Jason Hall

I think it's all of these things.

But I think what we often forget with a company like Trex, that it's a classic rule breaker that's no longer a rule breaker, it's become the rule maker, is the thing that is probably its biggest competitive strength

is its cost advantages.

If you look at its manufacturing, 95% of its inputs are waste products, waste plastic and waste wood.

If you look at TimberTech, which is its largest direct competitor, as they move up the product into their nicer product,

Only about 65% to 70% are those waste products, which means they're feeding a lot of virgin resin and other products in there, and it costs more.

Cost advantages when you're a manufacturer in a cyclical industry really, really matter.

Those are things that those costs can pass along while still getting better margins than the competitors.

Sometimes I think we forget that.

I know video imagery shows really well for podcasts, but I'm holding up on the screen right now two different pairs of glasses that I have to wear, depending on the situation.

I do not.

The funny thing about it is, Jeff Santoro, who's a close friend of mine, a colleague of ours, loves Warby Parker because he's used it.

He has kids, teenage boys, one of whom needs glasses.

He knows that

the glasses are just something that's going to get lost.

Right.

And he, that experience has been mind bogglingly good for, for his family and other people that I've talked to in a similar situation.

So I think there's a there there, but I think at the end of the day, the more they move into physical locations, the harder this business is going to get.

Right.

Because it's expensive and,