeah, the Fed"},{"speaker":"Unknown","startTime":2712.96,"endTime":2718.36,"body":"is kind of in a no win position,"},{"speaker":"Unknown","startTime":2718.36,"endTime":2721.14,"body":"right? With this in, like,"},{"speaker":"Unknown","startTime":2718.36,"endTime":2721.14,"body":"talking about, like, talking"},{"speaker":"Unknown","startTime":2721.14,"endTime":2723.42,"body":"about, like, national banks,"},{"speaker":"Unknown","startTime":2721.14,"endTime":2723.42,"body":"more generally, really, yeah,"},{"speaker":"Unknown","startTime":2723.42,"endTime":2727.02,"body":"more generally, like, this is"},{"speaker":"Unknown","startTime":2723.42,"endTime":2727.02,"body":"not, is it? It's not really a"},{"speaker":"Unknown","startTime":2727.02,"endTime":2730.86,"body":"win, win position that they're"},{"speaker":"Unknown","startTime":2727.02,"endTime":2730.86,"body":"in. I don't think, like, I'm"},{"speaker":"Unknown","startTime":2730.86,"endTime":2733.14,"body":"reading The Economist, and"},{"speaker":"Unknown","startTime":2730.86,"endTime":2733.14,"body":"they're talking about negative"},{"speaker":"Unknown","startTime":2733.14,"endTime":2738.42,"body":"supply shocks invest, like,"},{"speaker":"Unknown","startTime":2733.14,"endTime":2738.42,"body":"inflation starts to happen. It"},{"speaker":"Unknown","startTime":2738.42,"endTime":2739.44,"body":"hurts growth."},{"speaker":"Unknown","startTime":2741.18,"endTime":2745.52,"body":"Then, like, even futures, you"},{"speaker":"Unknown","startTime":2741.18,"endTime":2745.52,"body":"know, the market pricing is"},{"speaker":"Unknown","startTime":2745.52,"endTime":2746.9,"body":"implying that no change"},{"speaker":"Unknown","startTime":2748.1,"endTime":2751.16,"body":"of a rate cut is happening. I"},{"speaker":"Unknown","startTime":2748.1,"endTime":2751.16,"body":"think in some of my research,"},{"speaker":"Unknown","startTime":2751.16,"endTime":2755.06,"body":"there's the 10 year treasury"},{"speaker":"Unknown","startTime":2751.16,"endTime":2755.06,"body":"yield like these are already"},{"speaker":"Unknown","startTime":2755.06,"endTime":2758.12,"body":"climbing, right? Like they're"},{"speaker":"Unknown","startTime":2755.06,"endTime":2758.12,"body":"getting higher. So there's"},{"speaker":"Unknown","startTime":2758.12,"endTime":2762.16,"body":"impact. If I'm a capital"},{"speaker":"Unknown","startTime":2758.12,"endTime":2762.16,"body":"intensive organization. And"},{"speaker":"Unknown","startTime":2762.16,"endTime":2765.82,"body":"let's say I'm financing projects"},{"speaker":"Unknown","startTime":2762.16,"endTime":2765.82,"body":"with debt. Like, how am I"},{"speaker":"Unknown","startTime":2765.82,"endTime":2769.06,"body":"supposed to be interpreting this"},{"speaker":"Unknown","startTime":2765.82,"endTime":2769.06,"body":"on the topic of financing? I"},{"speaker":"Unknown","startTime":2769.06,"endTime":2771.7,"body":"mean the numbers, the numbers"},{"speaker":"Unknown","startTime":2769.06,"endTime":2771.7,"body":"are going to go up almost"},{"speaker":"Unknown","startTime":2771.7,"endTime":2774.64,"body":"certainly. And so this is, this"},{"speaker":"Unknown","startTime":2771.7,"endTime":2774.64,"body":"is going to be really this is"},{"speaker":"Unknown","startTime":2774.64,"endTime":2778.06,"body":"why you describe it as a no win"},{"speaker":"Unknown","startTime":2774.64,"endTime":2778.06,"body":"scenario. I guess because the"},{"speaker":"Unknown","startTime":2778.06,"endTime":2781.8,"body":"typical way that you encourage"},{"speaker":"Unknown","startTime":2778.06,"endTime":2781.8,"body":"growth in an economy is by"},{"speaker":"Unknown","startTime":2781.8,"endTime":2785.04,"body":"lowering interest rates, but the"},{"speaker":"Unknown","startTime":2781.8,"endTime":2785.04,"body":"way that you curb inflation is"},{"speaker":"Unknown","startTime":2785.04,"endTime":2789.12,"body":"by raising them, right? So we"},{"speaker":"Unknown","startTime":2785.04,"endTime":2789.12,"body":"have slower growth and higher"},{"speaker":"Unknown","startTime":2789.12,"endTime":2792.36,"body":"inflation, which, you know, is,"},{"speaker":"Unknown","startTime":2789.12,"endTime":2792.36,"body":"we've termed that stagflation in"},{"speaker":"Unknown","startTime":2792.36,"endTime":2795.0,"body":"the past. That's, that's a, you"},{"speaker":"Unknown","startTime":2792.36,"endTime":2795.0,"body":"know, an economics term. It's"},{"speaker":"Unknown","startTime":2795.0,"endTime":2798.66,"body":"one of the boogeymen of"},{"speaker":"Unknown","startTime":2795.0,"endTime":2798.66,"body":"economics. And a stagflationary"},{"speaker":"Unknown","startTime":2798.66,"endTime":2801.68,"body":"cycle is really, really damaging"},{"speaker":"Unknown","startTime":2798.66,"endTime":2801.68,"body":"for an economy, and we really"},{"speaker":"Unknown","startTime":2801.68,"endTime":2804.14,"body":"don't want to get into one. But"},{"speaker":"Unknown","startTime":2801.68,"endTime":2804.14,"body":"right now, it seems like it"},{"speaker":"Unknown","startTime":2804.14,"endTime":2806.84,"body":"might not be possible to avoid"},{"speaker":"Unknown","startTime":2804.14,"endTime":2806.84,"body":"it, because if you try to keep"},{"speaker":"Unknown","startTime":2806.84,"endTime":2810.44,"body":"things stable, right, they're"},{"speaker":"Unknown","startTime":2806.84,"endTime":2810.44,"body":"currently like benchmark"},{"speaker":"Unknown","startTime":2810.44,"endTime":2812.72,"body":"interest rates in the US are a"},{"speaker":"Unknown","startTime":2810.44,"endTime":2812.72,"body":"little higher than they"},{"speaker":"Unknown","startTime":2812.72,"endTime":2813.5,"body":"typically are."},{"speaker":"Unknown","startTime":2814.88,"endTime":2817.34,"body":"So if you keep them the same,"},{"speaker":"Unknown","startTime":2814.88,"endTime":2817.34,"body":"then you're not encouraging"},{"speaker":"Unknown","startTime":2817.34,"endTime":2819.56,"body":"growth, right? Because you're"},{"speaker":"Unknown","startTime":2817.34,"endTime":2819.56,"body":"not you're not flooding the"},{"speaker":"Unknown","startTime":2819.56,"endTime":2823.84,"body":"market with cheap capital to let"},{"speaker":"Unknown","startTime":2819.56,"endTime":2823.84,"body":"people go do project and make a"},{"speaker":"Unknown","startTime":2823.84,"endTime":2825.7,"body":"bunch more. You know,"},{"speaker":"Unknown","startTime":2823.84,"endTime":2825.7,"body":"productivity happen,"},{"speaker":"Unknown","startTime":2826.78,"endTime":2831.04,"body":"but if you if you do lower them,"},{"speaker":"Unknown","startTime":2826.78,"endTime":2831.04,"body":"then you're contributing to a"},{"speaker":"Unknown","startTime":2831.04,"endTime":2833.62,"body":"bunch of other inflationary"},{"speaker":"Unknown","startTime":2831.04,"endTime":2833.62,"body":"pressures that are going to"},{"speaker":"Unknown","startTime":2833.62,"endTime":2836.56,"body":"drive prices way up. And so any"},{"speaker":"Unknown","startTime":2833.62,"endTime":2836.56,"body":"productivity gains you might"},{"speaker":"Unknown","startTime":2836.56,"endTime":2839.74,"body":"have had a they won't be evenly"},{"speaker":"Unknown","startTime":2836.56,"endTime":2839.74,"body":"shared, because that's just the"},{"speaker":"Unknown","startTime":2839.74,"endTime":2842.94,"body":"world we live in the, you know,"},{"speaker":"Unknown","startTime":2839.74,"endTime":2842.94,"body":"cyberpunk future where, you"},{"speaker":"Unknown","startTime":2842.94,"endTime":2845.16,"body":"know, a vast majority of the"},{"speaker":"Unknown","startTime":2842.94,"endTime":2845.16,"body":"wealth is controlled by an"},{"speaker":"Unknown","startTime":2845.16,"endTime":2848.58,"body":"entire incredibly tiny number of"},{"speaker":"Unknown","startTime":2845.16,"endTime":2848.58,"body":"people. So, like, you know,"},{"speaker":"Unknown","startTime":2848.64,"endTime":2851.76,"body":"when, when you are talking about"},{"speaker":"Unknown","startTime":2848.64,"endTime":2851.76,"body":"productivity gains, they tend to"},{"speaker":"Unknown","startTime":2851.76,"endTime":2854.46,"body":"get concentrated amongst the"},{"speaker":"Unknown","startTime":2851.76,"endTime":2854.46,"body":"ultra wealthy who don't need it,"},{"speaker":"Unknown","startTime":2854.46,"endTime":2856.62,"body":"and the rest of us are left"},{"speaker":"Unknown","startTime":2854.46,"endTime":2856.62,"body":"wondering, you know, well, I"},{"speaker":"Unknown","startTime":2856.62,"endTime":2860.18,"body":"just got a raise, but I'm still"},{"speaker":"Unknown","startTime":2856.62,"endTime":2860.18,"body":"poor, right? Yeah, so, like, and"},{"speaker":"Unknown","startTime":2860.18,"endTime":2863.54,"body":"that's that's the problem with"},{"speaker":"Unknown","startTime":2860.18,"endTime":2863.54,"body":"trying to stimulate an economy"},{"speaker":"Unknown","startTime":2863.54,"endTime":2866.18,"body":"in a situation like this, is"},{"speaker":"Unknown","startTime":2863.54,"endTime":2866.18,"body":"that prices will go up and they"},{"speaker":"Unknown","startTime":2866.18,"endTime":2869.6,"body":"will outpace the the the"},{"speaker":"Unknown","startTime":2866.18,"endTime":2869.6,"body":"benefits of that economy as they"},{"speaker":"Unknown","startTime":2869.6,"endTime":2873.5,"body":"surface to most people. Well, in"},{"speaker":"Unknown","startTime":2869.6,"endTime":2873.5,"body":"that on the topic of capital"},{"speaker":"Unknown","startTime":2873.5,"endTime":2877.04,"body":"projects, like they're these"},{"speaker":"Unknown","startTime":2873.5,"endTime":2877.04,"body":"owner operator companies are not"},{"speaker":"Unknown","startTime":2877.04,"endTime":2880.3,"body":"going out and financing a"},{"speaker":"Unknown","startTime":2877.04,"endTime":2880.3,"body":"capital project, you know, based"},{"speaker":"Unknown","startTime":2880.3,"endTime":2884.62,"body":"on, like, a reserve account that"},{"speaker":"Unknown","startTime":2880.3,"endTime":2884.62,"body":"they have, like, they're going"},{"speaker":"Unknown","startTime":2884.62,"endTime":2887.44,"body":"out and financing with the"},{"speaker":"Unknown","startTime":2884.62,"endTime":2887.44,"body":"banks, with governments, yeah,"},{"speaker":"Unknown","startTime":2887.44,"endTime":2890.56,"body":"they're getting capital projects"},{"speaker":"Unknown","startTime":2887.44,"endTime":2890.56,"body":"are heavily leveraged, right?"},{"speaker":"Unknown","startTime":2890.56,"endTime":2895.9,"body":"Yeah, yeah. So it does mean that"},{"speaker":"Unknown","startTime":2890.56,"endTime":2895.9,"body":"industries that and companies"},{"speaker":"Unknown","startTime":2895.9,"endTime":2898.96,"body":"that can sell finance projects"},{"speaker":"Unknown","startTime":2895.9,"endTime":2898.96,"body":"are starting on third base right"},{"speaker":"Unknown","startTime":2898.96,"endTime":2902.94,"body":"now, but that also means that"},{"speaker":"Unknown","startTime":2898.96,"endTime":2902.94,"body":"their portfolio just shrunk"},{"speaker":"Unknown","startTime":2903.0,"endTime":2905.82,"body":"somewhat. You know, earlier I"},{"speaker":"Unknown","startTime":2903.0,"endTime":2905.82,"body":"said, Yeah, you got a project in"},{"speaker":"Unknown","startTime":2905.82,"endTime":2909.0,"body":"the pipeline. Go do it. But that"},{"speaker":"Unknown","startTime":2905.82,"endTime":2909.0,"body":"can't necessarily mean"},{"speaker":"Unknown","startTime":2909.0,"endTime":2911.64,"body":"practically, there are limits to"},{"speaker":"Unknown","startTime":2909.0,"endTime":2911.64,"body":"that, right? Like, if you can't"},{"speaker":"Unknown","startTime":2911.64,"endTime":2913.98,"body":"afford the financing, then you"},{"speaker":"Unknown","startTime":2911.64,"endTime":2913.98,"body":"can't afford the project, then"},{"speaker":"Unknown","startTime":2913.98,"endTime":2917.22,"body":"you're self financing, and you"},{"speaker":"Unknown","startTime":2913.98,"endTime":2917.22,"body":"kind of have to find that money"},{"speaker":"Unknown","startTime":2917.22,"endTime":2920.54,"body":"somewhere, right? So the"},{"speaker":"Unknown","startTime":2917.22,"endTime":2920.54,"body":"traditional way of finding that"},{"speaker":"Unknown","startTime":2920.54,"endTime":2922.94,"body":"money is by selling off assets"},{"speaker":"Unknown","startTime":2920.54,"endTime":2922.94,"body":"and laying people off, right?"},{"speaker":"Unknown","startTime":2922.94,"endTime":2925.34,"body":"And maybe at the end of a"},{"speaker":"Unknown","startTime":2922.94,"endTime":2925.34,"body":"rainbow."},{"speaker":"Unknown","startTime":2928.34,"endTime":2931.4,"body":"Well, look, I mean, those of us"},{"speaker":"Unknown","startTime":2928.34,"endTime":2931.4,"body":"who don't own gigantic"},{"speaker":"Unknown","startTime":2931.4,"endTime":2933.8,"body":"multinational companies are"},{"speaker":"Unknown","startTime":2931.4,"endTime":2933.8,"body":"hoping for a leprechaun"},{"speaker":"Unknown","startTime":2933.8,"endTime":2936.92,"body":"situation, right? Exactly that"},{"speaker":"Unknown","startTime":2933.8,"endTime":2936.92,"body":"would be. That's not going to"},{"speaker":"Unknown","startTime":2939.38,"endTime":2944.8,"body":"help Albert. We've covered oil"},{"speaker":"Unknown","startTime":2939.38,"endTime":2944.8,"body":"shocks, supply chain, you know,"},{"speaker":"Unknown","startTime":2944.86,"endTime":2947.98,"body":"simultaneous kind of crashing."},{"speaker":"Unknown","startTime":2949.06,"endTime":2951.64,"body":"We've talked about force"},{"speaker":"Unknown","startTime":2949.06,"endTime":2951.64,"body":"majeure, exposure, workforce,"},{"speaker":"Unknown","startTime":2951.64,"endTime":2957.22,"body":"risk, water, you know, the human"},{"speaker":"Unknown","startTime":2951.64,"endTime":2957.22,"body":"humanitarian cost and all that."},{"speaker":"Unknown","startTime":2958.06,"endTime":2961.92,"body":"There's a lot hitting our"},{"speaker":"Unknown","startTime":2958.06,"endTime":2961.92,"body":"project sponsor listeners right"},{"speaker":"Unknown","startTime":2961.92,"endTime":2966.0,"body":"now. So, yeah, I think for your"},{"speaker":"Unknown","startTime":2961.92,"endTime":2966.0,"body":"one piece of advice, like, what"},{"speaker":"Unknown","startTime":2966.0,"endTime":2969.06,"body":"I'd like to ask you is, if"},{"speaker":"Unknown","startTime":2966.0,"endTime":2969.06,"body":"you're sitting across the table"},{"speaker":"Unknown","startTime":2969.06,"endTime":2973.68,"body":"from a, let's say, a VP of"},{"speaker":"Unknown","startTime":2969.06,"endTime":2973.68,"body":"project controls, you know,"},{"speaker":"Unknown","startTime":2973.68,"endTime":2976.92,"body":"maybe a CFO, somebody who's"},{"speaker":"Unknown","startTime":2973.68,"endTime":2976.92,"body":"looking after sort of the"},{"speaker":"Unknown","startTime":2976.92,"endTime":2978.42,"body":"enterprise portfolio,"},{"speaker":"Unknown","startTime":2979.8,"endTime":2982.52,"body":"like, what's your one piece of"},{"speaker":"Unknown","startTime":2979.8,"endTime":2982.52,"body":"advice for something they should"},{"speaker":"Unknown","startTime":2982.52,"endTime":2983.54,"body":"do by the end of the month?"},{"speaker":"Unknown","startTime":2984.8,"endTime":2987.8,"body":"Well, I imagine that these"},{"speaker":"Unknown","startTime":2984.8,"endTime":2987.8,"body":"meetings are already happening,"},{"speaker":"Unknown","startTime":2988.4,"endTime":2991.34,"body":"but if they if they aren't, then"},{"speaker":"Unknown","startTime":2988.4,"endTime":2991.34,"body":"here's the meeting you should"},{"speaker":"Unknown","startTime":2991.34,"endTime":2993.86,"body":"have, right? You know, we were"},{"speaker":"Unknown","startTime":2991.34,"endTime":2993.86,"body":"talking earlier about these"},{"speaker":"Unknown","startTime":2993.86,"endTime":2997.58,"body":"planning cycles being multiple"},{"speaker":"Unknown","startTime":2993.86,"endTime":2997.58,"body":"years long. You know, the next"},{"speaker":"Unknown","startTime":2997.58,"endTime":2999.74,"body":"few quarters are planned out"},{"speaker":"Unknown","startTime":2997.58,"endTime":2999.74,"body":"with."},{"speaker":"Unknown","startTime":3000.0,"endTime":3003.96,"body":"Scope driven cost estimates for"},{"speaker":"Unknown","startTime":3000.0,"endTime":3003.96,"body":"what people intend to do, and"},{"speaker":"Unknown","startTime":3003.96,"endTime":3006.6,"body":"some of those products will be"},{"speaker":"Unknown","startTime":3003.96,"endTime":3006.6,"body":"in flight right now, right?"},{"speaker":"Unknown","startTime":3006.6,"endTime":3009.48,"body":"Yeah, and those in flight"},{"speaker":"Unknown","startTime":3006.6,"endTime":3009.48,"body":"projects are the ones that are"},{"speaker":"Unknown","startTime":3009.48,"endTime":3012.24,"body":"at the greatest risk, because"},{"speaker":"Unknown","startTime":3009.48,"endTime":3012.24,"body":"they're the ones that didn't"},{"speaker":"Unknown","startTime":3012.24,"endTime":3016.2,"body":"have the opportunity to price"},{"speaker":"Unknown","startTime":3012.24,"endTime":3016.2,"body":"all this stuff in except, as you"},{"speaker":"Unknown","startTime":3016.2,"endTime":3019.8,"body":"know, uncertainty and systemic"},{"speaker":"Unknown","startTime":3016.2,"endTime":3019.8,"body":"risk, which is likely not going"},{"speaker":"Unknown","startTime":3019.8,"endTime":3020.78,"body":"to be enough for a lot of them."},{"speaker":"Unknown","startTime":3021.92,"endTime":3025.04,"body":"So you're effectively having to"},{"speaker":"Unknown","startTime":3021.92,"endTime":3025.04,"body":"bucket your projects in your"},{"speaker":"Unknown","startTime":3025.04,"endTime":3029.0,"body":"pipeline in three ways, like"},{"speaker":"Unknown","startTime":3025.04,"endTime":3029.0,"body":"first, are the projects that you"},{"speaker":"Unknown","startTime":3029.0,"endTime":3032.48,"body":"accelerate, the ones that you"},{"speaker":"Unknown","startTime":3029.0,"endTime":3032.48,"body":"bring to now, right? Those are"},{"speaker":"Unknown","startTime":3032.48,"endTime":3035.18,"body":"going to be the ones that are"},{"speaker":"Unknown","startTime":3032.48,"endTime":3035.18,"body":"insulated from these exposures,"},{"speaker":"Unknown","startTime":3035.18,"endTime":3038.3,"body":"right? Because they're driven by"},{"speaker":"Unknown","startTime":3035.18,"endTime":3038.3,"body":"domestically produced materials"},{"speaker":"Unknown","startTime":3038.3,"endTime":3041.5,"body":"or things that you have on hand."},{"speaker":"Unknown","startTime":3038.3,"endTime":3041.5,"body":"You know, you can execute them"},{"speaker":"Unknown","startTime":3041.5,"endTime":3046.54,"body":"quickly and locally. Those kinds"},{"speaker":"Unknown","startTime":3041.5,"endTime":3046.54,"body":"of things are where you should"},{"speaker":"Unknown","startTime":3046.54,"endTime":3049.48,"body":"be spending your money right"},{"speaker":"Unknown","startTime":3046.54,"endTime":3049.48,"body":"now, you know, because it limits"},{"speaker":"Unknown","startTime":3049.48,"endTime":3052.48,"body":"your exposure to a capital"},{"speaker":"Unknown","startTime":3049.48,"endTime":3052.48,"body":"environment that has gone"},{"speaker":"Unknown","startTime":3052.48,"endTime":3056.38,"body":"haywire, at least in the short"},{"speaker":"Unknown","startTime":3052.48,"endTime":3056.38,"body":"term. So you you really need to,"},{"speaker":"Unknown","startTime":3056.38,"endTime":3060.1,"body":"just like, take those things and"},{"speaker":"Unknown","startTime":3056.38,"endTime":3060.1,"body":"focus on them, right? So that's"},{"speaker":"Unknown","startTime":3060.1,"endTime":3062.52,"body":"especially true if you have"},{"speaker":"Unknown","startTime":3060.1,"endTime":3062.52,"body":"projects in the pipeline that"},{"speaker":"Unknown","startTime":3062.52,"endTime":3066.72,"body":"are coming up soon that have"},{"speaker":"Unknown","startTime":3062.52,"endTime":3066.72,"body":"dependencies on things that are"},{"speaker":"Unknown","startTime":3066.72,"endTime":3069.12,"body":"supplied out of the Middle East,"},{"speaker":"Unknown","startTime":3066.72,"endTime":3069.12,"body":"or the things that are going to"},{"speaker":"Unknown","startTime":3069.12,"endTime":3072.54,"body":"be impacted by the more broad,"},{"speaker":"Unknown","startTime":3069.12,"endTime":3072.54,"body":"you know, pricing crisis. You"},{"speaker":"Unknown","startTime":3072.54,"endTime":3075.72,"body":"know, one of the things like the"},{"speaker":"Unknown","startTime":3072.54,"endTime":3075.72,"body":"fallacy is told in the US right"},{"speaker":"Unknown","startTime":3075.72,"endTime":3078.12,"body":"now is, well, we're oil"},{"speaker":"Unknown","startTime":3075.72,"endTime":3078.12,"body":"independent, so we're insulated"},{"speaker":"Unknown","startTime":3078.12,"endTime":3082.16,"body":"from this. No, you're not right"},{"speaker":"Unknown","startTime":3078.12,"endTime":3082.16,"body":"like the the US is a net"},{"speaker":"Unknown","startTime":3082.16,"endTime":3086.06,"body":"exporter of of oil and of energy"},{"speaker":"Unknown","startTime":3082.16,"endTime":3086.06,"body":"more generally, and they are the"},{"speaker":"Unknown","startTime":3086.06,"endTime":3089.36,"body":"largest LNG supplier in the"},{"speaker":"Unknown","startTime":3086.06,"endTime":3089.36,"body":"world, and they're already"},{"speaker":"Unknown","startTime":3089.36,"endTime":3092.72,"body":"hurting from these because the"},{"speaker":"Unknown","startTime":3089.36,"endTime":3092.72,"body":"prices for these commodities are"},{"speaker":"Unknown","startTime":3092.72,"endTime":3095.72,"body":"not local. They are global,"},{"speaker":"Unknown","startTime":3092.72,"endTime":3095.72,"body":"right, right, right, right. But,"},{"speaker":"Unknown","startTime":3095.96,"endTime":3101.32,"body":"but having said that, having"},{"speaker":"Unknown","startTime":3095.96,"endTime":3101.32,"body":"that local supply does help, and"},{"speaker":"Unknown","startTime":3101.32,"endTime":3105.16,"body":"it gives you levers that you can"},{"speaker":"Unknown","startTime":3101.32,"endTime":3105.16,"body":"pull that other other countries"},{"speaker":"Unknown","startTime":3105.16,"endTime":3108.58,"body":"won't have. Right? Like, the US"},{"speaker":"Unknown","startTime":3105.16,"endTime":3108.58,"body":"is currently exporting an"},{"speaker":"Unknown","startTime":3108.58,"endTime":3112.72,"body":"enormous amount of LNG and does"},{"speaker":"Unknown","startTime":3108.58,"endTime":3112.72,"body":"not have a specific stockpile"},{"speaker":"Unknown","startTime":3112.72,"endTime":3116.44,"body":"for it. Well, what if it did,"},{"speaker":"Unknown","startTime":3112.72,"endTime":3116.44,"body":"right? Like, one act of"},{"speaker":"Unknown","startTime":3116.44,"endTime":3119.08,"body":"Congress, which, you know, haha,"},{"speaker":"Unknown","startTime":3116.44,"endTime":3119.08,"body":"right, that's that's gonna"},{"speaker":"Unknown","startTime":3119.08,"endTime":3123.06,"body":"happen, creates an LNG stockpile"},{"speaker":"Unknown","startTime":3119.08,"endTime":3123.06,"body":"and encourages the US government"},{"speaker":"Unknown","startTime":3123.06,"endTime":3126.36,"body":"to spend taxpayer dollars on"},{"speaker":"Unknown","startTime":3123.06,"endTime":3126.36,"body":"buying LNG so they can do easing"},{"speaker":"Unknown","startTime":3126.36,"endTime":3129.72,"body":"in the future. You know that"},{"speaker":"Unknown","startTime":3126.36,"endTime":3129.72,"body":"that is the kind of thing that"},{"speaker":"Unknown","startTime":3129.78,"endTime":3132.9,"body":"could actually happen so, but it"},{"speaker":"Unknown","startTime":3129.78,"endTime":3132.9,"body":"can happen if you don't produce"},{"speaker":"Unknown","startTime":3132.9,"endTime":3135.48,"body":"enough of it to store right,"},{"speaker":"Unknown","startTime":3132.9,"endTime":3135.48,"body":"right, right. Otherwise you're"},{"speaker":"Unknown","startTime":3135.48,"endTime":3137.88,"body":"buying it from the open market,"},{"speaker":"Unknown","startTime":3135.48,"endTime":3137.88,"body":"we're back to square one. So"},{"speaker":"Unknown","startTime":3137.88,"endTime":3142.4,"body":"anyway, domestically produced"},{"speaker":"Unknown","startTime":3137.88,"endTime":3142.4,"body":"materials and things on hand,"},{"speaker":"Unknown","startTime":3142.4,"endTime":3146.54,"body":"and stuff that is procurement"},{"speaker":"Unknown","startTime":3142.4,"endTime":3146.54,"body":"light and labor heavy accelerate"},{"speaker":"Unknown","startTime":3146.54,"endTime":3149.48,"body":"those projects. Okay? The"},{"speaker":"Unknown","startTime":3146.54,"endTime":3149.48,"body":"really, really tough one,"},{"speaker":"Unknown","startTime":3149.48,"endTime":3151.46,"body":"though, is that some of the"},{"speaker":"Unknown","startTime":3149.48,"endTime":3151.46,"body":"products that are in flight"},{"speaker":"Unknown","startTime":3151.46,"endTime":3155.6,"body":"right now may become"},{"speaker":"Unknown","startTime":3151.46,"endTime":3155.6,"body":"unaffordable because of current"},{"speaker":"Unknown","startTime":3155.6,"endTime":3158.42,"body":"price fluctuations, so you"},{"speaker":"Unknown","startTime":3155.6,"endTime":3158.42,"body":"either need to mothball or"},{"speaker":"Unknown","startTime":3158.42,"endTime":3162.76,"body":"cancel those okay. There is you"},{"speaker":"Unknown","startTime":3158.42,"endTime":3162.76,"body":"guys. You're very aware of the"},{"speaker":"Unknown","startTime":3162.76,"endTime":3166.42,"body":"sun. Sounds like the second"},{"speaker":"Unknown","startTime":3162.76,"endTime":3166.42,"body":"bucket that you're gonna get"},{"speaker":"Unknown","startTime":3166.42,"endTime":3169.9,"body":"into, right here. The second"},{"speaker":"Unknown","startTime":3166.42,"endTime":3169.9,"body":"bucket, what is shut it down,"},{"speaker":"Unknown","startTime":3169.9,"endTime":3173.32,"body":"right? Second bucket is shutter"},{"speaker":"Unknown","startTime":3169.9,"endTime":3173.32,"body":"okay? Like there are plenty of"},{"speaker":"Unknown","startTime":3173.32,"endTime":3177.94,"body":"projects out there right now"},{"speaker":"Unknown","startTime":3173.32,"endTime":3177.94,"body":"that are not going to make their"},{"speaker":"Unknown","startTime":3177.94,"endTime":3181.5,"body":"money back, right, because the"},{"speaker":"Unknown","startTime":3177.94,"endTime":3181.5,"body":"prices that they're about to pay"},{"speaker":"Unknown","startTime":3181.5,"endTime":3185.22,"body":"for commodities, both basic and"},{"speaker":"Unknown","startTime":3181.5,"endTime":3185.22,"body":"finished, are going to go up in"},{"speaker":"Unknown","startTime":3185.22,"endTime":3189.42,"body":"the next six months. Yeah, yeah."},{"speaker":"Unknown","startTime":3185.22,"endTime":3189.42,"body":"And like, how much that increase"},{"speaker":"Unknown","startTime":3189.54,"endTime":3193.32,"body":"is, like, we really don't know"},{"speaker":"Unknown","startTime":3189.54,"endTime":3193.32,"body":"yet, but it's not nothing,"},{"speaker":"Unknown","startTime":3193.74,"endTime":3198.12,"body":"right, right? So if you, if"},{"speaker":"Unknown","startTime":3193.74,"endTime":3198.12,"body":"you're taking a risk impacted"},{"speaker":"Unknown","startTime":3198.12,"endTime":3200.54,"body":"view of your portfolio, which"},{"speaker":"Unknown","startTime":3198.12,"endTime":3200.54,"body":"you should then there are"},{"speaker":"Unknown","startTime":3200.54,"endTime":3203.0,"body":"projects in there, in your"},{"speaker":"Unknown","startTime":3200.54,"endTime":3203.0,"body":"pipeline right now, that are"},{"speaker":"Unknown","startTime":3203.0,"endTime":3205.58,"body":"active, that are in progress,"},{"speaker":"Unknown","startTime":3203.0,"endTime":3205.58,"body":"that's going to feel bad. It's"},{"speaker":"Unknown","startTime":3205.58,"endTime":3209.3,"body":"going to feel bad to cut those"},{"speaker":"Unknown","startTime":3205.58,"endTime":3209.3,"body":"projects, but you have to right,"},{"speaker":"Unknown","startTime":3209.48,"endTime":3213.44,"body":"right? So that's bucket two, and"},{"speaker":"Unknown","startTime":3209.48,"endTime":3213.44,"body":"bucket three is basically for"},{"speaker":"Unknown","startTime":3213.44,"endTime":3216.5,"body":"all the remaining stuff. It's"},{"speaker":"Unknown","startTime":3213.44,"endTime":3216.5,"body":"time to do a comprehensive re"},{"speaker":"Unknown","startTime":3216.5,"endTime":3220.36,"body":"plan. Okay, what is that? Well,"},{"speaker":"Unknown","startTime":3216.5,"endTime":3220.36,"body":"you know, I was talking earlier"},{"speaker":"Unknown","startTime":3220.36,"endTime":3223.72,"body":"about the Enterprise Risk"},{"speaker":"Unknown","startTime":3220.36,"endTime":3223.72,"body":"component to portfolio planning,"},{"speaker":"Unknown","startTime":3224.02,"endTime":3228.22,"body":"right, and how that takes up a"},{"speaker":"Unknown","startTime":3224.02,"endTime":3228.22,"body":"bigger share, you know. So if"},{"speaker":"Unknown","startTime":3228.22,"endTime":3232.06,"body":"you're thinking about longer"},{"speaker":"Unknown","startTime":3228.22,"endTime":3232.06,"body":"procurement cycles, and, you"},{"speaker":"Unknown","startTime":3232.06,"endTime":3234.34,"body":"know, just schedule extension"},{"speaker":"Unknown","startTime":3232.06,"endTime":3234.34,"body":"more generally, and you're"},{"speaker":"Unknown","startTime":3234.34,"endTime":3237.76,"body":"thinking about higher prices for"},{"speaker":"Unknown","startTime":3234.34,"endTime":3237.76,"body":"things, then you know, in your"},{"speaker":"Unknown","startTime":3237.76,"endTime":3240.6,"body":"head, you're probably building a"},{"speaker":"Unknown","startTime":3237.76,"endTime":3240.6,"body":"little cash flow diagram, right?"},{"speaker":"Unknown","startTime":3240.9,"endTime":3244.5,"body":"Like, you now have a bigger"},{"speaker":"Unknown","startTime":3240.9,"endTime":3244.5,"body":"number spread out over a longer"},{"speaker":"Unknown","startTime":3244.5,"endTime":3247.02,"body":"period of time, and no matter"},{"speaker":"Unknown","startTime":3244.5,"endTime":3247.02,"body":"how you slice it, that's"},{"speaker":"Unknown","startTime":3247.02,"endTime":3249.6,"body":"different from whatever you had"},{"speaker":"Unknown","startTime":3247.02,"endTime":3249.6,"body":"before, right, right? So bring"},{"speaker":"Unknown","startTime":3249.6,"endTime":3251.46,"body":"the team together, and you need"},{"speaker":"Unknown","startTime":3249.6,"endTime":3251.46,"body":"to bring the team, yeah,"},{"speaker":"Unknown","startTime":3251.46,"endTime":3254.52,"body":"exactly, to have that"},{"speaker":"Unknown","startTime":3251.46,"endTime":3254.52,"body":"conversation. You got it, right?"},{"speaker":"Unknown","startTime":3254.82,"endTime":3258.18,"body":"So, you know, it's, it's really"},{"speaker":"Unknown","startTime":3254.82,"endTime":3258.18,"body":"and, by the way, the the"},{"speaker":"Unknown","startTime":3258.6,"endTime":3261.26,"body":"shuttering projects thing, like,"},{"speaker":"Unknown","startTime":3258.6,"endTime":3261.26,"body":"you know, it sucks and it's"},{"speaker":"Unknown","startTime":3261.26,"endTime":3264.98,"body":"gonna hurt, but it frees up"},{"speaker":"Unknown","startTime":3261.26,"endTime":3264.98,"body":"money and also human capital,"},{"speaker":"Unknown","startTime":3264.98,"endTime":3267.56,"body":"right? Like the people who are"},{"speaker":"Unknown","startTime":3264.98,"endTime":3267.56,"body":"working on those projects, and"},{"speaker":"Unknown","startTime":3267.56,"endTime":3272.12,"body":"the materials they had procured"},{"speaker":"Unknown","startTime":3267.56,"endTime":3272.12,"body":"to advance those projects exists"},{"speaker":"Unknown","startTime":3272.12,"endTime":3275.72,"body":"in your organization today,"},{"speaker":"Unknown","startTime":3272.12,"endTime":3275.72,"body":"right? So it's, it's, you can"},{"speaker":"Unknown","startTime":3275.72,"endTime":3278.18,"body":"think of it less as like, I'm"},{"speaker":"Unknown","startTime":3275.72,"endTime":3278.18,"body":"cutting things, it's gonna feel"},{"speaker":"Unknown","startTime":3278.18,"endTime":3281.2,"body":"bad, like, you know, and more"},{"speaker":"Unknown","startTime":3278.18,"endTime":3281.2,"body":"like, I'm freeing up resources,"},{"speaker":"Unknown","startTime":3281.26,"endTime":3284.26,"body":"right? So that I can do some of"},{"speaker":"Unknown","startTime":3281.26,"endTime":3284.26,"body":"these higher ROI projects."},{"speaker":"Unknown","startTime":3284.26,"endTime":3287.62,"body":"Because, like, right now, this"},{"speaker":"Unknown","startTime":3284.26,"endTime":3287.62,"body":"is, this is real dog eat dog"},{"speaker":"Unknown","startTime":3287.62,"endTime":3290.2,"body":"stuff in the project V product,"},{"speaker":"Unknown","startTime":3287.62,"endTime":3290.2,"body":"because that's how it breaks"},{"speaker":"Unknown","startTime":3290.2,"endTime":3292.66,"body":"down. Like at the portfolio"},{"speaker":"Unknown","startTime":3290.2,"endTime":3292.66,"body":"level, projects are battling"},{"speaker":"Unknown","startTime":3292.66,"endTime":3295.96,"body":"with each other for capital,"},{"speaker":"Unknown","startTime":3292.66,"endTime":3295.96,"body":"for, like, the scarce resource"},{"speaker":"Unknown","startTime":3295.96,"endTime":3299.62,"body":"of money, right, right, right?"},{"speaker":"Unknown","startTime":3295.96,"endTime":3299.62,"body":"So they have to make their case."},{"speaker":"Unknown","startTime":3299.74,"endTime":3299.92,"body":"One."},{"speaker":"Unknown","startTime":3300.0,"endTime":3303.54,"body":"Way more strongly than they"},{"speaker":"Unknown","startTime":3300.0,"endTime":3303.54,"body":"would have six weeks ago."},{"speaker":"Unknown","startTime":3304.62,"endTime":3308.76,"body":"So you know, that's just the"},{"speaker":"Unknown","startTime":3304.62,"endTime":3308.76,"body":"facts of life, but once that"},{"speaker":"Unknown","startTime":3308.76,"endTime":3311.1,"body":"conversation happens, you're"},{"speaker":"Unknown","startTime":3308.76,"endTime":3311.1,"body":"going to wind up with a more"},{"speaker":"Unknown","startTime":3311.1,"endTime":3315.06,"body":"robust portfolio that's more"},{"speaker":"Unknown","startTime":3311.1,"endTime":3315.06,"body":"easily able to weather this"},{"speaker":"Unknown","startTime":3315.06,"endTime":3318.96,"body":"storm. And if things get better,"},{"speaker":"Unknown","startTime":3315.06,"endTime":3318.96,"body":"you can do it again, right? You"},{"speaker":"Unknown","startTime":3318.96,"endTime":3321.74,"body":"can come back together. You can"},{"speaker":"Unknown","startTime":3318.96,"endTime":3321.74,"body":"have the conversation again. You"},{"speaker":"Unknown","startTime":3321.74,"endTime":3324.62,"body":"can replan things again. But I'm"},{"speaker":"Unknown","startTime":3321.74,"endTime":3324.62,"body":"betting that a lot of the"},{"speaker":"Unknown","startTime":3324.62,"endTime":3328.1,"body":"decisions that get made over the"},{"speaker":"Unknown","startTime":3324.62,"endTime":3328.1,"body":"next, you know, six weeks, will"},{"speaker":"Unknown","startTime":3328.1,"endTime":3331.82,"body":"be durable for the next at least"},{"speaker":"Unknown","startTime":3328.1,"endTime":3331.82,"body":"six months, right? Probably year"},{"speaker":"Unknown","startTime":3331.82,"endTime":3335.84,"body":"or two, right? So that's part of"},{"speaker":"Unknown","startTime":3331.82,"endTime":3335.84,"body":"the reason why, you know, I said"},{"speaker":"Unknown","startTime":3335.84,"endTime":3339.32,"body":"earlier, the five year picture"},{"speaker":"Unknown","startTime":3335.84,"endTime":3339.32,"body":"probably looks a lot like the"},{"speaker":"Unknown","startTime":3339.32,"endTime":3341.92,"body":"last five years. And I do"},{"speaker":"Unknown","startTime":3339.32,"endTime":3341.92,"body":"genuinely believe that, but that"},{"speaker":"Unknown","startTime":3341.92,"endTime":3345.04,"body":"doesn't mean that the next two"},{"speaker":"Unknown","startTime":3341.92,"endTime":3345.04,"body":"years look the same. They won't,"},{"speaker":"Unknown","startTime":3345.22,"endTime":3349.3,"body":"right, and this is why. Anyway,"},{"speaker":"Unknown","startTime":3345.22,"endTime":3349.3,"body":"that's, that's, that's my take"},{"speaker":"Unknown","startTime":3349.3,"endTime":3352.84,"body":"on it. Yeah, thanks, Albert."},{"speaker":"Unknown","startTime":3349.3,"endTime":3352.84,"body":"Well, thanks, that was an"},{"speaker":"Unknown","startTime":3352.84,"endTime":3356.14,"body":"interesting conversation. So I"},{"speaker":"Unknown","startTime":3352.84,"endTime":3356.14,"body":"just want to mention our"},{"speaker":"Unknown","startTime":3356.14,"endTime":3359.32,"body":"listener survey, please. You"},{"speaker":"Unknown","startTime":3356.14,"endTime":3359.32,"body":"know if you're listening, we"},{"speaker":"Unknown","startTime":3359.32,"endTime":3362.82,"body":"would love to hear your"},{"speaker":"Unknown","startTime":3359.32,"endTime":3362.82,"body":"feedback. If you're an"},{"speaker":"Unknown","startTime":3362.82,"endTime":3367.38,"body":"accountant, you can, you know,"},{"speaker":"Unknown","startTime":3362.82,"endTime":3367.38,"body":"thrash Albert on his liabilities"},{"speaker":"Unknown","startTime":3367.38,"endTime":3370.62,"body":"versus assets, but yeah, we'd"},{"speaker":"Unknown","startTime":3367.38,"endTime":3370.62,"body":"love to hear your feedback. It's"},{"speaker":"Unknown","startTime":3370.62,"endTime":3375.06,"body":"a survey. Check out our show"},{"speaker":"Unknown","startTime":3370.62,"endTime":3375.06,"body":"notes. You'll find a link. We're"},{"speaker":"Unknown","startTime":3375.06,"endTime":3377.82,"body":"going to use some of that for,"},{"speaker":"Unknown","startTime":3375.06,"endTime":3377.82,"body":"you know, planning future"},{"speaker":"Unknown","startTime":3377.82,"endTime":3382.04,"body":"episodes and yeah, very"},{"speaker":"Unknown","startTime":3377.82,"endTime":3382.04,"body":"important that we hear from you"},{"speaker":"Unknown","startTime":3382.22,"endTime":3386.48,"body":"so absolutely, and I enjoy"},{"speaker":"Unknown","startTime":3382.22,"endTime":3386.48,"body":"reading them. So if your only"},{"speaker":"Unknown","startTime":3386.48,"endTime":3389.72,"body":"goal in life is to is to give me"},{"speaker":"Unknown","startTime":3386.48,"endTime":3389.72,"body":"joy, then that's one way to do"},{"speaker":"Unknown","startTime":3389.72,"endTime":3393.98,"body":"it. Yeah. So, all right, well,"},{"speaker":"Unknown","startTime":3389.72,"endTime":3393.98,"body":"thanks, Albert, thank you. Nate."},{"speaker":"Unknown","startTime":3396.44,"endTime":3398.9,"body":"Hey everybody. It's Albert here."},{"speaker":"Unknown","startTime":3396.44,"endTime":3398.9,"body":"Thanks for tuning in to the"},{"speaker":"Unknown","startTime":3398.9,"endTime":3401.74,"body":"risky planner podcast. We hope"},{"speaker":"Unknown","startTime":3398.9,"endTime":3401.74,"body":"today's conversation was"},{"speaker":"Unknown","startTime":3401.74,"endTime":3404.5,"body":"informative, and above all else,"},{"speaker":"Unknown","startTime":3401.74,"endTime":3404.5,"body":"inspires you to excellence in"},{"speaker":"Unknown","startTime":3404.5,"endTime":3407.5,"body":"what you do. If you liked"},{"speaker":"Unknown","startTime":3404.5,"endTime":3407.5,"body":"today's episode, don't forget to"},{"speaker":"Unknown","startTime":3407.5,"endTime":3410.44,"body":"rate, subscribe and leave a"},{"speaker":"Unknown","startTime":3407.5,"endTime":3410.44,"body":"review. It helps us reach more"},{"speaker":"Unknown","startTime":3410.44,"endTime":3413.32,"body":"listeners just like you. I'd"},{"speaker":"Unknown","startTime":3410.44,"endTime":3413.32,"body":"also like to thank Thompson"},{"speaker":"Unknown","startTime":3413.32,"endTime":3416.44,"body":"Igbo, Igbo for letting us use"},{"speaker":"Unknown","startTime":3413.32,"endTime":3416.44,"body":"his excellent music on our show."},{"speaker":"Unknown","startTime":3416.74,"endTime":3418.54,"body":"If you like what you hear, check"},{"speaker":"Unknown","startTime":3416.74,"endTime":3418.54,"body":"him out@igbomusic.com"},{"speaker":"Unknown","startTime":3420.22,"endTime":3424.2,"body":"that's E, G, B, O, music.com"},{"speaker":"Unknown","startTime":3420.22,"endTime":3424.2,"body":"talk to you later you."}]}