And, you know, we met with a bunch of companies that are really leaning into this and driving growth from those areas.

Maybe just to add on to that, there's a lot of talk about a K-shaped economy and the lower income, middle income consumer really struggling.

I think it's quite interesting that even some of these businesses are seeing that trade down from the higher income consumers.

So while that inflation, those cost of living pressures you talked about are being felt most acutely, I think within those income bands, that choiceful behavior from the consumer is kind of broad based and across the spectrum.

So the businesses that can benefit from that, like you talked about, are kind of winning at the low end from the value, but also at the mid and the high end, which is quite interesting.

And I think part of that, we've seen some softness in luxury.

You talked about affordable indulgences.

What insights have you got, Ryan?

So that disclaimer being said, and we'll have that disclaimer throughout, um, what is rock- what is, what is going on, Ryan? Can you explain to me what it is you guys have put together over the last couple weeks?

Well, I will set the stage, and then I'll turn the microphone over to Gian because he has much more experience in these matters than I do.

But, you know, I think we all looked back on May 14th when the Supreme Court made their decision, and a lot of us were pouring through the comments of, like, what was actually said there because this seems to have changed the way this industry has operated for years.

And, you know, I thought Justice Kavanaugh's comments were particularly insightful because there were two elements that really stood out to me.

I mean, leapt off the page, that I felt that others were commentary, uh, commentating on it or trying to react to the decision were missing.

Number one, Justice Kavanaugh said that, like, "Look, uh, you just have to ask the carriers the hard questions." And he said, basically, like, brokers that do so shouldn't be facing this issue.

So that was number one, asking the hard questions.

Yeah.

Mm.

Um, and I'd say that's where the core businesses of today came out of.

Now, after they came together, 10 or 20 years later, McGraw Hill came along.

Uh, it acquired Standard and Poor's.

McGraw's Hill was kind of similar.

It had been developing, uh, standards or trade publications, uh, written educational materials.

Again, you know, being that benchmark of reference or a knowledge source, uh- As, uh, the economy evolved and so it fit in quite nicely, um, with that.

I really appreciate it.

Are your partners in law enforcement using this to crack down on the unfortunate issue of human trafficking?

They certainly are.

And, you know, they're using it for any type of crime that involves a truck.

And I say that as in like whether I alluded to fentanyl trafficking before, it could be human trafficking, it could be weapons trafficking.

If anything is being transported in a truck that it shouldn't be, then gem logs becomes that source of ground truth to look at that.

And we've had instances where, In fact, one that happened last year was when one of our customers on the West Coast, and this was early when law enforcement was just getting access.

They happened to have access.

How do those, if you want to call it high value targets or high value loads, how are those protected?

So Ryan, when so many of the big companies that, uh, are in your portfolio are covered by so many out- analysts, and everyone's got their eyes on them, why is it that so many of them still get mispriced?

It's a good question, and I think people, uh, think because they're bigger, the market's gonna be more efficient for these businesses, and, you know, perhaps it is to a, to a small extent.

But I think there's two big reasons things still get mispriced.

The first is that markets are made up of humans.

Uh, humans are emotional.

We love narratives.

We have a lot of cognitive biases.

How much does the macro picture factor into your thinking, or is it purely a bottom-up story?

So why is it getting worse if we've known about it for some time now?

Yeah, I think the problem has been this industry in general is highly fragmented and very opaque.

And a lot of the data that's out there is self-reported.

In fact, the only stuff that's really not self-reported or self-shared are the actual inspections that the Federal Motor Carrier Safety Administration gathers from all the states.

the that was certainly a solid source of data of saying is this carrier real and running on the roads but as we all know those are really infrequent and in fact genlogs regularly sees about 25 000 carriers on the roads that have never had an inspection and i'll tell you a story a little bit later about why that's harmful to the small carriers to the newer entrance But at the end of the day, what we were seeing is that carriers, these double brokers that were operating in the cyber realm solely were trying to gain access to loads when they actually didn't have any real trucks on the roads and they weren't running on any real lanes.

Well, Genlogs was one of the easiest defenses against that.

If we hadn't seen you out there operating over the last year, there's a problem, especially when we see some carriers multiple times in a day.

What are people missing? What are they not seeing?

So if I'm a freight broker like a C.H. Robinson or an RXO, what is the use case? Is it just for tracking? It's

actually tracking might come later.

Right now, when we work with freight brokerages, there's kind of three use cases we focus on.

First is we focus on these carrier sales process.

So traditionally, these freight brokerages exist because they can see the long tail of the market.

That involves them, employees, armies of young professionals to pick up the phone every day, call lists of truck carriers and ask them a few basic questions like, how many trucks do you have? Where do you like to operate? Where are your trucks now? What type of equipment do you have with those trucks? We, by just nature of seeing everything that's happening on the roads, know the answers to all those questions.

So we can absolutely cut down on the number of people that need to be making those calls or in the number of calls that have to be made each day.

It's not just like a one-off, find my trailer, right?