0:00

Okay, so I or i to do somebody. a

0:03

is a An

0:05

incredible story of a turnaround

0:07

of a business, that

0:09

impacts a lot of Austin America.

0:11

If you care about climate change, etcetera with

0:15

his key. And here's

0:17

a guy who had all the success in the world

0:19

running, a hedge successfully.

0:23

A business called Molycorp goes

0:25

into bankruptcy. he

0:27

puts his entire Fund it brings

0:29

it out of bankruptcy

0:31

manages to build one of the first

0:33

minds that was completely cleared you heard what

0:35

he wants said about california in california

0:38

that mine some of these rare earths

0:41

and critical medals that we need to make permanent magnets

0:43

that we use in electric motors on

0:46

the front lines of climate change building factories

0:49

now in south carolina woodsy

0:51

i'm etc etc so since he's gonna walk

0:53

you through these things and influx of us and quantities

1:14

the one song gem ice

1:16

arena hedge funds and i am

1:18

now minute accidental industrialists so

1:22

i want to take you through that journey i'm

1:24

and then while i do that a it'll

1:26

you know will will go through the problem

1:29

that i'd like to soft just are frightened contacts

1:31

so i think if we if we

1:33

think about think about of the things that just came

1:35

up with respect to the economy it's

1:38

been about a decade plus

1:40

since the global financial crisis

1:43

in in that decade was we've been in

1:45

this environment where there's been essentially

1:48

a full on boom a lot of money printing

1:50

an essentially a is a very

1:52

low or negative cost of capital

1:55

in growth in technology right

1:57

and and what we see now i guess we're we're

2:00

by the beginning stages of of the

2:02

aftermath of experiencing that economic enema

2:05

as was just discussed slice on

2:08

we've we've just been through this

2:10

period of of over a decade weather's been

2:12

you know all this money that has gone gone to

2:14

growth and what has

2:16

happened during that time simultaneously

2:19

is the real economy has been starved you

2:23

haven't seen i doubt many of you have friends that are investing

2:25

in new steel mills er aluminum mills

2:27

er nickel minds maybe nicol my now writes

2:30

bite wow the real economy's

2:32

been starved actually interesting way

2:35

we haven't noticed it so much one because

2:37

we're just starting to scale into electrification

2:41

but shine as made investments so

2:45

far pretty much all the incremental

2:48

steel and aluminum and commodities capacity

2:50

in the world over the last decade has come

2:52

on line because you're china

2:54

has led the way then you know as an aside

2:57

some interestingly about eighty percent

3:00

the aluminum and eighty eighty percent

3:03

of the steel production antagonism with call so

3:05

not only has this been you

3:08

know not only have a sort of taken over the real

3:10

stuff this isn't about

3:13

die you know what where it wherever you

3:15

are on the on the spectrum of his

3:17

you know what are they just a really tough competitor

3:19

or is this you know some kind of economic

3:21

world war three it doesn't matter what

3:23

matters is that the incremental stuff

3:26

incremental the real world has released to

3:28

the way has been led by china and

3:31

thought and so when we think

3:33

about what's now happening now happening world as we electrify

3:36

what i wanna move onto

3:39

the next one here i

3:42

think one good thing about going after you long as i don't

3:44

have to really explain this chart yeah

3:48

we are electrifying the an

3:50

arm as we electrify was

3:52

a lot of people may not fully understand

3:55

is that well this real stuff has come

3:57

online the

3:59

chinese im downstream very

4:01

intelligently the when we think about

4:03

a lot of people may have heard of china twenty twenty

4:06

five the lot of people probably

4:08

haven't heard of our china twenty

4:10

thirty five which is the current thought

4:12

emo which is to move downstream into

4:14

standardization as actually when we

4:16

look around the world today for

4:19

of the top ten oh yum

4:22

our chinese by global battery

4:24

electric chair the

4:27

and so we think about the single

4:29

largest private employer in a country the auto

4:31

industry we think about all

4:33

these industries that

4:35

are mineral intensive the chinese

4:38

are actually have moved down sir and

4:40

these are these are very mineral intensive

4:42

industries so what's this slide shows is

4:45

as we go from a fossil fuel world

4:48

who and electrification world which you

4:51

know we all i think ever think this room believes is is

4:53

taken place the in

4:56

this actually excludes steel and aluminum

5:00

just in the the content

5:02

of copper nickel

5:05

lithium and then what i focus on whereas

5:07

i some of these other things there's

5:10

seven times as much contact so

5:12

when we think about the the past

5:14

of the fossil fuel driving

5:16

gods your political gamesmanship

5:19

and power in the world the

5:21

future is about minerals the

5:24

and when i focus on earth

5:27

and so we

5:29

, i'm going over scattered to my journey

5:31

as an accidental industrials , bytes

5:34

bytes we can see here is rare earths

5:37

on their kind of the way to think about it is

5:39

sort of like us a young cousin

5:41

of semiconductors to

5:43

to the even as a so regardless

5:46

of how electrification happens

5:49

regardless of battery chemistry how

5:51

that i energy gaps your

5:53

motor that motor moves the among us

5:56

and so this industry this expected to explode

6:00

and it's not just saw a such as see these

6:03

it's a wind turbine thrones robots

6:05

can anyone actually guess bob where this robot

6:08

us from this , art is

6:10

actually from short circuits johnny number five

6:12

but i'm hoping ilan will i get

6:14

us a better robot of the future but we think about

6:16

all these industries magnetics it's

6:19

, powerful though

6:23

that's where i'm focused and focused and is just an

6:25

example of the commodity needs

6:27

as we electrify if we take our those

6:29

projections what's gonna happen

6:31

and electrification just in my space

6:34

so this is ndp are this is the the stuff

6:36

that we make the input into magnetics

6:38

You can see there's a huge deficit

6:41

that is looming and

6:43

moving on. Look

6:46

at my space Here's the challenge. So outside

6:48

of us this entire supply chain is

6:51

essentially domiciled in china the

6:54

and it doesn't even have

6:56

to be nefarious but what happens when the

6:59

largest manufacturers in the world are all competing

7:01

for what i showed you on that prior slide

7:04

a , of supply and we've seen lots of have minds

7:07

whether it's the semiconductor issue issue

7:10

you know just today the reserve a headline

7:12

that revisionist fighting with a supplier oversee toss

7:14

in all these things we're we're seeing the shortages

7:16

in the supply chain that are for better flowing

7:19

through on if

7:22

there's an allocation of materials and

7:24

the materials are controlled five

7:28

china or another geopolitical rival

7:31

which downstream businesses do we think

7:33

are going to get those materials and this is actually

7:35

now an existential issue for all of

7:37

us the so

7:40

back to my story ah so this is

7:42

our house this is the mine from of mention that

7:46

we , this out of bankruptcy in

7:48

my phone so going back

7:50

about five years ago this

7:52

site went bankrupt it was

7:54

a public company it sort of a rose

7:56

men of fell on and nobody

7:59

believes that week pete against china

8:01

and fact i had this week we showed

8:03

up or shut up in the delaware courthouse steps

8:06

the

8:07

i mean it was literally like out of a movie there were other predators

8:09

pushing to send this thing into bankruptcy and

8:11

you get a you look at the singer like wait this is that

8:14

when most valuable whereas materials

8:17

minds in the world the and

8:20

and this this future this is a material for

8:22

electrification and no one wants that nowadays

8:24

don't want it but people think that

8:26

actually we can't even producer economically

8:29

because the chinese are taking over the industry so

8:32

we actually kicked in a couple million dollars just

8:34

to keep it in care mean it's just to keep the eight employees

8:37

onside going so that this thing

8:39

could actually keep his permit through the bankruptcy because

8:41

otherwise they were just gonna raises the ground so

8:44

, we are went through that journey

8:48

journey ah we ended up buying and it's a disasters

8:50

this is about two billion dollars of replacement costs

8:53

not to mention the fact the if

8:55

this is one of the marquis sites in the world

8:57

and and tom yards

8:59

and have a stable jurisdictions all these

9:01

assets up over here to the left these are

9:04

what make an environmentally friendly so we don't

9:06

put anything back into the water supply we

9:08

have dried tailings which essentially

9:10

means that some for sure where

9:12

the cleanest where the operation in the world if

9:14

you go on youtube eating fantasy house historically

9:17

some of that mining and processing has done mining

9:19

known wanted it and

9:22

everyone thought that said this can be done but we

9:24

we bought it out of bankruptcy with we took on

9:26

of a sort of a distress ,

9:28

around and start of at

9:30

the same time we had we had no accounting

9:32

software on we literally had literally people

9:35

in a mine and a saw obama has from amateur

9:37

arm and arm half you know

9:39

people thought i was pretty insane and

9:43

probably find what i was getting into like

9:45

i said it was an accident know but accident couldn't believe

9:48

that no one else wanted to do this and this frankly i felt as

9:50

an american somebody

9:52

has to do this and you know their i was

9:54

on the courthouse stops and so i went

9:56

for it and you're

9:58

fast forward to today and we're

10:00

now we're now public we went as some

10:03

of my son went public a couple years ago or six

10:05

and a half billion dollar market cap is

10:07

been novice a massive

10:13

that it has been a massive home run for

10:15

for myself and my investors the more importantly i

10:17

i and i don't have a little that

10:19

ultimately we're capitalists are we want to do great job for

10:22

for our clients and ourselves but

10:24

i hope that we can connect conceptualize this

10:26

for what needs to happen throughout our economy

10:29

because i do think that on

10:31

as painful as the adjustment may be that we're

10:33

now in this period there were about to be in them

10:37

with what you know was some of that

10:39

the as the capital comes out of the gross

10:41

space there is going to be a

10:44

big beautiful the market

10:46

in real stuff

10:48

And it is just beginning and i can, I'll give

10:50

some statistics with the best thing is i i want

10:52

to ruin my bestie time so I finish up real quick. But

10:54

there's a lot of stuff

10:56

that needs to get built and this supply chain

10:58

stuff is existential. And so, what we're doing

11:01

an MP, you can see our stage one, we're doing.

11:03

on we just reported are quarter a couple

11:05

weeks ago were now from a site

11:07

for years ago that i had to beg on the courthouse

11:10

steps just to keep it alive or now

11:12

doing approximately four

11:14

hundred and fifty million of run rate even saw today

11:18

wow ready for and then we

11:21

announced as the oh we announced the deal with gm

11:24

whereas actually have already broken ground under

11:26

a magnetics facility in fort worth texas

11:28

and this is a scale deal with non exclusive

11:30

respect to bring another oh yum armor

11:32

will be making magnets will be shipping

11:34

material that will be environmentally

11:37

produce from our house california over

11:39

to or sign for worth and make magnetic

11:41

since our goal is to build a western magnetic sammy

11:44

and so i guess with all that i would say

11:48

hopefully this kind of thing can inspire you

11:50

we need their need their their news is

11:52

there needs to be a lot more stuff like that so maybe i'll

11:54

share some stats on in a some of the other

11:56

space has i don't want to make this just about rarest only

11:59

think about all the money

12:00

serial that we need our for this

12:02

electrification boom

12:03

In the supply chain that needs to be built.

12:05

This is like this is the

12:07

era of it's as if it's,

12:10

you know, the 19 teams and Ford

12:12

is just out. I mean, there is an entire supply

12:14

chain and it's not just Evie's it's

12:16

when turbines of Thrones as robots and

12:19

it needs to a a of real stuff that we create.

12:21

And so I

12:24

don't think the some percentage of us don't

12:26

need to necessarily debate. Whether crypto

12:28

is going to go up down, you know, now

12:30

isn't the time to Pivot. i think because this

12:32

is something that we to do the

12:35

to get competitive again so

12:37

again guess without all what

12:39

the might and and i saw the fire from

12:41

the best thing

12:48

there are in their quarterly earnings said something

12:50

to the effect of you know

12:52

we're going to consider becoming a

12:54

mining companies will

12:56

right and then be adding you on said something on the earnings

12:58

call which if i was reuters and he's like i encourage

13:00

every entrepreneur out there to

13:03

get into lithium please be no become

13:05

a lithium minor right

13:08

so maybe if you can just quantify

13:10

for us and i are you showed the the

13:13

the gap for your already

13:16

pr but broadly speaking lithium

13:18

and all the other things that we need to actually

13:20

electrify and get to a reasonable

13:22

place in climate change how behind

13:25

the curve are we really

13:26

though it's a great question and the data

13:28

is tough because a lot of it as reliant on

13:31

battery chemistry and so we

13:33

don't know exactly how much nicole it'll be

13:35

somewhat you know but we do know certainly

13:37

lithium nicole copper all

13:39

these things is multiples we need carriers

13:42

actually maybe this is a great that are

13:44

some some source that i utilize

13:47

estimated that we probably need

13:49

on the order of forty to

13:51

fifty copper and

13:53

nickel projects over the next couple decades

13:56

so call it roughly two hundred billion dollars

13:58

of tax to

14:00

satisfy the demand for electrification that we

14:02

have over the next couple decades and

14:04

what's so interesting you mention and obviously

14:06

i assume you on sees

14:08

this is if you look at the multiples

14:11

is think about it from a strict investor point of

14:13

view the financial arbitrage standpoint

14:15

look at the multiples of were auto

14:18

auto am straight or enough

14:20

certainly tulsa and and look at what's happening

14:22

the mining industry today so flattered the nickel

14:24

industries dominated by essentially

14:26

glencore involved those two

14:28

businesses and i'm not you know not putting stocks but as

14:30

an investor you know the pussy but that accent but

14:32

those two businesses right now it's had a is

14:35

us commodities prices are

14:37

essentially going to freak out for themselves down for years

14:40

to and about enron bad stock right and so

14:42

this is how how stark the

14:44

arbitrage is that in the real economy mining

14:46

and materials companies still companies are

14:48

trading a double digit protests will yield

14:51

they're buying that stuff they have no leverage in their businesses

14:54

and then downstream everyone's rely on them

14:56

and upstream these guys they don't wanna spend

14:58

to build out new capacity because the cause the capital's

15:00

to hide so what's gonna happen as i think you're

15:02

going to see maybe in

15:04

a while time warner moment and i don't mean if the negative

15:06

way but i think you could see a test for someone like

15:08

that by upstream into these industries

15:10

because ultimately downstream while

15:13

they all realize that the that stuff

15:15

is real shortage and you can't have the enterprise

15:17

value downstream because it's like multiple

15:19

have how much of your night when

15:22

you're sleeping you think there's an

15:24

ex percent chance i'm gonna have

15:26

some huge

15:27

environmental catastrophe like part of i think

15:29

why a lot of folks you know folks

15:32

like this who could probably go into that business

15:35

though is in the back of their mind they think

15:37

men this is like this is a lot

15:39

of gnarly stuff is something goes

15:41

wrong

15:42

how do you manage that risk and how

15:44

i will how big is at risk if we try to do this in america

15:46

so the single most important thing we do it mp

15:49

safety

15:50

and we actually are last earnings call said the last

15:52

two years we've had two years without a last time injury

15:55

and we gave everybody every single place

15:57

in the company of the attack on us to

15:59

sell of in that milestone

16:01

which is really critical the

16:03

reality is this isn't software right it's real

16:05

stuff

16:06

all we can do is our best i just think i think

16:08

frankly as as a human being as an american

16:11

i would rather have minds

16:13

being done in america is a eating in the state

16:15

of california over elsewhere in

16:17

the world where i certainly know that i assure

16:19

you that nickel mining and russia is

16:21

not as environmentally friendly as it is in canada

16:23

fly think most people may or may not know their stuff

16:25

for example all of the you know cobalt

16:28

that goes into a lot of these ease

16:31

a lot of it comes from the drc and if

16:33

you go and see the state of

16:35

governance and drc women's rights in drc

16:37

child rights in drc they are nonexistent

16:40

and so it is a very very complicated

16:43

a dirty supply chain that

16:45

feeds the beast and even though

16:48

you may think you're doing the right thing by you know

16:50

driving this plug-in hybrid or you know your toyota

16:52

prius if you trace that stuff back

16:54

it's a really complicated in place

16:56

and stuff i think we've all gotten a big education

16:59

a on supply chain over the last

17:02

two years with cobit a

17:04

and the value maybe redundant

17:06

the and what happens

17:08

the give a dictator a little too much power that

17:10

the germans are learning a hard lesson about

17:12

what happens when you shut down nuclear reactors in the

17:14

side phyllis fire with fire energy

17:17

from hooton was my only gripe

17:19

when you raise that the germans because i think it's a fair

17:21

analogy to say that germany

17:24

is to nat gas nat gas are to

17:26

china supplies and so

17:28

we see we see this coming right

17:30

we see and again this is this me or

17:32

the line your political leverage guess is that you

17:35

are on the national security issue as as

17:37

as the national security threat of

17:39

a democracy so it's a democracy issue isn't

17:41

a war issue isn't it something that

17:44

get have a point where we would

17:46

have to go to war if for example

17:48

we didn't get the natural resources in critical

17:50

elements we need not they said that it could not have

17:52

would happen but could it happen where it's so

17:54

important that all these other countries

17:57

can electrifying and both have

17:59

a desk

18:00

make a prediction i'll bet that

18:02

in the next five years we will see the

18:04

major household name oh yum they'll

18:07

need a bailout due to not you

18:09

know prices went up on them but lack of access

18:11

to a , some

18:13

kind of critical material like you're talking a gm

18:15

afford as somebody probably not the

18:17

i mean and him i think about it do even

18:20

if you think about it from us do we meet

18:22

even predict this we went to a

18:24

number of worse in the middle east over oil so

18:27

if this is the new oil in that is the analogy

18:30

analogy clearly gonna cause you

18:32

know ah conflicts and

18:34

the question the are

18:36

we going to build a strategic reserve of these materials

18:39

do we have a strategic reserve we we talked about

18:41

the food supply problems and freiburg

18:43

educated us on him with got like thirty days

18:45

of food this country has ninety days of food do

18:48

we need ever strategic reserve of these

18:50

were earth minerals internet says internet just

18:52

i just don't think they'll be enough because when you

18:54

think about this when you talking about a multi trillions

18:57

of dollars of year to electrify

18:59

there are so great demand is so great

19:01

resource yeah build up supply we can't build

19:03

up supply or if we can't when we need to put

19:05

the capital and and right now and

19:08

that's why i know again what does

19:10

the investor panel maybe it and can we discuss

19:12

but that's why i think the whole spaces a screaming

19:15

by because if you look across

19:17

all these companies because the capitals

19:19

are so high and so want to two things has to happen or

19:21

both which is prices just have to go vertical

19:24

where someone starts taking them out or were just

19:26

knock on have the stuff to electrify i

19:29

am understand

19:31

now been demonstrated significantly

19:34

more lithium tell me from off on this in

19:36

the oceans and there isn't across there

19:39

may be system for accessing was

19:41

am from the ocean that are electoral

19:43

chemical in nature

19:45

i'm that would allow us to kind of access

19:47

that resource and what do you know obviously

19:50

if you can get a system that can scale you can

19:52

get it all out very quickly so i mean have you looked

19:54

into the system only have a sense for the opportunity

19:56

let me step back and then stepped down to a

19:58

suit and

20:00

those are sick over just like industries in

20:02

i believe in cycles right price of

20:04

either cure for high prices is high prices

20:06

there's no question in my mind whether it's sad or

20:09

there will be someone or frankly maybe someone in this audience

20:11

will have some break for right and

20:13

so we will solve this problem

20:15

the challenges of that i don't even things

20:17

that we've ignited

20:19

the proper focus and resources

20:21

to actually solve this problem and so there may be

20:23

that may be an example of a solution but that will

20:25

take five to ten years but in the meantime there's

20:28

there's a lot of resources they need

20:30

to be applied to adam jonas who is

20:33

as part of analyst at

20:36

morgan stanley calls this the mother

20:38

of all catback cycles i think right and

20:40

i think his estimate was like

20:42

you know something like three trillion dollars

20:44

of catholics needs to get spent over the next

20:46

decade even to have a fighting chance

20:49

on all of this stuff a and

20:51

so if you're looking at new areas

20:53

so take your and dpr np

20:55

materials hat off the

20:58

but if you are in the same position you were

21:02

that them now not not really

21:04

don't need to go to the courthouse steps but where

21:06

would you be looking

21:08

i know would you look at lithium would

21:10

you look at nicole would you look at

21:12

trying to do what you know china is doing and

21:14

create better and simpler and cheaper

21:17

chemistries for batteries like where would you spend

21:19

your time right now if you weren't doing

21:21

though i think you actually

21:23

said a perfectly well in the lead in which is just

21:25

anything that is real stuff

21:28

and so yo all of it

21:30

lithium copper nickel

21:33

steel aluminum all these areas

21:35

that have been starved the cost of capital

21:37

is just so high across

21:39

the board that if you can come up with solutions

21:42

to deliver the shortages and again i'm

21:44

not saying the next three months make we could have a bro

21:46

recession for six months but we see the long

21:48

term five tenure trend i think any

21:50

where you look in this space you're looking in the right

21:52

direction it's it's it's a window your

21:54

back as opposed to and again or not

21:57

you're taking have you been to come up with a new crypto

21:59

currency right now if if a huge window

22:01

your back relative to

22:03

can you and you get your mind

22:06

operational in today's political environment

22:09

you think like if you have to start from scratch or

22:11

if you found a new thing in

22:13

nevada or you know wherever

22:15

it is that's a great question enough the

22:17

challenges

22:19

it takes to get any of these things it takes

22:21

a decade right takes if you have all the

22:23

capital and place all the human capital

22:25

all but just the you're going through that process

22:28

to build a at the materials costs and

22:30

so the

22:32

that i do i i think the world needs it and i think

22:34

that what we do environmentally is so unique

22:36

that i think we could get it done by this

22:39

is a big challenge and i think frankly it's a it's a you

22:42

guys were talking the last session about some

22:45

we need to come together this is a big time

22:47

area where we need to come together there should be a grand

22:49

bargain right there should be the environmentalists

22:51

should say okay i

22:54

accept the we need this stuff this accept that

22:56

we don't want to be only made and russia and china then

22:59

they should loosen up on some of the permitting

23:02

south and i think the people who are just like you

23:04

know jojo throw my my mind don't care

23:06

need to accept that we need to have really tough standards

23:09

arm and i think we should have some kind

23:11

of grand bargain and a could be your tax policy

23:13

focus on it but there needs to be some kind

23:15

of coming together in our country

23:18

to recognize that we need this to i mean let's

23:21

be intellectually honest people are

23:23

hypocrites the hypocrites the in the e u

23:25

people united states they want the

23:28

energy they want a cheap they're complaining

23:30

about the expense of you know

23:32

even a modest increase in average across ten

23:34

percent twenty percent which they could withstand

23:37

they will complain about it and they

23:40

they will not allow fracking in their country

23:42

but there are more than willing to let russia from for

23:44

they don't want the cobalt

23:46

coming out of the ground in california they're more

23:49

than willing to let fifteen year olds dig

23:51

it out of the ground without a mess eight year olds we

23:53

have as horrific as it is and the there

23:56

is intellectually dishonest is hypocrisy

23:58

and i think we'd have to own the

24:00

we want to live in large houses and

24:02

we want to blow the air conditioner on some

24:05

ridiculous setting america zones or

24:07

three times bigger than other homes

24:09

that have responded to to very quick stories

24:11

there's a massive deposit of lithium

24:14

in nevada which would be enough to basically

24:16

see tesla and another

24:18

oh yeah okay so this would get

24:21

probably somewhere between one and one of the half

24:23

million cars pure electric

24:25

, the road by twenty thirty thirty

24:28

there are they were completely plummeted by

24:31

the blm at the bureau of land management

24:34

and there was a lot of those fault and

24:36

it's still wrangling it's way through the federal

24:38

court system and what it is

24:40

a claim that this the there is an

24:43

upper would grouse that

24:45

could be endangered

24:47

through this minute they have yet to find

24:49

an actual upper would grouse in the area

24:52

months

24:53

nothing can have a theoretical and so the problem

24:55

is that we've now delayed two years you know

24:57

it could get resolve this year but it could be another two

24:59

or three years which means a lithium isn't

25:01

actually available until toy

25:04

me wrong point and warming continues that sensory

25:06

second story is that just yesterday

25:08

the california the city

25:10

costa mesa rejected a bid

25:13

the building electrolysis facility

25:15

who create a hundred million liters

25:18

of clean water every single day

25:21

the with the nissan plant

25:23

the supplies because everyone

25:27

the go with something

25:29

healthy didn't wanna live on as unsightly

25:31

i don't want to sing

25:32

the me for money while we're in a few know rafferty

25:34

it's a poster it's amazing so you know

25:38

and and so to your point when the rubber meets

25:40

the road these unfortunate decisions get made

25:42

and there's no way to

25:45

you know sort of contact the only the want to take thirty

25:47

minute showers i mean that's the hypocrisy of it if americans

25:49

really want to talk about conservation

25:51

all thirty minutes there's nothing wrong with the thirty been shown i

25:55

wasn't calling you out specifically but since you

25:57

on closer solve it's solve it's teachers

25:59

and the boy and

26:01

it's a degree point and my and my

26:03

argument is that we're going of we we will

26:05

answer this question as a country either now

26:07

or later and the point about

26:10

for of the ten largest auto williams in the

26:12

world are now chinese companies and so

26:14

this is now a competitive issue

26:16

and so we can we can keep kicking the can

26:18

we were what they are you are you will not by

26:21

the government or you beloved by like new kind

26:23

of like be line and discuss through the nonsense because

26:25

of nevada government must like this i

26:27

think i think that it's fair to say

26:29

that the a local officials are very

26:32

happy with what we've done with what we've

26:34

always enough for them to write the in

26:36

fort worth texas there with him the magnetic facility

26:39

yeah that we have some partnerships with the of wasn't

26:41

the president announcer the gm facility or

26:43

the gym things and in texas ssssss

26:46

so i think that there is frankly support

26:48

from both sides of the aisle for what we're doing

26:51

your the were executive orders on the rarest magnetics

26:53

industry specifically both in the trump administration

26:55

and in about an administration so

26:57

i think what we're doing is hopefully nonpartisan

27:01

and , frank i think all this should be

27:03

enough that you know the point about the grand bargain

27:05

but even you raise you point about

27:07

just all this stuff the

27:11

you know there's so much push back and we need to we need

27:13

to figure out a way to get past that kinda stuff has

27:15

been cast again manning has a credible isn't

27:17

i mean not a huge fan disclaimer i was allowed

27:19

aggressive wow i'm right i'm not an

27:21

investment going to that we do appreciate you giving

27:24

us the education and we do

27:26

need to be independent from communist

27:28

countries and really

27:30

have the supply chain situations isles answers

27:33

crushes the hardware for america and america and freedom

27:35

and on he says you that

27:48

we'll open source the

28:04

way i mean

28:08

of