But talk me through what this pipeline does and if you think it kind of makes primary commercial sense in the current market.

So I do think it makes commercial sense.

And I think one of the indicators of that is there's nine customers who have committed 465,000 barrels a day on the project.

So there's commercial backing for it.

I think the reason is, I think when Keystone was originally built, the thought was um to use market link which is the lease on the south leg of um of keystone for canadian heavier barrels some heavier barrels anyway and that ended up being contracted on shorter term a lot of shorter term contracts out of cushing so this could be from the powder, the DJ, the Permian that go into Cushing and then down on the South Lake.

One of the really interesting things about this project is if you're actually bringing more Canadian barrels down to the South Lake of Keystone, then you're basically displacing a couple hundred thousand barrels of potentially lighter barrels that no longer have a home.

So I think the way that pad three refineries and pad two are configured, I do believe that the demand is there.

So I'm just curious to hear how you think about in your work, when you're assessing, for instance, the viability of these pipelines on commercial terms, how do you begin to incorporate this kind of new element of statecraft and strategy and let's say more loss tolerant, you know, potential contributions to the egress mix?

What happened in the American mindset that has brought us to here?

Well, there's two things.

The first thing that I would say is somewhere along the line, the message got distorted.

So even when I was growing up, I mean, what I was told and what my friends and I were told how to be successful in this country is that, you know, you got to get up and you got to go to school every day.

You got to get good grades so you can go to a good college and you can get a good job.

And, you know, the problem is during that era that you talked about, that formula kind of worked because we were still – You know, I'm in Pittsburgh.

We had a big steel industry.

And I wanted you to be able to give us some of your key points in helping to develop that mindset because I realize role models definitely are important, but if you don't have that to start with, you don't have that mastermind group or you don't have mom and dad or your uncle or even friends or mentors around you at school who have that financial literacy mindset, first of all, where can you go and what are some things you can leave our audience with in terms of building that mindset?

Is there anything that, that you've noticed that these people tend to ignore at the cost of their longevity maybe?

One that comes to mind among many is the difference between being rested and giving effort.

And so for many really high performing people, they can continue to give effort in spite of many and sometimes all factors working against them, and I think that's actually a defining quality of the highest performing people, is that they can disregard any information that doesn't contribute to the successful outcome that they have chosen.

If you can't do that, you don't actually accomplish very much because more noise gets in and it's harder to sustain a direct focus.

And so that's an implicit part and parcel of performing extremely well, is to be able to continue to give focus and effort in spite of fill in the blank.

That's not the same thing as being rested or managing fatigue well or managing stress well.

And I use fiduciary analogies a lot, like this is like money, and it's kind of like a person can be in debt for a long time before creditors finally knock on their door and go, "Hey, you owe us.

[laughs]

And so where I'm going with that is like, when we start to look at how do we prepare for these things and how do we recover for and from these things, anything that hints of that, like fragility, I think it gets a negative response from the community, right?

Yeah, I mean, that's, and I'll be honest, man, that's fair.

That's a fair criticism.

And if the only response to that is like, we should just do it because you should, or like it'll optimize you.

It's like, what does that mean? And anybody who goes into an extreme environment with little resources and makes it happen, whatever that is, goes into a very difficult environment and has to perform with little resources.

As soon as you talk about optimization, you're like, okay, because that means those people are in environments that they control.

And if you spend any time in nature, like I said, I grew up surfing, body surfing, surf kayaking, doing open water swim stuff.

Mm-hmm.

So do you want to talk about how you did it and what your advice would be on that?

Yeah, I think when we first started the process, we complacently assumed it would be quite straightforward because we're mega geeks for trying to do good.

However, it definitely isn't the case.

It's very challenging in a really useful and constructive way.

And so we were challenged mainly, I would say, in terms of our internal practices and our internal culture, which is just being really transparent and honest, to be honest.

We weren't treating anyone badly, but as a startup...

You kind of are so focused on the end goal, the end mission.

And just finally, I mean, you've given lots of advice on this episode, but if entrepreneurs had to take away two or three key things from your business journey as advice, what would they be?

How has the brand evolved its image, and what does it do to stand out among its competitors? [upbeat music] The tradition and image that Wimbledon has built makes it feel very different to other Grand Slam tournaments around the world, but where does the money actually come from? Professor Rob Wilson is a sports finance expert and has been looking into this for us.

Like many other sport events, a large proportion of the revenue comes from broadcasting.

That makes up around about 50, 55%.

If anybody's listening that follows football, that's typically what Manchester United would earn from their TV revenue, about f- about half of the, of the revenue generated from television.

And then we have the other things that we would typically associate with sport events.

So commercial partners and sponsors, they make up around about 20%, ticket sales, uh, another 20%, and then hospitality, kind of concessions, merchandise, that type of thing, another 10, 15%, depending on, naturally, on the year that we're, uh, that we're looking at.

And all of that totals up around about half a billion dollars across any annual cycle for Wimbledon.

But it's not as simple as just being able to pay the players more and more prize money whilst keeping the sport sustainable, as Rob Wilson told me.

How did you see the growth throughout, uh, the, the season for him?

Well, you know what, uh, he was consistent, um, through the, through the whole year.

I mean, he, he's the type of, he's the type of kid that, like, he demands a lot of himself.

He put a lot of pressure on himself for him to perform for the group.

And, um, he, he's a kid that drives practice and, and so when each day that went on, whether it was the gym work, whether it was practice work, uh, whether it's in video, whether it's one-on-one video, um, you know, he, uh, he demands a lot of himself.

So you see his growth, actually, on almost a daily basis.

He, he really does.

Uh, what do you think of him going to Detroit and what might be laying ahead for him?

So how on earth have they, have they lost so, so much money? 'Cause you would've thought everything should be quite favorable for them, shouldn't it?

I think that's where sport, football perhaps has got this, this bad reputation.

Because it is such a high revenue generating business, the natural assumption is, well, if you're generating that much money, everything's gonna be, is gonna be rosy.

The, the reality is for West Ham, your statistics, the facts you gave at the top of the show were, were spot on.

But being ninth in the revenue generating league doesn't make you a huge amount bigger than somebody that's 10th, 11th or 12th.

And listening to Andros and Joe speaking there, they used to, one of them used the term it's a massive club.

It is a big club, and I think it's almost fallen into that trap of not having any sort of, uh, as the guys have said, structure or identity.

[laughs]

Yeah

... until probably the last two years.

And most sports, like if you wanna be...

Like whether it's on the medical or on the S&C performance side, there's some pretty clear frameworks that coaches operate within.

Like we understand the breakdowns of the skills that, like if you're gonna be...

If you're gonna work in hockey, like you understand there's some consensus on, like, what are the basic chunks of skills required to be a good hockey player? What attributes can be developed that support those skills? [laughs] How do those attributes affect the players tactically, technically? How do they contribute to or detract from likelihood of injury? How is the game changing? What is the athlete's psychology? Those things have been pretty widely explored because hockey's been a professional sport for a while.

NFL, for sure, there's tons of data and information.

Yeah, yeah.

For people unaware of the scale and the nature of this trade, give us a sense of what you and the team uncovered.

What has really come to light in this investigation is firstly how widespread the glass eel trade has become.

Anywhere where you find eels, there are people who are trying to get them into the global supply chain, and most of that is directed towards China, which is where most of the world's eels are farmed.

But also, the investigation found that the global trade is just really loosely regulated, and there are so many gray areas.

So you have organized crime groups who are trying to smuggle eels, and smugglers have confirmed this to us.

But one of the most interesting parts of the investigation is that when you look at the legal trade around the world, it operates in a way where it raises so many questions about whether those glass eels could find their way onto the black market and what kind of oversight there is to stop that from happening.

Is that justified? And what lies behind those concerns? Rob, this is where you pick up the story in your investigation.

Yeah.

Mm-hmm

... how to reproduce? Do I have the skill to use this tool that I've selected, right? If we have tool first and skill second-That's a real problem, right? So I have to know how to use this thing.

So again, the Leg Massager 9000 sounds awesome.

It's got a one-inch thick user manual.

What's the likelihood that I'm gonna be able to repeat that? You know, I've done some consulting with, like, tech companies, like health tech companies, and they would wanna know things like, "Okay, if we take our...

This sort of relaxation meditation device into the collegiate setting, is it viable?" And one of the things we figured out with a particular device is a seven-minute meditation actually takes about 13 minutes, because you have to make sure it's plugged in, you have to get to the app, you have to decide which meditation you're going to do.

It explains to you what the meditation will do.

Mm.