This is Wall Street Week. I'm David Weston bringing you stories of capitalism. This week explosive growth in the world of racing. We talk to the drivers, engineers, and power players in the business of Formula One. But we start with a story about saving for the future. Sends for an entire country to put something away for a rainy day, and when doing something so sensible could lead to a whole new set of problems.

This is Wall Street Week. I'm David Weston bringing you stories of capitalism. This week explosive growth in the world of racing. We talk to the drivers, engineers, and power players in the business of Formula One. But we start with a story about saving for the future. Sends for an entire country to put something away for a rainy day, and when doing something so sensible could lead to a whole new set of problems.

We'll create America's own sovereign wealth fund to invest in great national endeavors for the benefit of all of the American people. Why don't we have a wealth fund? Other countries have wealth funds, We have nothing.

We'll create America's own sovereign wealth fund to invest in great national endeavors for the benefit of all of the American people. Why don't we have a wealth fund? Other countries have wealth funds, We have nothing.

In the final weeks leading up to the election, Donald Trump and Joe Biden found some common ground on at least one thing, the wisdom of creating some form of sovereign wealth fund for the United States. But that they've worked for some countries doesn't necessarily mean they'd worked for the world's largest economy. Over eighty countries around the world have sovereign wealth funds, state owned funds that invest the country's cash reserves for the long term good of its citizens and the economy. Globally, assets under management in all SWFs total twelve point eight trillion dollars, up more than tenfold over the last two decades.

In the final weeks leading up to the election, Donald Trump and Joe Biden found some common ground on at least one thing, the wisdom of creating some form of sovereign wealth fund for the United States. But that they've worked for some countries doesn't necessarily mean they'd worked for the world's largest economy. Over eighty countries around the world have sovereign wealth funds, state owned funds that invest the country's cash reserves for the long term good of its citizens and the economy. Globally, assets under management in all SWFs total twelve point eight trillion dollars, up more than tenfold over the last two decades.

We have invested in nine thousand companies around the world. We own one and a half percent of all the equities in the world. In Europe we own close to three percent, and then we own bonds and we own real estate.

We have invested in nine thousand companies around the world. We own one and a half percent of all the equities in the world. In Europe we own close to three percent, and then we own bonds and we own real estate.

That's Nikolai Tangan, the man in charge of Norway's sovereign wealth fund, valued at roughly get this, one point seven trillion dollars.

That's Nikolai Tangan, the man in charge of Norway's sovereign wealth fund, valued at roughly get this, one point seven trillion dollars.

It's a big fund in a small country, right, and you have a lot of sakeholders, people who want have a sa in pretty much everything, right, and so you have to navigate this. I would say the ministry has been tremendously important in the success of the fund. I think we have great politicians in the country, but we need to navigate all these stakeholders, and you know, that's a very very interesting exercise.

It's a big fund in a small country, right, and you have a lot of sakeholders, people who want have a sa in pretty much everything, right, and so you have to navigate this. I would say the ministry has been tremendously important in the success of the fund. I think we have great politicians in the country, but we need to navigate all these stakeholders, and you know, that's a very very interesting exercise.

At the end of twenty twenty three, Tangan's Government Pension Fund Global top the list of such funds, followed by China's CIC and Safe Investment Company, with two from the Middle East, Abu Dhabi's and Kuwait rounding out the world's top five. It's no coincidence that so many of the countries with large sovereign wealth funds like Norway are rich in oil and other natural resources.

At the end of twenty twenty three, Tangan's Government Pension Fund Global top the list of such funds, followed by China's CIC and Safe Investment Company, with two from the Middle East, Abu Dhabi's and Kuwait rounding out the world's top five. It's no coincidence that so many of the countries with large sovereign wealth funds like Norway are rich in oil and other natural resources.

Initially, the strategy was to invest mostly in equity in real estate, so to invest definitely outside there not resources, although they also invest in all companies outside their countries.

Initially, the strategy was to invest mostly in equity in real estate, so to invest definitely outside there not resources, although they also invest in all companies outside their countries.

Ruth Aguilera is a professor at Northeastern University who has studied the origins of sovereign wealth funds and how their mandates and strategies have evolved through the years.

Ruth Aguilera is a professor at Northeastern University who has studied the origins of sovereign wealth funds and how their mandates and strategies have evolved through the years.

Now they have become very sophisticated. They are investing in AI data centers and also a huge huge push towards green infrastructures and renewables, so that's another kind of like big asset class that they're investing in. So we have totally switched from investing more in They definitely invest in all the public betrayer companies, but now the focus has switched towards you know what, many markets, many investors are doing AI and sustainable investment.

Now they have become very sophisticated. They are investing in AI data centers and also a huge huge push towards green infrastructures and renewables, so that's another kind of like big asset class that they're investing in. So we have totally switched from investing more in They definitely invest in all the public betrayer companies, but now the focus has switched towards you know what, many markets, many investors are doing AI and sustainable investment.

As the largest sovereign wealth fund, Tangan's nb I AM in some ways sets the pace for others.

As the largest sovereign wealth fund, Tangan's nb I AM in some ways sets the pace for others.

So Norway is the poster child of summer wealth fund mostly because it's super transparent in their roles. So not only there have a Council of Ethics, which has existed for a long time, but in twenty twelve they decided that they would only invest in companies that they have good corporate governance.

So Norway is the poster child of summer wealth fund mostly because it's super transparent in their roles. So not only there have a Council of Ethics, which has existed for a long time, but in twenty twelve they decided that they would only invest in companies that they have good corporate governance.

You were the CEO of the largest sovereign wealth fund in the world. Where did it come from? Where did MBIM come from?

You were the CEO of the largest sovereign wealth fund in the world. Where did it come from? Where did MBIM come from?

Well, it's very interesting. So in no way they found the oil in sixty nine, and it was the last attempt. They were really the last well and if they hadn't found oil then they would just had needed to pack up the toys and go home.

Well, it's very interesting. So in no way they found the oil in sixty nine, and it was the last attempt. They were really the last well and if they hadn't found oil then they would just had needed to pack up the toys and go home.

You know.

You know.

It was announced that the Rwegian people the day before Christmas Eve in sixty nine, and in many countries it had been a curse, you know, it had crowded out industries that had led to corruption and so on, and so the politicians they now decided to set up this fund and it was set up in ninety six, started with two billion Norwegian grunner and is now grown to nineteen thousand billion Auegian growner or one point seven trade jendullas.

It was announced that the Rwegian people the day before Christmas Eve in sixty nine, and in many countries it had been a curse, you know, it had crowded out industries that had led to corruption and so on, and so the politicians they now decided to set up this fund and it was set up in ninety six, started with two billion Norwegian grunner and is now grown to nineteen thousand billion Auegian growner or one point seven trade jendullas.

Along with its scope, its mission has also grown over its twenty six years. I wonder if there's another function of a sovereign wealth fund. In fact, it's described in some of your materials online, which is sort of an almost wealth transfer from the current generation to the future generation. Is there a function for that even if you don't have a surplus.

Along with its scope, its mission has also grown over its twenty six years. I wonder if there's another function of a sovereign wealth fund. In fact, it's described in some of your materials online, which is sort of an almost wealth transfer from the current generation to the future generation. Is there a function for that even if you don't have a surplus.

Perhaps there are some philosophical reasons for doing that, but I do think you would need to have. It's basically to save and safeguard the wealth for the future. But I wouldn't borrow today in order to spend in the future. But if you have one of these windfall gains like we've had on the continental shelf, I think it makes a lot of sense.

Perhaps there are some philosophical reasons for doing that, but I do think you would need to have. It's basically to save and safeguard the wealth for the future. But I wouldn't borrow today in order to spend in the future. But if you have one of these windfall gains like we've had on the continental shelf, I think it makes a lot of sense.

You have a mandate obviously it's a maximize return, but also with an element of sustainability on various indicators economic stability, climate, environment stability. Do those things come into contention with one another.

You have a mandate obviously it's a maximize return, but also with an element of sustainability on various indicators economic stability, climate, environment stability. Do those things come into contention with one another.

No, I don't think they do, because we believe that climate risk is a financial risk. And the reason for that is that you know, if you have we own one and a half percent of all the equities in the world, and if we have one company polluting while it's being picked up by all the other companies we have, we need to care about, you know, the future. We need to care about the climate. We see that a deteriorating climate is causing worse harvests, driving up prices. We see it now in coffee, olive oil, orange juice and so on, and so it's basically a financial risk, and it hasn't been the case before, but it's increasingly the case.

No, I don't think they do, because we believe that climate risk is a financial risk. And the reason for that is that you know, if you have we own one and a half percent of all the equities in the world, and if we have one company polluting while it's being picked up by all the other companies we have, we need to care about, you know, the future. We need to care about the climate. We see that a deteriorating climate is causing worse harvests, driving up prices. We see it now in coffee, olive oil, orange juice and so on, and so it's basically a financial risk, and it hasn't been the case before, but it's increasingly the case.

Do you even take a look at some investments that might have an adverse effect on climate? For example, brown cole as I understanding, you don't invest in any company involved in brown coal.

Do you even take a look at some investments that might have an adverse effect on climate? For example, brown cole as I understanding, you don't invest in any company involved in brown coal.

No, that's correct, and that's a separate entity from us. It's called the Council of Ethics, and they exclude things for ethical reasons. So there are a lot of different types of weapons we don't do we do. We don't do coal, we don't do tobacco for instance.

No, that's correct, and that's a separate entity from us. It's called the Council of Ethics, and they exclude things for ethical reasons. So there are a lot of different types of weapons we don't do we do. We don't do coal, we don't do tobacco for instance.

How do you take into account it changes in governments in Norway for example? To what extent does your investment strategy vary with who's in power.

How do you take into account it changes in governments in Norway for example? To what extent does your investment strategy vary with who's in power.

We have a very constant investment philosophy and I think that's really one of the success factors behind the fund is that our investment mandate is widely anchored. All the political parties agree on kind of the big guidelines, the main guidelines for the fund. It means that when we have a change of government or investment, philosophy does not change. It remains constant.

We have a very constant investment philosophy and I think that's really one of the success factors behind the fund is that our investment mandate is widely anchored. All the political parties agree on kind of the big guidelines, the main guidelines for the fund. It means that when we have a change of government or investment, philosophy does not change. It remains constant.

Given your emphasis on the environment, do you see a retrenchment in a lot of companies in their commitment.

Given your emphasis on the environment, do you see a retrenchment in a lot of companies in their commitment.

Yes, there is retrenchment. There is a backlash against ESG and against climate. So it's moving slower than we would have hoped for it, and then we would have wished for it. But you know, I do think if you are really serious about your business, you are serious about your stakeholders, about your employees, you need to take this thing seriously.

Yes, there is retrenchment. There is a backlash against ESG and against climate. So it's moving slower than we would have hoped for it, and then we would have wished for it. But you know, I do think if you are really serious about your business, you are serious about your stakeholders, about your employees, you need to take this thing seriously.

Essential to that philosophy is nbim's focused on transparency and its holding waiting and its market value.

Essential to that philosophy is nbim's focused on transparency and its holding waiting and its market value.

If you go there, anybody goes there, they have a very you know, a building that it's like all blasts to represent their transparency. They are very open to We have talked to them many times and everything is publicly available. So that's I think very constructive and they are I think they are an example for the rest of the funds on how to follow the Santiago principles, how to invest responsibly, because that will lead in the long term to better financial returns.

If you go there, anybody goes there, they have a very you know, a building that it's like all blasts to represent their transparency. They are very open to We have talked to them many times and everything is publicly available. So that's I think very constructive and they are I think they are an example for the rest of the funds on how to follow the Santiago principles, how to invest responsibly, because that will lead in the long term to better financial returns.

The Santiago Principles are a set of twenty four voluntary guidelines for sovereign wealth funds created in two thousand and eight by the IMF and a group of the largest funds in order to address concerns about risk taking and governance. How do you compare with other salvas and wealth funds? I mean there's one in Singapore, obviously, there's one UAE. How are you similar? How are you different?

The Santiago Principles are a set of twenty four voluntary guidelines for sovereign wealth funds created in two thousand and eight by the IMF and a group of the largest funds in order to address concerns about risk taking and governance. How do you compare with other salvas and wealth funds? I mean there's one in Singapore, obviously, there's one UAE. How are you similar? How are you different?

Yeah, there are a lot of really fine sothern wealth funds out there. I would say, how we the main differences? Well, one, we are we are one hundred percent transparent, right you can. We even have a live tracker on our on our website showing the real value of the fund. And you know how often is updated. What do you think, Well, thirteen times a second, so that's really really live value of the fund and it's actually the most looked.

Yeah, there are a lot of really fine sothern wealth funds out there. I would say, how we the main differences? Well, one, we are we are one hundred percent transparent, right you can. We even have a live tracker on our on our website showing the real value of the fund. And you know how often is updated. What do you think, Well, thirteen times a second, so that's really really live value of the fund and it's actually the most looked.

At number in the country, which is quite interesting.

At number in the country, which is quite interesting.

Then we are we are very long term, we are not in the private market. And then we also have I think the fact that it is so broadly politically anchored is a bit different.

Then we are we are very long term, we are not in the private market. And then we also have I think the fact that it is so broadly politically anchored is a bit different.

The fund's website tells us just how broadly anchored it is seventy two percent is in equities of those nine thousand companies, twenty six percent in fixed income, and the rest is in real estate and renewable energy infrastructure. How do you look for alpha when you go out there and look to beat returns? What sorts of indicie you looked at?

The fund's website tells us just how broadly anchored it is seventy two percent is in equities of those nine thousand companies, twenty six percent in fixed income, and the rest is in real estate and renewable energy infrastructure. How do you look for alpha when you go out there and look to beat returns? What sorts of indicie you looked at?

Well?

Well?

We try to find great companies which ope perform their pay group quality companies which can compound at higher rates, high returnal capital with some MOLT which means that these returns can be sustainable.

We try to find great companies which ope perform their pay group quality companies which can compound at higher rates, high returnal capital with some MOLT which means that these returns can be sustainable.

So that's what we try to do.

So that's what we try to do.

How much of it is ground up, that is company by company as opposed to certain sectors or certain styles.

How much of it is ground up, that is company by company as opposed to certain sectors or certain styles.

The alpha we try to create is all companies specific. We have delegated mandates. We have roughly one hundred portfolio managers who have a specific portfolio and they try to perform the market on a daily basis. Now, we try to have a longer term time horizon in what we do. So typically we would measure results of where rolling three year period, and I think that's important in this market to be increasingly long term menu thinking.

The alpha we try to create is all companies specific. We have delegated mandates. We have roughly one hundred portfolio managers who have a specific portfolio and they try to perform the market on a daily basis. Now, we try to have a longer term time horizon in what we do. So typically we would measure results of where rolling three year period, and I think that's important in this market to be increasingly long term menu thinking.

You are lest way, I check seventy percent in equities, does that vary and who decides to vary it.

You are lest way, I check seventy percent in equities, does that vary and who decides to vary it.

Well, it's the ministry who decides. Now it has been pretty constant for a long period of time. We increase the equity portion from forty to sixty percent during the financial crisis. So actually during two thousand and eight two thousand and nine we were probably the biggest buyer of equities in the whole world. Now, in retrospect, that turned out to be a good thing.

Well, it's the ministry who decides. Now it has been pretty constant for a long period of time. We increase the equity portion from forty to sixty percent during the financial crisis. So actually during two thousand and eight two thousand and nine we were probably the biggest buyer of equities in the whole world. Now, in retrospect, that turned out to be a good thing.

Unlike some of its peers, none of the fund is invested in private equity. You didn't mention private equity or private credit. Why do you not invest in those?

Unlike some of its peers, none of the fund is invested in private equity. You didn't mention private equity or private credit. Why do you not invest in those?

Well, that's not in our mandate, so we only invest in listed equities. We have suggested that to the Parliament that we should be allowed to go into private investments, but so far we cannot do it. There is a political process and then we'll see where that will lead, because we do think there is.

Well, that's not in our mandate, so we only invest in listed equities. We have suggested that to the Parliament that we should be allowed to go into private investments, but so far we cannot do it. There is a political process and then we'll see where that will lead, because we do think there is.

We do think we should have.

We do think we should have.

All the tools in the toolbox, but for the moment we haven't.

All the tools in the toolbox, but for the moment we haven't.

Even without all the tools in the toolbox, few would argue that Norway's Sovereign Wealth Fund has been anything but a success for the country, but Professor Aguilera says that's not always the case around.

Even without all the tools in the toolbox, few would argue that Norway's Sovereign Wealth Fund has been anything but a success for the country, but Professor Aguilera says that's not always the case around.

The world, other funds have not worked so well. One of them is the one MDB from Malaysia. The other one is the one from Libya, and I would attribute to that mostly to poor corporate governance.

The world, other funds have not worked so well. One of them is the one MDB from Malaysia. The other one is the one from Libya, and I would attribute to that mostly to poor corporate governance.

Still ahead the fastest business in the world. We travel to the UK for a report on Formula one that's next on Wall Street Week.

Still ahead the fastest business in the world. We travel to the UK for a report on Formula one that's next on Wall Street Week.

It's an amazing sport, crazy because of everything that's involved with it, and expensive because.

It's an amazing sport, crazy because of everything that's involved with it, and expensive because.

Of what it costs me.

Of what it costs me.

This is a story about winning, winning and investing winning on the track and what it takes to win at both together. The mid size English city of Milton Keynes dates back to the Bronze Age, got its name from a family manor created in the wake of the Norman conquest, and today as a quarter of its land given over to parks, it might seem a long way away from the hard charging world of Formula one racing, but it is the home to one of the sports leading innovators, Oracle Red Bull. Christian Horner is its CEO.

This is a story about winning, winning and investing winning on the track and what it takes to win at both together. The mid size English city of Milton Keynes dates back to the Bronze Age, got its name from a family manor created in the wake of the Norman conquest, and today as a quarter of its land given over to parks, it might seem a long way away from the hard charging world of Formula one racing, but it is the home to one of the sports leading innovators, Oracle Red Bull. Christian Horner is its CEO.

I think the biggest changes have been just in technology. I mean, if I look at the amount of simulations we're running now and our relationship with Oracle has really exposed that we're running literally millions and millions of simulations during the Grand Prix.

I think the biggest changes have been just in technology. I mean, if I look at the amount of simulations we're running now and our relationship with Oracle has really exposed that we're running literally millions and millions of simulations during the Grand Prix.

Formula one traces its origins back more than seven decades, jumping into.

Formula one traces its origins back more than seven decades, jumping into.

An early eighties one Venio number one, the former bus driver from the Argentinle and.

An early eighties one Venio number one, the former bus driver from the Argentinle and.

The very first World Championship race held at Silverstone in the UK in nineteen fifty. F one created this montage in twenty twenty to celebrate its seventieth anniversary. Since its founding, it has spread across the globe, but in recent years it has exploded, with over three point two billion dollars in revenues in twenty twenty three, up twenty five percent from twenty twenty two, and second quarter numbers this year climbing an additional twenty percent year over year. Those most directly involved in the sport give the credit to a certain Netflix hit documentary series following the sport, and to Liberty Media, which bought F one in twenty nineteen.

The very first World Championship race held at Silverstone in the UK in nineteen fifty. F one created this montage in twenty twenty to celebrate its seventieth anniversary. Since its founding, it has spread across the globe, but in recent years it has exploded, with over three point two billion dollars in revenues in twenty twenty three, up twenty five percent from twenty twenty two, and second quarter numbers this year climbing an additional twenty percent year over year. Those most directly involved in the sport give the credit to a certain Netflix hit documentary series following the sport, and to Liberty Media, which bought F one in twenty nineteen.

It's been huge for us in the US, and I think, you know, ever since the Netflix series you know, embraced a whole new generation of fans and different countries in the US was one of those and without that, you know, Oracle becoming our title partner, of becoming our engine partner, x on Mobile, AT and T. You know all huge you know companies that are You're getting a great return out of form One.

It's been huge for us in the US, and I think, you know, ever since the Netflix series you know, embraced a whole new generation of fans and different countries in the US was one of those and without that, you know, Oracle becoming our title partner, of becoming our engine partner, x on Mobile, AT and T. You know all huge you know companies that are You're getting a great return out of form One.

Today, an average of one point one million Americans watch each race, double the figure in twenty eighteen. The surgeon popularity has sent shockwaves through the sport. But one team that's benefited most is McLaren headed by Zach Brown. It's been a big shift in the United States respective Formula one, partly because of the series drives to survive. How much is that driven revenue from your side? Have you seen a big updates huge?

Today, an average of one point one million Americans watch each race, double the figure in twenty eighteen. The surgeon popularity has sent shockwaves through the sport. But one team that's benefited most is McLaren headed by Zach Brown. It's been a big shift in the United States respective Formula one, partly because of the series drives to survive. How much is that driven revenue from your side? Have you seen a big updates huge?

If you look at the brands that we are associated with, you know, the Googles, the Cisco's, the Dells.

If you look at the brands that we are associated with, you know, the Googles, the Cisco's, the Dells.

These Golden Zachs.

These Golden Zachs.

These companies weren't in Formula one five years ago.

These companies weren't in Formula one five years ago.

I think half of our partners.

I think half of our partners.

Come from the United States now, so I think Netflix did a wonderful thing for Formula One.

Come from the United States now, so I think Netflix did a wonderful thing for Formula One.

And when Liberty acquired.

And when Liberty acquired.

Us, we went from being a very exclusive sport to now we're a very inclusive sport. We weren't very digitally savvy. Now we're very digitally savvy.

Us, we went from being a very exclusive sport to now we're a very inclusive sport. We weren't very digitally savvy. Now we're very digitally savvy.

All business is competitive, but maybe none so competitive as Formula one. How do you win in Formula one?

All business is competitive, but maybe none so competitive as Formula one. How do you win in Formula one?

Oh, good question, and there's lots of different wins. You need to win in Formula one. It's all about people. Obviously, we're in technology business. It's about never giving up. It's about incremental gains every single day and learning from your mistakes, and you're constantly making mistakes.

Oh, good question, and there's lots of different wins. You need to win in Formula one. It's all about people. Obviously, we're in technology business. It's about never giving up. It's about incremental gains every single day and learning from your mistakes, and you're constantly making mistakes.

You need to win with people, so you need to be.

You need to win with people, so you need to be.

A great employer and have a great work environment, take care of people and their families. Of course, we need to have state of the art technology.

A great employer and have a great work environment, take care of people and their families. Of course, we need to have state of the art technology.

We need to have great.

We need to have great.

Commercial partners because they're the ones that are the big financial contributor to us being able to get the greatest technology and hire the best racing drivers and with a Formula one team, if you don't have all of that put together.

Commercial partners because they're the ones that are the big financial contributor to us being able to get the greatest technology and hire the best racing drivers and with a Formula one team, if you don't have all of that put together.

You're not going to win. And in our sport you lose more than you win.

You're not going to win. And in our sport you lose more than you win.

So you better get used to that and get ready to respond for the next race.

So you better get used to that and get ready to respond for the next race.

If it takes all that to win in Formula one, how do you put together the team to get it done. Gunter Steiner is the former team principle of has F one and author of the book Unfiltered. He put the has team together for investor Gene has in twenty fourteen, so he knows what it takes.

If it takes all that to win in Formula one, how do you put together the team to get it done. Gunter Steiner is the former team principle of has F one and author of the book Unfiltered. He put the has team together for investor Gene has in twenty fourteen, so he knows what it takes.

The first thing is you need to find an investor which is happy to invest money in a business which at the time nobody knew where it was going. You need to put together the team with the people who actually go and design a Formula one car, which by no means is easy. You need a race team, you need a commercial team, you need all the administration, and then you can go racing.

The first thing is you need to find an investor which is happy to invest money in a business which at the time nobody knew where it was going. You need to put together the team with the people who actually go and design a Formula one car, which by no means is easy. You need a race team, you need a commercial team, you need all the administration, and then you can go racing.

And that is how we do that.

And that is how we do that.

If all that sounds expensive, it's because it is. F One limits teams to spending one hundred and forty million dollars per year. Driver salaries and the three highest earning staff members are exempt, but everything relating to the performance of the car is included, from parts to payroll and even the office Christmas party. It means the sports leading innovators also have to be efficient.

If all that sounds expensive, it's because it is. F One limits teams to spending one hundred and forty million dollars per year. Driver salaries and the three highest earning staff members are exempt, but everything relating to the performance of the car is included, from parts to payroll and even the office Christmas party. It means the sports leading innovators also have to be efficient.

You've got a cost cup of around fifty fifty to sixty million on a capital investment, and then outside of that it could be from ten million up to one hundred million. Depends how much you want to pay your drivers, you know, and obviously drivers like Louis Humbler and Maxostapham. I've paid a lot these guys, so if you want one of the good drivers, that's a lot of money. So in total, I would say if you use everything up, he could go from around two hundred million to about three hundred and fifty million.

You've got a cost cup of around fifty fifty to sixty million on a capital investment, and then outside of that it could be from ten million up to one hundred million. Depends how much you want to pay your drivers, you know, and obviously drivers like Louis Humbler and Maxostapham. I've paid a lot these guys, so if you want one of the good drivers, that's a lot of money. So in total, I would say if you use everything up, he could go from around two hundred million to about three hundred and fifty million.

How do you make decisions about where you allocate that money as opposed to not I mean you need to compete on that as well, one hundred smarter than the other guy.

How do you make decisions about where you allocate that money as opposed to not I mean you need to compete on that as well, one hundred smarter than the other guy.

Well, now we have a cost cap, which has been wonderful for the sport.

Well, now we have a cost cap, which has been wonderful for the sport.

We did it before, so before.

We did it before, so before.

You could spend whatever you had so you didn't have to make decisions.

You could spend whatever you had so you didn't have to make decisions.

You just went.

You just went.

Now that we have a cost cap, we can't afford to not have every dollar a pound that we spend translate to performance that goes on the car. So our financial department are led by our CFO. Laura is very integrated into the racing team. So we're constantly, kind of like any other business, looking at what's the best DOROI do we want to spend a.

Now that we have a cost cap, we can't afford to not have every dollar a pound that we spend translate to performance that goes on the car. So our financial department are led by our CFO. Laura is very integrated into the racing team. So we're constantly, kind of like any other business, looking at what's the best DOROI do we want to spend a.

Dollar here or a dollar here?

Dollar here or a dollar here?

Well, if this one's going to give us two dollars back, this one's going to give us a dollar and fifty back, we're going to spend it here.

Well, if this one's going to give us two dollars back, this one's going to give us a dollar and fifty back, we're going to spend it here.

Of course, spending money is never the problem. If you're going to have even a hope of making it back, you're going to have to find a good deal of revenue to cover all these costs.

Of course, spending money is never the problem. If you're going to have even a hope of making it back, you're going to have to find a good deal of revenue to cover all these costs.

Yeah, two sources of revenue.

Yeah, two sources of revenue.

One what this code the price fonting F one which every team gets from FOM. This part of the fram offits of EBI, dalf OFM, And that depends partly on where you finish the championship to Constructors Championship, not the drivers Championship.

One what this code the price fonting F one which every team gets from FOM. This part of the fram offits of EBI, dalf OFM, And that depends partly on where you finish the championship to Constructors Championship, not the drivers Championship.

Now, I think to finish tenth in championship is about a eighty million payday to win it is double and then you know kind of ladders in between. So it's it's a significant amount of revenue which obviously goes into funding.

Now, I think to finish tenth in championship is about a eighty million payday to win it is double and then you know kind of ladders in between. So it's it's a significant amount of revenue which obviously goes into funding.

Our racing team.

Our racing team.

So the difference doing first, second, third, fourth, down the tenth is quite significant that a lot of our sponsor partner contracts will performance related bonuses in it.

So the difference doing first, second, third, fourth, down the tenth is quite significant that a lot of our sponsor partner contracts will performance related bonuses in it.

E commerce technology company Rocked is one of those sponsors for the Oracle Red Bull team, and deciding to sponsor the F one team, CEO Bruce Buchanan said he was looking for a unique way to strengthen his firm's branding.

E commerce technology company Rocked is one of those sponsors for the Oracle Red Bull team, and deciding to sponsor the F one team, CEO Bruce Buchanan said he was looking for a unique way to strengthen his firm's branding.

We've been growing at about forty percent every year and next year we'll have you know, eight hundred million in revenue. And we wanted a position in the marketplace where we wanted a partner that was going to serve us well from B to B, so who we could connect with clients at that level, at the C level suite that we do a lot of the relationships with. How can we create connections because our business is about creating opportunities for different businesses to work with each other. That's how we really flourish. And then we also wanted a business will be good for recruiting, brand good for potential investors when we get to IPO, so how can we get traction there. We wanted something that was global so covered the markets that were in and then we wanted something that was a good brand fit. And we went through all of that. There was very few things that ticked all those boxes, but F one came up as something that was strong in all of our markets, very strong amongst the audience we want to talk to has a billion people following around the world.

We've been growing at about forty percent every year and next year we'll have you know, eight hundred million in revenue. And we wanted a position in the marketplace where we wanted a partner that was going to serve us well from B to B, so who we could connect with clients at that level, at the C level suite that we do a lot of the relationships with. How can we create connections because our business is about creating opportunities for different businesses to work with each other. That's how we really flourish. And then we also wanted a business will be good for recruiting, brand good for potential investors when we get to IPO, so how can we get traction there. We wanted something that was global so covered the markets that were in and then we wanted something that was a good brand fit. And we went through all of that. There was very few things that ticked all those boxes, but F one came up as something that was strong in all of our markets, very strong amongst the audience we want to talk to has a billion people following around the world.

As I look at one of them, reclear on F one cars there are a lot of names on it. As any F one car, how much has a cost to get a name up on that car.

As I look at one of them, reclear on F one cars there are a lot of names on it. As any F one car, how much has a cost to get a name up on that car.

Investments range anyway from five million a year to seventy five million, so it ranges quite a bit. It's not an inexpensive sport, but it's a very efficient and drives a tremendous amount of value because we're broadcast into two hundred countries, so while the numbers are quite big, the reach is second to none. It's the largest annual single sporting event in the world.

Investments range anyway from five million a year to seventy five million, so it ranges quite a bit. It's not an inexpensive sport, but it's a very efficient and drives a tremendous amount of value because we're broadcast into two hundred countries, so while the numbers are quite big, the reach is second to none. It's the largest annual single sporting event in the world.

Despite the money that a successful F one team like Oracle Red Bull receives from the sport and its sponsors, it's still hard to turn a profit on the racing itself, though that's changing thanks to the cost cap and the growing popularity. McLaren reported profits of around thirty eight million dollars last year, a staggering jump from a loss of around twelve million dollars in twenty twenty two, and Brown expects the trend will continue.

Despite the money that a successful F one team like Oracle Red Bull receives from the sport and its sponsors, it's still hard to turn a profit on the racing itself, though that's changing thanks to the cost cap and the growing popularity. McLaren reported profits of around thirty eight million dollars last year, a staggering jump from a loss of around twelve million dollars in twenty twenty two, and Brown expects the trend will continue.

We're now commercially the most successful team in the history of Formula One. If you look at the amount of partners we have in the revenue is we're having a fantastic year so our numbers will exceed what you've recently.

We're now commercially the most successful team in the history of Formula One. If you look at the amount of partners we have in the revenue is we're having a fantastic year so our numbers will exceed what you've recently.

Read, which was our last year numbers.

Read, which was our last year numbers.

Your question about the commercial side and the Googles, the Dells, the Cisco's, these are all brand new companies to Formula one. And there was three challenges we had before Liberty acquired Formula one. We needed a younger audience, which we now have, a more diverse audience, which we now have. And we weren't as impactful in North America. And so when you talk to these corporations, because ninety percent of them North America is hugely important, we've substantially moved the needle on all those areas and this is what a racing car looks like when you do that.

Your question about the commercial side and the Googles, the Dells, the Cisco's, these are all brand new companies to Formula one. And there was three challenges we had before Liberty acquired Formula one. We needed a younger audience, which we now have, a more diverse audience, which we now have. And we weren't as impactful in North America. And so when you talk to these corporations, because ninety percent of them North America is hugely important, we've substantially moved the needle on all those areas and this is what a racing car looks like when you do that.

While sponsorships form the foundation of Formula one revenues, in the end, it's all about winning races, both because of the money it brings in and because it's the reason people are in the business to begin with. So that's where we turn next. From what it takes to build an F one t do what it takes to win.

While sponsorships form the foundation of Formula one revenues, in the end, it's all about winning races, both because of the money it brings in and because it's the reason people are in the business to begin with. So that's where we turn next. From what it takes to build an F one t do what it takes to win.

When you jump into four ouh one, there's nothing that can prepare you to it.

When you jump into four ouh one, there's nothing that can prepare you to it.

Formula one is all about winning at the business and on the track, and in the end, you can't win commercially if you're not winning a good share of those races on Sundays, which, as in so much of business and life, comes down to the team.

Formula one is all about winning at the business and on the track, and in the end, you can't win commercially if you're not winning a good share of those races on Sundays, which, as in so much of business and life, comes down to the team.

People talk a lot about the drivers, but there is a lot of people out there that are in the similar stages of their careers. They have given everything and they are at the pinnacle of the motorsport. Whether you are a mechanic or an engineer or team principle, you are at the pinnacle of the sport and this is your career and you want to do the very best possible.

People talk a lot about the drivers, but there is a lot of people out there that are in the similar stages of their careers. They have given everything and they are at the pinnacle of the motorsport. Whether you are a mechanic or an engineer or team principle, you are at the pinnacle of the sport and this is your career and you want to do the very best possible.

That's Sergio Pair, who drives for Oracle Red Bull Racing alongside three time world champion Max for Stopping, a fourteen year veteran of the sport and six time race winner Peiz, knows better than most that it takes much more than a world class driver to win in Formula One. For Oracle Red Bull, it all starts back at the factory in Milton Keynes. Christian Horner is its CEO.

That's Sergio Pair, who drives for Oracle Red Bull Racing alongside three time world champion Max for Stopping, a fourteen year veteran of the sport and six time race winner Peiz, knows better than most that it takes much more than a world class driver to win in Formula One. For Oracle Red Bull, it all starts back at the factory in Milton Keynes. Christian Horner is its CEO.

Across the whole campus there's just under two thousand people.

Across the whole campus there's just under two thousand people.

One of those two thousand people is Phil Turner, the team's chief future mechanic. As this season winds down, he's already looking ahead to build next season's car.

One of those two thousand people is Phil Turner, the team's chief future mechanic. As this season winds down, he's already looking ahead to build next season's car.

Some years we've had a complete clean shit of paper and the car has been designed from scratch year on year. But with the cost cap now, we tend to try and carry over the good bits of the previous years cars. So from maybe some of the good parts from this year's car, we'll go into next years carpa. Again, some of it depends on packaging. Maybe the good pass we want to keep fitting next year's package of car, and so we have to tweak and make it fit the new package.

Some years we've had a complete clean shit of paper and the car has been designed from scratch year on year. But with the cost cap now, we tend to try and carry over the good bits of the previous years cars. So from maybe some of the good parts from this year's car, we'll go into next years carpa. Again, some of it depends on packaging. Maybe the good pass we want to keep fitting next year's package of car, and so we have to tweak and make it fit the new package.

So all these dinos are basically recreating track conditions. So we're running the engines in a steady state condition where we're tuning them, developing them, evolving them, running race distances from prestarts, pit stops even so, yeah, we're basically proving out the engines in a controlled environment.

So all these dinos are basically recreating track conditions. So we're running the engines in a steady state condition where we're tuning them, developing them, evolving them, running race distances from prestarts, pit stops even so, yeah, we're basically proving out the engines in a controlled environment.

It typically takes around twelve months to build an F one car, but given that Oracle Red Bull one is staggering one of twenty two races last year, it was more about refining the car than building a new one. For Turner, that means taking input from the twenty two different departments at Oracle red Bull to come up with what the team feels is the best car to take to the track.

It typically takes around twelve months to build an F one car, but given that Oracle Red Bull one is staggering one of twenty two races last year, it was more about refining the car than building a new one. For Turner, that means taking input from the twenty two different departments at Oracle red Bull to come up with what the team feels is the best car to take to the track.

There's loads of them departments that going to put in the car on track, and I was suppose to making it go around the track as well. Track side electronics, composite mechanics technicians, you know, hydraulic ski box technicians.

There's loads of them departments that going to put in the car on track, and I was suppose to making it go around the track as well. Track side electronics, composite mechanics technicians, you know, hydraulic ski box technicians.

There's the different different concepts that come through.

There's the different different concepts that come through.

And obviously design the DOO talk to each other quite quite a lot, quite frequently as a producing a new car and designing it, you know, area with the package and say we want everything's fitted within this shape, and then mechanical will get involved and say it's not going to happen. You know, they will try, but maybe sometimes it doesn't happen as compromise on both sides.

And obviously design the DOO talk to each other quite quite a lot, quite frequently as a producing a new car and designing it, you know, area with the package and say we want everything's fitted within this shape, and then mechanical will get involved and say it's not going to happen. You know, they will try, but maybe sometimes it doesn't happen as compromise on both sides.

So this is all about front arrow.

So this is all about front arrow.

We can change the flap angle on this to reduce it, increase it depending on how much front downfall soone on the car, depending on the circuit as well. We can have different types of flaps with different camps. They may design something and we then we go over to the deal and have a look and say well we can't work on that, and then it's you know, maybe you're about to draw a more slightly in a different tooling, or they may have to change things slightly to help us work on it.

We can change the flap angle on this to reduce it, increase it depending on how much front downfall soone on the car, depending on the circuit as well. We can have different types of flaps with different camps. They may design something and we then we go over to the deal and have a look and say well we can't work on that, and then it's you know, maybe you're about to draw a more slightly in a different tooling, or they may have to change things slightly to help us work on it.

Once the car is built, it's prepped for racing. Drivers test the car before the season starts, and the team runs simulations to see how it performs in different weather conditions, different tracks, and in different diferent race settings.

Once the car is built, it's prepped for racing. Drivers test the car before the season starts, and the team runs simulations to see how it performs in different weather conditions, different tracks, and in different diferent race settings.

So this here is a race plot, which is really one of the main tools that we use in strategy to kind of see what's happening during the race the journey.

So this here is a race plot, which is really one of the main tools that we use in strategy to kind of see what's happening during the race the journey.

And that's where Hannah Schmitz comes in. She's Oracle red Bull's principal strategy engineer.

And that's where Hannah Schmitz comes in. She's Oracle red Bull's principal strategy engineer.

As principal strategy engineer, it means I go when I'm at the track, I'll be sitting on the pitwall making the decisions about when we pit the car, what tires we fit, basically trying to come up with a way that we can win the race. And then when I'm here in the operations room, then it's more trying to gather all the data together to give to that person on the pitwall and make sure they can make the right decisions in the race.

As principal strategy engineer, it means I go when I'm at the track, I'll be sitting on the pitwall making the decisions about when we pit the car, what tires we fit, basically trying to come up with a way that we can win the race. And then when I'm here in the operations room, then it's more trying to gather all the data together to give to that person on the pitwall and make sure they can make the right decisions in the race.

The team runs some eight billion simulations before a race helping them settle on a strategy tailored to each competition, working out optimal times to take pit stops, which tires do use, and when to attack and when to defend.

The team runs some eight billion simulations before a race helping them settle on a strategy tailored to each competition, working out optimal times to take pit stops, which tires do use, and when to attack and when to defend.

Before we've even got to the track, we will have run billions of simulations looking at various things. We will already have an idea of what we think the race strategy will be, because obviously we're going to make decisions right from the first practice session, so you've got all the actual data points. So that's things like what we're expecting the pace of our competitors to be, the speeds, the tie degradations. Has something changed at this track compared to.

Before we've even got to the track, we will have run billions of simulations looking at various things. We will already have an idea of what we think the race strategy will be, because obviously we're going to make decisions right from the first practice session, so you've got all the actual data points. So that's things like what we're expecting the pace of our competitors to be, the speeds, the tie degradations. Has something changed at this track compared to.

Last yet, But of course F one is unpredictable and sometimes even the eight billion simulations can't prepare you for what happens on the track, and so the team is always adapting. Schmidz is stationed on the pitwall while a team of around fifty analysts are pouring over live data back at the team's NASA like control room at Milton Keynes. Some monitor the weather, some monitor lap times. Some are even tasked with trying to decode rival teams strategies.

Last yet, But of course F one is unpredictable and sometimes even the eight billion simulations can't prepare you for what happens on the track, and so the team is always adapting. Schmidz is stationed on the pitwall while a team of around fifty analysts are pouring over live data back at the team's NASA like control room at Milton Keynes. Some monitor the weather, some monitor lap times. Some are even tasked with trying to decode rival teams strategies.

Live in a race we're now running simulations all the time, so every time we update a bit of data, we can see how that would impact what strategy we're going to do, and so we use the Oracle Cloud infrastructure to do that. That means we're still running billions of simulations during the race itself, which is extremely helpful for us. And then when you're here in the operations room, it basically feels like you are at the track. That's why we don't have any windows, so that you don't know what time of day it is, and it's instant like talking on the intercom's instant. These are windictors, so they're kind of showing the speed of the wind and their direction, and we'll have that different points around the track, which we get from the weather stations at the track.

Live in a race we're now running simulations all the time, so every time we update a bit of data, we can see how that would impact what strategy we're going to do, and so we use the Oracle Cloud infrastructure to do that. That means we're still running billions of simulations during the race itself, which is extremely helpful for us. And then when you're here in the operations room, it basically feels like you are at the track. That's why we don't have any windows, so that you don't know what time of day it is, and it's instant like talking on the intercom's instant. These are windictors, so they're kind of showing the speed of the wind and their direction, and we'll have that different points around the track, which we get from the weather stations at the track.

Schmiz takes all that data on board and uses it to make real time adjustments to the driver's race strategy. It's a role that requires a sharp, decisive mind and a steely nerve.

Schmiz takes all that data on board and uses it to make real time adjustments to the driver's race strategy. It's a role that requires a sharp, decisive mind and a steely nerve.

It's important to try and take a breath, tell people to stand by if you need them, to make sure you're getting the most important information. So for me, when I'm on the pit, well that'll be the information coming from here from the operations room because they'll be the ones looking at the specific data. They'll also have done some of them have done the strategy role on the pitwall, so they know exactly what you need to know that might impact your decisions. There is also the race engineers and Christian and Pierre, and we'll all have a kind of conversation about what the plans are. You know, I'm planning to open the safety car window on this lap, and I think the next time should shall still be this one. Do the race engine is agree, Do they have any data that might mean something different? What's the driver saying on the radio? Does that impact the strategy I'm going to do? And then we're also listening to all the radios of all our competitors because at the end of the day, we could do the best strategy in the world, but we're actually racing other people, so what they do has an impact on what we should do.

It's important to try and take a breath, tell people to stand by if you need them, to make sure you're getting the most important information. So for me, when I'm on the pit, well that'll be the information coming from here from the operations room because they'll be the ones looking at the specific data. They'll also have done some of them have done the strategy role on the pitwall, so they know exactly what you need to know that might impact your decisions. There is also the race engineers and Christian and Pierre, and we'll all have a kind of conversation about what the plans are. You know, I'm planning to open the safety car window on this lap, and I think the next time should shall still be this one. Do the race engine is agree, Do they have any data that might mean something different? What's the driver saying on the radio? Does that impact the strategy I'm going to do? And then we're also listening to all the radios of all our competitors because at the end of the day, we could do the best strategy in the world, but we're actually racing other people, so what they do has an impact on what we should do.

Of course, when Schmidt does make the car for a driver toppit, it's then over to the mechanics to ensure no time is lost.

Of course, when Schmidt does make the car for a driver toppit, it's then over to the mechanics to ensure no time is lost.

Everything looks synchronized. You can tell a fast stop because even the sound of the guns, everything is in synchronizing the car. Just the whole thing is just like in one beat, whereas if it doesn't quite go so well, even a two and a half second stop, you could hear it without even looking at the start watch oracle.

Everything looks synchronized. You can tell a fast stop because even the sound of the guns, everything is in synchronizing the car. Just the whole thing is just like in one beat, whereas if it doesn't quite go so well, even a two and a half second stop, you could hear it without even looking at the start watch oracle.

Red Bull has won F one's Fastest Pit Stop award each of the past six seasons and art refined by practicing twice a day. Three mechanics are stationed on each wheel. One is the gunman responsible for loosening the old tire and tightening the new. One, one removes the old tire and another places the new tire on the car. One mechanic jacks up the car, and two more are on the side holding it steady. When it comes off, Teams can have a car in and out just like that. For the pit crew it's a matter of split seconds. For the driver, it's a game of inches.

Red Bull has won F one's Fastest Pit Stop award each of the past six seasons and art refined by practicing twice a day. Three mechanics are stationed on each wheel. One is the gunman responsible for loosening the old tire and tightening the new. One, one removes the old tire and another places the new tire on the car. One mechanic jacks up the car, and two more are on the side holding it steady. When it comes off, Teams can have a car in and out just like that. For the pit crew it's a matter of split seconds. For the driver, it's a game of inches.

It's very important when you come in to stop riding on your mars, you know, because for the boys it's less of a movement if you stop right on your marks that if you go over or on there, they have to move a little bit more. They're amazing the amount of practice they're doing for a pitzob because if you think about it, half a second can make the difference on winning a race, and that half a second can come from the pitzop, so they're very important. This is why it's a team sport.

It's very important when you come in to stop riding on your mars, you know, because for the boys it's less of a movement if you stop right on your marks that if you go over or on there, they have to move a little bit more. They're amazing the amount of practice they're doing for a pitzob because if you think about it, half a second can make the difference on winning a race, and that half a second can come from the pitzop, so they're very important. This is why it's a team sport.

As we head into the final races of the season, Max vers Stopping is set to seal a fourth drivers championship for Oracle Red Bull, but the race for the Constructor's title is closer than ever, in part because Perez, as the number two driver, has fallen behind.

As we head into the final races of the season, Max vers Stopping is set to seal a fourth drivers championship for Oracle Red Bull, but the race for the Constructor's title is closer than ever, in part because Perez, as the number two driver, has fallen behind.

We need both drivers delivering and performing. I mean it's the construction's points that are where the distribution of the price fund is based upon of where you are in the constructor's table. You don't get a single dollar for winning the Driver's World Championship.

We need both drivers delivering and performing. I mean it's the construction's points that are where the distribution of the price fund is based upon of where you are in the constructor's table. You don't get a single dollar for winning the Driver's World Championship.

But the drama of the twenty twenty four F one season is also a product of improvements made at Oracle Red bulls rivals Ferrari and McLaren. Improvements made throughout the season at a breakneck speed.

But the drama of the twenty twenty four F one season is also a product of improvements made at Oracle Red bulls rivals Ferrari and McLaren. Improvements made throughout the season at a breakneck speed.

Pace of the elopment in Formula one is awesome. So if you took the car that qualified first the beginning of the year and you left it untouched, it would be last by the end of the year. So that's the pace of development of our entire sport, about two percent covers.

Pace of the elopment in Formula one is awesome. So if you took the car that qualified first the beginning of the year and you left it untouched, it would be last by the end of the year. So that's the pace of development of our entire sport, about two percent covers.

The best to the worst, so.

The best to the worst, so.

To make small incremental gains can have big material impact.

To make small incremental gains can have big material impact.

Imagine in the airport, everybody's walking, but.

Imagine in the airport, everybody's walking, but.

Then there's a few people that are on the moving walkway, and so we just outdeveloped them over the course of the year to get in front of them, as has.

Then there's a few people that are on the moving walkway, and so we just outdeveloped them over the course of the year to get in front of them, as has.

Ferrari, and it's been remarkable.

Ferrari, and it's been remarkable.

Development on the car is primarily aerodynamic, so you'll see things like our side pods change over the course of the year, so we're trying to put as much downforce on the car.

Development on the car is primarily aerodynamic, so you'll see things like our side pods change over the course of the year, so we're trying to put as much downforce on the car.

As possible and reduce drag. That's ultimately where the performance comes in.

As possible and reduce drag. That's ultimately where the performance comes in.

But you do get into things suspension changes, so you change eighty percent of what's.

But you do get into things suspension changes, so you change eighty percent of what's.

Allowed to be changed.

Allowed to be changed.

But you'll see all of our wings and it's very small, small changes that can make a big difference, and then a lot of the downforce is also created under the floor.

But you'll see all of our wings and it's very small, small changes that can make a big difference, and then a lot of the downforce is also created under the floor.

The twenty twenty four Formula One season has turned out to be one of the closest and most dramatic in recent memory, particularly where it matters most for a team's revenues, the Constructor's Trophy. It's about winning, winning on the track in the last few races, winning in the design and engineering, winning in the pits, and whoever wins there will stand to win a great deal financially. As the value of teams continues to surge.

The twenty twenty four Formula One season has turned out to be one of the closest and most dramatic in recent memory, particularly where it matters most for a team's revenues, the Constructor's Trophy. It's about winning, winning on the track in the last few races, winning in the design and engineering, winning in the pits, and whoever wins there will stand to win a great deal financially. As the value of teams continues to surge.

Formula one is the biggest team sport in the world, and people what they don't see is you just see our shop window at a grown pre weekend, is what's going on behind the scenes throughout the organization. The amount of people that are involved is phenomenal, and it takes every one of those personnel to design, develop and operate cause that we have achieving these incredible results with I am a racer hard I enjoy it most of all when the red light goes out and the race is underway and it's just you and your team and your drivers. I think you have to keep a calm head and try and read a situation. You're not always going to get it right, but certainly try and get more right than you get wrong, and learn from the ones that you do get wrong. That's life.

Formula one is the biggest team sport in the world, and people what they don't see is you just see our shop window at a grown pre weekend, is what's going on behind the scenes throughout the organization. The amount of people that are involved is phenomenal, and it takes every one of those personnel to design, develop and operate cause that we have achieving these incredible results with I am a racer hard I enjoy it most of all when the red light goes out and the race is underway and it's just you and your team and your drivers. I think you have to keep a calm head and try and read a situation. You're not always going to get it right, but certainly try and get more right than you get wrong, and learn from the ones that you do get wrong. That's life.

That's Formally one.

That's Formally one.

That does it for us. Here on Wall Street Week, I'm David Weston. We'll see you again next week for more stories of capitalism.

That does it for us. Here on Wall Street Week, I'm David Weston. We'll see you again next week for more stories of capitalism.