Ryan Petersen

And so maybe there's some deal on one or more of those grounds to get them to change some policy or something. But the duty rates itself is one small piece of it, like how much they charge us in duty versus what we charge them. And they've been pretty clear about this, that the administration cares much more about these non-tariff barriers, they would call them.

Definitely Vietnam long. It's incredible what they're doing. They have some real geographic benefits to their river network. 80% of the containers flowing out of Vietnam actually go on a barge floating down the river to the port instead of having to use trucks. That's let them kind of

Definitely Vietnam long. It's incredible what they're doing. They have some real geographic benefits to their river network. 80% of the containers flowing out of Vietnam actually go on a barge floating down the river to the port instead of having to use trucks. That's let them kind of

Definitely Vietnam long. It's incredible what they're doing. They have some real geographic benefits to their river network. 80% of the containers flowing out of Vietnam actually go on a barge floating down the river to the port instead of having to use trucks. That's let them kind of

go much faster in scaling because their roads can't really keep up with the demand, the amount of manufacturing boom that's happened there. They've had, I think it's 8% GDP growth last few years in a row. I mean, you only have to do that for so long before you double.

go much faster in scaling because their roads can't really keep up with the demand, the amount of manufacturing boom that's happened there. They've had, I think it's 8% GDP growth last few years in a row. I mean, you only have to do that for so long before you double.

go much faster in scaling because their roads can't really keep up with the demand, the amount of manufacturing boom that's happened there. They've had, I think it's 8% GDP growth last few years in a row. I mean, you only have to do that for so long before you double.

So Vietnam, a lot of the Southeast Asian countries are just benefiting from lower costs of labor and reasonably good policies around industrial stimulus. Who am I short? India still remains a mess. I guess they're probably doing well, but it's just like very complicated to do business there. They don't benefit from logistics network. They don't have inland river network.

So Vietnam, a lot of the Southeast Asian countries are just benefiting from lower costs of labor and reasonably good policies around industrial stimulus. Who am I short? India still remains a mess. I guess they're probably doing well, but it's just like very complicated to do business there. They don't benefit from logistics network. They don't have inland river network.

So Vietnam, a lot of the Southeast Asian countries are just benefiting from lower costs of labor and reasonably good policies around industrial stimulus. Who am I short? India still remains a mess. I guess they're probably doing well, but it's just like very complicated to do business there. They don't benefit from logistics network. They don't have inland river network.

So it's more expensive to move stuff. A lot of complexity from a logistics standpoint that falls out of that. Their infrastructure is lagging. But but then again, you know, it's a billion people that are relatively low cost. So maybe I don't know if I'd short it, but we have not seen as much dynamism there as you have in Southeast Asia. Um, Europe seems hard to go long Europe right now.

So it's more expensive to move stuff. A lot of complexity from a logistics standpoint that falls out of that. Their infrastructure is lagging. But but then again, you know, it's a billion people that are relatively low cost. So maybe I don't know if I'd short it, but we have not seen as much dynamism there as you have in Southeast Asia. Um, Europe seems hard to go long Europe right now.

So it's more expensive to move stuff. A lot of complexity from a logistics standpoint that falls out of that. Their infrastructure is lagging. But but then again, you know, it's a billion people that are relatively low cost. So maybe I don't know if I'd short it, but we have not seen as much dynamism there as you have in Southeast Asia. Um, Europe seems hard to go long Europe right now.

They're just over-regulating everything. And, but then again, Flexport, uh, actually Europe is one of my favorite case studies internally because Europe has been our fastest growing market for the last three years in a row. Uh, and we've way outgrown the scale of the market. Hasn't really grown, but we've been growing like 30% annually there, uh,

They're just over-regulating everything. And, but then again, Flexport, uh, actually Europe is one of my favorite case studies internally because Europe has been our fastest growing market for the last three years in a row. Uh, and we've way outgrown the scale of the market. Hasn't really grown, but we've been growing like 30% annually there, uh,

They're just over-regulating everything. And, but then again, Flexport, uh, actually Europe is one of my favorite case studies internally because Europe has been our fastest growing market for the last three years in a row. Uh, and we've way outgrown the scale of the market. Hasn't really grown, but we've been growing like 30% annually there, uh,

And it allows me any other, anytime any other team at Flexport points to market dynamics, I just point to Europe and go markets don't matter. It's all about how you guys execute. So within, within our company, I, we kind of ignore the macro trends and it's all about just having good people that can go find the market. So big from our perspective that like it barely matters if it goes up or down.

And it allows me any other, anytime any other team at Flexport points to market dynamics, I just point to Europe and go markets don't matter. It's all about how you guys execute. So within, within our company, I, we kind of ignore the macro trends and it's all about just having good people that can go find the market. So big from our perspective that like it barely matters if it goes up or down.

And it allows me any other, anytime any other team at Flexport points to market dynamics, I just point to Europe and go markets don't matter. It's all about how you guys execute. So within, within our company, I, we kind of ignore the macro trends and it's all about just having good people that can go find the market. So big from our perspective that like it barely matters if it goes up or down.

So Shopify owns 20% of Flexport. So I follow everything Toby says very closely. He's kind of my boss on some level. They got a board seat. And I actually took his AI memo and put it in a chat GPT and said, rewrite this and pretend the CEO of Flexport wrote it so I can send it to my employees. I haven't hit send on that yet. You do that too, huh? Might send that one out soon.