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StepStone is Stepping Out!


Boy, turn your back on Europe for one second over the holidays and Axel Springer announces Stepstone is going IPO. Europe never sleeps when it comes to employment, indeed. What's more? How about a rumored billion Euro acquisition of a staffing company, Russia posting jobs for trench diggers in Ukraine and Pornhub's yearend Most Popular Searches, featuring the naughty habits of European countries from Spain to

Finland. Find out what pegging and hentai are. Sorry (and you're welcome)! Oh yeah, and the date for House of HR's annual conference in Amsterdam gets revealed.


PODCAST TRANSCRIPTION sponsored by:

Disability Solutions works with employers each step of the way as consultative recruiting and engagement strategists for the disability community.


Intro (5s):

Hide your kids. Lock the doors. You're listening to HR's most dangerous podcast. Chad Sowash and Joel Cheeseman are here to punch the recruiting industry right where it hurts. Complete with breaking news, brash opinion, and loads of snark. Buckle lot, boys and girls. It's time for the Chad and Cheese podcast.


Joel (26s):

Oh, yeah. Prince Harry could be booted out of the US after admitting he took cocaine and magic mushrooms in his new book. A book, by the way, that no one on this podcast will ever read. Hey, kids, this is the Chad and Cheese podcast - Europe. I'm your co-host Joel "Too Cool For British Rule" Cheeseman.


Chad (47s):

This is Chad "It Ain't 1914" Sowash.


Levin (49s):

I'm leaving, wishing most of you a very pleasant 2023.


Joel (52s):

Oh, that's nice. On this episode, StepStone Eyes and IPO, Belgium Go shopping, and Russian trench diggers. Let's do this. What's up boys? How was everyone's holiday?


Chad (1m 7s):

Happy 2023.


Joel (1m 8s):

66% of this show was in Europe for the holidays. Must be nice.


Chad (1m 16s):

Yes, we were. I tell you what? It was wonderful just to unplug for a while and to do it in Europe.


Joel (1m 22s):

Yes, I love the pictures of you in Paris at Christmas, Chad. That was just really heartwarming. While it was negative 80 degrees here in the Midwest, it was nice to see that.


Levin (1m 32s):

Yes, you had a white Christmas I saw.


Joel (1m 34s):

I mean it was more like ice than it was like fluffy snow.


Levin (1m 39s):

I've seen the ice little thingies about those houses around the Big Lakes or the Great Lakes, or how do you call them? It was amazing. Everything indeed covered in ice.


Joel (1m 51s):

Oh yes. If you were in Buffalo, Cleveland, Chicago, a lot of buffalo has gotten killed this year. Poor buffalo, man.


Chad (1m 59s):

They always get the worst of it though. You talk about Lake Effect when the actual front comes through and it just dips into Lake Erie and dumps on Buffalo. They get dumped on every year, but this year, they got feet of snow, like over days, right?


Joel (2m 14s):

Yes. They got like full bodies of snow that just piled up. Well, we haven't recorded in a while, but apparently, there's some shoutouts that we should be doing on this show. Chad, what kind of shoutout do you have for our first show in 2023?


Chad (2m 27s):

Oh, this is a big one, man. My first shout out is to Austin Wells, a 28 year old tech worker at Meta who has bought a 237 square foot or 22 square meter studio apartment on a cruise ship, paying about 280,000 euros for a 12 year lease so that he can work from home as he sails around Europe. This kid has it all fucking figured out. Shout out to Austin Wells for taking remote work to a new level.


Joel (3m 3s):

Now, is this more of like a carnival cruise or a Viking cruise that he's rented out?


Chad (3m 9s):

They're building these boats and they're condo boats.


Joel (3m 13s):

Oh, shit.


Chad (3m 14s):

They're selling these like condos. It's a cruise ship, but the whole idea is that people buy these condos on the ship, which I think is the stupidest fucking thing ever, but for him, he's 28 years old. He's got the cash, spend it, my man. Spend it.


Levin (3m 32s):

He's allowed to make stupid decisions. That's fine.


Joel (3m 35s):

They do have these now. I don't know if it's the same ship, but they have these retirement ships, which I think are genius because if you're old, you wanna see the world, hang out on a boat, you don't want to own a home, get on a boat and live the rest of your days on a ship visiting countries in ports of call. I think it's a great idea. I think Stories is the name of that company. If you have a parent like I do that you'd like to put on a ship for the next 10 years.


Chad (3m 60s):

You would like to get rid of, yes.


Joel (4m 2s):

I did not say that, Chad.


Levin (4m 5s):

It'll be very firmish. The little grandchildren waving, and then the sunsets and the boat is slowly disappearing in the horizon. Bye bye, grandad, I will never see him again. It's tragic.


Joel (4m 20s):

By the way, one thing you can get on a cruise ship is Wi-Fi, which means you can get PornHub, which leads me to my shout out for the week. All right, guys. PornHub, every year, does their most popular search queries for the year, which is always pretty enlightening and educational for me. I wanted to to point out some of the highlights from Europe for the PornHub most popular search phrase number.


Chad (4m 47s):

Educational?


Joel (4m 47s):

I'm gonna tell you what I've learned. I'll tell you what I've learned, Chad, if you'll let me finish my shoutout. Number one, the UK and France follow the US, is the countries where most of Pornhub's traffic comes from. Levin's home country of Belgium comes in 20th place on the top 20 list, so just squeaking in there. Number two, Poland has the greatest number of women who frequent the site of the European countries. Interesting. Now, many of them are probably creating content for the site, which is why they're there, but that's a whole different podcast. Number three, the Europe's top search term pretty much for all countries is MILF.


Joel (5m 29s):

For the kids out there, that's mother I'd like to you know what. The exception, however, is Spain, and here's where the education comes in, Chad. The number one search term in Spain is hentai. Do you know what hentai is?


Chad (5m 45s):

I have no clue.


Joel (5m 46s):

Levin?


Levin (5m 46s):

You do know. You do. Of course, I know what hentai is. My kids are 12. They know what hentai is. Everyone knows what hentai is.


Chad (5m 53s):

I don't hentai is.


Joel (5m 54s):

Exactly. Here's the education, kids. Hentai is basically anime porn.


Levin (5m 58s):

Nasty stuff. Nasty stuff really.


Joel (6m 1s):

Nasty Asian cartoon porn stuff.


Levin (6m 5s):

Really gross. Really the most pervert stuff you can find.


Joel (6m 10s):

Yes, hentai in Spain. This is for Levin. The top porn star is Lana Rhodes. By the way, Lana is anal spelled backwards, in case you didn't know.


Levin (6m 23s):

I didn't know.


Joel (6m 24s):

Top category in Belgium is lesbian. Some trending searches in Belgium include Turkish, and more education kids, pegging. Who knows what pegging is?


Levin (6m 38s):

I won't admit.


Joel (6m 39s):

Levin knows but he's not gonna say it. It's not pirate sex. No. It is a female with a strap on having intercourse with a male. That is what pegging is.


Chad (6m 56s):

I'm definitely cutting that one out.


Joel (6m 59s):

Yes. My first shout out for the air goes to PornHub. Bra. You're welcome. You're welcome, Europe. You're welcome. Levin?


Levin (7m 10s):

You always got a cool shout out.


Joel (7m 13s):

Good luck following that.


Levin (7m 14s):

Okay. I'm just going to do a shout out to myself and to house of HR, someone has to, for organizing a new addition of the E-recruitment Congress. We have a date, we have a location. Would you like me to tell more or want to me to keep it to the next number?


Chad (7m 31s):

Bring it.


Levin (7m 31s):

What was it? I've forgotten the date already. It was in November 14th in Amsterdam. We got a really, really lovely location. It's the Music building, music house at the A, which is a lake in Amsterdam. A beautiful building. It's great. You need to check it out. Check the website. Of course, the coming episodes will be promoting this until you're getting tired of it.


Joel (8m 2s):

Obviously.


Levin (8m 2s):

November 14th, and Chad and Cheese will be there.


Chad (8m 7s):

That's right. Is it close to the red light district? You know Joel's gonna be there.


Levin (8m 12s):

We'll take the district to Joel. If Joel can't come to the district, we'll take the district to him. It's close, really. It's a walking distance actually.


Joel (8m 20s):

Now how is Amsterdam in November? Is it very 18 degrees and sunny?


Levin (8m 27s):

No, it's rainy and miserable, so people stay inside and stay at the Congress.


Joel (8m 33s):

I'm there.


Chad (8m 33s):

18 degrees Celsius is actually pretty warm, Joel.


Joel (8m 36s):

Yes, I know, I'm married to a Canadian, so I get occasional Celsius updates.


Levin (8m 41s):

I guess in November, but with the warming of the earth, which I happen to like. I like it a bit warmer. I don't know.


Joel (8m 51s):

No one needs an excuse to visit Amsterdam at any time of the year. Trust me. Even though there may not be tulips, there will be wooden shoes and windmills.


Chad (8m 59s):

There will be two lips.


Levin (9m 1s):

God damn yourself. Okay. It'll be plastic tulips and plastic little windmills. What is clumping? The wooden shoes, they use clump in English.


Joel (9m 15s):

Clogs, right? Clogs?


Levin (9m 18s):

No, it's something farmers used to put on their feet and they put straw in it to keep their feet warm.


Chad (9m 25s):

Then they'd set them on fire and that's how they really kept their feet warm.


Joel (9m 28s):

In short, everyone, you got 10 months of hearing about Amsterdam in November.


Levin (9m 34s):

No reason not to be there.


Joel (9m 36s):

No reason not to be there. Chad and Cheese will be there. Let's get to some real news, shall we? Germany based media group, Axl Springer, which owns the well-known multimedia brands, build and develop, for everyone in Europe, is considering an IPO for its job portal StepStone next year according to the company's CEO, Mattias Duffner. He said that step stones accelerated growth and good profitability has offset and compensated for other areas that have been less profitable due to advertising declines and the general economy.


Joel (10m 19s):

Duffner also mentioned that the company's advertising subsidiary, Owen, and marketing company, Bonial, are also doing well, I probably not say those right. Anyway, he added that while it's too early to provide precise numbers for the group in 2022, November and December had been surprisingly successful and the company will fare better than anticipated. This comes as the market for IPOs had pretty much dried up in 2022. Chad, your thoughts on a StepStone IPO?


Chad (10m 52s):

Doesn't Axl Springer own Politico as well? I thought they they bought them like a year and a half or so.


Levin (10m 60s):

I think so.


Chad (11m 1s):

I saw this initial announcement. It was the first part of Q4 last year, and I thought it was just smoke. I thought it was a diversion while something else was playing out, But these guys are serious. They're serious about doing an IPO in 2023. It blows my mind because I really believe right now what StepStone should be doing is keeping their powder dry and lying and wait for great acquisition opportunities and not going IPO. This is not a great market for IPOs. Yeah, this is weird. Levin, why would StepStone be pushed into an IPO situation in a market like this, which really isn't looking for IPOs?


Levin (11m 47s):

To be honest, the only reason I can imagine is one of their investors desperately wants to get an exit. He wants to get out and nobody is willing to buy it. The only exits they see possible is an IPO, and I think that's probably the reason why.


Chad (12m 1s):

Desperate for cash.


Levin (12m 2s):

Yeah, it is.


Chad (12m 3s):

Because they would have to be desperate for cash to go in a down market to, wouldn't they? Again, the valuations at 7 billion. Looks like they're gonna try to come out at one. Is that what it is?


Levin (12m 17s):

Valuation of 7 billion is also ridiculous. They have a revenue of 800 million, so that's highly overvalued.


Joel (12m 26s):

KKR became the biggest shareholder of the company, 3.2 billion for a 43.5% stake. Look, Axel Springer is in the media business. I don't know if you guys have been watching the news lately, but the media business means advertising, and the advertising business is a pretty shitty business. By the way, you've got streaming platforms that are gonna be taking a chunk out of media budgets all around the world coming up. However, the labor market is still pretty strong. Now, if you believe the labor market is a lagging indicator of the economy, it might not be a good bet to go IPO.


Joel (13m 7s):

However, if you can spin a narrative like, "Hey, labor is strong. Our job board business is strong," then it makes sense to spin out a job board IPO because the rest of your media business is in the shitter. However, I would point them to ZipRecruiter's IPO, which is the most recent one. It's been a real dog to say the least, a dog with fleas if you're Gordon Gecko in terms of the public market. This reeks of desperation. It reeks of KKR pulling some strings and I think it looks like a train wreck in the making.


Levin (13m 43s):

No, totally agree. Let's just consider, why would anyone think this is a future-proof investment? They do an IPO. Why is someone going to invest in it? If you look at it, their CV database is worthless compared to the self-sustainable database LinkedIn has. It's mostly outdated and they charge 900 euros to gain access for one month. On LinkedIn, even for free, you got a much better CV database than that. I don't think that this is future proof. The second part of their business model is job postings. They still are a paper posts business model. We've been living in a paper click world for 15 years, but they still have a paper post in Belgium.


Levin (14m 27s):

I checked today. You pay 999 euros to get one job online for 30 days. In Germany, it's even 1,349 euros to get one job online for 30 days. That's ridiculous. If you want to add a video, it goes up a few hundred euros more so that's a lot. Then I think, young people don't know them anymore. We've done some research with the University of Antwerp a few years ago and we asked thousands of young graduates, which channels do we know? What channels do we think you'll be using when looking for a job? One out of two students had never heard about StepStone.


Levin (15m 9s):

The only reason why they could get to StepStone is by using Google Organic. We all know who's dominating Google. It's not StepStone, it's Indeed. Basically, they have LinkedIn as a competitor. They have Indeed as a competitor. There are plenty other more creative platforms as competitors. I really think they're desperate to find an exit before they totally crash. This is the only way out and they hope some institutional investors will believe in the story because they're old people. No offense, but when they graduated, StepStone was the biggest brand. True today, HR directors still believe StepStone is a huge brand, but if young people don't know them anymore, it'll go down fast.


Levin (15m 53s):

Those young people are getting into management positions now and they realize StepStone is not a big brand anymore because they don't know it. The business, which still exists now, is going to crash, but that's my 50 cents. Don't take it. That's not science, but I wouldn't put a penny in it.


Chad (16m 13s):

Would Appcast, and also, Total Jobs be wrapped into this big present? If it's all one in an IPO under one umbrella, that's a different story. Breaking StepStone out by itself, yes, they're an island really, because yes, it is the biggest economy in Europe being Germany, but really, they ejected out of France. They just can't get the type of traction that they want to in other countries, but it's different if Total Jobs is a part of this and then also Appcast is too. Do we know if those are a package deal or they gonna be broken out?


Joel (16m 54s):

Yeah, this is a really early story. No forms have been filed with whatever public market they're going onto. Until we know more, now I'm with you, Chad. I'm throwing the kitchen sink of profitable job companies in that IPO. Whether they are not, we just don't know at this point. However, if you continue to tune into our show, you will know what they're going to be doing.


Chad (17m 22s):

You will, and again, you're talking about the the pay per post duration base. Again, they've got Appcast that's right there. For them not to be leveraging and starting to do what Appcast did in the US, really just being the infrastructure for all recruitment marketing agencies and staffing agencies. How they have not done that yet still just blows my mind. The inability to execute is incredibly high, unfortunately.


Joel (17m 51s):

By the way, guys, we have some hidden audio from the strategy meeting from Axl Springer. Take a listen.


Axl Springer (17m 59s):

60% of the time, it works every time.


Joel (18m 5s):

We'll be right back. Stratco. Let's talk about acquisitions.


Chad (18m 7s):

Ivan is in the news, everybody.


Joel (18m 9s):

Ivan Stracco. If he dies, he dies. All right. Probably not how they pronounce. Anyway, Belgium-based private equity group, Stracco, announced on in December of 2022 that it has acquired Wilton Group, a finance recruitment company from Dutch PE firm, One Two Capital. Financial details of the deal were not disclosed. Stracco is an independent entrepreneurial investment firm that focuses on long-term sustainable and profitable growth investments in Europe. Wilton Group, which was founded in 1992 as a provider of multi label specialist employment and professional training services to financial institutions addressing structural labor shortages, regulatory requirements, and digitization efforts in the financial services industry.


Joel (18m 56s):

With this acquisition, the Dutch-based Welton group is moving forward in its expansion strategy, which has also specifically considered neighboring and European markets. Hello, United States, maybe. Probably not. Levin, you have some insight into this deal. What you got?


Levin (19m 15s):

First, if you look back a few years, go back to the seventies, you had two people. There was Fredericka Vaden, a Flemish woman, and her husband, and they launched a little clinical lab somewhere in Dendermonde, small Belgium City, whatever. They have been working very hard, I guess, and they made its into the biggest lab chain in Belgium. They sold it to a French company and they made a gross profits of about 600 million euros on it in 2020. Pretty wealthy people, but instead of living the good life and retiring, what Chad would do, and probably what Joe would do, and definitely what I would do, they started investing and they've been investing pretty smarts and they were growing.


Levin (20m 2s):

What I find interesting, even though they didn't have anything with HR, as far as I know, they started investing in HR companies because they're smart people. They probably realized it's a big money machine when times are good, even when they're not. They bought one company, did well. Bought a second, bought a third. Now, they bought Wilton Group, which is a Dutch-based company, a secondment, if I pronounce it right, of financial profiles. I think secondment is a very difficult word, but secondment. They didn't mention any financial details, not as close, but we could make an educated guess.


Levin (20m 45s):

Let's say Wilton Group have a revenue of about 100 million. That's a fact. They're going to 120 million this year. 100 million last year. They have an EBITDA of, I think, in this business about 20% normally, something like that. Just to make my calculations easy, 20%, which means 20 million of EBITDA. If they pay multiple of seven, which I think could be reasonable for a buying like that, it would mean they've been paying 140 million, which for that company, probably, is a solid deal. House of HR wasn't involved. I checked. We could have been, but we have had more group in the Netherlands, which is competitors.


Levin (21m 30s):

This wouldn't make much sense to add them to our portfolio, but we do know the company and it's a pretty good company, I guess. My most important thing is people who are smarts are investing in our business even though they're not from our business. That's something I like. It's a good sign.


Chad (21m 50s):

I love that. The industry though. How deeper is House of HR in the banking and financial side of the house?


Levin (21m 57s):

Well, we have a few companies. Red Mar Group is a Dutch company. They have Triple A, they have House of Beta, they have a few other companies are elective. Actuarian. Is it a word? Is it a concept in US as well? These kinds of profiles, and it's good business. Every bank needs them. Every insurance company needs them. It's a total pain in the ass to find the right people so we're probably better in finding them than those companies themselves so they need us. Something like that so it's a good business.


Chad (22m 32s):

What is the future of banking jobs though? Because most of the jobs in banking professions are fairly routine. There are algorithms and or formulas. We've seen that from just TurboTax and and things of that nature. Do you see a real future in doubling down on staffing and just the banking industry because it looks like that's where their focus is?


Levin (22m 60s):

Yeah, there are different levels. You have the top accountants working for the big four. There are desperately needed because someone has to do the auditing. That's top domain, but you also have the people who will do some data entry about the numbers, you have the controllers. It's a big array of jobs. Some stuff will be automated in the near future for sure, but still, many people will be needed to check if the automation went correctly. There will some automation be done on automating, but whatever. I think for the coming, I'm not going to say a number, but plenty of years, this will be still a structural shortage of these profiles, definitely.


Joel (23m 43s):

Curious, Levin, and maybe piggyback on Chad's question. I do the shred, which is a weekly roundup of news. It's noticeable how many more staffing companies, certainly here in the states, are being acquired. There's a lot of consolidation. It sounds like Wilton Group is a really savvy owner. They know when the top is. Was this a get out while the Gittens good or we're at the top of the market? Do you see an overwhelming trend in Europe of these staffing companies being consolidated and acquired?


Levin (24m 19s):

Well, One Two Capital, the former investor, only bought welding group in 2021. This is a really quick exit. I think I believed them. They were not looking for an exit yet, but they were approached by the nice people from Stracco. Probably, they made an offer which was better than they expected so they accepted. Are there many consolidations? Yes, definitely. Definitely in Germany, it's still very fragmented. There's huge markets and consolidations are happening right now constantly. They will go on for years I guess.


Joel (24m 58s):

If you own a staffing firm, kids, the Gittens good. Make some phone calls and grab that cash. Speaking of grabbing cash, guys, Russia's in a cash grab if you're willing to dig some trenches. All right, we got some news out of Russia. Russians don't take a dump son without a plan. Russian job sites are advertising jobs for manual labor, such as digging trenches and building fortifications in occupied Ukrainian regions and nearby Russian regions. According to independent media reports, the ads are being posted on popular Russian classified services and social networks and are looking for unskilled shift workers in the Luhansk region of eastern Ukraine, the Zaporizhzhia region of Southern Ukraine and the Belgorod region of Western Russia.


Joel (25m 52s):

The wages offered for these jobs are up to $4,000, I don't know what that is in rubles, for one to three months of shift work. The recruiter, STRICOM is a professional employer organization and have listed Kremian Bridge, which links the annexed peninsula to mainland Russia among their main projects. However, employer review websites criticize STRICOM for delaying or refusing to pay wages and providing poor living conditions. When you dig trenches, you really want some good living conditions. Sounds like a dream opportunity to me. Who's ready to apply?


Levin (26m 30s):

Adventure, baby. Adventure.


Chad (26m 32s):

The Russian invasion of Ukraine continues to just blow my mind. As you heard from the soundbite, I think we all held Russia way too high from a strategic military standpoint. Russia didn't have a fallback plan after not taking Ukraine in 48 hours. Their troops aren't prepared. Now, they are digging trenches and building fortifications like it's 1914. If that's the so-called strategy that you want to use, then where's the heavy equipment to expedite the 1914 strategy? The US military has engineers that will roll up with heavy equipment and dig whatever you need.


Chad (27m 12s):

You need a def laid position for a tank, fucking call the engineers, right? Then I stepped back and I was like, "Wait a minute, wait a minute." That was my first thought. Then I thought those sneaky rusky bastards. Russia has had problems recruiting for the invasion, right? I bet once the people answer the job ad and they go there to dig fortifications, the next thing you know, they will be sworn in given a rifle and then they are part of the Russian military. I think this is all just a fucking smoke screen.


Levin (27m 45s):

I had exactly the same idea. Definitely, it's just, once again, lying Russian bastards trying to attract people. Like you say, in the best case, they get a gun. Maybe they won't even. They're just be a diversion. Diversion. Diversion.


Chad (28m 1s):

Yes, they will be a die-version.


Joel (28m 6s):

Die-version. Nice.


Levin (28m 7s):

The moment I read this, I thought, whenever I hear my colleagues, Sarah, complaining about how hard it is to find highly financial profiles or highly qualified financial profiles for our own teams, I will remind her other recruiters have to find people willing to dig trenches in the frozen solid Ukrainian ground. That must be hard.


Joel (28m 28s):

I know we're not doing a prediction show for Europe, but what are your predictions for the Ukraine situation?


Levin (28m 35s):

There are a few possibilities. If things stay as they are, NATO is not going to step in, so probably the United States, the UK, and some other European countries will keep providing Ukraine with weapons. This might go on for some time. Russia is not going to back down. They're talking about mobilizing another 500,000 people. Belarus will die as well probably, but then it takes some time.


Joel (29m 2s):

It stay as is for about another year at least.


Levin (29m 4s):

It'll be hard to get him out of the whole of Ukraine for example. It'll be very hard. They're digging in as we were just talking about, but let's say, they're stupid enough to activate Belarus and they've been sending like 20 to 30,000 Russian soldiers now to Belarus. They claim to try to invade from the north. I think they're just trying to make sure the Valerian people aren't going to revolt by putting a big Russian forest there. I don't think they're going to invade, but anyway, if they would, then things might change. If this is really going into a multi-country war, then NATO might have an excuse to step in because it's becoming too big.


Levin (29m 50s):

We need to do something. That might be the excuse. Then if NATO gets sent, Russia is fucked. They probably do have some nuclear weapons. I hope they're not going to use them, but at this point, we even doubts about the usability of their weapons.


Joel (30m 5s):

Chad's chopping at the bit as our military expert to chime in on Ukraine in 2023.


Levin (30m 10s):

What do you think?


Chad (30m 12s):

Russia does one thing well, and that's throw people at bullets. That's all they do well. We've always held Russia up. Their equipment's always been shit. They just can put it out faster than anybody else because they have more people to be able to build that shit. We're just demonstrating. I think right now, what has always been the case, they've had bullet catchers and that's what they have today, which is horrible for them. I don't know how the pitchforks don't come out as they start to mobilize more people, as they start to play these smoke and mirrors, "Go dig trenches, fortification bullshit." I think Russia is really being exposed for what they really are.


Chad (30m 56s):

They're not strategic geniuses. They're not military supremists. They're shit on all different levels, period. They've got one thing and they're holding that over Europe, and that's energy. Shame on you guys in Europe for allowing that shit to happen.


Levin (31m 17s):

You're totally right. I'd rather be colds than be warming myself with with Russian oil.


Joel (31m 25s):

Well, thank God for a warm winter in Europe this year.


Levin (31m 27s):

Indeed. Yeah, definitely.


Joel (31m 28s):

The correct prediction guys is Putin gets whacked as we progress more and more towards nuclear conflict. Everything's a one up of each other, right? Invasion, weapons, Nord Stream two, we're sending Patriot missiles. This is going towards a nuclear conflict in my opinion, And I think someone in Russia, within Russia, is gonna see the nuclear option become more and more likely. Putin is gonna go take a dirt nap and swim with the fishes.


Levin (32m 4s):

I hope you're right.


Chad (32m 4s):

No 25th amendment there? 60% of the time. It works every time.


Joel (32m 13s):

Boys, it's good to be back. Let's have a good 2023 with no nuclear war and we'll tie a bow on it in Amsterdam in 10 months. We out.


Chad (32m 23s):

We out.


Joel (32m 24s):

We out.


Chad and Cheese Podcast (32m 24s):

Thank you for listening to, what's it called? The podcast, the Chad, the Cheese. Brilliant. They talk about recruiting. They talk about technology, but most of all they talk about nothing. Just a lot of shout outs of people you don't even know. Yet, you're listening. It's incredible, and not one word about cheese. Not one. Cheddar, blue, nacho, pepperjack, Swiss, so many cheeses, and not one word. So weird. Any who, be sure to subscribe today on iTunes, Spotify, Google Play, or wherever you listen to your podcasts.


Chad and Cheese Podcast (33m 5s):

That way you won't miss an episode. While you're at it, visit www.chadcheese.com. Just don't expect to find any recipes for grilled cheese. It's so weird. We out.

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