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I love hearing Horace tear bad analysis a new one. He was initially reluctant to even bring up our opening topic. I told him in our pre-show prep that the audience needed to hear his precise process of dismantling this "supplier checks" speculation. It's not just that it's stupid, it's important to know why this is an "all hat, no cattle" situation for the Wall Street Journal.

We get a tiny tease of TV and media consumption disruption talk at the end. It's going to be an interesting year.