0:03

Welcome

0:07

to twenty fifty the podcast

0:10

that deciphers, economic and market

0:12

megatrends to meet tomorrow's challenges. I'm

0:15

Coco Booguat, a head up economics, cross

0:17

and Daan research at Societe Generale.

0:21

In each episode of twenty ft INVERSTORS,

0:23

and investigate a key megatrend that

0:25

relates to the economy, the planet,

0:28

markets, and you.

0:41

From the day we arrive on the planet

0:44

and blinking step into the

0:46

sun, there is more to

0:48

see than can ever be seen.

0:50

More to do than can ever

0:52

be done. There's far too

0:54

much to take in here. More

0:57

to find than can ever be found.

1:00

But the sun rolling high through

1:02

the sapphire sky keeps

1:04

great and small on the

1:06

endless round. It's

1:08

the circle of life. Uh-huh.

1:16

Should we start the morning podcast, Sire?

1:20

You've recognized the opening song of the

1:22

Lion King, Zazoo. Oops. Sorry.

1:24

I got carried away. I meant Siri, of

1:27

course. The lion

1:29

king. It was my favorite garden

1:31

as a kid. And it is my favorite musical

1:33

today. The lyrics of the song

1:35

and the artistic representation of the

1:37

serengeti ecosystem in northern

1:39

Anzaria are incredible the

1:42

eternal cycle of life, death and

1:44

rebirth. Think about the symbiotic

1:46

relationship and circle a loop between

1:48

the sun, the planet, nature

1:50

and the animal kingdom. Well,

1:53

assuming we humans are not

1:55

VO, of course.

1:56

You know I'm totally ready to take over.

1:59

Not just yet Siri. Anyways,

2:02

and before I forget, best wishes

2:04

to you and to all of our loyal

2:06

listeners. And a very happy

2:08

twenty twenty three. May twenty

2:10

twenty two, resting peace. It

2:13

won't be missed, I think.

2:15

Our planet has just made another full revolution

2:17

around the sun. We are one

2:19

year closer to two thousand and fifty, the

2:21

year where we're supposed to reach net zero greenhouse

2:24

gas emissions. This means we

2:26

will all need to take a lot

2:28

of new and more ambitious green

2:30

resolutions to get there. And

2:32

as I was just taking down the trash the

2:34

morning after Christmas, and

2:37

saw the giant pile of trash bags

2:39

full of gift ft And you,

2:41

I found the theme for the morning podcast.

2:44

Let's discuss recycling, the circle

2:46

economy and VO.

2:51

Not the circle of life, but the circle

2:53

of plastic and trash.

3:01

With only nine percent of plastic waste

3:03

being recycled globally, according to

3:05

the OECD dot Does

3:07

recycling really work? What

3:10

are the major loopholes in the great loop of

3:12

recycling? Should recycling be

3:14

the up of last resort, as in

3:16

reduce, reuse first, and

3:18

then recycle. How do we

3:20

build a circle economy that is net zero

3:22

compatible. Or are we

3:24

all heading towards yet another

3:26

dystopian world? Like the science

3:29

fiction film, Wholly, where in

3:31

the 22nd century, ramp in

3:33

consumerism, corporate green, environmental

3:36

turned Earth into a garbage wasteland,

3:39

and humanity was evacuated to

3:41

space on giant star liners

3:43

leaving trash compacting robots to

3:45

clean up the planet. Let's

3:49

start our investigation. We

3:54

need to first put things into perspective

3:56

to fully understand the situation. The

3:58

bottom line is this. Nature is

4:00

circular by design. Imbalance

4:03

and sustainable. The harsh

4:05

reality of our modern life is

4:07

simply that it is not circular.

4:09

Sorry VO. Although,

4:13

I guess, you knew that already as fully

4:15

experienced twenty fifty so

4:18

no smaller alerts. Our

4:20

lifestyle is very much linear.

4:23

We consume a lot of things we don't necessarily

4:25

need to then throw them away. Think

4:27

about your Christmas trees, gift wraps.

4:30

Shopping bags, plastic bottles,

4:32

cups, electronics, old smartphones.

4:35

Note to self. Make sure you update

4:37

your software but also your resume.

4:41

Bear with me, Siri. We now

4:43

know, thanks to the IPCC reports,

4:45

that since eighteen fifty, humans

4:47

have released two thousand five hundred

4:49

billion metric tons of CO2 equivalent

4:52

into the atmosphere from fossil fuel

4:54

combustion and land use to

4:56

build the world we live in today. Our

4:58

carbon budget, before we break the one

5:00

point five degree limit by the end of the

5:02

century, will be exhausted in

5:05

only nine years the current pace

5:07

of global emissions. But

5:09

waste, my friend, is simply

5:11

on another scale. The amount of

5:13

waste is simply staggering. According

5:16

to the worldcows dot com, it

5:18

takes up to one thousand years

5:20

for plastic bag to break down. But

5:22

on average, A plastic bag

5:24

is used for just That

5:29

was my traumatic pause for more

5:31

effect. Just twelve minutes.

5:33

One thousand years for

5:36

only twelve minutes. What

5:39

about answering no to the following

5:41

question? Next time we're packing our

5:43

groceries at the supermarket. Thank

5:46

you. And do you need a plastic bag with

5:48

this? I hope you will

5:50

all hear the little voice of Zazoo.

5:52

One thousand years. According

5:55

to plastic oceans dot org, more

5:58

than one million bags or used

6:00

every minute on the planet. That's

6:02

roughly five hundred billion

6:04

plastic bags used worldwide

6:06

every year. You have

6:08

one thousand five hundred plastic bottles

6:10

thrown away every second of every

6:12

Daan. Five hundred billion plastic

6:14

cups used every year. And

6:17

only less than ten percent of

6:19

plastic waste generated ever

6:21

since plastic was invented has been

6:23

recycled so far. Twelve

6:25

percent is incinerated and the

6:27

rest simply ends up in landfills

6:30

and in our oceans according to repurposed

6:32

dot global. Life

6:34

in plastic. It's fantastic.

6:38

Thanks, Barbie girl. But wait,

6:40

this gets worse. According

6:42

to reports by nature and national

6:45

geographic, the amount of plastic

6:47

waste over the past century, for example,

6:49

is so large that we now have

6:51

an eight continent on Earth,

6:53

lying between California and Hawaii,

6:56

the great Pacific garbage

6:58

patch is three times the size

7:00

of France, and it is the world's

7:02

biggest ocean wastes repository with

7:05

one point eight billion pieces of

7:07

floating plastic, which kill

7:09

thousands of marine animals each

7:11

year. This

7:15

new continent is constantly growing

7:17

and now measures one point six

7:19

million square kilometers and contains

7:22

eighty thousand tons of plastic.

7:24

To equivalent of five hundred

7:26

jumbo jets Boeing 747.

7:30

Ninety four percent of the objects

7:32

are microplastics. Materials

7:35

of this continent are from all

7:37

around the world. Japan, Mexico,

7:40

Taiwan, China, the

7:42

Philippines, Canada, Chile,

7:44

Colombia, Germany, Italy,

7:47

Korea, and Venezuela. Another

7:50

dark side of globalization and

7:52

international trade, as

7:53

discussed, you know, around the world

7:56

of trade episode.

7:59

They should have called it the World Cup of

8:01

Plastics, Daan intended. Talking

8:04

about the World Plastic Cup winners, Here

8:06

is an interesting article on Forbes dot

8:08

com slash sustainability, about

8:10

countries that produce the most plastic

8:13

trash per person. They use data from

8:15

science advances. Here

8:17

we go. The US is at the

8:19

top with one hundred and five

8:21

kilos per person. Followed

8:23

by the UK with ninety eight

8:25

kilos. Then Korea,

8:28

eighty eight kilos, Germany,

8:30

eighty one kilos. The

8:32

report also shows that richer

8:34

nations generate more

8:36

plastic waste than people in less developed

8:39

countries. Now,

8:41

this is clearly not sustainable. It

8:43

is also why recycling has grown

8:46

significantly as an industry and a

8:48

priority over the past decade.

8:51

But is it working? According to the

8:53

same article, the British plastics

8:55

Federation, which represents

8:57

plastic manufacturers, admits

8:59

this is a problem. The issue

9:01

is the sheer volume

9:03

of trash being produced. And

9:05

I quote, there is

9:07

absolutely too much plastic in the system.

9:09

It's overloading global capacity for

9:11

recycling, but there is little

9:13

incentive to recycle ft. In the first

9:15

place, it's difficult to recycle

9:17

and has low value on the market. This

9:20

means there is little money to be

9:22

made. It's a broken system.

9:24

As a

9:27

result, in Britain, about half

9:29

of recyclable waste ends up in

9:31

landfill or is burned.

9:34

While two thirds of plastic

9:36

waste separated for recycling

9:38

is simply exported to other

9:40

countries. Including Malaysia,

9:42

Vietnam, and Turkey. Malaysia

9:44

has since been overwhelmed by

9:46

the influx of both legal and

9:48

illegal British plastic trash.

9:50

Has hit back at Western powers

9:53

saying the nation has no intention of

9:55

becoming the garbage dump

9:57

of the world. But

9:59

all is not lost. 1

10:01

solution is clearly regulation.

10:06

There is an interesting point about

10:08

France, The article does note

10:10

that France generates just under

10:12

forty four kilos of plastic waste per

10:14

person, less than half of what

10:16

is produced in the UK. This is

10:18

because France has taken a proactive

10:20

stance against single use plastic,

10:23

including the introduction of a penalty

10:25

system, that increases the cost of

10:27

non recyclable plastics. Now,

10:30

plastic is only one

10:32

part of the story of the waste problem.

10:35

Ft is one visible part of the

10:37

iceberg. According to the last

10:39

report by the World Bank in September

10:41

twenty eighteen, by

10:44

twenty fifty, global waste

10:46

generation is expected to grow to a

10:48

staggering three point four

10:50

billion tonnes per year. This

10:52

means a seventy percent increase compared

10:54

to twenty eighteen. While

10:57

population increase is a contributing

10:59

factor, It is the level of consumption

11:01

within a handful of developed

11:03

nations and their gross mismanagement

11:05

of waste that have led to

11:07

this environmental catastrophe. The

11:10

US is the biggest generator of

11:12

waste per capita worldwide, with

11:14

each citizen producing an

11:16

average of 808 kilos

11:18

per year. Double that

11:20

of Japan.

11:21

That's almost one ton per person

11:24

every year. This

11:26

is so depressing. What about solutions?

11:29

Circularity, the circle of

11:31

life, after

11:32

all, isn't the conclusion of the story,

11:34

Hakuna Matata, There are no

11:36

worries. Yes

11:39

Daan no. Do you remember the conversation

11:42

Mufasa, the Lion King, had

11:44

with the young Simba. It goes as

11:47

follows. Simba,

11:49

everything you see exists together in

11:51

a delicate balance, as

11:53

king, you need to understand

11:55

that balance and respect all

11:57

the creatures from the crawling

12:00

and to the leaping antelope.

12:02

But dad, don't we eat

12:04

the antelope? Yes,

12:07

Simba. But let me explain.

12:09

When we die, our bodies

12:11

become the grass. And the

12:13

antelope eat the

12:14

grass. And so we are all

12:16

connected in a great circle

12:18

of life. Yes.

12:22

So where are you going with this?

12:24

Hear me out. A

12:26

very interesting website on

12:28

symbolsh dot com has some

12:30

good insights. Circles

12:33

are not just geometrical symbols, but

12:36

are also what makes life possible.

12:38

Circles are also a nitricate

12:40

part of nature. Time occurs

12:42

in repetitive cycles in the

12:44

form of days, months, and years.

12:47

Seasons of the year occur as well in

12:49

repetitive cycles of

12:51

spring, summer, autumn, and

12:53

winter. Circles are a

12:55

symbol of sustainability and

12:57

infinity because they have end.

12:59

They symbolize universal energy

13:01

and the continuity of the soul.

13:04

The ancients, Egyptians chose the

13:06

ring worn on the figure to mark the

13:08

eternal union between a couple.

13:10

Practice, we still carry on

13:12

to this day. Finally,

13:14

in a circle, the beginning meets

13:16

the end Daan nothing is lost in

13:18

between, which signifies

13:21

completeness and holders. Okay.

13:27

Now I feel like we are running around

13:29

in circles. Where is

13:31

my solution? Think about

13:33

the problem with the circle of technology. The

13:36

well known Moore's Law, like Gordon

13:38

Moore, who in nineteen sixty five predicted that the

13:40

number of transistors on microchips

13:43

would double every two years

13:45

forcing prices to fall. Even

13:48

if this is no longer true

13:50

today, it has led to a massive

13:52

Shuntarian creative destruction

13:54

in technology with everything

13:56

getting smaller, and more

13:58

powerful, but making older

14:00

models obsolete faster. Leading

14:03

to a massive waste in electronics,

14:05

but boosting revenues and

14:07

profits for innovators. According

14:10

to zdenet dot com, our

14:12

old devices are creating a mountain

14:14

of e waste. The total

14:16

amount of e waste generated around

14:18

the world is estimated to reach a

14:20

record fifty seven point

14:22

four billion tons. That

14:24

is more than the weight of the

14:26

heaviest artificial object on earth. The

14:28

Great Wall of China. The

14:31

mountain of waste, electronic, and

14:33

electrical equipment also

14:35

called Wey, as in

14:37

WEEE is

14:39

on course to reach seventy four

14:41

million tons by two thousand and fifty. According

14:43

to the We Forum dot org.

14:45

Of sixteen billion mobile

14:47

phones possessed worldwide, five

14:49

point three billion will become waste

14:51

in twenty twenty two. And

14:53

only a small fraction will be

14:56

properly disposed off. Law.

14:58

You humans even manage to pollute

15:00

space with debris. Have you seen the movie

15:02

Gravity? The point

15:04

is that unsustainable cycles

15:06

can grow exponentially. Einstein

15:09

once said, compounding

15:11

interest is the eighth wonder of

15:13

the world for a good reason.

15:15

Do you remember the quote, there is always

15:18

light at the end of the tunnel, but make sure

15:20

it is not an upcoming train.

15:22

Well, there is no magic formula

15:24

in recycling. And things are getting

15:26

even worse. The only

15:28

real solution is to reduce and

15:30

reuse. Otherwise, we

15:32

will literally become the

15:34

planet of the plastic. I

15:39

saved my best source for last.

15:42

An article from on dark dot

15:44

org entitled The

15:46

Ocean is returning our plastic

15:48

waste, talks about a new research that

15:50

has brought to light a global

15:52

plastic cycle that could haunt

15:54

us for generations to come.

15:56

A paper published by researchers

15:58

from the Utah State University and

16:00

Cornell University Found that

16:02

oceans have been spraying a steady

16:04

stream of microplastics into the

16:06

atmosphere that can float across

16:08

continents and oceans before

16:10

falling back to earth. This

16:12

will be like the cycle of water

16:14

as discussed in our singing for the episode

16:17

or the cycle of nitrogen or carbon.

16:23

Here are five key takeaways. 1,

16:26

plastic waste is no longer simply an

16:28

issue for landfills. And ocean. It

16:30

is broken apart by sunlight

16:32

and abrasion into fragments

16:35

ranging from tiny pebbles to the

16:37

size of bacteria. These

16:39

microplastics can break down

16:41

further into nanoplastics as

16:43

small as viruses. Two,

16:47

research suggests we eat

16:49

an estimated thirty nine thousand

16:51

to fifty two thousand pieces of

16:53

microplastic a year. And in hell

16:55

tends to hundreds of

16:57

pieces a day in our lungs.

16:59

And microplastic has even found

17:01

its way into hard to reach place

17:03

like the human placenta. Three.

17:07

Microplastics and the chemicals that ride them into

17:09

our bodies, like a Trojan

17:11

are being investigated as possible

17:14

causes of immune system dysfunction,

17:16

reproductive complication, neurodevelopmental

17:20

delays in and other

17:22

disorders. Four. This

17:25

moment can be called the Daan of

17:27

the Plasticine Age. Five.

17:31

Perhaps the most important

17:34

lesson of the new plastic cycle

17:36

is that plastic pollution is a global problem

17:39

that demands global cooperation. We cannot

17:41

solve this issue by shipping our

17:43

plastic waste to other countries.

17:46

But

17:46

where is my hakuna Matata? Well,

17:49

remember the words from Nelson

17:51

Mandela. A winner is a

17:53

dreamer who never gives up.

17:56

A good example of how we can rise to the

17:58

challenge and defy the odds

18:00

is the ocean cleanup NGO and

18:02

other similar ambitious projects.

18:04

They have been removing plastic from

18:06

the oceans for the past ten

18:08

years and counting. Similar

18:11

to CO2 that does not have 1 nationality,

18:14

Waste particular, are

18:16

a global problem that will require

18:18

global solutions. Not to

18:20

sound too cheesy, but we should

18:22

all remember Abraham Lincoln. The

18:25

best way to predict your future

18:27

is to create it. To

18:29

dig into solutions further and

18:32

discover ways to make an impact,

18:34

let's get some insights from

18:36

Kassel. Fund manager at the

18:38

Circle Debt Funds of Pollstar Capital.

18:42

Hi, Dan. Hi, Kukwu. Thanks so

18:44

much for joining us in this investigation. On the

18:46

recycling industry and the circular

18:48

economy. Can you first

18:50

tell us what you do?

18:53

And What do you look for when it comes to opportunities

18:55

in the circular economy ecosystem?

18:57

Yes. Of course. So basically, if

18:59

we look at the circular economy, we look

19:01

at a trans position from where we are today, which

19:04

is a take waste approach

19:07

towards production. And the

19:09

transition is from that situation

19:11

towards a certain economy system

19:14

where materials are

19:16

reused to the best abilities, if

19:18

possible, at our highest utilization.

19:20

That's what the circle economy is about. And

19:23

because this is a system change,

19:25

basically, a big part of that change

19:28

comes from innovation. It comes from doing things differently than

19:30

we did stay. And if you look at

19:32

what cost of capital is

19:34

contributing in that transition, basically,

19:36

it's financing the step from a pilot R

19:38

and D phase towards a

19:40

commercial skill. And so for example, if you

19:42

look at recycling, usually the

19:45

parties that we look at already have a

19:47

R and D lens, and certainly have a small

19:49

scale lens, but it proved that the

19:51

recycling innovation works.

19:53

But let's ship commercial skill. And what

19:56

we find is to step towards a

19:58

commercial skill lens. And that is

20:00

very important because if you have

20:02

proven that commercial skill, that your

20:04

technology works, that your business model

20:06

works, and you've become

20:08

profitable. We believe that then the second

20:10

tier and the floor plan, you should be able to

20:12

finance with bank funding like

20:14

coming from social Daan or

20:16

maybe from other

20:18

private financers. really

20:20

there to enable this part of the growth

20:22

path from R and D towards Commercial

20:25

Steel with a solid ideally

20:27

innovations that quicker can become

20:29

a competitive scale where ft has large

20:31

scale impacts. So that's very interesting.

20:33

VO, essentially, you finance

20:36

opportunities and new ideas for recycling and

20:38

help them grow to reach

20:41

scale. But one of the things we found in

20:43

this episode that

20:45

there is a daunting challenge

20:47

of recycling. One plastic

20:50

bag takes one thousand

20:52

years in nature to decompose.

20:54

And people use plastic bags on average for

20:56

only twelve minutes. Do you think

20:58

it will be possible to achieve a circle

21:01

economy by twenty fifty? Ft,

21:03

there are many governments, many

21:06

corporates, they have actually

21:08

circle economy targets for two dollars and fifty.

21:10

And in the Netherlands, for example, we have

21:12

a target ft to be fully

21:14

circular in two thousand and fifty. But if

21:16

that's really feasible, depends obviously on the

21:18

definition of being circular.

21:20

If you look at recycling, I

21:23

don't personally believe that

21:25

recycling one hundred percent of our material

21:27

use will be feasible in twenty ft.

21:29

Because if we

21:31

look specifically at plastics, there will always

21:33

be a part of the plastics that have a

21:35

level of contamination where

21:38

it's difficult. Or potentially it's not

21:40

profitable to recycle.

21:42

What we can actually achieve in two thousand

21:44

and fifty is that the majority of plastics

21:46

will be recycled of materials

21:49

in general will be recycled

21:52

and other parts

21:54

of materials that we consume that

21:56

could be produced with regenerative

21:58

sources, and VO let's say, biological

22:01

sources. Specifically, if you look at

22:03

plastics, let's say that eighty percent or maybe

22:05

seventy percent of the plastics that we

22:07

use can be recycled

22:09

plastics. Potentially the other twenty

22:11

percent thirty percent athletics that

22:13

we use could be produced in a biological

22:16

way. That is feasible from a

22:18

technology point ft

22:20

will actually achieve that. So it depends

22:22

on the system change basically

22:25

demanded by our society. We're

22:27

working in the circle economy space we see

22:30

that the innovations are there, the technologies

22:32

are already there. If you really want this

22:34

economic system where

22:36

most of the materials are coming either

22:38

regenerative sources or

22:40

recycled streams that could

22:42

be feasible. VO that

22:44

gives us a bit of hope and

22:47

ultimately solving this daunting challenge

22:49

of recycling and

22:51

waste just in general. What are some

22:53

of the concrete examples

22:55

you've seen so far? Yeah. And I

22:57

know that's I hope you hope actually

22:59

to hear from examples

23:02

that illustrate that this two point

23:04

five zero dollars vision is implementable today.

23:07

Unfortunately, it's not that easy had to

23:09

really show streams that are

23:11

recycled in full without

23:13

consuming additional energy.

23:15

So for example, metals are recycled

23:17

we have to large extent, but

23:20

there's quite some energy consumption

23:22

currently needed for every cycle

23:24

process. And obviously, this needs to be

23:26

eliminated to really reach a target that

23:28

we have in twenty fifteen. At the same time, there

23:30

are examples that the technology

23:32

to consume less are actually

23:35

out there. If you look at the first light

23:37

builds, they were produced over Daan hundred years

23:39

ago and they're still burning, which

23:41

basically means that it is possible to

23:44

eliminate a part of the waste that

23:46

we have on a daily basis. It proves

23:48

that technology is

23:50

not basically the

23:52

largest hurdle to take, it's basically about a

23:54

system change and a change of

23:56

economic assistance, so a change

23:58

of business models in a way.

24:00

This actually leads me to my

24:03

last question. Do you think there should

24:05

equally, if not, be more of

24:07

a focus? On reduce and

24:09

reuse as opposed to

24:11

recycle? Well,

24:13

yes. So if you look at the waste hierarchy,

24:15

it's obvious that if you

24:18

reuse products, if you reduce

24:20

your consumption, that has a larger

24:22

impact. For example, if you look at

24:24

CO2 footprints or a full

24:26

print stem recycling has.

24:28

And so if it's possible to reduce

24:30

or reduce, that should be your first aim.

24:32

However, I do not foresee a

24:34

world without waste. If you

24:36

look at the character definition of

24:39

the circle economy that is a world without

24:41

waste or a, yeah,

24:43

recycling to the highest extent possible, and

24:45

that should be always there. For

24:47

example, if you just

24:49

look at or daily lives. Yeah.

24:51

Well, there will always be phases. There will be

24:53

manure, for example, which

24:55

can be seen at a waste stream I

24:57

do not expect us to

24:59

completely eliminate in what is the

25:01

third year start. But the circle economy

25:03

is basically about start reducing

25:06

your consumption, reusing what you

25:08

can reuse and then it trickles all the way

25:10

down to the level that you

25:12

actually have always a waste

25:14

stream or let's say stream

25:16

of residual materials that

25:18

could also be fixed like manure or it could

25:20

be pollution. And it's

25:23

about using that fractional

25:25

per manure to the best utilization

25:27

grade possible. And I think that should be

25:29

there. And if that is

25:31

what we reach, that will have

25:33

large consequences also for

25:36

reducing our CO2

25:38

footprints -- material footprints and

25:40

potentially, yes,

25:43

reducing the climate change currently.

25:45

Yeah. So what I get from what you're saying is

25:48

that's not necessarily an

25:50

objective in of itself, but it's

25:52

a process. It is a process, but

25:54

that sometimes I hear as you should

25:56

focus on recycling because you should

25:58

focus only on produce and

26:00

reuse, but it should be a combination of

26:02

old. Obviously, you first

26:04

focus on where you have most impacts,

26:06

which is reduced and reused. But

26:08

there will always be the residual streams

26:10

coming out of industrial process, coming out

26:12

of daily life, and recycling

26:15

is basically turning these

26:17

trees into new resources.

26:19

And that is why recycling may not

26:21

be at the top of the waste hierarchy, but

26:24

it's an instrumental element

26:26

of reaching a surface

26:28

economy. Daan thanks a lot for

26:30

your inputs and looking forward to catching

26:32

up at some point. Great. Thanks.

26:36

In conclusion

26:40

of this episode, as

26:43

is tradition, I will end with a

26:45

quote from Leo Tostord. Everyone

26:47

thinks of changing the world.

26:49

No one thinks of changing himself.

26:52

And to get there, we should sing along

26:55

multi pattern. look

27:00

on the bright side of

27:03

life. Oh,

27:07

wait. Look on the brow

27:09

eye. It's not the eye.

27:15

Oh, ways look at the

27:17

bright side of

27:19

life. Thank

27:27

you for

27:32

listening to this episode of twenty

27:34

fifty Investors. And thanks to Dan

27:36

Daan for his incredible insights.

27:38

I hope this episode has helped

27:40

you get a better sense of the

27:42

future of

27:43

recycling. And the cycle of plastic.

27:45

You can find the show on

27:47

your regular streaming apps. Please subscribe,

27:49

leave comments, and

27:51

stars. Anywhere you like and

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spread the word. See you

27:55

at the next episode.

27:59

While the following podcast discusses the financial

28:01

markets, it does not recommend

28:03

any particular investment decision if

28:05

you are unsure of the merits of

28:07

any investment decision. Please

28:09

seek professional advice.