Hi, James. Ben, how are you? I am doing okay. How are you? I'm pretty good. I must confess,

I am still jet lag from that trip to Singapore, which was fantastic, but it's a 17-hour flight.

It is the longest I've spent on a plane, and it's flying pretty much east-west, and I went through

a bunch of timesones. I have never had this problem persist

to this long. So if I am a little sleepy on this podcast, well, yeah, you might have to wake me up a

couple of times. Let's see how we go. Well, I would just make two points. One, welcome to getting old.

And two, you know, thanks for accepting blame for us not having a podcast last week. Yeah. I appreciate that.

I will take one for the team. No, no, no. It was actually my fault. We did that podcast. You were ready to

power through. You are the trooper in this relationship. I have to give you full credits. I'm the one that

declined. But we are here. We are here with a very large topic to discuss. Yeah, you certainly this week did not bite off a small topic.

I will definitely grant you that. It was actually a multi-part bite-off. I was thinking a lot about

the sort of Amazon Walmart grocery angle. I think about all weekend. I kind of want to write a

big piece about it and just wasn't really quite coming together. But I felt that specific point was

worth highlighting. So I wrote about on Monday.

And then I went back to say about some more. I'm like, you know, actually, I know the bigger point I'm trying to make. So I kind of wrote it again on Tuesday. So my appreciation to all the

subscribers for being sort of beta testers, or at least the early version of the idea that I was going

for. It's a big idea. I'm looking forward to exploring it. So I started out in this article,

and I think it's a good place to start this discussion with when Amazon bought Whole Foods back in

June of 2017. At the time, there was sort of like widespread panic. You know, like I put that graph

in the article about how all the grocery stocks sort of plummeted. And actually, a lot of them have

not really returned to the levels they were at. But even still, there was, you know, the sense that Amazon, big bad Amazon that

sort of dominates all these categories and nichters is coming to this market. Quite clearly,

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