May 30, 2021 • 16 mins
Keith Beckley, CEO of Novx Systems, long-time member of PEO Leadership, physicist, engineer and climate activist, talks passionately about his “night gig” – following the EV industry. Keith took delivery of the 2nd Tesla Model S in Canada and spends his nights actively learning everything about EVs and the energy industry. Thinking about purchasing a new or used combustion engine vehicle in the coming months? Be sure to listen to this interview.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Leon Goren (00:00):
Special thanks to Sherrard-Kuzz for helping u
bring you today's PEOleadership snippet podcast.
Welcome to our snippets podcast.
I'm Leon Goren, CEO andpresident of PEO leadership,
North America's premier peer topeer network and leadership
advisory firm. Today, we welcomeKeith Beckley, CEO of novec
systems, which is an EMR systemfor your addiction and pain. If
(00:24):
you're like me, you don't knowwhat EMR stands for. But it is a
computer system that helpshealthcare providers manage
patient medical records, andautomate clinical workflows. So
Keith, and I go way back. We'veknown each other since the age
of 12 years old when we attendedwinfields Junior High School in
North York. we partake in manyadventures throughout life,
(00:46):
whether it be competing in thepool, swimming and playing Water
Polo, or launching one of ourfirst companies just white
shirts, calm back in 1996. He isa physicist, engineer, climate,
sport and all round naturalathletes standing six foot five.
He's a world traveler havingvisited more than 57 countries.
And of course, he's a longtimemember of PLL leadership. Keith,
(01:06):
it's great to have you with ustoday.
Unknown (01:11):
Oh, hello. By the way, I didn't really compete very
well with you in the pool. I'lltell you that.
Leon Goren (01:17):
Except for the water pool.
Unknown (01:18):
It was very good.
Leon Goren (01:21):
Alright, so let's three things we're going to
cover here today. Why don't yougive us a little bit of sense,
better sense of Novak's and thentwo, we're gonna jump into your
real passion here around EBS.
And you're gonna educate some ofthe listeners around where we're
going and and stuff. And thenthird, if we have time, we'll
jump into energy. So we'll kickit off on novex. Tell us a
little bit more about what youdo.
Unknown (01:45):
Yeah, so novex was founded, it was actually early
into the space and was foundedin 2003. And we've turned into
sort of a boutique bar in thesense that we are we we are
market is specialists, so mostof them are companies came out
and they did a land grab intofamily practitioners, which is
(02:07):
the vast majority of the market.
But we found our place inspecialists, diction, pain,
psychiatry, and we just focus onhaving dashboards and templates
that really sing to thatcommunity. So it's a wonderful
business, it's a monthlyrecurring revenue, the
(02:30):
government pays the doctors, weknow they get paid, so they pay
us. And, you know, we buildsomething super tailored for
that. And then when we sort ofsaturate a silo, we look at
another silo of specialists sowe can grow kind of at the speed
we want. And it's it's a smallteam. But you know, all my
employees have been with us forthe better part of a decade now.
(02:52):
And it's a good business. It's agood business to me.
Leon Goren (02:59):
That's awesome. And I know it's a, I know, you work
that job during the day, andthen you're up all night reading
about everything on the energyside. So for those that don't
know, and most of you don'tknow, Keith, on the second Model
S that was delivered in Canada,he really bugs in that he didn't
get the first one, but he wasn'tnumber one slotted for the
delivery. So you got the second.
But he studies all this stufflike crazy. So I thought it'd be
(03:23):
a great conversation, maybe youcan tell us where we are today
compared to when you bought yourfirst one. And where's this
whole thing going? Everybody'ssort of saying it's, you know,
Tesla is way overvalued. It'sgoing up, up, up and away. A lot
of people are we disbelievers init, but you're a big believer in
the whole system and where it istoday and where it's going.
Unknown (03:49):
Yeah, for sure. So my interest in this early on, I've
always been interested in energyand energy systems. And you know
how society was gonna move forthat. It's turned into a
ridiculous passion. You're notwrong to say it when the
business day is over. I spend mynight listening to podcast
researching, following otherswho, right, so I put my deposit
(04:14):
down very early in 2009, got mycar in 2012, I was very sure I
was buying a lemon that I wouldbe spending inordinate amounts
of money on a battery afterthree years. So it turns out
none of that was true. Turns outthe car ended up being
incredibly reliable. I have it'sstill it's 250,000 kilometers.
(04:39):
My battery degradation has beenless than 10%. You know, it's
turned out to be a very, verygood car. And, you know, I've
been really, really followingthis space. And I don't think
quite in North America, werealized where this is going. So
I'll give you a little bit of apicture of where things are. So
in Europe Where they have a muchmore aggressive tax policy
(05:06):
around hydrocarbon especiallyaround the price of gas. ie V's
are taking off like crazy.
Basically, if you build it,someone's gonna buy it. No one's
has any car sitting around onlots. Tesla is the leader, but
it's now only one. Volkswagenstaking it very seriously as
well. And about 10% of cars soldin Western Europe now are our E
V's. And the leader is Norway.
(05:33):
There's actually a superbowlcommercial in a way about this.
So Norway now, in the latestyear, they have stats is over
90%, either a pure Evie or awhat's called a hybrid. So a car
with partially Evie and, and agas extender, as well. And if
(05:54):
you think about that market now,and this is what I really want
to get people to understand, ifyou're buying if you're one of
the last 10%, who's buying apetrol driven car, a gas driven
car, think about what that caris worth in five years. Nobody
wants that car. Right. And thatship has already sailed in
Norway, and we're on that sadoption curve, and things are
(06:17):
starting to go vertical, right.
And it's just beyond a massiveshake up of the industry. And
the traditional automakers, youknow, we're gonna struggle, some
will come through and somewon't. And the reason they want
is because long ago, theystopped being anything but
having IP and engines right. Andnow, engines is no longer
(06:39):
important. What's important isbatteries and electric motor
drive train. So they're they'revery much struggling and trying
to figure out how to make thistransition and make it
profitably. So there's, youknow, and then so you have that
kind of drag, but then the flowof the market is that countries
and many in Europe, in somejurisdictions in North America
(07:02):
are now trying to put in dates,the earliest ones being 2025,
many around 2030, when no morediesel or gas cars will be able
to be sold in those countries.
That's very European, thebiggest car market, three V's in
the world is the Chinese whobasically want to be a leader in
(07:23):
this space. And when you havesuch a massive technology
disruption, it's such a greatopportunity for them to come in.
There's over 80 Evie companiesyou've never heard of. There's
only two in North America of theChinese. But there's 80 in China
that are trying to win thismarket. And the government there
is absolutely dead serious,mostly because they got a smog
(07:45):
problem. But they also want abig player in the automotive
market. And they don't want tohave to do it the Japanese way
when you come in with cheapand cheap cars, you know, back
in the 70s, and 80s, and thenbuild their way up to, you know,
the reputations that have today.
So all of this to say it's it'smassively disrupting it's, it's
(08:05):
coming fast. The only knockagainst EBS right now, I would
say is that the initial capitalcost is still higher, but it's
coming down very rapidly becausethe price of batteries is coming
down. But the data is in now onthe carrying costs. So the total
cost of cost of ownership. Andthe data is as following. If you
(08:28):
buy an Eevee over its lifetime,your cost of maintenance is
exactly about half of if it isfor an internal combustion
engine car. And if you buy anEevee your cost of driving it.
In other words, the energy isabout 20%. So if you're spending
$100 a month in gas, you'respending $20 a month in on your
electricity bill. So the totalcost of ownership is already a
(08:51):
win. But for some folks,obviously that upfront sticker
price is everything. So that'sall to say that this is coming
on incredibly fast. And as faras I'm concerned today, given
the availability of models, youknow, every company now has at
least one Curie V, some have tosome have three. It is a really
(09:13):
questionable decision.
Financially, forget about theperformance and the ease of use
and all that kind of stufffinancially very questionable to
still buy an internal combustionengine, even in North America
where it's only 3% of themarket, but growing from last
year, which was 1%. So I'm notsure you have any other specific
questions, but I can I cancertainly knock off some of the
(09:35):
benefits of the Eevee space ifyou want to hear
Leon Goren (09:40):
well. It's funny because you said in Norway, the
US cars market is basically doneright? If you're in North
America today, the used carmarket is absolutely insane
because of the shortage of cars.
So if you're actually going tobuy a car today, you're going to
pay a fortune. And what you'resuggesting is in the three
years, whatever you paid today,it's actually going to be
worthless, worthless.
Potentially in three to fiveyears.
Unknown (10:03):
Yeah, if it's easy is that held up their value very
much, because every one that'sbuilt is sold. But yeah, I think
that you're definitely going togo to a point where you're
trying to sell a car into amarket, that's not desirable,
because the cost of running anEevee is so small in comparison
(10:25):
to a gas car. So if you thinkabout, I'm buying an Eevee. So
I'm buying a used gas car, whichis probably coming off warranty,
I have to fill it with gas, Ihave the maintenance stuff
coming down the pipe. Whereas Ican have an Eevee with, you
know, 20% of the cost to run it.
Basically no maintenance coming.
(10:46):
And all the conveniences. So
Leon Goren (10:49):
what about the infrastructure, though? Because
I know it was a worry a fewyears back, or is it set up now?
Like, do you have any concerns?
If you want to get down toFlorida? You want to go to
California? driving fromToronto? When the borders open?
Of course, how easy is it to doit? And are you stuck at a so
called charging station for 45minutes to an hour having to
recharge?
Unknown (11:12):
Right? So this is a great question. And I think the
answer is slightly bifurcated. Idon't want I, the Evie space is
great, I do have to give onesmall plug for Tesla here, their
particular charginginfrastructure is second to
none. So I have done thatFlorida trip down and back. And
it was seamless, painless, not aproblem. And the thing you so
(11:38):
I'll say two things aboutcharging then one is that people
don't realize is you do 98% ofyour charging at home. Right,
you actually rarely use thesechargers out and about because
most of us don't travel morethan 500 kilometers a day, which
is a range of of, you know, thebatteries or even 300 kilometers
a day. But getting back to theroad tripping. So the speed, the
(12:02):
amount of current, the powerthey can put into the car just
keeps going up. And thebattery's ability to accept that
power keeps getting better. Sowhat was a 45 minute stop now
has come down to around a 20minute stop. So it barely gives
you time to have a nature breakand grab a bite to eat. And we
certainly had that. And then theother thing that people don't
(12:22):
really realize is you neverdrive the car to zero and charge
to 100. Typically, what you dois you drive the car down to
about 20% like a gas tank, rightwhen the light comes on 15% and
we fill up so you drive the 20%.
And then you fill it then youcharge like 80% which, which is
the fast part of the charge theslow part of the charges from 80
to 100% of the taper it goesit's much slower. So you go fast
(12:45):
to 80. And then you drive forthree plus hours until you get
to the next charger when you'redown to 20 and you go to 80. And
then you're in that 20 minuterange. And the number of charges
is just exponentiallyincreasing, whether it's the
Tesla system or the or any ofthe other ones. So it's kind of
a salt problem.
Leon Goren (13:07):
All right, I know we're going we're going a little
longer here, I wanted to touchon that last topic on energy.
And if you had to summarizebecause we don't have time to
really dig into this. But what'sgoing to be the one big visible
thing that people are going tostart to notice sort of on a
bigger picture around this wholehydrocarbons thing over the next
(13:29):
few years.
Unknown (13:31):
So I like to say it this way, this is going to be
the decade of wind, solar andbatteries. So and when they'll
be offshore and onshore and theprice of wind and solar and
batteries are dropping so fast,that they absolutely beat out
every new incremental, every newbid that's out there for new
(13:54):
energy is going to be basicallywind or solar, or else somebody
is making a really bad economicdecision. So then when you take
the variability of wind andsolar, either wind doesn't blow
the sun doesn't shine all thetime. And you add battery, which
is also used to technically tostabilize the grid, because
(14:15):
batteries can basically respondalmost instantaneously to demand
or over supply. You're basicallygoing to have grids that become
incredibly more resilient thanthe ones we have now. And they
are going to basically becomehydrocarbon free. And if you are
someone who Well, I'm not goingto talk with the coal industry,
(14:36):
the coal industry has done, itknows it's done. But even
natural gas now is very muchstruggle over the next decade.
And you're gonna see a lot ofplants that were built in this
past decade or the 2000s thatare supposed to have 40 or 30 or
40 year lifetimes and they'regoing to be stranded assets.
(15:00):
It's been written off. It's anincredible fat, incredibly
fascinating time in this space,which has always historically
been a very sleepy space, butit's hyperactive.
Leon Goren (15:13):
That's great. So a couple of points out of there,
but the big one that I thinkpeople may want to take a look
at, they took a look at thepersonal investments in terms of
how they're investing. And ifthey own some of these sleepy
acids that have been justutilities in terms of generating
returns for them. A strandedasset means it's going down to
zero at some point in time.
Unknown (15:33):
Yeah, yeah. So you can own utilities, but not utilities
that have a lot of hydrocarbonassets.
Leon Goren (15:42):
Yes.
Unknown (15:44):
Well, Keith,
Leon Goren (15:44):
thanks so much for joining us sharing all those
insights. If you're interestedin any of our live webcasts the
way forward live or any othersnippets, please take a moment
and visit us at po dashleadership comm you'll find on
our site various previousrecorded webcasts, which include
guests such as Professor KennethStein, Harvard's Rosabeth
Cantor, Rob Chesney, Dr. Gregwells, Morgan housel, Mitchell
(16:06):
goldar, and many more as wecover such topics as Mental
Health Leadership and the worldreset. Thank you for joining us
today and we look forward toseeing you again shortly.
Special thanks to Sherrard-Kuzz for helping u
bring you today's PEOleadership snippet podcast.
Welcome to our snippets podcast.
I'm Leon Goren, CEO andpresident of PEO leadership,
North America's premier peer topeer network and leadership
advisory firm. Today, we welcomeKeith Beckley, CEO of novec
systems, which is an EMR systemfor your addiction and pain. If
(00:24):
you're like me, you don't knowwhat EMR stands for. But it is a
computer system that helpshealthcare providers manage
patient medical records, andautomate clinical workflows. So
Keith, and I go way back. We'veknown each other since the age
of 12 years old when we attendedwinfields Junior High School in
North York. we partake in manyadventures throughout life,
(00:46):
whether it be competing in thepool, swimming and playing Water
Polo, or launching one of ourfirst companies just white
shirts, calm back in 1996. He isa physicist, engineer, climate,
sport and all round naturalathletes standing six foot five.
He's a world traveler havingvisited more than 57 countries.
And of course, he's a longtimemember of PLL leadership. Keith,
(01:06):
it's great to have you with ustoday.
Unknown (01:11):
Oh, hello. By the way, I didn't really compete very
well with you in the pool. I'lltell you that.
Leon Goren (01:17):
Except for the water pool.
Unknown (01:18):
It was very good.
Leon Goren (01:21):
Alright, so let's three things we're going to
cover here today. Why don't yougive us a little bit of sense,
better sense of Novak's and thentwo, we're gonna jump into your
real passion here around EBS.
And you're gonna educate some ofthe listeners around where we're
going and and stuff. And thenthird, if we have time, we'll
jump into energy. So we'll kickit off on novex. Tell us a
little bit more about what youdo.
Unknown (01:45):
Yeah, so novex was founded, it was actually early
into the space and was foundedin 2003. And we've turned into
sort of a boutique bar in thesense that we are we we are
market is specialists, so mostof them are companies came out
and they did a land grab intofamily practitioners, which is
(02:07):
the vast majority of the market.
But we found our place inspecialists, diction, pain,
psychiatry, and we just focus onhaving dashboards and templates
that really sing to thatcommunity. So it's a wonderful
business, it's a monthlyrecurring revenue, the
(02:30):
government pays the doctors, weknow they get paid, so they pay
us. And, you know, we buildsomething super tailored for
that. And then when we sort ofsaturate a silo, we look at
another silo of specialists sowe can grow kind of at the speed
we want. And it's it's a smallteam. But you know, all my
employees have been with us forthe better part of a decade now.
(02:52):
And it's a good business. It's agood business to me.
Leon Goren (02:59):
That's awesome. And I know it's a, I know, you work
that job during the day, andthen you're up all night reading
about everything on the energyside. So for those that don't
know, and most of you don'tknow, Keith, on the second Model
S that was delivered in Canada,he really bugs in that he didn't
get the first one, but he wasn'tnumber one slotted for the
delivery. So you got the second.
But he studies all this stufflike crazy. So I thought it'd be
(03:23):
a great conversation, maybe youcan tell us where we are today
compared to when you bought yourfirst one. And where's this
whole thing going? Everybody'ssort of saying it's, you know,
Tesla is way overvalued. It'sgoing up, up, up and away. A lot
of people are we disbelievers init, but you're a big believer in
the whole system and where it istoday and where it's going.
Unknown (03:49):
Yeah, for sure. So my interest in this early on, I've
always been interested in energyand energy systems. And you know
how society was gonna move forthat. It's turned into a
ridiculous passion. You're notwrong to say it when the
business day is over. I spend mynight listening to podcast
researching, following otherswho, right, so I put my deposit
(04:14):
down very early in 2009, got mycar in 2012, I was very sure I
was buying a lemon that I wouldbe spending inordinate amounts
of money on a battery afterthree years. So it turns out
none of that was true. Turns outthe car ended up being
incredibly reliable. I have it'sstill it's 250,000 kilometers.
(04:39):
My battery degradation has beenless than 10%. You know, it's
turned out to be a very, verygood car. And, you know, I've
been really, really followingthis space. And I don't think
quite in North America, werealized where this is going. So
I'll give you a little bit of apicture of where things are. So
in Europe Where they have a muchmore aggressive tax policy
(05:06):
around hydrocarbon especiallyaround the price of gas. ie V's
are taking off like crazy.
Basically, if you build it,someone's gonna buy it. No one's
has any car sitting around onlots. Tesla is the leader, but
it's now only one. Volkswagenstaking it very seriously as
well. And about 10% of cars soldin Western Europe now are our E
V's. And the leader is Norway.
(05:33):
There's actually a superbowlcommercial in a way about this.
So Norway now, in the latestyear, they have stats is over
90%, either a pure Evie or awhat's called a hybrid. So a car
with partially Evie and, and agas extender, as well. And if
(05:54):
you think about that market now,and this is what I really want
to get people to understand, ifyou're buying if you're one of
the last 10%, who's buying apetrol driven car, a gas driven
car, think about what that caris worth in five years. Nobody
wants that car. Right. And thatship has already sailed in
Norway, and we're on that sadoption curve, and things are
(06:17):
starting to go vertical, right.
And it's just beyond a massiveshake up of the industry. And
the traditional automakers, youknow, we're gonna struggle, some
will come through and somewon't. And the reason they want
is because long ago, theystopped being anything but
having IP and engines right. Andnow, engines is no longer
(06:39):
important. What's important isbatteries and electric motor
drive train. So they're they'revery much struggling and trying
to figure out how to make thistransition and make it
profitably. So there's, youknow, and then so you have that
kind of drag, but then the flowof the market is that countries
and many in Europe, in somejurisdictions in North America
(07:02):
are now trying to put in dates,the earliest ones being 2025,
many around 2030, when no morediesel or gas cars will be able
to be sold in those countries.
That's very European, thebiggest car market, three V's in
the world is the Chinese whobasically want to be a leader in
(07:23):
this space. And when you havesuch a massive technology
disruption, it's such a greatopportunity for them to come in.
There's over 80 Evie companiesyou've never heard of. There's
only two in North America of theChinese. But there's 80 in China
that are trying to win thismarket. And the government there
is absolutely dead serious,mostly because they got a smog
(07:45):
problem. But they also want abig player in the automotive
market. And they don't want tohave to do it the Japanese way
when you come in with cheapand cheap cars, you know, back
in the 70s, and 80s, and thenbuild their way up to, you know,
the reputations that have today.
So all of this to say it's it'smassively disrupting it's, it's
(08:05):
coming fast. The only knockagainst EBS right now, I would
say is that the initial capitalcost is still higher, but it's
coming down very rapidly becausethe price of batteries is coming
down. But the data is in now onthe carrying costs. So the total
cost of cost of ownership. Andthe data is as following. If you
(08:28):
buy an Eevee over its lifetime,your cost of maintenance is
exactly about half of if it isfor an internal combustion
engine car. And if you buy anEevee your cost of driving it.
In other words, the energy isabout 20%. So if you're spending
$100 a month in gas, you'respending $20 a month in on your
electricity bill. So the totalcost of ownership is already a
(08:51):
win. But for some folks,obviously that upfront sticker
price is everything. So that'sall to say that this is coming
on incredibly fast. And as faras I'm concerned today, given
the availability of models, youknow, every company now has at
least one Curie V, some have tosome have three. It is a really
(09:13):
questionable decision.
Financially, forget about theperformance and the ease of use
and all that kind of stufffinancially very questionable to
still buy an internal combustionengine, even in North America
where it's only 3% of themarket, but growing from last
year, which was 1%. So I'm notsure you have any other specific
questions, but I can I cancertainly knock off some of the
(09:35):
benefits of the Eevee space ifyou want to hear
Leon Goren (09:40):
well. It's funny because you said in Norway, the
US cars market is basically doneright? If you're in North
America today, the used carmarket is absolutely insane
because of the shortage of cars.
So if you're actually going tobuy a car today, you're going to
pay a fortune. And what you'resuggesting is in the three
years, whatever you paid today,it's actually going to be
worthless, worthless.
Potentially in three to fiveyears.
Unknown (10:03):
Yeah, if it's easy is that held up their value very
much, because every one that'sbuilt is sold. But yeah, I think
that you're definitely going togo to a point where you're
trying to sell a car into amarket, that's not desirable,
because the cost of running anEevee is so small in comparison
(10:25):
to a gas car. So if you thinkabout, I'm buying an Eevee. So
I'm buying a used gas car, whichis probably coming off warranty,
I have to fill it with gas, Ihave the maintenance stuff
coming down the pipe. Whereas Ican have an Eevee with, you
know, 20% of the cost to run it.
Basically no maintenance coming.
(10:46):
And all the conveniences. So
Leon Goren (10:49):
what about the infrastructure, though? Because
I know it was a worry a fewyears back, or is it set up now?
Like, do you have any concerns?
If you want to get down toFlorida? You want to go to
California? driving fromToronto? When the borders open?
Of course, how easy is it to doit? And are you stuck at a so
called charging station for 45minutes to an hour having to
recharge?
Unknown (11:12):
Right? So this is a great question. And I think the
answer is slightly bifurcated. Idon't want I, the Evie space is
great, I do have to give onesmall plug for Tesla here, their
particular charginginfrastructure is second to
none. So I have done thatFlorida trip down and back. And
it was seamless, painless, not aproblem. And the thing you so
(11:38):
I'll say two things aboutcharging then one is that people
don't realize is you do 98% ofyour charging at home. Right,
you actually rarely use thesechargers out and about because
most of us don't travel morethan 500 kilometers a day, which
is a range of of, you know, thebatteries or even 300 kilometers
a day. But getting back to theroad tripping. So the speed, the
(12:02):
amount of current, the powerthey can put into the car just
keeps going up. And thebattery's ability to accept that
power keeps getting better. Sowhat was a 45 minute stop now
has come down to around a 20minute stop. So it barely gives
you time to have a nature breakand grab a bite to eat. And we
certainly had that. And then theother thing that people don't
(12:22):
really realize is you neverdrive the car to zero and charge
to 100. Typically, what you dois you drive the car down to
about 20% like a gas tank, rightwhen the light comes on 15% and
we fill up so you drive the 20%.
And then you fill it then youcharge like 80% which, which is
the fast part of the charge theslow part of the charges from 80
to 100% of the taper it goesit's much slower. So you go fast
(12:45):
to 80. And then you drive forthree plus hours until you get
to the next charger when you'redown to 20 and you go to 80. And
then you're in that 20 minuterange. And the number of charges
is just exponentiallyincreasing, whether it's the
Tesla system or the or any ofthe other ones. So it's kind of
a salt problem.
Leon Goren (13:07):
All right, I know we're going we're going a little
longer here, I wanted to touchon that last topic on energy.
And if you had to summarizebecause we don't have time to
really dig into this. But what'sgoing to be the one big visible
thing that people are going tostart to notice sort of on a
bigger picture around this wholehydrocarbons thing over the next
(13:29):
few years.
Unknown (13:31):
So I like to say it this way, this is going to be
the decade of wind, solar andbatteries. So and when they'll
be offshore and onshore and theprice of wind and solar and
batteries are dropping so fast,that they absolutely beat out
every new incremental, every newbid that's out there for new
(13:54):
energy is going to be basicallywind or solar, or else somebody
is making a really bad economicdecision. So then when you take
the variability of wind andsolar, either wind doesn't blow
the sun doesn't shine all thetime. And you add battery, which
is also used to technically tostabilize the grid, because
(14:15):
batteries can basically respondalmost instantaneously to demand
or over supply. You're basicallygoing to have grids that become
incredibly more resilient thanthe ones we have now. And they
are going to basically becomehydrocarbon free. And if you are
someone who Well, I'm not goingto talk with the coal industry,
(14:36):
the coal industry has done, itknows it's done. But even
natural gas now is very muchstruggle over the next decade.
And you're gonna see a lot ofplants that were built in this
past decade or the 2000s thatare supposed to have 40 or 30 or
40 year lifetimes and they'regoing to be stranded assets.
(15:00):
It's been written off. It's anincredible fat, incredibly
fascinating time in this space,which has always historically
been a very sleepy space, butit's hyperactive.
Leon Goren (15:13):
That's great. So a couple of points out of there,
but the big one that I thinkpeople may want to take a look
at, they took a look at thepersonal investments in terms of
how they're investing. And ifthey own some of these sleepy
acids that have been justutilities in terms of generating
returns for them. A strandedasset means it's going down to
zero at some point in time.
Unknown (15:33):
Yeah, yeah. So you can own utilities, but not utilities
that have a lot of hydrocarbonassets.
Leon Goren (15:42):
Yes.
Unknown (15:44):
Well, Keith,
Leon Goren (15:44):
thanks so much for joining us sharing all those
insights. If you're interestedin any of our live webcasts the
way forward live or any othersnippets, please take a moment
and visit us at po dashleadership comm you'll find on
our site various previousrecorded webcasts, which include
guests such as Professor KennethStein, Harvard's Rosabeth
Cantor, Rob Chesney, Dr. Gregwells, Morgan housel, Mitchell
(16:06):
goldar, and many more as wecover such topics as Mental
Health Leadership and the worldreset. Thank you for joining us
today and we look forward toseeing you again shortly.
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