Lewis Hart

Yeah, so you're always, in non-hedgeable commodities, you're also measuring price risk.

Typically, in something like cashews, as an example, cashew supply chain is super interesting, by the way.

It starts typically in West Africa.

It comes in something called raw seed.

It then gets shipped to Southeast Asia, Vietnam, India, and they extract this kernel.

The kernel is what you eat, and there's actually toxic liquid in between the shell and the kernel.

Long story, but it's a fun supply chain, and then it gets exported in edible form, typically from places like Vietnam.

And so it's a very long supply chain.

And typically what you're relying on there, because the price does move a lot, is a forward contract.

And that forward contract may not be financially settled as it is in the futures market.

It may be, I've sold this all to XYZ buyer at ABC price.

Some maker of like-

Yeah, think about if you like cashews, if you go to your local grocery store, it's probably whoever sits in between your local grocery store and our client that is packaging and salting and all those things.

Yeah.

Yeah, I'd say a lot of the value is happening kind of in the midstream, to your point, in between the upstream, which would be the farm, for example, in West Africa, and the client at the end, the retailer.

So that's definitely true.

Interesting fact about the peanut tree nut market is that it's also full.

I want to keep saying that.

It's full of family businesses.

And the other thing we do a lot of is work with family businesses.