2026 Part 1: Macro Ecommerce Predictions & Big Bets

26:58I think in January. Yeah. I think January I'm going to have, I'm already running full AI at, so it's like, it's really there, man. Um, it is really crazy. I guess what I'm getting at guys is like, I'm, I'm struggling with this. Like AI is a bubble and it's not different this time. It's the same thing as the.com thing. And that's just because I know so many people using this and I was alive and working during that bubble and that bust and nobody was buying on the internet. Like as if you asked like a hundred people in the street, Hey, have you ordered anything online? Two would be yes. Whereas if you go in your network of small businesses and I don't know the numbers on like what percent of GDP in the U S is a small is contributed by small business entrepreneurial endeavors versus large ones.

27:45But I'm having, I'm really struggling with this. Like everybody I know that as a small business is getting productivity. Both can be true, Matt, because bubbles are defined by valuations. And the reality is that you have more companies posting the fastest revenue growth graphs we've ever seen in AI. That's definitely true. And that simultaneously, we probably have gotten over our skis on valuation. But that's not necessarily a bad thing for the future of AI. The valuation that AI is trading at has nothing to do with the transformative nature of the technology. I'd even make the argument that the bubble popping on AI might be one of the most bullish things that could happen for it because right now the money's easy.

28:30And so the answer to every problem is just like throw more money at it. Like you need more power, just build more, you know, build more energy plants. You need more processing, like just buy more NVIDIA chips. And I think that if we go through a period where the money's not flowing quite as easily, you know what's going to happen is an explosion of innovation. Just perfect example. DeepSeek, part of how DeepSeek for China was innovative is they didn't have access to as many NVIDIA clusters as everybody else. So they just had to figure out a cheaper, more efficient way to train the models. And so like even the bubble popping, I don't think is going to slow this down.

29:10If anything, it might turbocharge it because my kind of base case assumption, and the reason why I think all of the assumptions about power and how like eventually we run out of power and everything is that we're going to get so much more efficient. Like think about the human brain. This is one of the big things that the AI people are thinking about. The human brain is not from a processing perspective. It can't compete with some of these computers, But on an energy efficient, energy efficient basis, the human brain is like orders of magnitude more efficient than what we're doing with silicon.

29:44And so like there's a gap there that we haven't figured out. At some point, we're going to figure that out. We're going to figure out how to do with silicon something more like what the brain does. It's kind of energy efficiency of the brain. And at that point, this thing just scales to the moon. When does that breakthrough happen? We don't know. So there was a really good piece on Twitter where a guy was saying, I think this is the highest leverage point in human history. And here's the reason why. There's probably less than six breakthroughs that were needed between here and AGI. And conceivably, one person could come up with all six of those.

30:18Conceivably, they probably would fit in less than 10 ,000 lines of code. We just don't know what they are yet. And so the exciting thing and also the uncertain thing is, at what pace do we make those kind of five or six aha moments of discovery that really take this thing to the next level? Nobody knows. That could be the next six months. It could be the next six weeks. It could take 10 years. Nobody knows. But when that happens, I think it's going to be everything we think it is and a heck of a lot more than that. Okay. But the question, is it a bubble? Jason knows this, and I will love Jason's opinion.

30:51Bubbles are defined by debt. So unless there's a lot of debt in the system, it's very hard for the bubble to pop. Jason, what are your thoughts on that? Well, there's plenty of debt in all of our systems right now. So it's all pretty scary, like the house of cards. That is the economy. So that's what concerns me. It's all hidden, Sean. What people would argue is the debt's there. They're increasingly, Facebook and these companies are moving the debt off their balance sheets to try and obscure. Yeah, they're trying to obscure from investors. It's kind of like Enron. It's like you just pretend like the debt isn't there.

31:30And just as an example, Oracle, their spread on their credit default swaps has doubled in the last few weeks. Oracle's got some really significant debt on their bets. So we're in the stage of the bubble where people are starting to use debt. And some of these commitments that they've made, it's not even clear how people would fund it, like the amounts of debt that it would take. You know, you look at open, I think OpenAI was like, hey, here's our five year plan. Everybody's like, those numbers are bonkers. Like, where does that money come from? It would have to be debt because there's there's really no way the revenue could scale at a pace to keep up with those numbers.

32:06So I think that's the question everybody's asking, Sean, is like, OK, now we are moving into the debt phase. We're at this stage in the world economy. We went off the gold standard decades and decades ago. You just look at the leveraging of the economy. Sean is always talking about China and their debt. It's almost like, how does it all hold up? You're asking, how does it all hold up? But it still does. It still holds up. So I think we've kind of created this. The debt is like the foundational infrastructure of how the world works today. And nobody wants to see it, the foundation fall down. So on the one hand, it's like it's concerning.

32:48But on the other hand, it's just it's it's been in place for so long. so it's hard I guess Jason put it another way there's an incredible amount of incentive to keep that machine going and I think then the thing I'm taking away Mike from you and Sean is this is actually an incredibly bullish time for a small business or startups or even a mid-sized business that's more entrepreneurial in culture I think it might be the most bullish time in history for the individual is the way I would say it. And it's probably the most threatening and scary time in history for institutions and large organizations.

33:30Sean, what about consumer? Because I think this ties into the whole, how are you guys thinking about the next 12 months for your brands and then for consumer? Well, okay. I'm going to answer the question, but the difference between now and the dot-com bubble is the dot-com bubble we talked about pets.com or whatever but like there was there was so many providers who did not have real businesses and this bubble is supported by the world's greatest businesses of all time like yeah we're talking about the bubble of microsoft it's like bro they make 300 billion dollars a year it's like they have there's a lot of money to come in they can support a lot of debt right um now with that being said i do agree that we shouldn't even care about the bubble the bubble has nothing to do with us right like i don't care if the nasdaq falls 40 or whatever what i care about is am i getting better tools to sell things to more people and we are and that's why the the title of today's episode is going to be 2026 bullish or bearish or something like that right um this 2025 i call it one of the years so there's slower e-commerce penetration there's uh amen gosh let's launch 25 into the sun guys if i never do another 2025 i would be too soon just say it that's great sean tell us how you really feel well yeah and and this came up because there's a lot of companies who are trying to um become profitable right now right like if you're an e-com company who raised venture money you lost money from 2015 to like 2020 and you're like no we're gonna make money now right um we're gonna become profitable and those are the golden years what do you mean you lost money during the good times right we're we're in the years there's slower e-commerce penetration there's higher interest rates inventory has been a roller coaster because uh it's been very hard to work with china and then the the t is tariffs so like you can't diversify your supply chain so we're very much in the years right now um With that being said, as long as you are profitable, as long as you've made those changes, 2026 will be great for you.

35:44It will just continue to get better, right? Because we are in our 2004, right? The bottom has come out. Pets.com has been delisted. And we can beat Google and we can rebuild our company as a more normal structured world, right? So that's what I'm super excited about. I think the future is going to be awesome. if you survived at this point, if you're profitable at this point, you will get, you know, I assume some growth as it seems like the country loves being inflationary. We're going to print a bunch of money. Everyone's going to have way more money. But also you'll just become more profitable because you'll be more efficient.

36:19We will have AI doing half the work inside your business. So 2026, I think it's going to be awesome. That's my take. What do you guys have any? I mean, I'm like super bullish on 2026 broadly. I think the one thing, it's always consumer for me, right? So it's like, Sean, everything you said is true, but if the customer is in worse shape, then all the best tools in the world for you and I doesn't really help us. Like the force of the consumer, and so like if the NASDAQ goes down 40%, that's not great for consumer. Like 50 % of all discretionary spending is driven by the top 10 % of households. Those top 10 % of people are gonna feel the wealth effect.

37:00that's going to hurt us in consumer. We should talk about the consumer and what we're seeing Black Friday and different things because I generally kind of tune out the consumer conversation. But man, I think you have to be paying attention right now. I'm in 2026 mode. I don't know if you guys are right now. Like I know that we're days away from Black Friday, but I'm very much like I'm out there. Well, I guess what I'm saying, Matt, is what the consumer is showing right now, the question is where are they going to be in 26? And it's for me, it's the biggest question mark, because right now what we're seeing is that they are way more kind of deal motivated than, you know, we've seen at any point in our 10 years.

37:42We're in a recession. Clearly, we're in a recession. And the the AI stuff is not. But if you strip out AI like it's it's not a good economy. and that's the one thing that has me concerned is like how much is that trend going to continue because that's obviously, and I think you nailed it. The kind of the nightmare scenario for next year is, well, the consumer's not in a good shape. We're in a recession and then you get some kind of a major stock market retrenchment and the top 10 % really pull back and then you're kind of getting hit on both fronts. That's probably the place where it might get worse before it gets better.

38:20So I'm watching that. I mean, like there's some there's some data points that are leading indicators that are pretty concerning, like trucking. I follow a couple of people on Twitter that are really tied in with like trucking. And it's just like nothing's moving, guys. Nobody's moving anything. And that is like, OK, yeah. Why? So this is going to be a good exercise. Everyone should say one bear case for 2026 and one bull case for 2026. Like if things go wrong, how are they going to go wrong? If things go well, how are they going to go well? I think it's good to have the duality there. It's very easy to be super bullish or super bearish.

38:58So Mike, what is your, if things go awesome, how's that going to happen? Yeah, I think if things go awesome, it's that the technology just continues to get better. That even though we are in maybe a little bit of a bubble, we start to really recognize some of the benefits here. So it's very easy to believe that you get some kind of a combination of lower interest rates, stimulus money, and continued technological advancement, and that that's really great if you're a small business owner. Okay. And then what's your bear case? If things fall apart and implode in our face, what is it? Yeah, it's that we're in a fairly severe recession right now without realizing it because the AI is masking some of it.

39:43And then sometime in January or February, you get a major stock market retrenchment of 20%, 30%, and it creates a negative feedback loop. We've made this observation on this show before, but we're just – the economy and our businesses are just way more dependent on the top 10 % than we probably would like. and the top 10%, most of their wealth is held in equities. And so if the stock market, the stock market was up huge this year. What was it up? Anybody know the number? It's 15 % right now. Yeah. Considering the last two years were also high. The core of the e-commerce spending cohort, I mean the e-commerce spending cohort is going to gravitate towards that top 10%, probably even more than other parts of the economy.

40:28that that core probably gets really disproportionately hit by a pullback in asset prices. And so if you got a really significant pullback, the other the other potential risk here is if October, I've mentioned this before, October was the single biggest loss of white collar jobs like corporate layoffs in a month that we've seen since the great financial crisis. So imagine two or three more months of that combined with a stock market retrenchment where you have a lot of white collar top 10 % type people losing their jobs and you get assets going down and plus a recession. And it's like that's the much more scary picture.

41:10We were at eCommerce Fuel Live. This is Andrew's live event that he does once a year. And I'm at the opening night party talking with Ahmed, CEO of Rich Palin, one of the great sponsors of this podcast. and Amit and I are having a good chat and beside me walks in Katie to say hi to Amit. He goes, hey Matt, is this your EA? And before I could react, Katie says, I am not Matt's EA. Matt is my EA. Amit could not catch a break the rest of this event. Switching to Rich Panel is gonna pay for itself anyway. Just go to richpanel.com slash demo. Oh, and Amit promised me there's actually a super special promo code.

41:43If you use sorrykaty, sorrykaty, you'll get 20 % off your subscription. Give it a shot. okay so jason what's your what's your what's your bull case my bull case let me start with the bear case because it's just the bull case is so much easier like the bear case is going to come out and ai stocks are like holding the market together right and so um just like we had a dot-com bubble i do think there's an ai bubble i think the ai stocks are a bubble i mean you saw Michael Burry who called the subprime um he called the subprime debacle and um anyway he may be wrong on this one but like I I think there's and there's gonna the bear cases there's there's massive disruption of high earners right um hiring people getting disrupted uh by AI and businesses hiring less and like that's a there's a pretty nasty uh bear case out there but we're going to continue to see this divergence in economic reality for people.

42:46And like Sean said about the quality of life is still better, right? You can live in a trailer and have a huge flat screen TV for$300 and play your video games and surf your play and do what you want. And that's kind of like the evolution of society these days. I'm not saying it's good, but this is the typical economic reality. okay matt what's what what's your what's your bear case bear case would be ai asset deflation like so anything that's like an ai equity like that's related so anything that's inflated because of the ai sort of bubble the wealth effect does go both ways so like if that top 10 is feeling less rich they'll spend less money now i want to say like i want to bring housing into this because I think the flip to that is what Jason is saying.

43:41If you get a lot of rate cutting, because like, look, if the AI stocks, like Nvidia goes down, guys, that's going to be blood. Like that's a lot of the S &P 500 is in one company and then tied to them. Now, the flip of that is if rates come down, there's a, we talk a lot about the top 10 % of incomers and what they, their impact on discretionary spending is. What we don't talk about is that the US housing market is effectively frozen and has been for a long time because people are locked into low rates. They don't want to sell. But if the housing market starts to move, that also has a positive wealth effect on people.

44:20They feel richer. They're able to tap into the wealth that they've got in their homes. So I think that would be part of my bull case. The other part of my bull case would be is just like if you cut rates, asset inflation goes through. People will feel well here. And I also, my third one that we haven't talked about is I think millennials are coming into their peak earning years. So like lots of earning power for a very large portion of the population. And I think that's good for a lot of consumer. I'm sort of looking at all of this from consumer. Yeah, look, okay. You guys all hit amazing talking points that I think summarize where people are feeling anxiety in the market right now.

45:04It's like, we all know that the AI story has been too good for too long. And like everyone kind of gets itchy and they want a 20 % correction, right? Like it's almost expected that like you should price in a 20 % correction and it's not the S &P 500, all of these top tech stocks. You know, Michael Burry took out a big short position against Palantir. And who knows, by the time this episode comes out, all of this is either, you know, come true or not. So you could ignore it. But like, yeah, Palantir's trading at 100x price or revenue, I think. It's like, yeah, it's a crazy business. Like, that is weird, right?

45:38I'll tell you what the bull case to start is I think Mike really – and Matt and Jason, all you guys have fantastic points. But this idea that interest rates are going to come down, right? Sean, to your point, like student debt and starting to actually make people pay their debt is clearly a part of the economy struggling. And so if you lower interest rates, that flows out into the economy in a bunch of different ways. And that's just one example. Housing is totally screwy right now. We need to get back to 2 % mortgages because that's the only way these asset prices make sense. I think that's where we're headed.

46:12So I think by the end of 2026, we are at 3 % mortgages. And that is just going to be a really compelling case that there's going to be a lot of money moving around the system. And that right now, the economy isn't a recession except for one bubble, right? But like housing has been a recession for two and a half years. Right. I think SAS tech has been a recession for at least 18 months. So anyway, that's that's that's my that's my great point that you're making, Sean, just that the economy is very multifaceted and parts of it are in recession or expansion at all points. Like it's not like one homogeneous thing that all works in the same in the same direction.

46:47And it kind of like I love the point that you made because we came into this episode saying like, hey, what are you? It's the biggest opportunity you have for 2026. And I can kind of kick us off on talking about that because we raised prices a lot around the tariffs. We kind of got pinned where we had to make some decisions. we were setting a bunch of shelves. And I was like, we just had to decide basically at a moment when the actual imposed tariffs were 150%. I was like, well, okay, I have no idea what they're going to be, but they're going to be something and we've got to pick a number. So we picked a number and we just got thumped this year because of it, because we raised prices a lot.

47:28We raised prices like maybe 20 % across our portfolio. And all year I've been like, well, you know, dang, man, you know, I should have known Taco. I should have just, you know, like whatever. But what I've realized as I've thought about it is the point that you're making, which is I go into next year with a whole lot of dry powder where I can actually like lower prices in quite a few places. And I know that that I know the elasticity of all of our categories and I know that's going to lead to growth. So I'm I'm kind of like it's like if you're going to eat, don't nibble like this year. We like didn't nibble.

48:05We took the entire slug of the tariffs and all of the downside. For example, with us, it's fine if you want to tariff particular parts of China, for example, in Drinkware. But you don't just throw a blanket 20 % tariff on everybody around the world. Make it where business owners can source their product from a place where they're not paying 20 % tariffs. So I actually think there's tremendous opportunity to bring down prices and to grow our business next year just because of some of the things we had to do this year. Which is a weird opportunity, but it's a really straightforward one. We know if we can lower prices 20%, our volume will go up 40%, for example.

48:43And so I think there's actually some opportunity for stability there. Yeah. So life is a game of resources, right? You're always going to be the last guy to pull your oil out of the ground, right? Because that's the highest prices. You don't want to be the first guy doing it. Well, my cost structure just went up a lot. And Matt, you made the deflationary point. here's my really simple math for every dollar in manufactured cost for us our prices go up four to five dollars when you include the tariffs and stuff our retail prices right so how much has the united states collected in tariffs so far right i don't know hundred billion i think is what they're forecasting let's just let's just say it's they've got that right let's say it's 250 billion dollars if it's 250 billion dollars what that means is it's led to somewhere around a trillion dollars,$1.2 trillion in or sorry, am I doing that right?

49:38Yeah. It'd be like$1.2 trillion in inflationary retails. No, no, Mike, it led to$1.2 trillion in GDP growth, my friend. Right. But anyway, my point being like, you can imagine if prices got cut by a trillion dollars because you didn't have those tariffs, like, yeah, that's incredibly bullish. Like people are going to buy a lot more units of things. And even if it's not larger GDP dollars, like the number of units moving and the amount of commerce going on behind those units because the ASP is driven down would be much bigger. So I do think the tariff thing, I think the idea that like, there's potentially a lot of juice in just a different tariff structure next year, whatever that looks like is very real.

50:21Okay. So, so hang on. I want to bring it back to Mike, you kicked this off. You said like, I like your point about lowering prices as a lever that you can pull and that that actually that opportunity has you excited for 2026. And I'll just add to that a little rant, Matt, that like a lot of times in e-commerce we're like, how do you raise prices? How do you raise prices? How do you raise prices? The people that have been worth a lot of money in history have all been almost all been people that tried to figure out how do I get people more value for their money? Right. That doesn't always mean lowering prices.

50:51Sometimes that means like with Steve Jobs that it's like your your thousand dollar, you know, phone does 10x as much as it could before. But it's like, that's actually how you make money in business is by figuring out how to drive more value to the customer. And so for 10 years of our company, we've been really focused on that. And we haven't been able to be focused on that really in the last year. And I'm fired up about a year where it's like, hey, I get to drive more value to customers. And I feel good about making money that way. Hey, you know what's important to your business? Understanding it.

51:23That's where Saracen Aletus comes in. That level of precision can only happen if your data is rock solid and in one place where you can actually pull it from. I'm looking at my contribution margin. I'm looking at my sales breakdown, my sales by product type. And it really just starts shining a light into like the black holes of your business. Everything is at my fingertips. Our dashboards pull in from everywhere. I just had to set 2026 financial budgets. Saras Analytics made that data available in four clicks compared to 40 hours. It's like AI for your business knowledge. And if you want to check out Saras Analytics, that is S-A-R-A-S and see how Daily precise data can transform your profitability.

52:02The other thing is we just spent an hour complaining about stuff out of our control. Bubbles, consumer. Yeah, that's kind of why I was bringing it back to what Mike said. That's in his control, right? This is something he can do. And even to put a finer point on it, Matt, what I have been more aware of than ever before is how much I don't control my business. And there's really like a handful of three or four things that I can do that matter. And that's about it. And so it's like, and pricing, like the value I drive to the customers is one of the few things that I completely have agency over. And so like, I'm going to be awesome at that, right?

52:37I'm going to drive that value to customers and I'm going to drive up our unit volume that way. And I feel really good about that as my plan for next year. I want to hear from Jason and Sean. Like Jason, what are you like super excited about the number of control? Yeah, well, by the way, I love what Mike said. It's really about delivering value to customers, delivering value to people. That's what it's all about. It always goes back to that. I get texts from people, oh, check out this company. Why are they not successful? They're not successful because they're just not delivering value. Maybe they have a bad product or whatever it is, but they're just not delivering value for the customer.

53:12At the end of the day, you will succeed if you can deliver value to your customer, and that's why we succeed. Personally, I'm really excited with our business. I'm just really excited because we're making a huge push in a certain area that we haven't before. Like we've built excellent teams in growth. We've built excellent teams in operations. We've built excellent teams in finance. And we've built excellent teams in content at HexCloud, right? We're pursuing excellence. Where we haven't is in product development because we haven't had to. It was pretty easy to just keep launching the next cookware piece.

53:50And they're really good pieces, right? But whereas like a lot of other companies are just dropping products left and right, like drop a new product, we've had a mentality of not doing it unless we do it really, really well. But what we are building now, and I'm so stoked about it, is a world-class product development team at HexCloud. And that is going to be a game changer for our business. You know, we're going to go, we transformed the cookware market and we're going to go disrupt other major adjacencies. And that really excites me.

54:23Yeah. So we talked a lot about what's out of our control, right? Bubbles and interest rates and the tariffs and all that stuff. And that doesn't help a consumer business at all to think about those things. It's like, look, this is just anxiety inducing thoughts about the future. So why is 2026 going to rip for Ridge? We have a bunch of new products that have been killing it all year that I haven't been able to keep in stock. So that alone will be$50 million in revenue boost to my business just by doing inventory purchasing of these new products that I've had to scale up over time. Then I'm very excited about new marketing channels.

54:58I think TikTok Shop, I think there's a way to do it for a brand like Ridge that I've been trying all year. And I think we kind of finally cracked it. I'm excited about more personalized AI ads and running those more places. AI ads on TV, AI ads on Instagram. I think we can just get better one-to-one matching and just feed the ad algorithms with whatever they want. Very excited about that. And I'm excited about channel expansions. So I think wholesale will continue to go up. I think we're going to do a really big corporate gifting program next year. So there's like, inside of my business, there's 12 things I'm incredibly excited about.

55:34And that's why I'm like, look, regardless of what happens pending like uh you know them making wallets illegal or something like that i'm gonna sell a lot of products next year and revenue is going to be up 50 or something so i'm very very excited but where but where we're going in the future and the next episode i'm basically copying everything sean just said uh more products more channels i'm like so stoked and i have manufacturing capacity guys i can't stress that enough i'm like so happy our u.s facility is like almost up and operational I finally have like real capacity. Like right now, if we grow even 10 % from where we are now, I get backlogged on order volume.

56:16So like it's, I'm just so stoked. So to kind of bridge, I want to bridge an idea that we started with. We started with technology and we're kind of ending with what we're excited about for next year. And really, I didn't say this during my section, but like we're kind of becoming more of a holding company. We're going to launch some additional companies. We launched Trevi this year. One of the ways that I think technology is going to play out, and I think all of us in one way or another are showing this with our businesses, is it's going to allow businesses to go way wider than they could before.

56:51Like that it used to be if you wanted to kind of have more of a holding company concept or you wanted to have a lot more product verticals, it was very difficult to pull that off in one company. You had to be a really large organization. And I think it's going to be more obtainable now because the technology will allow you to get wider than you could before. And we've talked about this a lot on this show. But at some point, the easiest way to grow really is that you're engaging in more big markets. You know, Sean, you've shown that. Like just being in phone accessories and phone power, it just raises your revenue potential because there's just a lot of people buying those products as evidenced by Anchor.

57:32And the fact that you're engaging there, Jason, I know what you guys are going to be doing with product and how you're going to be doing more. I'm stoked for Xglad. Yeah, and it's going to be really exciting. But I mean, I think Shark Ninja has shown this. Like the ability to go wide is the new super skill. and technology makes it more possible to go wide than ever before and to manage the complexities that come with that. And so that's probably a macro trend is that gifted operators are just going to be able to be much more multiple and go much wider in terms of the breadth of businesses that they're managing or the breadth of product selection that they're able to offer to the market.

58:11And that's going to lead to bigger businesses, more profitable businesses. completely agree can you sell somebody two of your thing or can you sell them two different things and like so much easier to two different things right yeah in my categories yeah yeah and in some businesses you can sell them two of the same thing right if you are grooms if you sell t-shirts or whatever way easier to be like you like this thing for me buy this thing for me and that has how dude that's how i've doubled my business and like double my business doing nine figures a year right like it's just you have to sell more more stuff it's there's been so much resistance to it for so long or people launch a second product that is like just it doesn't scratch the itch that needs to be scratched so jason's doing it i did it next episode we'll just talk about the actual practical things we're excited about in 2026 we'll talk about ai it's maybe we'll show them off something like that but oh dude i can show off the app i built yeah baby it's cool it's so cool yeah all right cool grinding all right guys that is the pod uh i You know what?

59:13Can I also say like, Sean, I do agree that all of this macro stuff is not helpful in how you like tactically run your business. But I do find it interesting that a lot of people and consumer do think about broadly what is impacting consumers. Well, you have to be aware. I think that that's like I think you have to be aware. You have to be aware. You can't be paralyzed by it. And I think that's the point that you're making, Sean. Like I use the analogy. I've used it on the pod a bunch that it's like your river rafting guide. And it's like, well, you can't be a good river rafting guide if you don't know what the river is doing, but you also can't pretend like you control the river.

59:46And so there's something in between where it's like, hey, I'm aware I'm situation aware, but then I'm going to focus all my attention on the things that I can control. And I think that's the gift. And the problem is you don't want to be in a situation where you're like, oh, all this stuff I don't control sucks so bad. I'm just depressed. I'm not doing anything. And you don't want to be using your your emotional and intellectual capacity towards things you can't control. but if you're not aware of them, I don't think like, for example, with me, I can't make the best pricing decisions unless I'm at least aware of the economy.

1:00:18Like you'd be insane to not be trying to lower prices in where the economy looks like it's at. Right. Yeah. Well, and it makes for a good therapy pod. That's what I'm going to call this one. There's a good therapy pod. So all of those kind of just, you know, sharing our thoughts and, uh, and what's going to happen. And guys, I hope you have an amazing Q4. Let's wrap up. And then 2026, we'll just hit nothing but net all year. Thank you guys for being here. Thank you, operators, fans, listeners, supporters, all of our fantastic software sponsors. Coming at you later. Goodbye.