lockheed martin is developing a new launch vehicle called dolphin. but it is mainly for launching commercial satellites under government contract. neither of those companies -- knowing is not talking about a commercial space liner. as part of its future ambitions. so, this is the entrepreneurial companies that i think are leading the way in private activity in space. >> and we have another question from his social media followers. i think that you've addressed but i want you to talk about this specifically. nasa has contributed to our daily life in countless ways, velcro, flame retardant close, enriched baby food formalized's same -- name a few. what are these space flights taken by bezos and branson contributing? >> a sense of possibility that i someday can go to space also. if i'm paying a lot of money. it is not with these flights are for. , i've said a couple of times, i will say it again, they are business ventures to try to create something the people will pay for, and eventually to turn a profit. they are entrepreneurial space ventures that ou

what are your thoughts on lockheed martin and the defense industry as a whole?i certainly do i know a lot of the panelists have different stocks within this i like lockheed martin for a lot of different reasons today they had some charges that were on there that were part of it that seems to be pulling it down a little bit, but just a little bit every division was growing i like that. and when i look at their full year guidance, they're giving us great guidance and it's still a very inexpensive stock. for all those reasons i want to hold on to it. this is a stock position for me, not an option position for me. >> understood. farmer jim, why do you own raytheon and northrop over lockheed what sets that one apart in your mind >> you know with raytheon and northrop, they're very similar to lockheed martin but i like the bigger focus on satellites, space, missiles, reconnaissance but all of those are focused on aerospace as far as defense. i like lockheed martin i just like those other companies better for the space and satellites and surveillance business >> all ri

s. congress and white house are doing the bidding of lockheed martin both as customers and as dealers. imposing this monstrosity on other governments around the world. the answer will be yes and it won't matter whether the thing is a failure on its own terms. of course, i don't want it to time go out. it doesn't have engines. i'm glad i can't fly. i'm glad it's a disaster because the thing, if it worked, it's supposed to be on offensive, not a defensive, insane, still potentially nuclear war starter and the new russian plane and the other planes made in the u. s. and in other countries that are in the same line, same thing. these are things we shouldn't want to work, but the f 35 is the star is the standout that not working well. and it didn't seem to bring that bridge right to all of the other planes that are going right. i didn't come to my right. obviously russia today introduce the category. i think it's called the, the check me fighter. and that's another. all of these are right. every country, korea, china, everybody has a bird. you don't want them to work, but at the same time,

lockheed martin is developing a new launch vehicle. it is mainly for launching commercial satellites and for government contracts. neither of those companies, i mean, boeing isn't talking about a commercial space liner. as part of its future ambitions. so it is the entrepreneurial companies that i think are leading the way in private activity and space. >> and we have another question from a social media follower. i think you've addressed it but i want you to talk about this specifically. nasa has contributed to our daily life in countless ways. velcro, flame retardant clothes and enriched baby food formulas to name a few. what are these space flights taken by bezos and branson contributing? >> a sense that someday i can go to space also. if i have a lot of money. that's not what these flights are for. i've said it a couple times. i'll say it again. they are business ventures to create something that people will pay for and eventually to turn a profit. they are entrepreneurial space venturers that are businesses, not social welfare pro

we get excited about the tech stocks delivering and look at the boring names boeing lockheed martin.ank. if we understand gdp and i know it is a rearv-view mirror we have to understand it as it continues to go higher in the descending way >> coming up on the road ahead, the next big thing is tesla with earnings amazon, alphabet no shortage of tech names. you say the stock picker's market which company or stock do you see out performing the expectation of the street? not the estimates. it seems right now a stock could not be good enough and take a fall which one do you see is most likely to exceed the expectations of the street >> when you do see a top line and bottom line beat, you see the issue. apple. we get excited about apple look what is going with buybacks and the cash that apple has. there is specific opportunities within the $2 trillion market cap companies like apple or microsoft. we look for forecast we do believe that these buybacks this year may actually push over $1 trillion, frank that type of buyback is the next catalyst higher. a lot of people think the cycle is long

what roles do longtime firms like lockheed and -- like boeing and lockheed martin have on future spacefforts? professor logsdon: there are companies that do their space activities 90% plus on government contracts. so they are partners in government space exploration, space science programs, but they are not investing their own money in creating, -- in creating these new capabilities to do new things. lockheed martin is developing a new launch vehicle, but it is mainly for lodging -- for launching commercial satellites and for government contracts. neither of those companies -- boeing is talking about a commercial space lighter as art of its future ambitions -- spaceliner as part of its future ambitions. entrepreneurial companies are the ones i think are leading the way for private activity in space. jesse: we have another question from a social media follower. nasa has contributed to our daily life in countless ways. velcro, flame retardant clothes and enriched baby food formulas, to name a few. what are the spaceflights by bezos and branson contributing? professor logsdon: a sense of

he needs to beat lockheed martin and boeing? think whahe's ferring to is the majoty of the money in space his military contracts. so you see spacex and blue origin [indiscernible] they're going after the military contracts for a long time. that is where the money is. essentially taking the public money and using it to fund their own space tourism. amy: after his suborbital flight on tuesday, jeff bezos told msnbc the trip reinforced his commitment to addressing the climate crisis by moving polluting industries to space. >> we need to take all heavy industry, all polluting industries and move it into space and keep earth is this beautiful gem of a planet that it is. that will take decades to achieve, but you have to start and big things start with small steps. amy: paris marx, if you could respond to, "just send the polluting industries, not deal with polluting industries, stop them from polluting, but we will just pollute space." what does that mean? >> it is a wild statement. especial his admitting he will take decades to do. i

looking at it at 1.240 >>> defense contractor lockheed martin morgan has it. >> lockheed martin numbersroughly in line the gaap eps, of.52. there's a performance issue on a classified program we're going through some of those numbers and what compares to what. the world's largest weapons maker raising the eps forecast for the second quarter sales grew at all four divisions accelerated share repurchase program. costs were some things that helped buoy the bottom line. on the f35 joint strength fighter program, which is 1/4 of overall revenue. possenreid telling me production is starting to plateau but sustainment and modernization are increasingly in focus. as part of the 21st war fighter technology which includes 5g and hyper sonics, possenreed said strong investments will allow them to invest organically it will give back a, quote, healthy amount to shareholders a big topic given the biden administration focus on deal making and competition plus recent scrutiny from senator elizabeth warren, lockheed's scrutiny of buying aero jet rocketdyne the shares of lockheed martin don't seem to be

a former lockheed martin sunnyvale aerospace engineer calls the mission historic. >> i think what we all witness was the first step in the commercialization of space, just like the wright brothers. >> reporter: volunteers in san carlos war replica of the original spaceship is on display. branson had been scheduled to fly to space late this summer or early fall, but moving up his flight. >> it is a bit puzzling as to why he will want to take the risk.i understand he is competing with bezos. 's -- >> bezos wishing branson luck on saturday. virgin galactic says it will start flying paying customers on similar trips, opening up a new era. >> we have to all do everything we can to help this incredible planet that we live on. i will devote the rest of my life to doing that. >> there are more than 600 people who have signed up for future paying more than $200,000 each for a trip into space. >>> still just a little too rich for my blood, but cool nonetheless. now from launch to return the abc7 news absent mobile alerts like this one each ring video of the space mission. you too can be among

lockheed martin is in a forgotten part of the market it's an important company. it's got a long runway of earnings visibility. if there's any black swans out there, one that might happen like the more attention with china, in end it's the cheapest stock in our portfolio at 12 times earnings so, really like it really like the forgotten nature of it. >> 12 times earnings is extraordinary. that's very surprising >> in this part. >> exactly thank you both very much on these markets today. we really appreciate it. >>> as we move along to the banks as earnings seasons get underway, shares of jpmorgan and goldman are lower. jpmorgan beating on profit and revenue. jamie diamond saying the economic outlook continues to improve but the shares are down more than 2% goldman crushed expectations, bolstered by the ipo market and wells fargo is next with results due tomorrow why are banks under pressure even goldman is down 1%. anton, good to have you. what explains all of this? is it just the yucky bond market rick was describing earlier? >> well, the yucky bond market actuall

lockheed martin, i believe, you took to task for those -- so, we got to bottom up where the military has to correct that, and we have top down instruction from various appointees that are imposing this. if you can kind of explain or talk to that a bit, i think we'd all appreciate it. sen. cotton: yeah. i think it's hard for recruiting and retention. congressman crenshaw and i have been collecting whistleblower complaints now well into the hundreds in the count of those complaints we received. this goes back to what i was first hearing from friends of mine who are still in active duty and have some kinds of training sessions as far back as last summer. it does date back to last summer after the death of george floyd. but it has been even more prevalent since joe biden took office and secretary austin ordered the socalled training standown back in january or february. i think it is mostly top down. that's what i heard from my buddies who have been talking to me about it. that's what we heard through our whistleblower website. unlike in some places, like you say, some of these corporati

human landing system in a pitch to get the national team led by blue origin and also includes lockheed martin and draper back into the key program bezos writing, the agency must act now to create the real competition it needs and it should not repeat work already delivered and investments already made this is in a surprise move back in april, nasa did award $2.9 billion to spacex as the sole winner for the lunar lander, citing budget constraints. since then, the team has as well as another bidder filed protests with the gao to better set to be resolved early next month. but in this letter, bezos offering to essentially foot the bill to the tune of billions on development and some testing of this lunar lander. and it really speaks to, carl, especially post space flight last week and bezos telling me that he plans to spend a significant amount of his time on blue origin now that he stepped down as amazon how seriously he is now looking to make that pitch for blue origin's different businesses after years of almost exclusively personally funding this broader space vision? >> yeah, it is always f

smith made blue origin more like a traditional space company more closer to boeing or nevada or lockheed martin and it's interesting there were some parallels in history in 2006, he hired his first ceo from a launch company owned by boeing. a traditional launch company and he was very much a traditional ceo coming in is kind of the adult in the room you go from start up to a bigger company. and he lasted nine months because he didn't fit in with the culture. people were wearing t-shirts and flip-flops which he doesn't care about. he's like get your job done. as i say, they clashed and he was gone pretty quickly. space and space travel and story, why is that? i think the one thing about spaceflight it can be a very unified experience at the outset it was clearly a cold war type of thing. it was the soviets in the united states and we were trying to show the supremacy of the various forms of government but since the 1990s or 1980s we worked with the soviets and russians in space and so it has been a unifying adventure over the last decade as the relationship has grown worse we've gone right along

what roles do longtime firms like going and lockheed martin have in spaceflight efforts? guest: they are heritage companies that do their space activities 90 percent-plus on government contract. they are partners in the government's space exploration and space science program, but they are not investing their own money in creating -- i'm thinking as i say this, i have to amend it. they are not investing much of their own money in creating new capabilities to do new things. lockheed martin is developing a new launch vehicle, but it is mainly for watching commercial satellites and for government contracts. neither of those companies -- boeing is not talking about a commercial space liner as part of its future ambitions. it is the entrepreneurial companies that i think are leading the way in private activity in space. host: we have another question from a social media follower. i want you to talk about this specifically. nasa has contributed to our daily life in countless ways. velcro, flame retardant close, and enriched baby food formulas, to name a few. what are the spacef

department of defense and smith made blue origin more like a company closer to boeing or nevada or lockheed martin. it's interesting there are some parallels in history in 2006, he hired his first ceo from a launch company and he was very much a s traditional ceo, kind f the adult in the room and lasted nine months because he didn't fith in with the culture. people were wearing shorts and t-shirts and flip-flops. he doesn't care. he's like get your job done. and as i say, he clashed and was gone pretty quickly. >> i think the one thing about the spaceflight is that it can be a unifying experience at the outset it was a cold war type thing. it was the soviets in the united states and we were both trying to show the supremacy of the various forms of government but since the 19 '90s we worked with the soviets and the russians and so it has been a unifying adventure. working very closely for the decades obviouslyly some americs got in on the russian vehicles. i would agree space would be a competition but also a way to bring usus together and with the united states and traditional partners but also ru

morning and find out that such-and-such company is effectively out of business. >>> shares of lockheed martins. >> the stock is down another 3%, disclosing a $225 million charge taken on a classified program in a aeronaughtics. shares now trading about 15% below its recent highs raytheon and general dynamics by a wide margin, with much of the pressure on the 2022 outlook now out in the open. research says some of its losses could reverse. carl, back to you. >> seema, thank you very much. talking about lockheed as we've watched the shares dramatically underperform year to date, mike. >> probably cheaper to the relative overall market. it's a very out-of-favor group of industrials they usually benefit from being this kind of black box they just create the earnings growth and that's obviously faltered here also, very heavy in these sort of different growth portfolios i think there's a lot of normal investors in defense stocks that kind of want to put it away and not worry about it so maybe it's creating an opportunity given that they are very cheap they also had a comeback after a typical care w

so i paid for billy rating with review on lockheed martin, others on that basis and military back as we call them out when they come out alive whether or not something was successful. and i did advise on that basis, but this goes on on a members and a lot on your plate, and they have limited staff, so everybody can't be an expert and every year and they tend to focus on whatever committee assignments they have. so literacy level is not what it should be, not i used to be, i mean most of these younger members keep in mind not only and they cover their parents and so like the rest of society. so i thought that was being so we had a bunch of treaties that were decreased numbers. now i think that or they think or when i was a problem is very dangerous that i can't do anything about. so we have to set up rounds control and then who have reason does essentially try to educate, inform staffs and knows of congress. well, what's the current situation and what are the arguments on the side so that they can make a decision and deliver it? and it continues it and we're doing more and more every

more like a traditional aerospace company, much more closer to a boeing or sierra nevada or a a lockheed martin thank you a spacex. it's interesting there some parallel history. 2006 elon musk hired his first ceo, a guy named jim mazer from sea launch which was a large company partly owned by boeing. so a traditional launch company, and he was very much a traditional ceo sort of coming in, being the adults in the room you go from startup to a bigger company. he lasted nine months because it didn't fit in with the culture. people on the floor were wearing shorts and t-shirts and flip-flops, which elon doesn't care about. he's like get your job done. as i say he and elon clashed and he was gone but he quickly. >> all right. this is from bruce. our world is deeply divided today with space and space travel. why is that? well, i think the one thing about spaceflight is, it can be a very unifying space. at the outset it was clearlyd war type thing. it was the soviets and the united states and we're both trying to show the supremacy of our various forms of government. but since the 1990s, 1980s we wor

i had an exchange with lockheed martin and i suspect if you probe in the major defense contractors you would find similar training materials. the fact that raytheoin's ceo said raytheoin is not investing in that. sadly sadly i think he's right about that but that is not a defense of raytheon, that's an indictment of corporate america. it is one thing with nonsense like this and turns people off from their sugary beverages. it is a different thing if the companies who are building the weapons and equipment to keep our troops safe and defend our nation who get the lion's share of their revenues from american taxpayers doing these things. laura: i want to bring up something of all the disturbing things i've seen over the last 3 days, tony blinken, the secretary of state is continuing this biden habit of either bashing america as racist on the world stage, apologizing for america, he tweeted last night that responsible nations must not shrink from scrutiny of their human rights record, they should be transparent with the attempt to grow and do better. that is why i am announcing a formal i

to include major defense contractors like lockheed martin and raytheon. it is one thing if coca-cola wants to do this, all they do is sell sugary beverages. it is another thing if the corporations that make the weapons and equipment are troops depend on are wasting their time to do this. so as soon as that came to light i started demanding answers of the ceos of their companies, why they are wasting their time on this? why they were threatening, threatening, their workforce, with consequences, if they did not go to these sessions? if they did not bow down to these ideas, something that is dangerous for our troops who use their weapons and equipment, and ultimately for all of you who keep us safe so we are doing everything they can. robbie? >> thanks for coming in today. again, i love you lots and i look for to the next one. sen. cotton: all of you can get it at bookstores today. >> -- i have concerns like a lot of people do about -- fairness doctrine. people like josh hawley get book deals. other people get off ed's. --n o -- other people get op e'' s. an

didn't think particularly at the time that well run, but when i look at, say, lockheed martin yesterdaygood hand, not a great hand why? because they're f-35, something you don't have that much involved with, your defense contracts are uniquely 21st century. if we do have a cold war or heaven forbid a hot war with china, can you tell us about how the war will be fought versus how we used to fight wars? >> i think what you have to understand is the war of the 21st century will first are fought in cyber space and then in outer space you won't see a land war in asia you don't need main battle tanks or troops on the ground. it's going to be fought, first in cyber space and then outer space and then on the sea and then in the air. i think where uniquely positioned again, we are, i would say, platform agnostic. the best sensing systems, defectsers or missiles, the best com systems and we can play across all of the portfolio, whether on the navy side, whether it's for the air force, for the army it's all about protecting the troop on the ground. protecting those ships on the sea. again, we have

a few weeks ago, i had a similar exchange with lockheed martin. i suspect, if you probed in some of the other major defense contracts, you would find very similar to kinds of training materials. in fact, the raytheon ceo today wrote back and said raytheon is not conducting any training that most other major american corporations conduct. sadly, sadly, i think he's right about that. but that is not a defense of raytheon, that is an indictment of corporate america. it is one thing, with coca-cola does nonsense like this, and turns people off from their sugary beverages. is a whole different thing, though, if the companies, who are building the weapons and the equipment to keep our troops safe and defend our nation, get a lion's share of the revenues from american taxpayers, are doing these things. >> laura: senator, i want to bring up something, of all the disturbing things that i've seen over the last three days, tony blinken, the secretary of state, is continuing this biden habit of either bashing america as a racist on the world stage, apologizin

satellite, lockheed martin, the right place to be.e stock eric in california eric >> yes, boo-ya jim calling you from sunny san diego where we like to say it is okay if you like paradise >> i like that >> my question to you is i am a long-term investor i buy and hold i have -- xl fleet >> now it is so low, i still believe in ev. i still believe in it. anwar in connecticut >> thank you for having me on the show >> no problem. >> a couple of months ago you recommended on semiconductors but it has been flat >> well, it has been okay, you know look, the semiconductor shortage is on companies like that one. and i think that if you talk to them they have a good run but you have to be patient with on a lot of stocks are down big that is not one of them. sophie in california >> thank you for taking my call. >> of course >> i would like to get your opinion about lucid group. >> lucid is so tough on the one hand people just say it is unbelievable i have been in one on the other hand the company is valued at almost $40 billion an over valuation.

more like a traditional aerospace company, much more closer to a boeing or a sierra nevada or a lockheed martin than to a spacex. and it's interesting, there was some parallel from history, in 2006, elon musk hired his first ceo, a guy named jim mazer from c launch which was a launch company partly owned by boeing, so a traditional launch company. and mazer was a traditional ceo, like the adult in the room, you go from start up to a bigger company. he didn't last but a month. he didn't fit in with the culture. people on the floor were wearing shorts, t-shirts, flip-flops, which elon doesn't care about. you know, he's like get your job done. and as i say, he and elon clashed, and he was gone pretty quickly. >> all right. our world seems so divided today, space, space travel and stories inspire us. why is that? >> well, i think the one thing about space flight is it is -- it can be a very unifying experience. at the outset, it was clearly a cold war type thing. it was the soviets and the united states, and we were both trying to show the supremacy of our various forms of government. but since the

if you look at the evolution of the space business, both boeing and lockheed martin were in the launchsted in it, honestly. and they spun off their space businesses into what was called united alliance. it was an orphan thing off to the side. the commercial companies have brought a new zest and vigor into the industry. a level of innovation that we just hadn't seen at the large contractors. to be fair to the large contractors, they weren't really innocented to be that innovative. i think the thing that the capital, quote-unquote billaires, brought to the industry is capital that's willing to take risks and be innovative and a longer term view on returns. alix: that's what they were saying in the piece. nasa is not aloud to fail. bezos fails it's his bonnie. before i let you go, you mentioned it in terms of a different area of space. there is deep space, mars, there is rockets going back and forth to space. then there is low orbit, satellites. which will be that data you can collect. beam back to earth. then there will be how to make it say, more reusable. that kind of technology. suppo

what roles do longtime firms like going and lockheed martin have in spaceflight efforts?st: they are heritage companies that do their space activities 90 percent-plus on government contract. they are partners in the government's space exploration and space science program, but they are not investing their own money in creating -- i'm thinking as i say this, i have to amend it. they are not investing much of their own money in creating new capabilities to do new things. lockheed martin is developing a new launch vehicle, but it is mainly for watching commercial satellites and for government contracts. neither of those companies -- boeing is not talking about a commercial space liner as part of its future ambitions. it is the entrepreneurial companies that i think are leading the way in private activity in space. host: we have another question from a social media follower. i want you to talk about this specifically. nasa has contributed to our daily life in countless ways. velcro, flame retardant close, and enriched baby food formulas, to name a few. what are the spacefligh

lockheed martin one of the biggest losers in the s&p 500, down 3%. rare operating charge in its aeronautics unit causing concern. that's despite raising full year earnings guidance. a $30 billion merger has been called off they have scrapped their deal to create the world's largest insurance broker last month the justice department sued to stop the merger, shares of aon up 7% now. willis stock is down 7%. e you're up to date, back to you. >>> tesla set to report earnings after the bell tonight shares in the green today. cathie wood argues the wall street doesn't understand tesla's long-term potential. joining us this morning author of ludicrous, the unvarnished story of tesla motors, ed myers with us. welcome back. >> thank you for having me >> it is going to be an interesting print, given all of the signs we see of encroaching competition, lucid trading today, watching mercedes what do you think they're going to say what do you think they need to say? >> well, i think they need to shore up some confidence around the -- what's happening with the 48/6

in 2021 we are unveiling two new platforms, the boeing fa18ef super hour nest as well as the lockheed martin1 on the 4th of july, also there in kansas city with the united states air force thunderbirds, so a very historic day indeed. griff: and when you talk about taking up the super hornet, debuting a few aircraft, how difficult is that? because you guys already have the most difficult, precise training and maneuvers. how much more challenges dust add to have the new plane? >> we had a transition team that was stood up for several years, going through the unique differences of the super hornet. so they they were former blue angels that flew the aircraft and we have a very extensive winter training syllabus, over 120 training flights that we do out in california before we start the show season. so due to covid, and the loss of a season last year, all of our air shows were canceled. we actually froze the team. so all the demonstration pilots are returning so it really helped the transition that we had an experienced team, an experienced crew of maintainers to unveil the new flat. howie: platf

a former aerospace engineer for lockheed martin said this could change the transportation industry. >> i think what we witnesseds was the first step in the commercialization of space. just like the wright brothers invented the powered flight. >> virgin galactic says it will start flying paying customers pretty soon. amazon founder jeff bezos will be the next billionaire to fly into space. he's set to fly with his company blue origin on july 20th. >>> perhaps the best story out of the espy awards is about chris nikic. chris had a bigger dream to feel included. his dad came up with an idea to hire a coach for him to compete in one of the most grueling races in the world. >> i thought what if chris could do something that's never been done. what an impact that would have on his life and others like him around the world. >> listen to the schedule right here. chris trained six day as week for 13 months. then last november he became the first person with down syndrome to complete the iron man triathlon. a 2.4-mile swim, a 112-mile bike ride and a 26.2-mile run in it less than 17 hours. >> w

they're partnering with lockheed martin, which is, um, well known corporation in america for sure, butey're looking at artificial intelligence, and there's even discussions, although it's a long way off, having these helicopters speak pilot list. now that's again a long way off. but just think about the technology. they also have technology that allows them to forecast fires better, much better than they've ever been able to do, and that's key. when you're trying to put a plan in place to combat fires is where do you put resources and troops? how far out ahead of that fire technology will help them do that? yeah we obviously know that planning is really important here, but. but i want to go back to this idea of a pilot list helicopter. obviously you know, you mentioned that we are still a ways off from that. but talk about the advantages that something like that could bring to the firefight. yeah. you know, i think it is a long way off. first off. you've got to make sure you can fly in difficult and dangerous conditions. the pilots who fly these helicopters are very talented, so i don'

lockheed martin had planned on building 140 f-35 striker fighters for a variety of logistical fighters, and in the supply chain, they were only able to build 123, so in terms of the vulnerability. well, that is where you face the problems, i'm afraid. finally, innovation, and really the overwhelming bulk of the technological progress, and the emissions reductions and passenger comfort and really anything that you associate with the aviation on the other side of the house, and the combat effectiveness that we associate with the country's fantastic combat aircraft come from the supply chain and not the prime. so it is very important that the companies in the supply chain have a steady stream of research and development resources in order to bring these new technologies to market. now the unfortunate reality of course is that we face some of the most devastating pandemic in history because of covid-19. looking back over the many decades of the aviation industry, typically in a really bad year you would lose 3% of the traffic year over year and after for example 9/11 or the 2008 recession

lockheed martin had planned on building about 140f35 joint strike fighters for a variety of logistical reasons, almost all of them in the supply chain they were only able to deliver 123. in terms of vulnerability, well, that's what he faced problems i am afraid and then finally innovation, and thank you, madam chair cantwell for highlighting this. really the overwhelming bulk of technological progress of fuel savings and emissions reduction, a passenger comfort, really anything you associate with aviation on at the sight of house, a lot of the combat effectiveness we associate with the countries fantastic combat aircraft come from the supply chain, not the prime. so it's very important that the companies in the supply chain have a steady stream of research and development resources in order to bring these two technologies to market. now, the unfortunate reality of course is that we face the most devastating pandemic in industry history lesson because of covid-19. looking back over the many decades of the aviation industry, typically in a really bad year you would lose may be 3% of traf