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?