Title: Underestimating geopolitical and economic consequences of the Strait of Hormuz crisis Show: Triangle Investor interviews — host Lucia Walovich Guest: John Polomny (Actionable Intelligence Alert) Date: 2026-JUN-19 URL: https://youtu.be/-ZSCvPWHMdw Length: ~36 min Note: fillers (um/uh/you know/I mean/right?/sort of/kind of) removed and stutters/false starts collapsed; wording otherwise verbatim. (mm:ss) cue lines kept exactly. Obvious auto-transcript garbles corrected to the intended entities: "John Palamy/John Pauly"=John Polomny, "straight of four moves/Hormuz"=Strait of Hormuz, "Doug Casey"=Doug Casey, "Robert Freeland"=Robert Friedland (Ivanhoe Mines), "Lundine people"=the Lundin family (mining), "Vaklav Shmeiel"=Vaclav Smil (author), "Stanley Ducken Miller"=Stanley Druckenmiller, "Burke Jer Hathaway"=Berkshire Hathaway, "Zuckerberg" kept, "Ed Milliband"=Ed Miliband, "Usbakistan/Usuzbekistan/Usbekiststan/sobbistan/forbistan"=Uzbekistan, "Scott Asherov"=Scott Schaefer (AFC Asia Frontier CIO), "Turk menistan"=Turkmenistan, "Franklin Templeton" kept, "Ki shaped"=K-shaped, "JCPOA" kept, "EIA/API" kept.
00:00 I still do not think that most people, most investors fully understand the scope and possible ramifications of the situation in the Middle East specific to the Strait of Hormuz. [music] Hello everyone and welcome to another edition of Triangle Investor interviews. I'm your host Lucia Walovich and before I announce my guest just a quick reminder of a disclaimer.
00:37 This interview and all my interviews are not a recommendation to buy or sell any shares products or services. Always do your due diligence and consult with your financial advisor. Today we are speaking with John Polomny, an independent investor, newsletter writer, podcaster and YouTube commentator and my friend of course, best known for publishing Actionable Intelligence Alert. John, welcome back my friend. >> Thank you for having me. I'm glad to be back. >> Thank you so much. John, let's start. I wanted to ask this question maybe in a later part of the show, but what is the most important thing happening in the global markets right now that investors maybe don't understand or what they are underestimating right now? What's your take? Well, I think maybe for your audience, not so much, but as overall investors, I still do not think that most people, most investors fully understand the scope and possible
01:46 ramifications of the situation in the Middle East specific to the Strait of Hormuz. We seem to have a lot of complacency. It's a complicated subject. Because you talked as a generalist investor, you have to understand transportation, chemistry, the refining process, different crude grades, all all these things are difficult to understand.
02:13 And then if you contemplate and you think the world economy we know as a fact runs on oil and gas, modern society, and you take anywhere from 12 to 15 to whatever you want to say 15% of that and just take it away. This is like a heart attack to the system and I think it's been masked by some things we can talk about but I don't think people fully understand it.
02:42 And there'll be listeners that might get confused and say, well, I understand it, but this is a more select group. You have the narrative around AI and chips and South Korea making new highs every day because of two stocks. That's the narrative. And it's just not going to be derailed by thinking about the other complications.
03:07 I think that some generalist investors, people that should know better, have just kind of let biases creep in. Hey, everything was fine yesterday, it's fine today, so that means everything will be fine tomorrow. And I think that there was a view, which was probably the correct view maybe at the start of the hostilities, that they probably wouldn't go on for very long.
03:33 My view on that has changed. There's an impossibility that's not zero. It's not my base case that the Strait of Hormuz never goes back to the way it was. And that we the United States and its ally Israel are on the verge — I suggested in my June newsletter, this is a provocative statement that many will disagree with —
03:54 it's on the verge of a strategic defeat that could be similar to the Suez moment for the British Empire in the early 50s. So that's where I'm focused right now. I have a lot of companies that I would like to buy in the resource market, but if this doesn't get resolved, we have a shortage of molecules and it's being masked by inventories and some SPR stuff and all this which we can get into.
04:28 There's different opinions about that. But nevertheless, at some point, if this doesn't get resolved, and it's not just oil and natural gas. It's all kinds of things that come out of there and there's a realignment of supply chains and all these things and people are just I think in general not contemplating and putting appropriate risk to some of the possible outcomes.
04:55 >> Yeah, you said a very interesting thing here. Let's presume that it really never opens, not maybe in a way that was open before. What would be the implications of that? What kind of energy shortages would we see if that happens really? >> Well, I was a child during the 70s when we had the Arab oil embargo and I remember some of the things in different places where I lived as a kid.
05:28 I remember sitting in gasoline lines. I remember you could get gas if your license plate ended in an even number on certain days or an odd number. All this stuff. The implications around how disruptive it would be would be dependent upon — look, I do believe in free market capitalism and entrepreneurs and people are very good at bridging gaps, but you need 105 million barrels of petroleum products a day for our world to operate normally and you take
06:05 that away. Depending on how much you can restore or whatever, it's going to depend on — you could go anywhere from shortages to rationing and of course if you get to that situation then government will get involved and make the situation worse. When I say something like — the Trump administration, basically, if you follow the EIA or API reports that have been coming out the last few weeks, we're sucking down our SPR, we're just exporting that oil. It's dumb. And so it
06:37 just depends how it ends up. I think my base case is regardless there's going to be a higher floor on the oil price just because there's going to be a permanent geopolitical premium baked in going forward. I think people don't think about this properly.
07:00 I think I was fortunate because I was able to do a lot of negotiations when I was a labor union person and I would negotiate with the company — benefits packages, work rules — and we always went into it, even if we didn't like the people, even if it was adversarial, we tried to understand what the other team was trying to achieve. We have to get to a compromised situation so that we can achieve what we need to achieve and that they can feel that they're getting something, at least understand what they're trying to
07:32 achieve. There's just none of that. So how do you — if you're the Iranians, you've killed a bunch of people. You've killed the boomer class that was leading Iran, whether you agree with the regime or not, that did agree to JCPOA, that did agree to some of these things before they were in place.
07:54 And this administration threw all that stuff over the side and decided to go all in, killed all those people. Now you have people that are veterans of the Iran Iraq war, an 8-year conflict that was like World War I. These are hardcore people that have been in the trenches. If the Supreme Leader, who's the son of the previous one, is still alive —
08:14 we don't know. He fought in the trenches. These are hardcore people. They're not going to — and they've killed people's relatives. These people live by the feud anyways. So it's like — I just don't see — and then they're in a seat. These people, I think people in the United States and people in the West have completely underestimated. This is not Afghanistan.
08:40 This is not Iraq. This is people that have been around for 2,000 years. This is a country bigger than Western Europe with a population almost of 100 million people, highly educated with a culture, and now as Doug Casey used to say about this — because this has been off and on since I've been alive, this wanting to topple this regime —
09:00 now you're hunting big game. This isn't going to be a pushover and I think we don't know the outcome. We can just try to operate on probabilities. What we do know is we need oil and gas and these other commodities that aren't coming out of there like fertilizer and helium, and 12% of the aluminum comes out of there from smelting and all these other things, and at some point that's going to be a problem in the future.
09:26 And so my view is I have a lot of things on hold until I could see how this thing's shaping up. My portfolio was already positioned because I've been an advocate of saying they're in a molecule shortage. There's plenty of energy in the ground.
09:45 We just haven't invested in getting it out. So I think this is going to create opportunities. Bypass the Gulf. People have already announced they're going to build bypass pipelines. There's going to be more growth and acceleration of offshore investment into new reserves just because there's going to be people wanting to build up their SPRs for the future.
10:05 So I think this will be positive for energy at least for the next couple years and in a worst case scenario you could get a spike and you could be in the 70s again. So I'll stop there. >> I wish not. John, you've suggested strategic petroleum reserves and storage have masked the true supply situation.
10:28 What indicators are you watching now to determine when that buffer is exhausted? >> Well, that's the trick. I follow various analysts. I'm a generalist, so I follow different analysts. And you have to deep dive this because, just for example, our SPR — well, China has the biggest, they have over a billion barrels.
10:53 Well, they did going into this store. But they're opaque. They don't report what they're doing. We just know that they haven't been importing as much oil. Obviously, they've been getting their oil from somewhere, drawing down their SPR, but we do get reports from the EIA and API. And so I follow that stuff. There's other commentators I follow that are more in touch with these things.
11:17 And they've been shocked and I've been shocked also that the market is — we're tiptoeing towards a crisis and it's been the last four or five weeks that we've really seen the big draws, as one analyst calls it big ass crude draws. And it's not just in crude, it's in — you can look at the crack spread, it's near eyes, you look at product inventories diesel jet fuel gasoline depending where you look around the world at different — well
11:53 below 5-year averages and so it keeps going down. So it's one of those things — I kind of told somebody the other day, we were talking about it's like, okay, we're on a ship. We're in Christopher Columbus's ship. We know there's land to the west. We keep sailing west.
12:09 At some point, we're going to hit land, but we don't know exactly the date we're going to get there. That's the situation we're in here now where we know that there's going to be a problem at some point out in the future. Is it several weeks? Is it several months? I don't know. But exactly —
12:26 it's still fairly opaque. My base case is not this big spike, but we're moving away from — I think this is going to be longer and higher. It's going to go on for longer and prices will probably move higher and stay higher for a longer period of time. You could be in — I just can't see that we get ourselves in a situation —
12:50 well, I don't want to say that, but I'm moving away. I thought rationality would take over. But you have to understand this is the administration that started this war, which was unnecessary. I'm just going to say I don't care if it aggravates people or not.
13:08 It started a war they didn't have to start. It was totally — didn't have to do it. Now can't get out of it. And this will destroy the Trump administration. We have an election coming up and we're going to have very high food prices this fall all over the world. We're going to have the possibility of $8 gasoline in the US, $10 diesel.
13:29 It's going to be a political wipeout. And what you saw the Democrats do during his previous administration, that's a kindergarten class compared to what's going to happen this time. His own party will vote to — they're going to have to stop it and they'll blame it all on him if it gets that bad. So they have to get a deal.
13:45 And then what do you do? One thing — I was in the United States Navy for 13 and a half years. The mission statement of the Navy was to keep the sea lanes open for commerce. We can't keep the sea lanes open. What is the purpose of spending? We're in a situation like the World War II moment where the aircraft carrier caused the battleship to become obsolete.
14:10 We now have drones. We're in a new world. Drones and missile technology and advanced mines, asymmetric warfare has caused the possibility for the aircraft carrier to be obsolete. So this is — there's a lot of things going on here and the loss of prestige, the loss of the United States being the hegemon, something that I've been talking about for years, which I've been castigated for saying, you're seeing it happening in real time.
14:44 So I say these things not because I want them to happen or I desire them to happen. I'm just looking at it and calling balls and strikes the way I see it. >> Good point. John, let's take a longer term approach for investors. You've argued that the global economy is entering a period of structural supply constraints.
15:07 What does that mean for investors over the next, I don't know, five years? Means the possibility, if you understand what's going on and understand from previous cycles how to play this, to create generational multi-generational wealth for your lineage, for your family. There are plenty of minerals, we're not going to run out.
15:30 There's plenty of stuff in the ground. We have spent over well over a decade depending on what resource you want to look at but in quite a few — just the main ones. Let's just look at copper for example. You don't even need an AI revolution to be bullish on copper. You can listen to a guy I know, Robert Friedland, one of my favorite guys.
15:53 He's somebody I like to be invested along with. The Lundin people like this — people that understand, that have created billions of dollars of wealth for shareholders. And I like what he says: the amount of copper that we need to mine just over the next 10 or 20 years, there's more copper than we've mined in the history of mankind up to this point.
16:13 And the copper is there, but it's tougher to get to. It's in poor jurisdictions. It's going to take more technical expertise. And it's going to take longer and cost more. And so the days of $3 copper, with the exception of maybe a deep recession, those days are over with.
16:33 And so tremendous investment is going to be required to fix this. Another thing I focus on — I've told my readers, I've even said it many times in my own videos, if you want to get rich, just go down the critical mineral list. You can get the list from the USGS or from the US government that publishes it.
16:51 And then just go out and find two or — keep your finger on the pulse, set up, if you want to devote yourself to it — whoever the US government throws money at, they're going to have to spend billions and billions of dollars to try to fix this, which they've neglected for 20 years. So you go down the line, tungsten, antimony, all these obscure — the rare earth situation.
17:16 And personally, I've had several discussions with other folks, people that are in the know. I'm not optimistic that the US in its current condition can ever fix this problem. And so what I do know is they're going to spend trillions of dollars trying to do it. And that represents a very good opportunity. So you can look just across the board — whether it's energy, whether it's copper, nickel, anything, uranium, all of these things, they have a tremendous need.
17:47 So the whole global south and east was entering its s-curve. So that was before the supply constraints that we've artificially added here and before this whole AI thing. We didn't need the AI thing for this to work but it's just accelerating, pulling it forward. >> Excellent point again John. I got a very interesting question from one of my followers who asks: what asset class is most dangerously overowned today? What do you think? >> That's all these chip stocks.
18:22 I mean, forget about it. Somebody sent me a chart the other day of Micron. Micron — I've known this about the company since the internet bubble. It was a commodity chip maker. It went up 10 times or something. It's crazy. These things are overvalued. And what I find interesting is I'm glad that I'm at the age I'm at because I went through — it's one thing to read about a bubble or read about a panic or the FOMO from another era or the Nifty50 or what happened with the radio and
18:58 automobile stocks in the 20s. You can read about it. But I experienced the internet bubble in 98 99 2000. This is exactly the same thing. And now I see people say, well, you're a boomer. My portfolio has outperformed the S&P. Yes, you can pick an individual chip stock, but that doesn't make you a good investor.
19:24 If you walk down the road and find a $100 bill in the gutter and you pick it up, that doesn't make you a good investor. It makes you lucky. Can you replicate that over five or 10 years, that return? So let me get back to the point. Why is it overvalued? Look at Alphabet, Meta, all these places. They've pumped all of this money.
19:43 As Zuckerberg said, it's an arms race. Google — these were high margin businesses before this. Asset light, high margin. The incremental cost to — once you set up your software and your server so somebody can download Adobe or whatever is almost zero after you do the initial investment, create the software, create a service so people can download it. Adding additional customers at $99 a year or whatever they charge is zero.
20:11 That's why they're high margin businesses. Now they're getting into my business. They're building power plants. They're building substations. They're talking about building nuclear reactors. They're buying gas turbines. This is not their business. These are low margin businesses. These are not 90% margin businesses.
20:29 And so the cash flows that they're now getting are not — again, we have this disconnect. Everybody's on one side of the canoe mesmerized by all of this. And the margins are not going to be there. You even have Google going out and borrowing money now to sustain this. With a bond auction. Who bought $10 billion of the bonds? Berkshire Hathaway.
20:52 So it's everybody's into this. This is like the Stanley Druckenmiller story he tells about the internet bubble when he got out, made a bunch of money, and then just couldn't help himself and got back in at the top and lost his ass. So I mean, excuse my language, but this is so reminiscent of it.
21:12 And so what I know is this. I don't care how many AI things they build. I don't care — they all run on gas turbines. You got to buy gas. I want to own not the natural gas producers. I want to own distribution, transportation of these — the second and third derivatives to take advantage.
21:34 It doesn't matter to me who wins, who does this, because you still got to come to me to get the molecules. Going back to the original discussion around the shortage of molecules. So whether that's uranium atoms, whether that's natural gas, what have you. So that's how I'm looking at this and it's kind of worked out — you need that copper, how much copper do you need for that data center or whatever.
22:01 So that's how I'm focusing on this. And I think you look for an example — I'll stop after this. I think technology is now almost 40% of the S&P; energy is still 3% of the S&P, 3 and a half. So I ask people, would you rather own all of the — would you rather own Nvidia for the next — you can make one investment decision for the next 10 years.
22:28 You can own Nvidia at its current price or you can own all of the energy stocks in the S&P for the next 10 years. Which would you rather own? Well, I know which one I would rather own. So that's how I'm looking at this. >> That's a great view and I'm viewing that just like you. We didn't touch on agriculture and food inflation.
22:48 Last month you warned about food inflation driven by fertilizer and diesel costs. Has the data since then strengthened or weakened your concerns? >> Well, strengthening. A lot of it was anecdotal at first because we're just hearing reports of, well, farmers are struggling. But as I've gotten more into it and studied it, crops across the board are just going to be — the yields are just not going to be there.
23:21 Notwithstanding the fact that we're looking at maybe a historical El Nino, which we don't have time to get into what that means, but that means hotter, drier temperatures for our growing areas here in the US that usually can subdue yields. Other places it might benefit. But the bottom line is the only reason we have eight billion people on this world —
23:39 you've been through parts of rural Eastern Europe and stuff where people still farm with manure. They have a little plot or whatever for their fertilizer. We're talking about industrial strength with many hydrocarbon inputs. People need to read Vaclav Smil if they want to understand this.
24:01 He gets into exactly how many barrels of oil it takes, or natural — how many thousands of cubic feet to create this much ammonia, to create this much urea for this crop yields. And people don't understand that. So if we need x amount and we put in y amount then our yields are going to come down. And I think that's another thing that people just aren't looking at yet because it's not in their face.
24:24 The markets do eventually price things in but they just don't have the ability in my view to look out that far, and we know that as resource investors — if you were a uranium investor people couldn't see it, they could say, well, why are you buying uranium, it's over. Well, that zeitgeist has completely changed and so I think it's going to be the same thing in agriculture. You're not going to see it in the northern hemisphere until the fall harvest and then people are going to be going what, and you'll start being
24:52 able — people do go out into the fields and do — analysts and stuff here in the US. I don't know if they do it in Europe, but they go do crop checks. They go to different farms. They look at what's going on. But we have — I published it the other day. We have 90% of our farmers here struggling.
25:08 We know that well over 50% of the people didn't get sufficient inputs into their crops. A lot of people are shifting from corn, which is a very heavy nitrogen user, to soybeans. So you could be in a situation where you have corn and wheat go up but soybeans get oversupplied.
25:26 So overall I think there's going to be higher food prices regardless. >> That's my next question. Do you see food inflation becoming a larger political issue than energy inflation? >> Absolutely. It already is. You look, for example, in the United States, where we have — I look at it as a K-shaped economy where you have maybe 60 or 70% of the people on the lower leg of the K, and then the 30% on the upper K.
25:58 So myself, for example, retired, I got a few bobs, so prices go up, I complain about it, but I don't change what I'm doing that much. I know we have people that, before this all happened, were already on the edge living. They were like, how do I get enough food? How do I pay my electricity? They were on the edge and this is going to push them over.
26:26 So this is one of the things I said all along — it's just going to accelerate more volatility. The economic volatility is going to accelerate the social and political volatility. This is what I've been — the fourth turning we're in. This is going to be worldwide. So some places people in Europe and in North America won't starve.
26:47 It'll be like — you remember when the invasion of Ukraine, they started, they blew up Nordstream and there wasn't enough pipeline gas. So all — remember that first winter, what did the Europeans do? They just outbid everybody for all the LNG. They printed a bunch of euros and outbid. It doesn't matter.
27:08 You just pay more in Germany or in Croatia or the UK or whatever. But where that gas would normally go — Bangladesh, Pakistan, all these places. And now that's one thing. You just put another sweater on or put another blanket on at night. But with food, you're nine missed meals away from a revolution. People aren't going to go very long without food before they start acting out.
27:33 And I don't see that in the wealthier developed countries. But you have the possibility of this manifesting politically. If food prices go up 30 40 50% in North America going into a congressional election, of course people are going to vote for the party out of power.
27:52 But in Bangladesh they might burn down the parliament building and kill all the politicians like in Sri Lanka a couple years ago. So yeah, it's just going to feed into more chaos. More chaos creates more volatility. More volatility creates more opportunity. I'm just trying to be antiseptic about it. I don't wish these things to happen, but this is the biggest — you'll appreciate this because of the World Cup and I know you're probably a football fan being a European.
28:19 This is the biggest own goal in the history of — I've ever seen. I've even read about — who would do something like this? I remember when this first kicked off, one of the billionaires in the UAE wrote an open letter to Donald Trump. Why did you start this war? No one asked you to do this.
28:38 And the bottom line was — nobody thought through the repercussions and now they're just going to — as one last example, and I'll quit talking. People say, well, they'll just open up the strait and it won't be a problem. Things will start running. Well, those tankers, those ships have been sitting in 32, 33 degree water in the Persian Gulf.
28:59 Now they're all infested with barnacles, sea chests. They need to go either be dry docked or have divers go down. And there's hundreds if not thousands of ships that need to be serviced. If you have barnacles encrusting your tanker like they are — who thought about barnacles? No one.
29:18 What are the other surprises, Jack-in-the-boxes, that are going to pop out on us even if we do try to restore things? This has the opportunity to be a really really big mess for a lot of people. I'll stop there. >> Sure. John, you discussed investment opportunities in Uzbekistan. What characteristics do you look for when evaluating frontier markets, and my second part of the question — are there any other overlooked countries today that remind you of where Uzbekistan was, I don't know, a few years ago?
29:53 >> Well, I have this weakness for always looking for these out of favor places. I'm really bullish — a friend of mine Scott Schaefer, who's the chief investment officer of the AFC fund which is separate from the fund that just came public — he's been living there for many years and he has what he calls — and I agree with him on this — a fertile crescent view, this whole crescent stretching from basically Turkey through Iran, central Asia, totally ignored. And it's interesting — like Uzbekistan for example
30:28 would have, if you went back 10 years ago, it would be almost the same as North Korea. It was — like Turkmenistan is still now a closed society cut off from the world. No capital would go there. As a matter of fact, they used to be a big cotton producer during the Soviet Union. It still is. They had forced labor for the citizens to go to the fields and pick cotton.
30:55 That's over with now. It just gives you an example of how — so after the previous president died, the new one came in and everybody thought, well, this will just continue. But what you're seeing is a younger generation of people more western educated, understanding markets, understanding their role in that whole central Asia that used to be the whole Silk Road at one point connecting Asia to Europe — that's reemerging and Uzbekistan has just been an example. Since it's like — you have all the other
31:25 stans — Kazakhstan, Kyrgyzstan, all these other ones — but Uzbekistan is kind of the central hub of this and the other ones spokes of the wheel. You know what I mean? And so it's got the largest population. It's got a young population. It's not over-indebted. They do have issues. It's not a Jeffersonian democracy.
31:46 There are some water issues. There's graft and theft, but it is one of the only countries in the world that actually had positive economic growth during COVID. And so they just keep compounding at 6 to 7% a year. And they're now finally starting to open up the market. And so there's a lot of interest for people to want to put capital, but you just can't get a lot of capital in.
32:12 So now it looks like the ice is breaking with its recent issuance with the Uzbekistan national fund that trades in London. That's something similar which happened in Romania. Franklin Templeton ran the situation in Romania like 20 years ago, the property fund. They know what they're doing. And so they got people on these — there's state-owned enterprises in Uzbekistan just like it was in Romania.
32:35 They've got people on the board. It's like my friend Scott says, what's the quickest way to get sunlight on the situation? Take a company public partially. So now they're more — not hiding books and all these other things. So exposing — it's a process but it's inevitable because these things are just compounding at 6 to 7% a year.
32:58 And even some of the smaller neighboring countries — Scott was one anecdote, told me the story, he was going to — Uzbekistan shares a small border with Afghanistan. There's a lot of commerce there but he said 5 years ago you'd go, there was just like a border town. No big deal. Dusty.
33:17 No one would go there. Now he went down there recently and it was like they've got a Hilton hotel there. There's all this commerce happening. So it's an example of — I think when the trend — so I like things like that and I'm just one of these guys that's very eclectic. I keep my eye on North Korea. I keep my eye on Venezuela even before the stuff happened. I'm looking at Cuba.
33:39 There's all kinds of things. These places hopefully will eventually change and they're not investable now, but look at what just happened in the — I think we've talked about this before. I've been big on South America. The recent preliminary first stage of the elections in Colombia went fairly well for the center right and right parties.
33:59 Looks like you're going to get a change in government down there, probably. A lot of the Colombian stocks have moved but that might — you got in October you've got an election in Brazil which could be very interesting. So I continue to look at those places. I have my whole list of all kinds of companies in the UK so that once reform and restore come into power, which is inevitable, labor's on its way out, then in the back of my mind you get a change in government, they'll roll back the 78% tax regime in the North Sea, Ed Miliband
34:32 will be out and it'll be time to buy those type of things. So that's how I do it. I have these watch lists and I'm just waiting — if a certain catalyst happens then it's time to initiate the buy in those sectors. >> Something like jurisdictional contrarian, right? >> Exactly, exactly. And so you just follow things and just see how it goes and if something happens you say, okay, well — you can always stay ahead of the crowd. They'll never be the first ones in, they'll just wait. So yeah.
35:03 >> Definitely. John, how can people reach out to and of course become your subscribers? >> Well, like you mentioned, I have the YouTube channel. I do a weekly show. And I'm on Substack. Everything's on Substack now. Actionable Intelligence Alert, or you just put my name in Substack.
35:22 I have a free newsletter I usually send out weekly or bi-weekly just collecting, curating things that I find interesting that are applying to what we're talking about here. Then I have the paid product which is the Actionable Intelligence Alert newsletter, and that's for people that want — where I have actual ideas and some model portfolios.
35:43 I'm also on Twitter but I just kind of lurk there mostly. So that's pretty much how to follow me and get a hold of me. >> John Polomny, thank you so much for joining me today. >> Thank you.