Uh, do you mind introducing yourself and tell us about your role with the NBDA?

Yeah, sure.

So my name's Bill Miller.

Um, really quickly, it was 1988, I had just finished my first year at Fort Lewis in Durango, and had completely fallen in love with mountain biking and everything that was around it.

Started using that to train for skiing, which was my first love, but then that turned into retail in, uh, bicycle, specialty bicycle retail, a decade of high-level competition, and then, um, combined 25 years of manufacturing, product development, and retail development between Trek and Giant.

Um, these days I do my best to bring all that together into my role as P2 coordinator, where I get to work with, uh, fine people like Paul, for example, uh, small groups of non-competing retailers, helping them really get sharper on the financial side of their businesses and running a shop.

And, and as Paul said, I think the key thing is to not do it alone.

So Bill, just as P2 program coordinator, given the current state of the industry, the current state of the NBDA, where we are today, 80, uh, years later, are there challenges that you see retailers addressing through the P2 program? Like, what's, what are the topics today? What are those challenges?

All right, Bill, what do you think of this market?

Look, we're bullish.

Um, and there's various ways you can play it, Scott.

But, uh, we're most bullish on the small and mid-cap value space, which if you look at the market texture today, it's very reminiscent of what happened actually in twenty twenty-two, which in twenty twenty-two, if you recall, Russia invaded Ukraine, price of oil went to the moon.

This year, we're, we're as a conflict with Iran, price of oil is going to the moon.

What I think is really interesting is, um, earlier someone mentioned they thought that if oil is going down, uh, energy equities would continue to go down.

I actually take the other side of that, which if you look at what happened in twenty twenty-two, oil price was going down consistently from, uh, June to the end of the year.

And, and you don't think that that area of the market specifically, let's say small cap value, is highly dependent on rate cuts, which are highly uncertain as we have this conversation?