It's really a shift in really the overall capacity map.

The other thing that I think gives investors a lot of confidence with J.B. Hunt going forward is something that Brad Delco said a little bit later in the Q&A part when people were kind of talking about sort of why Hunt did so well in this quarter.

And he said, our financial performance has largely been driven by things under our control with the benefits of what's happening in the market still to come.

Basically saying that, yeah, we've benefited from higher demand, higher capacity.

We're getting tons of opportunities, you know, record number of, you know, new intermodal business and things like that.

But we really haven't even started repricing our freight that much.

Well,

But if you're a dedicated, this would be a great time to start trying to convert private fleets and take on that liability.

Okay.

yeah so um this bill really combines two kind of separate but related concerns one of them is english language proficiency and one of them is like the non-domiciled cdl driver so on the one hand with english language proficiency you know it it makes it much more strict other requirements that states have to follow in granting the CDLs in the first place.

So for example, all CDL training and knowledge, all the skills training and assessments that go into the awarding of the CDL have to be conducted in English.

That wasn't the case before.

And chart drivers- We have this

It makes

it a permanent thing.

And it requires the states to sort of like audit their CDLs and things like that.

mean – pegged something when you post an opinion, but it's an important opinion.

I've talked to a lot of people about it over the past year, working on a show, Bring It Home, which is all about reindustrialization.

What I heard from the people who really understood it was that tariffs were... necessary to correct some kinds of trade abuses and different things like that, but it was never going to be sufficient in themselves to bring back manufacturing.

There has to be a whole suite of different kinds of policy, whether it's developing a labor force or making sure that you know, environmental checks are, like, streamlined or making sure that tax incentives are in place for whatever.

Like, there's a whole sort of menu of things that have to be attacked, and it's not, like, tariffs weren't, like, an easy

Yeah, which is sticky because it then produces more economic growth, theoretically.

And I should say that a flatbed tender rejection rate of 42% is very high.

It's not quite unprecedented.

And we were talking about how the truckload volatility reveals a fundamentally different market than previous years.

Yeah, it's really interesting to see what's happened this January.

I mean, having a little bit of chop in the market is normal.

There are often weather events and things like that that can take drivers off the road and raise rates.

But what's happened this year is very unusual.

Basically, we had that massive winter storm fern.

We had some follow-on ice and storms even after that.

So what do you think they were trying to achieve on this one?

And it looks like we're kind of feeling some of that now.

Yeah.

You know, Peak holiday retail season is a spot-heavy time of year.

It's a year when a carrier's capacity is constrained for lots of different reasons, whether, like you mentioned, drivers wanting to get home or at least stay sort of in their home region, an accelerated velocity afraid of the network.

Typically, there's higher retail consumption and faster replenishment cycles and things like that that may occur.

And all that's to say is that buyers of transportation services typically have to go to the spot market to fill in gaps and to get incremental capacity.

And that's really where the weakness or the the sort of the underlying fundamentals of the capacity side of the market really show themselves, right? Like all along we've been talking about these sort of, I say all along, this year we've been talking about sort of the small sketchier carriers that may be using an ELD that's recently been decertified.

And if those guys are punting on the economy and not sure, I don't think any of them, I have not read or heard any one of them talk about a recession as a tangible concern for the first quarter or two of next year though

And that's not necessarily because huge demand.

No, it's because of capacity.

And I think some of it is even being driven by the shippers.

I had a really interesting conversation with the VP of sales at a top 10 brokerage recently, and he said he met with a shipper customer.

The first question the shipper asked was, how are you vetting your carriers? And he actually works in a cradle to grave model.

And he felt that that was like a point of differentiation when it came to that conversation, because he can kind of say like, hey, I'm not just throwing your freight on an internal load board where a bunch of guys are trying to move it for like the lowest dollar possible.

the person selling the capacity is the person moving it.

Is that accurate?