Morning Brew Daily - Meta’s Most Advanced AR Glasses Ever & Everyone is Refinancing Their House

Episode Date: September 26, 2024

Episode 418: Neal and Toby recap Meta’s annual Connect conference where the Zuck reveals the “Orion” AR glasses that could very much replace the smartphone. Then, Harris and Trump give speeches detailing their plan to boost the American economy. Next, lowering mortgage rates has caused a surge in refinancing applications by homeowners looking for big-time savings. Meanwhile, Neal shares his favorite numbers from Argentina, Oakland, and Citi Bikes. Lastly, Americans are starting to cut back on their portion sizes, meaning restaurants are adjusting their menus. Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. To learn more about how Wise could work for your business, visit https://wise.com/business/  Get your Morning Brew Daily T-Shirt HERE: https://shop.morningbrew.com/products/morning-brew-radio-t-shirt?_pos=1&_sid=6b0bc409d&_ss=r&variant=45353879044316  Listen to Morning Brew Daily Here: https://link.chtbl.com/MBD Watch Morning Brew Daily Here: https://www.youtube.com/@MorningBrewDailyShow 00:00 - Eric Adams Indicted 03:00 - Meta Connect Conference 08:00 - Election Economic Policy 12:00 - Refinancing Mortgages  16:30 - Argentina Rent 19:50 - Oakland Exit 23:00 - NYC Citi Bikes 25:45 - Restaurant Portions Learn more about your ad choices. Visit megaphone.fm/adchoices

Consider this comparison. PWC data found the percentage of CEOs who report revenue gains or cost reductions from AI is almost equal to the percentage who say they're still stuck. What separates these two groups? PWC points to a clarity issue. Even for CEOs, it's hard to tell what's AI hype, what's reality, and where this tuck can make a tangible difference. Learn where AI can actually make an impact and what successful adoption looks like at PWC.com slash U.S.

slash brew A.I. That's PWC.com slash U.S.S. slash brew A.I. Good morning, Brew Daily Show. I'm Neil Fryman. And I'm Toby Howell. Today, mortgage rates are coming down

in a big way, but is it enough heat to thaw the frozen housing market? Then Mark Zuckerberg took the stage at Meta's annual conference to lay out his vision for the Metaverse AI and why he wears so many

baggy T-shirts these days. It's Thursday, September, Let's ride. Interesting times here in New York, the mayor of the largest city in the country, Eric Adams, has reportedly been indicted on federal criminal charges following a sweeping corruption probe. He's the first sitting mayor of New York City to be criminally charged. And the specific charges will be unveiled later today, but we do know that investigators have been on the Adams trail dating back to last year

when federal agents seized his electronic devices. And earlier this month, when they, searched homes of top administration officials. Well, the ones who are still left. In the past several weeks, New York's police commissioner, schools chancellor, chief counsel, and health commissioner have either resigned or announced plans to step down. Neil, it feels like we're living in a Batman movie. I mean, we are putting the Gotham in Gotham right now. Everyone's getting investigated right now. Everyone's stepping down. Now, details around Adam's exact accusations are still a little unclear. He has been connected to allegations that the Turkish government was illegal.

funneling money into his mayoral campaign in exchange for helping a new high-rise Turkish consulate open in Manhattan despite some safety concerns. It really feels like a B-plot of a Batman movie right now. Wild story, wild investigation with the caveat that Adams is of course innocent until proven guilty. Now let's take a moment to hear from our sponsor, Wise Business, the app for handling payments in multiple currencies. Neil, you know what drives me nuts? When nobody gets your hidden puns you write in your intro? Hey, my grandmother hears them, and that's all that matters. No, what drives me nuts is when people make things more complicated than they need to be. Oh, me too. Just went to a food truck that had 73 different versions of avocado toast. That is too many versions.

I was thinking about small business owners, too. Sometimes they are getting paid from different platforms with different currencies, but are trying to track it all manually. Ish. Show them wise. You can get paid from places like Amazon or Stripe in multiple currencies, and it connects straight to accounting software like Z. and QuickBooks. Really, 73 different versions of avocado toast. The menu took up the entire side of the truck. I ended up just getting a coffee too. If you're a fan of simplicity like Neil and I, head to wise.com slash business. That's wise.com slash business.

Former MBD guest Mark Zuckerberg had his biggest public appearance since coming on our show yesterday, taking the stage at his company's big annual conference MetaConnect to announce all the new gadgets in Gizmos meta has cooked up recently. The event was a chance to take people deeper into his vision for social media, the Metaverse, AI, and how they all relate to each other. Its first big announcement of the day was the $299 Quest 3S VR headset, its most affordable ever. It's a bet that by lowing the price further, it's $200 bucks cheaper than the regular Quest 3, it will introduce mixed reality to a wider audience. Meta also added some features to its Ray-Ban smart glasses, stuffing their styluses frames, with AI video processing, so you can ask your glasses to help you remember your daily grocery list or where you parked. But all those hardware updates were almost overshadowed by its

newest foray into mixed reality, Project Orion. Orion is essentially a better version of the spectacle's snap just rolled out. They look like normal glasses, but layer digital information over the real world. Zuck sees them as an eventual smartphone killer, a killer he just introduced to the public. Neal, it was a pretty packed slate. Yeah, but let's talk about these glasses. This was the highlight of the show. Some bullish people that metta were wondering, is this Meta's iPhone moment? Because Zuckerberg thinks this is the holy grail. He wants people to move beyond smartphones. And a large reason why is very self-serving to Meta. Meta is subservient to Apple and Google, who

build the hardware and the software that power smartphones. And the only way you can access meta or Facebook or Instagram, all of its services, is through the Apple or Google app stores. And he wants to build the next generation of computing devices that allows meta to control its own destiny. And for years, he's been saying that glasses are going to be it. And this is their first foray into that new computing platform. Let's dig into the specs of these glasses a little bit. Specks of the specs. Specks of the specs. I did not do it on purpose. These are augmented reality glasses. So they look almost like a normal pair of. of glasses, frames that you could just buy at a store, maybe a little bit beefier.

The device, though, is tethered to this small puck that they're kind of bricked if you aren't near that. It's what allows it to have as much computing power as it does. It's this little extra puck that you keep in your back pocket. They have these micro LED projectures inside the frame that literally beam these images out in front of your eyes. It's got a field of view around 70 degrees, which is wider than the spectacles, snap spectacles that we spoke about last week. They have the same sort of generative AI capabilities

that their current Rayban smart glasses have, but they actually are layering on these visual elements in front of your eyes on top of what you're hearing from the meta AI talking in your ear as well. So maybe you're cooking something and it will label the ingredients. So it has that futuristic like Tony Stark Ironman field to it that a lot of people have been forecasting for a long time. it has a caveat that these are not available for customers yet. This was truly just a demo to roll out what they've been kind of cooking up recently, but it still was a very exciting step for fans of META and just Mark Zuckerberg in general. Yeah, I mean, this was a step, but they're still not going to be released to the public for at least a few years.

They're going to tinkering, they're going to tinker with them more. But at some point, Mark Zuckerberg has to put up or shut up because since 2014, when META bought Oculus, which makes the headsets, they've spent more than 65, billion dollars into their hardware efforts. This unit, reality labs, this Metaverse unit, has lost $8 billion just in the first half of this year alone. It's on track to rack up $16 billion in losses, which is how much it lost last year. Meanwhile, the unit economics of this particular glasses, this is why they can't really release them to the public, because a single unit, a single glass costs them $10,000 to build. That is insane. You have to get those costs down.

they have to figure out a way to actually manufacture these on a mass scale. So this is a prototype in every single sense of the word for this to come on the market and what the price point they want to sell it at, which is they say at a price of maybe a high-end laptop, that's $2,000 or something. They have to bring these down and figure out a way to get this commercially presentable. But then you do have to shout out their strategy for the meta-quest. Releasing a sub-300-dollar headset is the cheapest headset you can get by far. I mean, just compare it to Apple's Vision Pro, which is $3,500.

They are trying to flood the market, get this widespread adoption of their devices, and so then people are more amenable to maybe these higher-priced options of these glasses down the line. So they're definitely taking this kind of two-tiered approach, going moonshot, very high-end technology with these Project Orion, and then also having a much more approachable and amenable price point for their, current headsets. So it's interesting to see the kind of strategy here, flood the market, get people used to wearing meta devices, and then give them what you've been promising for years. Let's turn now to the presidential election where there's just 39 days left until the votes

are counted and the candidates are making their last ditch arguments on why they'd be the best choice on the economy. Both Vice President Kamala Harris and former President Trump made splashy speeches about their economic policies this week. Trump and Georgia on two and Harris in Pittsburgh yesterday, they share a common goal, growing manufacturing jobs in the United States. But their plans for achieving it could not be more different. For Trump, his economic strategy has increasingly revolved around one word, tariffs. An embrace of tariffs is not new for Trump during his presidency.

He turned away from free trade, unleashed lots of tariffs on China and allies alike, and proudly dubbed himself tariff man. But in a second term, Trump has indicated he would wield tariffs like no president has before, using them as a threat against countries who abandon the dollar and against American companies who produce goods outside of the United States. On Tuesday, he said tariffs is one of the most beautiful words I've ever heard. Harris, on the other hand, is pitching her economic policy as pragmatic and not tied to an ideology drawing a contrast with Trump's populism. yesterday to push back against claims she was a socialist, called herself a capitalist, and released an 81-page economic policy book focused on three main pillars, lowering costs, investing in American innovation, and leading the world in, quote, the industries of tomorrow. Toby, two very different visions for the

government's role in the American economy. Right, but they are both kind of putting American manufacturing on this pedestal. They definitely want to, they're both big on federal incentives to encourage domestic manufacturing. You're right, though, Trump is very big on his tariffs. He did pledge to lure other countries factories to the U.S. as well, promising to offer them tax breaks, access to federal land as well. That's a word we've seen been tossed out recently if they move their manufacturing plants domestically. Another place that you can compare the two candidates on is their approach to the corporate tax rate. Trump wants to lower it from 15 percent or to 15% from 21%.

He cut it from 35% to that current 21% during his term in 2017. Harris has proposed raising it to 28%. So you are seeing both of them are kind of trying to position themselves in similar ways, like let's make American manufacturing as good as it possibly can be, but then also you are seeing the differences

in their approach to corporate tax rates as well. Earlier this week on Tuesday, Trump called out specifically John Deere, who said it would move some production to Mexico, which would put 200 American jobs at risk. And he said, I'm just notifying John Deere right now. If you do that, we're putting a 200% tariff on everything you want to sell into the United States. And this public callout is a playbook that he's run before. Remember, in his previous administration, he put pressure on United Technologies, which makes carrier air conditioning, saying that if they moved from their Indianapolis factory, he was going to punish them.

He did the same with Harley Davidson, who was going to move production out of the United States to Europe, and finally did the same with GM, who said it was going to close down its factory in Lourdestown, Ohio. I would say this strategy has had mixed success. Lordstown did close down. Harley Davidson did move some production to Europe, but he thinks that he can use his stature as a public persona to publicly shame you into keeping your jobs here in America. But big picture, domestic manufacturing has been an aim of the current administration. it will be the aim of future administrations. Remember, we're coming off the Inflation Reduction Act, which spurred a lot of green investment, the Chips and Science Act, which passed back in 2022, which spurred this influx in money going towards chip manufacturer. So I think no matter what the election pans out, we will see a focus on domestic U.S. manufacturing.

After the Fed lowered interest rates with a jumbo-sized 50 basis point cut, one of the first things people zeroed in on was the housing market. Would mortgage rates start to drop and accelerate home buying in the process? Well, the answer to the first question has been yes, while the latter is still a bit unclear. The average 30-year fixed mortgage rate dropped to 6.09% the lowest since February 2023, and rates have now fallen for eight consecutive weeks. Despite the lower rates, though, home prices are still hovering at record highs, and inventory is still well below pre-pandemic levels. One thing is for sure, though, refinancing is very high.

popular right now. Applications to refinance mortgages have been surging for two straight weeks now post-Fed announcement jumping 20% last week compared to the week prior as everyone tries to cash in on the cheapest borrowing cost we've seen in two years. So to summarize, Neil, mortgage rates down, refinancing up, housing prices still up. Housing prices still up and the amount of housing prices, housing sold down, which is surprising. So most of the activity that we've seen from mortgage rates going lower is refinancing. It now accounts for more than 57% of all mortgage applications, which is above the historic median of 48%. So what we're seeing is an immediate spike in refinancing, but really no movement on the actual housing market of people selling

their homes. And we've talked about this for the past two years. This is what the Fed is trying to do with lowering interest rates is remove, like cut the link in this lock in effect, which people are locked into these low mortgage rates. They bought houses in the early part of the pandemic or refinance. So they have about 2% to 3% mortgages. And right now, mortgages are still over 6%. So they're not even remotely close enough for the person who was sitting on their home for a while and says, well, should I move? But, you know, I have a 3% mortgage. But mortgages, okay, they've been down from 7.5% to 6.1%. But that's not enough for me to move. And it's still keeping the housing market on ice. Yeah, remember, median home prices are up 50% over the past five years.

So if you are one of those homeowners who locked in that pandemic era 3% mortgage rates, you're definitely not inclined to move because it's just so expensive out there. So that's partially why all these first-time homebuyers are trying to compete so intensely for this very small pool of homes for sale, which is pushing those listing prices higher, and also just making it very difficult to own a house. Big picture here, we are expecting inflation to come down. Wage growth is still rising, so people are feeling a little bit better financially. Mortgage rates are predicted to keep on sliding down. There should be more Fed cuts coming in the next few months and few years, which is good. So there's been this Goldman Sachs forecast where

they said, let's take a look. When will the housing market kind of return to, quote, normal levels of affordability. And that year, unfortunately, is 20-30. So we've got some time. You've been using an ice in thaw metaphor. It is a slow burn here for sure until we see the housing market return to more normal levels. Up next, great heavens, I've been waiting for this all week. I know you have to. It's Neal's numbers. All. Pay off your home. Travel for life. Drive a Ferrari. In celebration of the world premiere of the Monopoly, Big Board Buckslot machine by Aristocrat Gaming,

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Welcome to Neal's numbers, the segment where I share three stats from the week's news that will have you saying, finally on Sir Regis, with extreme confidence. For my first number, let's take a trip down to Argentina, where eccentric new president, Javier Miele, has scrapped one of the world's strictest rent control laws in his ambitious effort to turn around the country's ailing economy. New figures out show that eliminating rent control has unleashed

a housing market explosion in Buenos Aires, the capital. According to the Wall Street Journal, rental supply in Buenos Aires has jumped by over 170 percent since October. While rent prices have declined 40% when adjusted for inflation, the results led more ammo to rent control critics who say that while they're well-intentioned, they backfire because they disincentivize landlords to add more supply and push down prices. And rent control did take a lot of supply off the market in Buenos Aires, that is for sure. Rather than comply with the government's price caps, landlords instead chose to keep apartments vacant or put them on Airbnb. In 2022, Buenos Aires had

200,000 empty apartments, which is a 45% jump from 2018. So finding a rec control department as a local was just so difficult. Big picture, scrapping rent control is just one small part of Miele's so-called shock therapy to jolt Argentina's economy from its coma, at least in the housing sector, it's injected some life. Yeah, it is one of the clearest examples yet that rent controls haven't really worked historically because you're right. It just creates just all sorts of improper incentives for landlords. There was this national law that required a minimum three-year contract, and then you could only increase prices annually, and that was at a rate set by the central bank.

But the problem with that is that pesos, their denomination of currency there, was just inflating at an incredible rate. So these landlords looked for ways to get around those rent controls, and you're right, like, Airbnbs became very popular because those tourists would come in and likely pay with dollars, which is just. just much more valuable. They started renting to only people within their very small social circle, which made it just this huge black market up here in the housing market as well. Or they just started jacking up the prices of new leases too. So there was just a lot of different incentives that happen

when you mess with kind of a market in the way that rent control does. But yeah, he calls it shock therapy. He calls it shock therapy. He's doing it to everything too. He's closing government agencies. He's also scrapping price controls on milk and sugar. So we'll see. in the long term, if this works, his approval rating has been dipping recently. Yeah, from 60% to 45%. It remains to be seen if this long term will play out, but right now it seems to be working at least in the housing market. At least in the housing market.

But overall, the shock therapy is been shocking, at least to the job market, because in the informal sector, which employs half of all Argentines, it's lost over 500,000 jobs in the first quarter alone. And then payroll employees, people are actually in the official formal job market, have lost jobs for 10 straight months. So it's bringing down inflation, loosening the screws in some industries, but also just sending Argentina into poverty

or into a recession, which you said was going to happen because that's the only way you can really bring down inflation that had been storing at 250%. So a lot of pain, some movement in good areas. My next number is zero, which is how many professional sports teams will play in Oakland after tonight,

a major blow to a city that was home to three-storied franchises as recently as five years ago. The team to turn out the lights and lock the door is the Oakland Athletics, who will play their final home game at the Oakland Coliseum tonight. In a few years after a temporary layover in Sacramento, the A's will head to Las Vegas, where they'll join up with the recently departed Raiders who left Oakland for the strip in 2020.

A year before that, the third Oakland team, the Golden State Warriors, moved across the bay to San Francisco. Though it has a modest population of 400,000 and has always been living in the shadow of its neighbor SF, Oakland poured its soul into its sports teams, and at one point it was on top of the sporting world. An Oakland team won a championship from 1972 to 1976 five consecutive years, while industry-changing innovations like Billy Bean's Moneyball were born in the offices of the Oakland Coliseum. But these days in pro sports, money runs the show, and after failing to secure funding for a new stadium in Oakland, the 8th. are abandoning ship. There's this deep sense among the people of Oakland that while they have loved their sports teams,

their teams have not loved them back. Yeah, I feel like everyone has a special connection to the Oakland A's because of Moneyball. A lot of people became like secondary, third, tertiary fans of that franchise. So it is very sad. But this is a story that every time a city that loses a sports team,

it feels like the same story. It usually is because the team was playing in this aging arena, lagging behind the rest of the league in terms of like innovation and how nice it is. So the owner either tries to get public funding from the city or the state, and if they can't do that,

they usually jump ship. And now we've seen it happen literally three times in a row with Oakland. You have the warriors that are gone. You have the Raiders who are gone, and now you have the A's leaving as well. It is sad, though. Like, the Coliseum was this romantic arena.

I saw some people actually stealing a bleacher benches. They were, like, chiseling it out and taking them with them. They're like saying, Hey, if I'm going to take a piece of this day and with me, if I can't have it anymore. So just a sad day, though, everyone has left. I have been to the Coliseum.

It is, I mean, it's a romantic. I guess you could call it that, but it's also a dump. There's absolutely no love lost for this owner, John Fisher, who is the heir to the Gap throne, Gap, the retail clothing store, and people there hate him. They don't think he put any sort of effort into trying to keep the Oakland A's in Oakland. So RIP Oakland, athletics, he gave us a lot of memories. And three out of the 24 perfect games in MLB history happening in the Coliseum, which is crazy. How can you not be romantic?

It's because of how much foul territory there is there. Oh, interesting. Well, at least that's my theory. My final number is a side hustle that takes a lot of work and some careful planning. But if you nail the execution, you can earn under ideal conditions $6,000 a month. What you're going to do is ride city bikes on short trips around. New York City. Here's the concept, according to a recent New York Times article, City Bike is New York's bike sharing program operated by Lyft. The idea is that you go up to a dock,

run out a bike, enjoy a terrifying ride to your destination, and drop off the bike at a nearby dock with an open slot. For a 27,000 bike service, it works pretty darn well, but the entire system falls apart when you arrive at a dock and there are no bikes available. To make sure this doesn't happen, Lyft employs workers to shuffle bikes around in vans, but also, and this is where the side hustle part comes in, offers rewards to random people who move the bikes themselves. The program, created in 2016, is called Bike Angels, and it's become a significant income stream for several power users who have learned how to crack the city bike rewards algorithm to maximize payouts, and some are making thousands of dollars from bike flipping in a span of a few weeks.

So the sweet spot here is you want one station that is 100% full and you want one station that is 100% empty, ideally close together because the way it lifts algorithm works, it resets every 15 minutes. After it resets, it assigns a new point value to every single bike that you move. So when that 15 minutes starts, you want to move the bikes as quickly as possible from that full station to that empty station and profit. Moving a bike from a completely full station gets you four points and then docking in it at an empty station gets you four points as well. there's also these multiplier effects. If you move four within a 24 hour period, you get three X points. So everyone dug into the algorithm and found this out and said, like, wait a second, if we can create these ideal conditions, if we can somehow before that 15 minutes starts, move all the bikes to a full station artificially and then artificially move them back, you start making money. So it's created this big psychological or philosophical debate.

Like, is this a good thing? And a lot of psychologists are saying, yes, like, it's not hurting anybody necessarily. Like, there is not a ton of net negative benefit to society because they do it at off-peak hours. So just a fascinating side hustle and just, like, so emblematic of New York. Some guy made $3,800 in 18 days just by gaming the algorithm. You're not really helping lift or not helping city bike at all. You're just moving bikes from one station to another one down the block. but you're making money and I don't know,

City bike has tried to crack down on it, but it seems that they started up later this summer. Power Angels, man. They're paying the bills. One guy named Tommy, who's only known as Tommy to his other bike angel friends, made 60 grand last year. It's full-time gig.

It is hard, though, and then you are hustling, so respect the hustle to Mr. Tommy. One thing about America is we like big stuff, big cars, big houses, and big meals, but appetizers that weigh more than a newborn and cheeseburgers with more layers than a hair salon might be a thing of the past soon,

because according to customers, bigger is not always better. The 2024 National Restaurant Association report found that 75% of customers say they actually prefer smaller portions if it means they pay less money at restaurants. Part of the desire for portion downsizing is related to price. People are happy to pay less for less.

Plus, the rise of GLP1 drugs has contributed to dwindling appetites, pushing portions sizes smaller. Neil, for years, policymakers and nutritionists have tried to crack down on portions getting bigger and bigger and bigger, but it appears that customers' tastes are finally driving the shift to small.

I'll see it when I believe it. I mean, didn't we just come off a huge news cycle where Chipotle was giving people a little less in their baritables, and there was a national freak out over this? I guess it says if you are paying you know, if you do want a little bit less, then you are paying less. So you feel like you're getting value and you're not getting jipped,

which I guess was the whole Chipotle debacle. But it does seem like certain restaurant chains are starting to lower portion sizes, like reduce their portion sizes and offer them for cheaper. Subway introduced a snack-focused menu that has smaller bites for $3. Burger King, its largest franchisee, shrink its 10-piece chicken nugget order to eight. No, you've got to keep it at 10. Exactly. See, I'm part of the problem.

And then Panera has this U-PIC 2 program, which is very popular, and you get a cup of soup with a half a sandwich or a half a salad. So very reasonable portions. Maybe we'll go back to portion, back from this portion creep that has started from the 80s where the portion size for spaghetti and meatballs has doubled over the course of 40 years. But look, I don't know if this is actually happening. I think one thing, too, that states in general are cracking down on as well is food waste. because according to a 2020 study on food race, 40% of food at restaurants just never gets eaten. So states like California and Massachusetts

have been restricting how much food can actually end up in landfills. Massachusetts is the only state actually who has managed to reduce landfill waste. They've achieved a 13% reduction in that. So I do think that that combined at the state level, combined with the fact that people are taking more Ozempic, Wagovi, eating less,

there's this rise in snackification as well where you're just kind of snacking in small portions throughout the day. It could lead to smaller portion sizes because I do think they have a point. You go to a restaurant. Oh, it's absurd. It's just the biggest thing you've ever seen.

I mean, I'm the type of person too. Like, if it's in front of me, I'm going to eat it all too. So it is almost save us from ourselves. Like, it is hard to stop eating when it's in front of you. So maybe we'll see this trend kind of extrapolate throughout the restaurant market, but you're right. I will believe it when I see it.

Imagine going to a New Jersey diner owner and say you have to serve less. They'd throw you back to Morristown. All right, that's all the time we have for today. Thanks so much for starting your morning with us and have a wonderful Thursday fast week. For any feedback questions or comments on the show, send an email to Morning Brew Daily at Morningbrew.com. And please share Morning Brew Daily with your friends, family, and coworkers so you don't have to explain Argentina's rent control history to them. As always, Toby has a sharing recommendation. for you. I want you to share today's pod with someone who loves Neil's numbers. It's my

favorite segment. It's your favorite segment. So share it with someone who you think it will be their favorite segment as well. Awesome. Let's roll the credits. Emily Milliron is our executive producer. Raymond Lou is our producer. Olivia Graham is our associate producer. Yuchinawa Ogu is our technical director. Billimanino is on audio, hair and makeup, very smart, just going to order off the kids menu. Devin Emery is our chief content officer and our show is a production of Morning Brew. Great show today, Neil. Let's run it back tomorrow.