Matt Frankel

It takes upwards of a decade to get some drugs through clearance.

I don't think these companies have to worry about any one regime because...

usually things have changed over the course of it.

So I don't think, I mean, I think it's something for investors to be aware of, but I wouldn't lean into political wins, changes kind of coming from the agency with, you know, cycle to cycle.

I think that, you know, if the science is good, there's a ways to get it done.

And so you focus on trying to figure out the science.

I think I'm with the market on this one.

The bull case is a recovering housing market plus continued tariffs boost sales.

I think we're quite early in the recovery of housing, and I'm not sure what to think on tariffs.

Dividend does look okay for now, but remember, they already cut it in half last year, so they are willing to make the hard decisions.

They did just raise capital in February.

That makes things look better, but that speaks to a business that is not firing all cylinders.

There's probably a trade to be done here, guys, because Matt's right, the business isn't going away, and there is probably a bottom to bounce off of, especially with actives involved.

But for me, I don't see this as an attractive long-term investment.

The deck is stacked against them.

I'm always the eternal optimist here, so I'm happy you put me on the bear case for a change.

Rachel mentioned this.

It's the software disruption story.

There's that general fear that conversational AI tools are going to be able to answer questions like, what's the cheapest flight from Charlotte to Los Angeles directly and without a need for an intermediary?

To be fair, you can already do that.