This week, we’re diving deep into the geopolitical chess match of rare earth elements. From Trump’s mineral negotiations with Ukraine to China’s strategic moves, we’ll break down how these tiny elements are reshaping global power dynamics. Spoiler alert: It’s not just about rocks—it’s about who controls the future of technology.
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Dustin Olsen (00:01.566)
Hey everyone, welcome back to the Rare Earth Exchanges podcast. You’ve got me, Dustin, and of course, our illustrious host, Daniel. Today we’re going to be talking about some of the big events that have actually been going on in the Rare Earth news space. lot’s happened since we talked last. I think we’ll kind of have updates with some of the things we talked about, like the Ukraine-United States Rare Earth deal and things like that. So we’re just going to kind of talk about what stood out to us.
in the last week and go from there. So anything you want to say, Dan, as we get started?
Daniel OConnor (00:39.244)
Awesome Dustin. Yeah, it’s only been a week since our last episode. I guess we did Friday and so much is happening. You can’t keep up with this stuff. It’s amazing. So we just try our best. We’re trying to aggregate the world’s information about rare earth and critical minerals as well. And trying to chronicle the West outside of China’s move to get resilience.
in their supply chain. it’s going to be a major uphill trek, I can say that for sure. But the timing has been good for launching Rare Earth Exchange, the media platform. You know, it’s been since October 10th and we’re getting thousands of visitors, Dustin. So kudos to you and your web development skills. And yeah, let’s let’s get into it. OK.
Dustin Olsen (01:35.615)
Let’s get into it. So I’ll start. The thing that probably stood out to me the most was the Linus Corp saying that their rare-earth business has dropped like 86%, 85%, which is huge. the reason being, forgive me if I’m wrong, is because China is undercutting in price. So they can’t even compete on price.
Daniel OConnor (01:52.814)
85 % yeah
Dustin Olsen (02:05.434)
or expansion to even keep up with the demand that is there. think we could say that there is a demand that just can’t keep up. They can’t compete.
Daniel OConnor (02:14.382)
Well, let me clarify. their profit dropped. They’re still making money. Their profit dropped. I’m not sure if as much as it is China due to demand for some demand drivers from what we’re hearing, and we can go into it a little bit more, plus low rare earth prices. Now China is known to…
China controls those prices as we know, we’ve learned Dustin. So they’re keeping those prices low. I’m not sure if they’re doing it artificially, if it’s part of some manipulation, I don’t know. But I do know that the prices often will get lower and that will make it difficult for mining groups to even be profitable, right? Because…
the Chinese companies are state-owned or partially state-owned and they’re subsidized for lack of a better word. So in this case, you know, in the article that we did, and there’s a few different media outlets that covered this, they’re, again, China is about 85 % of the rare earth refining capacity, right? So that continuously undercuts international competition. It’s not fair. It’s not a free market.
And we’ve talked about this a lot. These low rare earth prices, due to your point Dustin, benefit Chinese producers, state-owned Chinese producers, because they essentially discourage Western supply chain investments allowing China to maintain dominance. So Linus Rare Earths, they’re
big big player. They’re one of the biggest players outside of China, Australian company, and they just saw an 85 % drop in profits, but that can also be internal productivity issues, any number of things. The earnings took a significant hit due to declining prices for certain materials like neodymium and prasodymium.
Daniel OConnor (04:34.03)
which are essential for electric vehicles, wind turbines and other high tech products. There’s multiple media, as I said, like the Nikkei Asia covered it and others. They’re saying there’s an oversupply of products. So that oversupply slows demand in key sectors and price pressures exacerbated by China’s continued dominance in processing refining.
are some of the items that we’re picking up. The steep decline, however, raises concern about long-term sustainability of rare earth production outside of China. Again, inside of China, it’s not a free market, Dustin. It’s a communist country. The state owns these companies and they’re just using them as a control point, okay? If prices remain low, you know…
these companies like Linus will really struggle. So they’re going to have to get subsidized by the states, you know, whether it’s Australia, national government, what have you, potentially. And so, you know, what I want to talk about just briefly, if that’s okay, and if I’m boring you too much, you just let me know. You know, how does these pressures on rare earth prices benefit China’s state-backed rare earth producers?
Okay, let’s just go over a few. And again, what we’re trying to do is, you know, there’s some people that are experts out there. They don’t need to watch us. They know all of this stuff. We’re trying to democratize this information. one is undercutting global competition. China’s rare earth companies, they’re owned by the state. They can operate at low profit margins or even at a loss. And they’ll keep doing this. And our policymakers don’t seem to understand this, Dustin, at the highest levels of the US government.
We’re in the United States, that’s our country, that’s what we care about most. We care about everybody, but we care about our country the most. Supply chain control. China doesn’t just control the rare earths, they control the whole supply chain. So think about that. They’re doing the separating, they’re doing the refining, they’re generating the oxides, they’re doing the magnet production for the most part.
Daniel OConnor (06:57.602)
This allows them to manipulate the market and create more advantage for them, by keeping such prices low. Now again, we don’t know if Linus’s current situation is specifically because of China. I don’t want to make a claim that we’re not certain to be the truth. However, we do know that China exploits these mechanisms with rare earths to…
get certain outcomes, geopolitical leverage and just one other is they want they serve to slow down the Western expansion. So the West and that’s all the countries out of China that are, know, Europe, Canada and such Australia, United States, you know, they’re trying to, you know, diversify somehow some way over time. But
these pricing games can make real problems. I’ll take a step back for a minute. Does that make sense?
Dustin Olsen (08:01.758)
It makes sense. It’s really hard not to speculate what’s really probably going on. Like, I mean, we can’t claim we don’t know what’s going on, you know, with Linus or any of that, but it’s just, hard not to say like, well, you undercut the competition and in a market like this where downstream businesses are trying to keep their profit margins high and…
Daniel OConnor (08:28.344)
Yeah.
Dustin Olsen (08:29.406)
in an economic state, at least in the United States where we have inflation, things that are costing a lot, like profit margins mean more. So why, yeah, go with the cheaper options so that you can maintain your profit margins. Yeah, it’s just hard not to speculate that we’re not seeing like a hostile takeover of sorts, know, kill the competition just by undercutting them.
Daniel OConnor (08:52.494)
Yeah.
And on that note, we’re going to start, as we get this show a little bit more evolved, we’ll start inviting folks from Linus, and MP, Materials, and other companies on to talk about these things to the extent they can.
Dustin Olsen (09:09.566)
Yeah, that’d be a great addition to the show. So yeah, I thought that was interesting. It’s interesting that there’s an oversupply that’s reducing demand, which just seems counter to everything else that we’ve read. People want their EVs. They want more smartphones. It seems like there’s a demand for product that uses rare earths, but…
Daniel OConnor (09:13.55)
Yes.
Dustin Olsen (09:37.391)
the fact that there’s an oversupply in certain areas, it’s kind of surprising.
Daniel OConnor (09:42.124)
Yeah, yeah. And again, there’s certain, there’s just certain rare earth elements, not all of them, but just certain ones that that line has happened to depend on for certain of their business lines. So another one that we covered was the the prices. So we did cover out of China.
Rare Earth market updates as prices pull back a midweek demand. So let’s drill into this a little bit. So according to this output from Shanghai Mills Market, rare earth oxide and metal prices experienced softening due to low buyer engagement, quote unquote, low buyer engagement and reduced demand. So here’s that theme again, Dustin.
Magnetic material manufacturers are hesitant to place new orders amid pricing volatility and market outlook suggests potential further downward pressure if demand does not improve soon. Okay, so I’m not sure what’s going on here. We really have to kind of look into this. We have to learn more about, you know, this and again, Shanghai metals market, you know, is this fully accurate? There’s a question there out of Shanghai.
But them and Asian Metals are really two of the main websites that you go to get pricing information. So just to share with you a little bit more, they list, like for example, in the magnetic materials sector, the neodymium iron boron, they call NDFEB blanks, saw pricing uncertainty with N38 blanks trading at 145 to 155 yuan.
per kilogram, 40M and 40H blanks settle at 191 to 201 per kilogram and 195 to 205 one per kilogram respectively. you know, limited buyer confidence is dampening new orders as high prices in previous months have made securing contracts difficult. So it’s interesting. There seems to be some change.
Daniel OConnor (12:08.182)
And this lead to uncertainty. And does this have to do with, I don’t know, the change in the American government and the sort of more aggressive national economic policies of Donald Trump to any number of issues. I’m not too sure. We had to talk to some experts. You know, we know some experts, they can’t really, a lot of them really, you know, aren’t comfortable getting on the screen with us. So, you know,
But over time, we’ll start to drill into some of these issues to determine, to provide more clarity about what’s going on.
Dustin Olsen (12:46.814)
Would you say that this weakening demand, this coming out of the United States? I feel like it’s a global market, right? We’re not the only ones that need these resources. So in spite of what the US government is doing, do you think that is still an influence with other countries, other consumers that are trying to get these resources?
Daniel OConnor (13:16.76)
Say that again, Dustin, sorry.
Dustin Olsen (13:19.294)
Do you think the United States, whatever the United States is doing that might, that could be an influence, right? I would, I would agree with you that the new presidential administration is, could create hesitation in buying these resources, but it’s a global market, right? We’re not the only country. not the, we don’t, we don’t have the only businesses that are needing these resources. So.
Daniel OConnor (13:40.738)
Yes.
Dustin Olsen (13:48.286)
Where is the demand coming from? I can’t say it’s just because of US government or what’s going on here.
Daniel OConnor (13:52.888)
Well.
No, for sure not. No, it’s not. know, mean, look, electric vehicles, you know, maybe there’s a surplus, maybe demand for electric vehicles is going down. We’ll have to look at that. Right. You know, other products and commodities do these rare earth magnets, for example, power that are, you know, have slowed down a little bit. And the reason I mentioned Trump administration, because again, we’re using
Our president is using tariffs as a tool to transform economic relations, surpluses and deficits. And so I think a lot of these intertwine. There could be things happening in China. think we have to, this coming week, we’re planning on looking into that more and hopefully report on some explanations.
Dustin Olsen (14:55.87)
Fair enough. Yep. We’re seeing some shifts here in the United States already, I think, in light of the tariffs. Not that it’s 100 % related to Rare Earth, but companies are investing billions into domestic production of their product, which
Daniel OConnor (15:20.184)
Yeah, that’s the pressure, Those tariffs are used to try to, among other things, to try to persuade corporations to produce in the United States versus somewhere else.
Right.
Dustin Olsen (15:37.854)
Cool. What else stood out to you this week?
Daniel OConnor (15:39.82)
Well, I think another thing that’s interesting is the potential deal that’s being struck between the Ukraine and United States, where, again, U.S. and Ukraine negotiated preliminary agreement which grants access to American interest to Ukraine rare earth minerals. Now, it’s actually rare earth and
critical minerals, right? These are separate. And as we’ve said, there are plenty of minerals in the Ukraine and there’s rares too, but they’re not necessarily as abundant as perhaps, you know, people are presenting, number one. Number two, they’re difficult to get out. And I’ll go into that in a second. The deal establishes, and again,
Last night we put this out, hadn’t been signed yet, so we have to check in today on that. The deal establishes joint ownership of a resource fund, so think of it like an investment fund, with Ukraine committing 50 % of state-owned resource proceeds. So as they make money, they’ll put 50 % in that fund.
The agreement lacks security guarantees, leaving Ukraine’s strategic position uncertain despite economic potential. Now, I wanted to just briefly go into Ukraine, their situation. There’s a lot of confusion out there. And again, we’re just learning as well. We’ve had experts that tell us it’s not half a billion, half a trillion.
It’s something, another number, but I don’t think anybody really knows. There’s some geological surveys out there, but you know, there’s a range of numbers. But, you know, according to some input there’s, or some sources, you Ukraine has about 5 % of the world’s rare earth element reserves. Pretty, sounds pretty good to me. Alongside significant deposits of other critical minerals, lithium, graphite, titanium, et cetera.
Daniel OConnor (18:00.522)
Again, what we’ve learned is a lot of those, at least 50%, are located in the Russian-held part of Ukraine. So Zelensky, the head of Ukraine, can’t really offer those because he’s probably going to lose that land based on what’s unfolding. I could be wrong. Now, President Trump had proposed a deal.
where in the US would receive a half a billion dollars worth of Ukraine rare earth minerals as repayment for military aid. I gotta give Trump, I mean, this guy just doesn’t stop. My goodness, he just is relentless. I mean, he’s in his 70s. He just doesn’t stop. He’s an energizer bunny. look, I gotta give the guy credit, even if maybe it’s not totally accurate what they’re depicting.
You know, he’s constantly looking for how he can benefit the United States.
And, you know, again, I’m not saying we’re always, you know, the good guys in every situation, but we both grew up here. We both know what we have here, especially if you travel. So we’re very lucky. We’re very fortunate. Experts suggest that the actual value of the Ukraine reserves may be lower than the figure President Trump or Zelensky have alluded to.
It could be overestimated, know, all this stuff and there’s issues there. One is geographical geopolitical instability. There’s a war. mean, it’s not you just can’t set up them. I mean the infrastructure is devastated. Many of the resource bearing deposits are in Russian territory. There’s infrastructure deficiencies. They don’t have processing separating, you know, in any kind of material level and
Daniel OConnor (20:00.568)
you know, there’s environmental regulatory hurdles. I mean, even if they did have lots of rare earths, nothing’s gonna come out of the ground anytime soon. it’s not the truth. And we committed to talking about the truth to the best of our ability as we observe this industry. China, they would have to ship all the product to China to be processed. So again, it just would reinforce
Because we don’t have any mineral critical mineral and rare earth policy, we don’t have a rare earth critical mineral czar in the United States. We don’t, you know, we’re just sort of reacting. Okay. So all those factors I mentioned, you know, pose significant challenges for any immediate or for that matter, intermediate term.
exploitation of resources, utilization of resources, better term, out of Ukraine. That’s just the reality.
Dustin Olsen (21:07.42)
Yeah, I agree. One factoid that showed up in one of our articles was that Ukraine did not show up on the list of being a large producer of rare earths. So I think that supports this notion that there’s not as much as anyone’s saying in Ukraine. But from my perspective, personally,
Daniel OConnor (21:19.724)
No.
Daniel OConnor (21:29.42)
Yeah.
Dustin Olsen (21:34.975)
I look at this and I think that this agreement today is just going to open the door for Ukraine to come back and say, well, I know you wanted the rare earths, but can you give us some money so we can actually get out of the ground? Or can you give us some money to get it shipped to where it needs to go? I don’t think at the end, it’s not going to be a win-win. I don’t think
Daniel OConnor (21:55.48)
Yeah.
Dustin Olsen (22:05.092)
Anyone’s to come out on top.
Daniel OConnor (22:09.452)
No, yeah, I think the whole thing is that Ukraine’s been devastated. Russia did invade the place. I I know that probably they were egged on over the years. I get it. But they still invaded, Dustin. mean, you can’t deny the fact that they had, remember in the television they had news they had hundreds of tanks and vehicles lining up.
Dustin Olsen (22:09.574)
at all, you know.
Daniel OConnor (22:35.998)
all to come into Ukraine. So it’s been a very tough situation there. I want to speak briefly about a couple other things, if that’s okay. One would be, again, we’re reviewing a lot of material in China. We translate a lot of news, information, reports from the government, from companies.
We’re looking at some of the news that we’re seeing coming out of China is becoming much more urgent and imminent as a theme. China’s, and this is coming out of their Inner Mongolia rare earth complex. We call it the rare earth complex where there’s many companies over there. And then there’s these giant state backed companies that are controlling most of the market.
You know, there are messages that we’re getting, and again, we have to read between the lines because I’m sure there’s propaganda, but we are getting that China’s expanding rapidly its rare earth production capabilities with advanced technologies and around the clock operations. mean, they’re going, OK, multiple Chinese companies are scaling up production with automated systems processing hundreds of tons of rare earth materials daily.
Western attempts to reduce dependence on Chinese rare earth supplies have triggered an aggressive expansion of China’s rare earth manufacturing infrastructure. They are humming, they’re working around the clock, okay? This is in response, we believe, in part to Western chatter to break free from the reliance on Chinese rare earth element processing.
So one company we follow a lot, as you know, is China Northern Rare Earth. They kick their operations into high gear based on a series of news items and reports as Western nations again seek independence from Beijing on this topic. So what are they doing? What is China Northern Rare Earth doing? They’re accelerating construction and modernization of its entire production network.
Daniel OConnor (24:58.606)
And what does that mean? Well, there’s a series of aggressive expansionary projects underway to upgrade infrastructure, digital, embrace digital technology to make everything more efficient. And again, Dustin, you should be thinking lower prices, lower prices. Remember what they do?
Digital technology and green, they talk about often about becoming more sustainable. I believe it. I think they take it seriously. But I also think it’s a mess over there and environmentally ensuring China retains its edge in the global market. Read a little bit more to you. We follow this closely monitoring the communication channels coming out of China. At the core of this aggressive
Transformation is a 24-hour operational drive. Okay? The production dispatch, they call it the production dispatch command center. Okay, that’s what it’s actually called. I mean, it’s translated, so. This gathers over 1.637 billion data points daily as part of this rare earth complex. I want you to think about it, it’s this massive complex, okay?
Closing closely monitoring more than 20 manufacturing sites 20 Okay To guarantee safety efficiency and top quality output again around around the clock This not only is meant to meet their ambitious production targets, but also reinforce And this is a quote from them that this company control
over the rare supply chain control. We read that a lot. And so we’re being manipulated, really. I mean, this is not a free market. There’s no, know, hey, we want to be fair. We want to make sure that, you know.
Daniel OConnor (27:08.846)
quid pro quo, fair, fair, fair, no, it’s about we’re gonna control this, okay? This operation, I’m gonna put a provocative statement out there. It’s not conceivable in the United States anymore. Even if we wanted to do this, I’m gonna just be provocative here and maybe I’ll get some hate mail. I don’t think we have enough traffic to even matter. But we get it on the mail.
Dustin Olsen (27:34.526)
Let’s try. Let’s try.
Daniel OConnor (27:36.172)
We get on the website, down on the YouTube, but I don’t think it’s conceivable in the United States to even do this. If we wanted to set up a massive mining complex with 20 manufacturing facilities, all synchronized with technology process, now of course it’s messier than they present. Life is always messier. think about, we have trouble even building a…
a dam or something. We have environmental constraints. have NIMBY, not my backyard. Just to keep going on this concept a little bit more, these Chinese state backed conglomerates, what we’ve come to terms with is that they’re trying to intimidate the West.
Dustin Olsen (28:33.918)
100%.
Daniel OConnor (28:34.872)
touting facilities, quote unquote, buzzing with innovation, buzzing with innovation. The smelting division’s second workshop deployed what they said, automated guided vehicles. So all robots capable of moving up to 76 loads equating to 38 tons of rare earth oxide every day. Now in America, what are we talking about?
Well, our president’s talking about accessing Ukraine’s rivers. There’s nothing there. I what are we going to do? I mean, you know, we’ve got to be getting serious about industrial policy. We have to get serious about it, or Donald Trump’s going to have to go over to China and do a deal, as we’ve written about.
Dustin Olsen (29:26.174)
Probably have to do both.
Daniel OConnor (29:28.223)
I agree with you. So I’ll take a step back and you, you know, tell me what you think.
Dustin Olsen (29:34.515)
Well, it’s going back to your provocative statement of the US not having a chance. I agree, but it’s not just one hurdle. It’s two dozen hurdles, at least, creating a plan to even have this. at the root, though, I think the one hurdle that we’re not going to get over is
United States citizens being willing to work at these facilities.
Daniel OConnor (30:10.946)
Hold on, does it? Yeah, I mean, we do have the manpower, but are you saying all these people that want to be YouTube influencers, they’re not going to roll their sleeves up and work in mines?
Dustin Olsen (30:11.076)
Like we just want to have the manpower to do it
Dustin Olsen (30:20.958)
No. mean, okay, hold on. that today, no, I don’t think we have the citizenship that’s willing to do manual labor like China’s doing or that this country used to do three, four or five decades ago.
Daniel OConnor (30:24.13)
We’ll.
Daniel OConnor (30:41.73)
A lot of it’s automated. Remember Dustin, the Chinese and robotics are very advanced. A lot of it’s advanced, like robotic type stuff.
Dustin Olsen (30:50.384)
I have no doubt, like we don’t have it, you know, and to get there, to create our own proprietary infrastructure there, like we’re so far behind. But I think with the advent of AI and what AI can do in terms of automation processes,
Daniel OConnor (30:57.054)
Daniel OConnor (31:04.889)
yeah, great.
Dustin Olsen (31:18.878)
the acceleration of general work is going to change every industry. So that to say, I bet we’ll have an entire workforce of people out of a job because of AI that they might be interested in this mine because they need something that AI is not going to replace them in.
Daniel OConnor (31:42.798)
Look, if people are out of work long enough…
they’ll start considering, hey, maybe I should go work in that rare earth processing facility. Okay, because.
Dustin Olsen (31:55.612)
Yeah, where’s that complex again?
Daniel OConnor (31:57.484)
Yeah, exactly. People have to make a living and you know, most people aren’t born with a silver spoon. You know, most people are born in a middle class environment or a working class environment. And even those that are born in a well-to-do environment, they still have to go work. You know, that’s just the reality. So I agree with you. I think we have to go through a transformation in the United States and sort of in a way go back to the future.
I think it’s going to be technologically much more sophisticated and there’s training that people have to get. But I think there will be good jobs. think, you know, MP Materials, we wrote an article about that, American Treasure Trove, they’re, you know, they’re doing it. I mean, you I got to give them credit. They’re a ways to go, but they’re…
They’re doing it. There’s very innovative things happening out there. It is positive. I don’t want to sound too pessimistic. mean, there is a lot of good things happening. We spoke with this Neuron Magnetics and they have a rare earth free magnet. So they’re trying to use technological innovation. It’s a spinoff from University of Minnesota.
nice guy we spoke with the other day and we told them we would like to help them educate the world when they’re ready. But yeah, it’s really impressive. It’s again this technology that is a spinoff which if it works well could replace the need for
Rare earth based magnets. So, you know, I think there’s a lot going on recycling technology You know Again, we’re opening up mines here. So there is a change it is happening. You do see it. It’s just It’s going to take time. It’s gonna take some years and you know, if China decided to cut us off and Freeze us out of all their
Daniel OConnor (34:07.03)
rare earths and the processing, we’d be in deep trouble.
Dustin Olsen (34:12.318)
would be for sure. And I think that’s why without without saying a whole lot in general, I think that’s probably one of the biggest purposes or motivations behind the tariffs that the Trump administration has instituted is to create the pain, the urgency, the motivation. Right. Because
I think that’s where innovation is, is born is through trying to solve a problem. And before really kind of now there’s been no problem to solve because we just go to China for it, but now we have a problem to solve. so I think the optimism that you’re talking about, I think we’re going to see some of that acceleration in terms of innovation and recycling of rare earths of.
Daniel OConnor (34:49.539)
Right.
Daniel OConnor (35:06.381)
See ya.
Dustin Olsen (35:11.556)
rare earth free products, whether it’s magnets like you’re just talking about, I think we’ll see an acceleration because there’s going to be a true need. We can’t afford to import things anymore from certain countries. I think to that extent, I think it’ll be really interesting to see how things change. There’s a lot of great things going on, but has the urgency ever been there? don’t think it has been until
Daniel OConnor (35:28.27)
Right. Right.
Daniel OConnor (35:41.71)
Yeah, I think there was a period around 2000 between I think 11, 12, 2012, the Chinese penalized the Japanese over some issue and then later the US had an issue, I think it was 2019. So this has surfaced this kind of tension, but I think this one’s different. think, you know,
China’s gotten much bigger now. So in 2010, 11, our government didn’t take them that seriously like they do now. this is important Dustin, like there’s an assumption that China needs our market. Okay. And they used to really need it. I mean, they built their machine on our relationship, but.
Now, I think it’s the amount that we represent their export market, USA is I think 11%. It used to be high probably 25, 30%. Now it’s down to 11%. So China’s diversified. They’re not just dependent on the US markets. So, you we have to play our cards carefully here.
Dustin Olsen (36:58.718)
again.
Well, Daniel, we’ve run the clock out. It’s great discussion. There’s a lot of fascinating things going on this week. And we said that last week. So I think it’s just going to keep on coming. New things happening, new things coming up. So with that, we definitely want to encourage everyone to come back, visit.
visit our website, whereerthexchanges.com to keep up with the latest news. We’re on LinkedIn. We’ve got a newsletter. if you want to stay up to date, come check us out. Otherwise we’ll be back in a week to talk more about what has gone on. Daniel, anything you want to say to put everything into perspective?
Daniel OConnor (37:51.318)
I want to say, know, there’s an old, there’s a saying, may you live in these interesting times and we live in interesting times and what a fascinating topic we selected to really focus on. And it’s an exciting time. think a lot of really interesting things are going to happen in the United States. think there’s investment opportunities, but I also think there’s a lot of risk that people need to be aware of. So we’re going to continue to generate content.
We appreciate feedback. A lot of more good things coming. We have the directory up there, right Dustin? Read with us directory. So we’re excited about continuing Lee continuously advancing this platform.
Dustin Olsen (38:37.026)
So thanks again for joining us. We appreciate we can’t do it without you guys and we’ll see you next week.
Daniel OConnor (38:43.95)
Thank you.