SPEAKER_00 0:00

Hey everyone, welcome to another episode of Beyond the Case, which is a podcast where global leaders from Howard Business School's OPM community join in a personal capacity and they share the real lessons, life principles, and mental models which go behind building enduring companies. Today's guest is Zolt Nagy. Zolt was in OPM67 with me. We did Unit 1 together. We've not interacted much during Unit 1, so this is a great opportunity for me to learn more about you as well. Zolt, how are you?

SPEAKER_01 0:33

Good. Thank you much for the opportunity and thank you very much for being patient to be able to schedule a suitable time.

SPEAKER_00 0:39

Yeah. So tell us about yourself. What do you do? What's your business?

SPEAKER_01 0:42

I'm a serial entrepreneur. We are in a number of industries, one of our largest uh uh businesses in agriculture in Slovakia. Uh, and we do normal production in uh crops and oils. So we got wheat, barley, corn, some flour, poppy seeds, and we also have a dairy farm with a milk and cheese factory attached to it, and we do small milk and cheese products, and we also have a biogas biomethana methane factory uh within the same premises. And we would like to expand a little bit further, although there are a little bit challenging times these days, but you know, like Warren Buffett says, when there is blood on the street, that's when you buy. So that's that's our mode right now. Apart from that, uh I'm a co-founder and owner of uh one of the largest local Toyota, and now uh newly a BYD car dealership as well. We operate a have a master license, uh, and we have a chain of uh coffee shops, then we invest in property, be it uh residential, commercial, logistic, or obviously agriculture, and also industrial. So those are some projects what we invest in, and we do some development. Now we invested into a number of other companies, be it in water management, events management. So those are more or private equity and venture capital arm, which we do it on a small scale. So we still everything is family-owned, what we do, and uh we invest our own funds and we're doing our own strategy. We own also a small bottle and cigar shop, so we import some cigars and some uh rums and wine into Slovakia. Now, fun fact, I live for about 20 years, plus minus in Australia. Over there I tried and uh set up a number of businesses right now. Our uh uh largest holding is in uh student housing, shared accommodation, furnished property letting, Airbnb. Currently we are in Sydney, but we'll be expanding to other cities. Uh COVID takes a quite big hit on us. So we barely survived. So that's a big, big lesson there that you be really prepared for uncertain times. And we also also also invest into into the stock market on a small scale. So we've got a quite uh uh range of portfolio. So that's why I said I'm a serial entrepreneur and uh managing juggling a lot a lot of balls in the air, which is sometimes really good that you're standing on manual legs. On the other hand, you gotta get focused. Talk to me about the origins of the business. Okay that the agriculture was originally founded in 1950, so it was 77 years, six, seven years old this year, and it was a classical agriculture corp. And my dad became the president very young, six months after he finished university in the 60s, and and until his passing five years ago, he was the president, and then I became the president of the company. And after 89, when there was a revolution, and we became a so-called capitalist country, then we started to buy up the shares, we started to buy land, we still up today, pretty much every day buying some sort of uh land. That's why we got a big uh holding of land, which some we can turn into development. And then we started to buy up the neighbors, other businesses, and that's how we grew. Basically, doubled, tripled, quadrupled, and that's how we grew basically the production company. And then one thing led to another. I always wanted to kind of uh stand on my own legs or try something on my own, and that was my journey to Australia. Initially, I went to study English, then I worked all sorts of jobs from cleaning to washing to knocking on doors to assembling hospital beds, you you name it, pretty much I've done it. And I started to started to basically set up various businesses, even try network marketing, then direct sales, set up the student agency, uh which we turned into later on. Because the student agency eventually was started with my business partner, they were buying to, then I actually bought them out later on. Then I sold the European arm, kept the Australian arm, which we turned into an accommodation business. Uh, opportunity came to invest into a car dealership and boys with their toys. You know, cars always exciting. Toyota sounded like a solid brand. And and not knowing what the hell we are getting ourselves into, we just believed in the brand and in the dealerships. Uh we built one of the, we won the tender, actually. We had to won the tender for the license. And then we built one of the largest Toyota car dealerships in Czechoslovak Republic. And lately we expanded into BYD, us be looking at what other brands we could attach to it. And then coffee shops. So that's another story. I wasn't a coffee drinker. I became one in Australia. My wife made me one, and you got an order in Australia. Everywhere they make you fantastic coffee. Now, coming to other countries, the US is a disaster with coffees. In Europe, that was also a disaster that time. So I had a hard time to go to a coffee shop and have a proper coffee. So they called it coffee, but it was really like a coffee boat with some fluff on the top. Let's put it that way, if you're talking about cappuccino. So uh in one of our investments, it's a smaller building where we live. Uh we kicked out the casino who rented the whole whole whole almost the whole building, 90% of it. And we said, okay, in one of the shops, we're going to do a coffee shop, so at least we there's one proper coffee shop. And then I found this concept, this franchise. Then I talked to the guys, uh, and we ended up actually doing a licensee agreement for Slovakia, and it and then COVID hit. So all the market research for a chain of coffee shop, what I did before COVID was absolutely not workable now after COVID, which I believe that eventually the market will return to its origin. But anyway, during COVID, we set up first coffee shop, then second coffee shop, and then uh two years ago, the third one, fourth one, fifth one. So we got five coffee shops from one is a subfranchise, four we operating, and it is uh tough work. And these days then we're considering changing strategy because it's it's uh in the current climate, you know, it's not not really working as we expected it. So there's a lesson in it, but unfortunately, if you wouldn't try it, you wouldn't know. Despite doing all the planning and the market research, it's just you know not not not what it was before. Anyways, as I said, one thing led to another energy sector, German company approached us that they would like to do some wind energy here and beyond the land. So, cut the long story short, after 10 years of going back and forward, we agreed that we're going to do it 50-50. So that project is yet to come to a fruition. And then when we had that student agency, many of our clients have been complaining that the accommodation is far away, it's not kept in good condition, it's not clean, maintenance is not done, too many people going back and forth. So we decided, okay, let's put up one or two, three apartments. So extra income for us, clients will be happy, win-win. Suddenly it turned to be that actually we we pretty much closed down the student agency and we started to do the apartments. So before COVID, we've been one of the largest shared accommodation providers in Sydney, Australia. Now we are basically back on our feet. We're not at our original size, but getting there relatively fast, but we're a lot more profitable than before. Because I had actually developed the full strategy where we're going to optimize the business. And then COVID came so I could throw out the whole plan because there was there was pretty much a crisis situation, and we had to do an emergency plan. And we fell about 70. But I wanted to do a turnaround about 30% of the portfolio where I wanted to optimize. Now we had to do a hard reset with 70-75%. And I think it was a good thing for us. So in that sense, good thing for us, good in long term for accommodation business. And now we're going to build a platform and so forth. So we've got big plans to further develop the strategy. And cars, it became also a tougher business, and a lot of Chinese players entering the market, and the current dealerships and the current brands need to take that into account and need to adjust their strategy. And because we got the licensing rights, so we have to go with the flow. Although to a certain extent, they do listen to our feedback. But sometimes I'm the only one waving my hand that this strategy doesn't work under this climate. Because many of the car dealership owners, they that's their main business. And because for me it's one of the many businesses, I've got a broader view, and I can compare it to my other businesses. How does it work? How are the margins? What are the strategies and the developments? So I've got a uh a bit of a broader view, so I can comment on the economics and the money part on that as well. I'm just thinking what else is in our portfolio I could comment on. But as I said, I'm second generation in the agriculture business. The rest is basically all my doing, establishing partnerships on our own, etc. And there were a lot of learnings along the way. So some of the businesses we shut down. Not everything is successful, what you're touching. If someone says that, then either he's lucky or or he's camouflaging, let's put it that way. But I had to learn the hard way or on my own way. But you know, they say that smart people learn from their mis from their own mistakes, but geniuses learn actually from other people's mistakes. So they don't even get there. So my main lesson I would say, as my mentor used to say that only do on other businesses when your first business is up and running, it can be basically working without you. So if you pick up the phone and call the office, hey guys, I'm off for a year, and you come back after a year, and you call the office if they don't know who they're talking to, then we've got a problem, not a business. If they do know who they're talking to, and maybe your business even grew while you were not here, that's when you've got a business. And that's when you've got the clowns at the circus and they put up the first plate and start to spin it, you know, and they put up another plate, start to spin it, then they're spinning two plates, then three plates, and four plates. And if you put up all at once, you know, they probably will fall down. And the same, same with the businesses. So I've done a mistake where they, you know, you get a shiny penny syndrome and start to juggle many businesses when you've been in your 20s. Yeah, sure, I'll just do a time management. I can run like four or five businesses at the same time. No, unfortunately, it doesn't work. So maybe these days with AI it could be different. But my biggest lesson is do one thing, do it right, groove it. When it can stand on their own feet and people can run it for you, that's when you move into other businesses. And the fourth quarter is where I am kind of half-legged in it, where you start to invest into other people's businesses. They come up with the ideas, they set up the systems, they run and get you just an investor.

SPEAKER_00 12:34

Wonderful. Uh, very thorough response. I want to go back to your father being the first generation entrepreneur. He started the agriculture business. What were the kind of conversations that he would have at home which inspired you to not consider taking a job, to think about, you know, walking on fire yourself? Because it doesn't matter if you have a successful business which you're inheriting, uh, but you also started a lot of different businesses by yourself. There's challenges at every level. And the nature of the challenge may differ. So, could you talk a little about the kind of the quality of conversations he was having at home with you, which inspired you to consider being a leader yourself, to be an innovator in some ways, and then also maybe reflect on some of the challenges you went through and he had to overcome, which inspired you to think about problem solving and not be overwhelmed by any challenges that one might come across.

SPEAKER_01 13:24

Okay, very, very great question. My dad was probably my largest inspiration and and always said that he's he's my mentor, he's my business partner, and he's my friend and my advisor all in one. So I'd miss him dearly. And I always even turn back here, you know, like he would be standing here and ask him, Is that okay like this? Uh when he started, he was he was a really hard-working man, didn't care about flashy stuff, and uh he inspired me, but he was very supportive, actually. He wanted me to be a teacher. So I asked him later on, you wanted to me to be a teacher, then we've got all these businesses. How you're supposed to run it? If I would be a teacher, I said, yeah, but you know, so that could be like the backup for you, in the sense, you know, if if if we wouldn't do the business, you got a short job, you know, and you got holidays next to it, you know, and and you would be running the businesses and slowly transition into it. Uh obviously that was the early days when the communism failed here and we changed. Obviously, that was a different strategy. But us, we started to do more business, even that changed. Obviously, he wanted me to become the part of the uh business. But I was living in Australia, and it a little bit was a question, more in everybody's else's head than in my head, you know, if I if I'll ever come back, which I always intended to, because to me, family is really important. But on the hand, you've got your own demons and your own ego, where my dream was to go to a foreign country where I didn't speak the language, didn't know anybody, and make it on my own, which I can say that I did. But there was a lot of uh challenges when I've been sitting above a spreadsheet, 2 a.m., 3 a.m., and I said we got this much to pay, but we got only this much to invest. Okay, how are we gonna figure this out? And they've been my biggest lessons, instead of calling up dad, hey, can you send me some more money? You know, I had to I wanted to figure it out on my own. Because to call the dad or someone, everybody can do. But figure it out, you know, the biggest lesson, that's where I learned the most. So my dad was really focused, as I said, hardworking, always economics, numbers. He was a he was a numbers guy, and he was an example for everybody. He didn't mind to roll his leaves out and show someone how things need to get done. And even when uh newspapers called us for some interviews, which I normally refuse. I I don't even do many postcards or podcasts either. And they asked that are we successful because we uh operate next to a river? So I was uh smiling as I said, no, we are effective. Number one thing that we straight away started to buy land and acquire land, and we started to put them together because there's a lot of small lands, but to be effective, the more they are together, the more effective you can be. And obviously, we constantly watching the the money to turn it back into the business. So we never had it first place that okay, we got some money, let's buy a car. No, where I can reinvest it so it works for us. It's always said where can we reinvest the money when it works for us? So my dad was always reinvesting. I remember he had a Toyota Karina with 650 something thousand kilometers on it, and then the chair is really good, you know, until someone crashed into him and he had to buy a new car, which was another Toyota. And then he was, again, hundreds of thousands of kilometers. Although he had uh had uh BMW later on, but that was more like representative, but he really didn't care, he was still using the Toyota. So, and that comes down to he's a real, he was a real example when you say that wealthy people buy luxury things last. So he was a living example of that, and we still live by that today. So we always look at it where we can invest first, and then we're looking at some luxury, although we're not really into I need to have a flashy this, flashy that's more like down to earth. And he taught us and believe that that we stay the same, we not going around and showing what we built to what we've got, more like down to earth, even even stay rather in the background so we're not visible. So I I intend to stay humble, you know. I don't I don't want uh uh and focus on work. Like Steve Jobs said, put a dent into the universe where I can when we can all look back and look, I build this, I build that, you know, I contributed this, I gave work for this many people, created the environment where everybody was happy, which is a pretty tough job, and then constantly working on it. So uh there was a lot of lessons, there was also arguments between us, but good, healthy arguments, because he was the always the older one, the dad, the boss, with a lot of uh knowledge, with a lot of experience, and I was the young one with overseas experience, which he didn't have again. So it was a kind of a good combination, and and we always used to brainstorm with each other, and if there was a decision to be made and we couldn't come to agreement, I couldn't convince him that my way of uh the choice would be the best, or he couldn't convince me. I said, then I respect you the dad, you're the boss, you're the more experienced. I said, I respect your decision. So that's how we've been working together and we traveled together because it's it's aggro is divided between me and my brother in the sense that that he's managing the production and I manage the rest. I manage the office, the acquisitions, the lawyers, mergers and acquisitions, buying of the land, and then we intertwine basically, we do the trading together, but now it's becoming a position on its own. Although I I enjoy dealing with the partners, but the agriculture became so fast moving that when before it was every couple of months to sit down, you signed some contracts, you sold, you bought something. Now, pretty much on a daily basis, they give you a quotation in the morning, it's valid till 3:30 in the afternoon. So you need to make a decision, you really need to be on the top of it. But I believe AI will really change these spells in the next five to ten years. There'll be uh amazing changes in agriculture and in every other industry, but I think in agriculture it will be really revolving.

SPEAKER_00 20:09

Thank you. I have a lot of questions on what you said right now. Number one is agriculture is a long game. So your decisions have to be long-term. Could you talk a little bit about how that prepared you for the other differences, other different businesses that you got involved in later on in life? And how you think, you know, credit goes to the first business being agriculture, where long-term decisions had a lot of merit as opposed to short-term thinking.

SPEAKER_01 20:36

Maybe also got extra construction company, and why it came to my mind because after 89, everybody in Slovakia started to do a number of businesses. So even Demi had a construction company, a bakery, a meat factory, import-export company, and so on. So uh to answer your question, agriculture, yes, it's a long game, and it's a very uh current question because I started to say before that it was more relaxed, people to say. I always used to say that we've been in a lucky industry where we produce our commodities, then knocking on our door that sell it to me, let me buy it, let me trade it, and so forth, and that changed. Specifically with the Ukraine war, you know, people stopped knocking. So you actually had to go out and knock on their doors, which not everybody opened up. Now it's a little bit normalized, so to say, but it's a whole different game now. As I said, it really speeds up, and you can't look that long term like you look before. Before that, we looked like 10, 20 years. Now I look like three, three years ahead because we I really don't know what's going on. So there's a bit of a chaos in the world right now. know a bit of a bit of quite a bit of uncertainty, you know. So before that we make a decision and and thought about it twice. Now I need to think about it five times at least. And then I also compare it to the other industries and other opportunities. I've got a lot of investment and a lot of deal possibilities coming through my desk. So I always compare it now, okay, where does my dollar turn fastest? So still our focus is number one agriculture, but then all the other investments what we've got and that's why we're standing on more lakhs. You know there's still we need to eat we we there's interest in in in the agro products in the commodities in in the milk products and so forth. And I believe still that the land is a great investment because multiple times we earn back our money by the value of the land growing but it's you can't get multiples like like what you get with online businesses or with AI and so forth. It's stable it's got a lot of assets and so forth but these days it's not not how much you know how much money we've got but how much can you borrow, which we've been taught that you use your own money. So we've been always using our own money and investing our families. Only just two years ago was the first advisor said but you you guys can take some you know acquisition loans and so forth. So we started to leverage a little bit so that we still feel comfortable. And agriculture again you need to think really really hard and do your numbers. Right now I've got five or six companies on my desk possibility to acquire so dealing with them but we calculating calculating rethinking reagining you know it's not like before okay let's buy this let's buy that even with the land before that I pretty much used to buy anything came across my table we made a deal we bought it. Now I think at least three times and I'm not buying everything. So more strategically also a lot bigger now I don't feel I need to buy everything it's more like about the quality and the strategic positioning or to me is the closer to a central is the better so I know I can use it. If not today then tomorrow if it's still under contract with someone else. I'm not sure does that kind of answer the question yeah it does.

SPEAKER_00 24:22

And you also touched on um taking quicker decisions today right in the past you said you take a few decisions on the agriculture side it would be good for a few months. Today you get a contract you have to revert by 3 30 p.m I believe is what you said. So how do you make decisions under pressure? Could you walk us through your mindset uh in such situations?

SPEAKER_01 24:42

Okay, you know as they say garbaging garbage up so it's about the quality of your information and your data. So that's why we need to be now daily up to date not weekly or monthly up to date so I I'll I'll I'll look into a lot of industry news but also even then there's a lot of how would I put it collective camouflage going on and people coming to IA storages are full you know we're not really buying and then weeks later you say hey I need thousand two thousand three thousand tons of this and that and I said well didn't you say you guys are full and not buying oh well but I need you know I know they are not full they know we know it we're still playing this game I'm like seriously so that's where you need to be able to read the market locally and and globally and then try to again revert the global one to to to to your local decision making that what is the market here really. So in these days it's becoming a little bit more like a game and and who is more up to date with the information than with us because we've got storage capacity and we've got and we've got funds to hold the commodities we're not forced to sell like many of the people who don't have the storage capacity or they don't need to convert their commodities into the cash because they need they need the cash flow into their business. So we can we can monitor the market and whenever we believe that it's right on to sell then we're selling then but you need to be up to date and also it is truly becoming a guess game like I'm putting on a lottery. So it's very hard to break the market. All the fundamentals are showing even currently that for example wheat prices should be higher and they are not it's our prediction so it's becoming like a lottery or a stock market game you also spoke about you know your company or your businesses not having taken much debt or being family owned typically cash. What has been your mindset with debt why has there been a hesitation could you talk a little bit about the thinking there I believe when you got debt then you're not fully your own boss and when a crisis or risky situation would come along you are more exposed. While if you don't have depth you're standing on your own leg. On the other hand you know if you want to expand you know then you're limited with your own funds. So if you take on some acquisition depth, you know, then you got broader possibilities what you can grab. So the question is can I invest my money better or can I borrow better so I can expand more and then turn my capital into higher returns because then I would just use my fraction of the cost is finance the obviously that fraction basic economics that turns into double triple instead of using the whole hundred percent for own funds then it would be only just 10 20 30% return on it.

SPEAKER_00 27:50

Another point I wanted to touch on is you mentioned you have a Toyota dealership probably the largest right in your country size wise not not not turnover wise because we're not in the capital city. Okay.

SPEAKER_01 28:03

How did you feel when we were doing the Toyota case at Unit 1 that that was a little bit different because that was about manufacturing right but it was good to see a bit of an insight from the outside because funnily enough I always question many times they can't tell us when the car is going to come there was some cars we've been vending for two years and they couldn't tell us when it's gonna arrive. So it happened even to to my brother-in-law he ordered a car for him supposed to be one year then it turned out two years and after they said oh we're not gonna make it anymore so I got upset directly what is this I mean like these days with the modern technology from my perspective or point of view you should be able to tell me pretty much down the minute when the car is arriving but I said I take it that there's there could be delay I don't there was flooding Africa so flooded the Toyota factory like there could be cases like this but tell me that in the one year becomes two years and the car doesn't arrive but eventually we worked it out so we managed to get a car for him. But it was interesting we saw see see it from the other side basically the how they are doing things how they're developing the processes and so forth. Obviously Toyota is the largest car maker so the larger they are the slower technically you should be moving or the more modernized you should be so it was an interesting case when we see it from the other side. What led you to OPM? How do you consider that program? Okay uh I've got multiple university degrees one from Slovakia from the Slovak Agriculturity I I did economics and then from the Sydney University I've got another master's degree and I was always curious and I always wanted to expand my know-how and learn about new things and add to my current skills and know-how and I believe you should be constantly learning so even after I finished the university in Australia I I became a seminar junk I was going to all sorts of seminars I was networking learning so mainly stock market properties sales mindset uh self-development you know I was everywhere collecting a lot of uh know-how got to know a lot of people and even today I believe that you should have a coach I've got actually four business coaches you should educate yourself and stay up to date with information and um also enrolled in the London Business School which I just returned from and embraced the change which is specifically for YPORs the young president's organization which I'm also a part of uh and we got access to amazing education from all the leading universities and then ours I was researching which are the best business related programs for for us CEOs always said I need CEO coaching and I need CEO education and everybody was talking about OPM you know the flagship of Harvard this is the best of the best so I was postponing it for years and in my forum at YPO I had one of the discussions led to asking me the question okay guys when do you think would be the right time for me to to do OPM because I'm only doing this or doing that but I'm busy with all the businesses la da da da da and then the guy just looked at and they said you just answered your own question. And I said okay I got the message to do it SAP so that's why I signed up um last year and got into the class and I said okay let's just do it and uh we learned a lot we worked a lot we had great time there and and we got a whole year to apply all the knowledge what we received there and put put it put it in action so to come back obviously with different we are we will be different people with all the different businesses maybe come back to unit two. Thank you could you talk about some of the biggest takeaways from unit one for you I would have to look through my notes there'd be many things within processes which I intend to change in the business in my businesses also people culture so always always been oriented to people culture always say that I don't have employees I've got team members so and I would like to develop a culture you know where everybody feels like home so funny enough we had a really good presentation even one of the closing keynotes at London Business School and it and it brought back me what we learned at OPM as well as everything is kind of connecting. Then branding there are a lot of lessons from branding which which I'm going to apply uh how to position the brand how to get your people involved you know to be part of the brand how to be your advocates then enforcing certain uh new policies and ways of doing business in the in the um in my businesses also remember uh I've got a applause when I I said it everybody started to use my saying that the the biggest room in the world is room for improvement so that's that's what I live by I constantly want to improve myself but also improve our team members and improve our businesses easier said than done you know that is day-to-day application we be a little bit better a little bit better a little bit better but apply this we try this because not everything will work what we learned there in all of the businesses some some will come through some will can apply some won't be applicable some won't be possible to make it uh work within your businesses so uh a lot of uh trial and error but I like to learn from all people's know-how and as I said genius is flown from other people's mistakes so also learn from other people's mistakes so also finance we we went through a lot of uh finance mistakes there as well how people grew and what mistakes they've done along the way from fraud to um accounting to everything and uh again reminded me that you know we need to be a lot more secure a lot more asking questions not to not to take things for granted or as they say believe but double check and control in one sentence inspect what you expect and some times are just flaw and I trust my people but inspect what you expect that would have been one of my biggest lessons which I learned from the school and and and from my own mistakes unfortunately thank you for sharing that could you talk about a book which might have influenced the way you think yeah there are there are a number of books one of them is Rich Death Pudad from Robert Kiyosaki so the principle itself it resonated with me. Then uh I would say another book is Bone Rich by Bob Proctor then Think and Grow Rich Napoleon Hill so those are the top three books which I would recommend someone to start and go to start with. And then obviously there's a bunch of others which I read I've got a massive library which I probably read about 2030 and there's a lot more to read but either listen to the podcast or done the program or speed read them so forth but it's even for me there's a lot more to read and every day I'm getting some recommendations it's just impossible for me to read all those books. So I use even here I know hey check this book give me a summary how can I apply what to my business and so forth. And um also the the millionaire next door what I what else would I highlight quickly? Then there are specifics from with trading you know when I when I was learning about a stock market you know how to invest and and being an intraded trader or a trader or an investor so those kind of mindsets and which one are you how to apply uh then um really good book is Richest Man in Babylon so that's a really good uh book as well even for the kids and uh also there's a book I can't remember it will come to my mind also be the think and grow rich uh but it's it's it's the kids version so that's really good even for the kids I recommend them to read it thank you last question is if if you could meet your younger version and give him some advice today after everything that you've been in your life through what would be some key pointers you'd share with your younger version be more focused number one number two don't be afraid and don't be egoistic and to ask for help. So you don't need to do it on your own. But asking for help is extra strength not the weakness because before that I thought no you need to get it done you need to get it on your own you need to prove it actually now I don't think so I turned that around and believed that asking for help is extra strength. Just in battling with to be honest but I'm I'm better asking for help now than I was when I was younger.

SPEAKER_00 37:31

Thank you very much. A lot of takeaways from this conversation and I think uh you have shared with us within what forty forty five minutes all the wisdom that you've aggregated over the last couple of decades. So very grateful to you for that and thank you very much.

SPEAKER_01 37:47

I appreciate that thank you very much for the opportunity thank you man see you soon bye bye bye