RECORDNEWS — broadcast 20260915 110000 UTC 500 transcript segments Google Cloud Speech-to-Text API (Chirp) + Gemini 2.5 Flash Non-Thinking Data courtesy of The GDELT Project (https://www.gdeltproject.org/), from the Internet Archive TV News Archive. Machine transcription. Treat it as a searchable index of what was broadcast, not a verbatim quotation record. [00:00:00] The supply remains restricted with producers limiting sales [00:00:03] keeping an eye on weather conditions in the coming months and the rise [00:00:07] in export parity. It is worth remembering that [00:00:10] producers remain focused on finalizing the harvest of the second 2025/26 [00:00:14] crop and planting the Summer Crop, [00:00:18] 2026/27. [00:00:21] Soybean prices continue to rise here in Brazil and the weather [00:00:25] influences this. Understand. Recent [00:00:29] previous years. According to the rains have favored the cultivation of the 2026/27 soybean crop, [00:00:32] while producers take advantage of the good weather conditions to anticipate [00:00:36] field activities and thus try to minimize the possible effects [00:00:40] of El Niño, sellers remain withdrawn, avoiding [00:00:44] large negotiations, reducing liquidity and raising prices [00:00:48] in the spot market. On the buying side, domestic consumers [00:00:51] need to replenish stocks at the same time that global demand [00:00:55] is heated. Soybean meal is also on the rise [00:00:58] with national buyers, international buyers competing for the [00:01:01] product. Let's now look at the weather forecast for this [00:01:05] Tuesday across [00:01:07] Brazil. [00:01:13] Tuesday continues to be marked by a contrast in weather between the regions of the [00:01:16] country. The highlight is Rio de Janeiro and eastern Minas Gerais, where the rain continues persistently [00:01:20] and may occur more heavily throughout the [00:01:24] day, in addition to areas in the northern region of the country. In São Paulo, [00:01:28] the trend is already a gradual decrease [00:01:30] highlight once again, as I said in the in rain, although the ground still remains soaked in many areas [00:01:33] and in the south, the cold continues, while the [00:01:37] central region remains warm in most of the region. In the [00:01:40] southeast, the combination of a low pressure area near the coast of São Paulo [00:01:44] and Rio de Janeiro and a trough at middle levels of the atmosphere keeps the weather [00:01:48] quite unstable, in addition to the passage of a cold front further away [00:01:51] from the ocean. Rio de Janeiro and eastern Minas Gerais are the areas of [00:01:55] greatest tension, with persistent rain forecast in the capital of Rio de Janeiro, the metropolitan [00:01:59] region, Costa Verde, the lake region and the Zona da Mata of Minas. [00:02:03] In São Paulo, the rain is already starting to decrease, but it may still rain between the [00:02:06] north-central, coastal and eastern parts of the state, as well as the capital, but the [00:02:10] trend is a gradual loss of intensity. Even so, the [00:02:13] soil remains quite soaked in some areas. There is also a forecast of showers [00:02:17] between south-central Minas Gerais, Triângulo Mineiro and western [00:02:20] Minas Gerais, moderate to strong, and with an alert for storms [00:02:24] in the south and in the Zona da Mata of Minas Gerais, in addition to heavy rain at some [00:02:27] times, the ground remains soaked after the last few days of [00:02:31] precipitation. And anyone who is near hillside areas or rivers [00:02:34] should continue to follow the warnings from the civil defense, due to the risk of [00:02:38] floods and also landslides. In the Midwest, [00:02:41] dry weather predominates in most of the region, but some isolated showers may still occur [00:02:44] in eastern Mato Grosso do Sul, southeast and south, [00:02:48] eastern Goiás and also in the Federal District. In the other [00:02:52] areas, the heat starts to gain more strength in the afternoon. In the north, the [00:02:55] showers remain concentrated mainly in Amazonas. It may also [00:02:59] rain in eastern and southern Roraima, with an alert for storms in some points, [00:03:03] while in the other areas, the weather remains dry and hot. In the northeast, [00:03:07] Tuesday will also have dry weather in most of the region. Only between [00:03:10] the coastal strip of Paraíba and Alagoas is light to [00:03:14] moderate rain forecast. In the other areas, it is hotter and the day [00:03:18] remains drier. In the south, the weather is drier in most of the states. It may still rain [00:03:21] lightly on the coast and northeast of Rio Grande do Sul, [00:03:25] also on the coastal strip of Paraná, western [00:03:28] Paraná and some parts of Santa Catarina and northern Rio Grande do Sul, there [00:03:32] is also a chance of light and isolated rain. In the other [00:03:35] areas, dry weather predominates. The cold continues to draw attention, [00:03:39] especially in Rio Grande do Sul and there is a risk of frost in the rural areas of [00:03:43] Rio Grande do Sul this Tuesday. While part of the country [00:03:46] faces rain, some areas continue to have drier weather. Low [00:03:50] humidity continues to draw attention in some areas, especially in the interior of the [00:03:53] Northeast, Tocantins, northeast of Mato Grosso and the northern [00:03:57] strip of Goiás, and the indices can be between 12 and 20% in some [00:04:01] isolated points. In Porto Alegre, Florianópolis and São Paulo, [00:04:04] a maximum of 19 this Tuesday and up to 23 degrees in Rio de [00:04:08] Janeiro, in Belo Horizonte, temperatures can rise to [00:04:11] 27 and up to 31 in Brasília and Salvador. [00:04:15] After the break, we'll talk about the progress of the decree that deals with bio-inputs, [00:04:19] but before that, I have a message for you who use [00:04:21] WhatsApp. Record News is on [00:04:24] WhatsApp, more agility and precision [00:04:27] in the palm of your hand, and there you can stay [00:04:31] on top of the main news from Brazil and the world, [00:04:34] all on your phone and to access it is very [00:04:37] simple. Go to updates, [00:04:40] channels and look for the Record News channel, in the [00:04:43] upper right corner click on the bell to receive all [00:04:47] notifications, connect and know what is happening in real [00:04:51] time, 24 hours a [00:04:53] day. Record News, you [00:05:02] trust. Formal entrepreneurship in Brazil grew seven times faster than [00:05:06] informal in the last 10 years. The research carried out by Sebrae used [00:05:10] the period between 2015 and 2025 as a basis. In this [00:05:14] interval, the number of companies with a CNPJ increased [00:05:17] by 41%, with the total number of formal businesses jumping from [00:05:20] 7.45 million to 10.05 million. In [00:05:24] informal entrepreneurship, the increase in the same period was only [00:05:28] 6%. The research also revealed that entrepreneurial [00:05:31] activity has been increasingly a planned and [00:05:34] stable option for millions of Brazilians, instead of being a [00:05:38] temporary necessity, as in [00:05:41] survey, in the last quarter of 2025, [00:05:44] 88% of formal entrepreneurs had [00:05:48] more than 2 years of activity leading their businesses. [00:06:01] We have been following here on Record News Rural the importance of [00:06:04] bio-inputs and how Brazil is a reference in their use and there's good news, [00:06:08] you know? The federal government has finalized the draft regulation of the [00:06:12] input law. It reorganizes the regulatory framework for biological [00:06:15] products used in Brazilian agriculture, changing the [00:06:19] classification of inoculants, [00:06:37] bio-input issue, all these new developments, I think it's important to [00:06:43] opening, that Brazil is a reference in its use, right? And what is the [00:06:46] importance of this for agribusiness and even for [00:06:50] consumers? Well, Brazil is today [00:06:53] seen as the country with the greatest potential for the much [00:06:56] desired energy transition in the world, right? [00:06:59] Nobody has so many characteristics, so many [00:07:03] appeals as we do, so many resources. The [00:07:06] whole world today seeks, some more, [00:07:09] others less, but knows that the way [00:07:13] is this energy transition and we [00:07:16] have conditions to support a good part of this for the world, so [00:07:20] this regulation of bio-inputs is another [00:07:22] very important step, right, because it also opens [00:07:26] markets for those who want this, for those who want a [00:07:29] cleaner agriculture, without losing, without giving up [00:07:32] productivity, which is what Brazil knows how to do well, right, [00:07:36] and, besides opening these doors, [00:07:39] Brazil is still able to revolutionize, [00:07:42] to create scale over all of this, right, we know [00:07:45] that bio-inputs, even without this [00:07:49] very important regulation today, are not [00:07:52] starting from scratch here in Brazil, it is already a market that moves something in the order [00:07:56] of 6 billion reais per year and still [00:07:59] according to the bioeconomy observatory of the [00:08:02] Getúlio Vargas Foundation, the adherence to bio-inputs [00:08:06] has the potential to increase the Brazilian GDP by 16 billion [00:08:10] reais between 2020 and 2025 [00:08:13] and 2035 and when we talk about such an increase in the [00:08:16] GDP, it is always linked to a chain of innovation, a chain of [00:08:20] job creation and all of this is very important, [00:08:24] so let's make it clear that this much [00:08:27] anticipated decree that has advanced, has already passed through the civil house and so [00:08:31] on, it is to regulate Law 15070 of [00:08:35] 2024 and we cannot even call it only [00:08:39] a bio-input law, right, because it provides [00:08:43] a series of advantages for Brazil, right, because it has [00:08:46] a reduction of uncertainty in the field, facilities [00:08:49] for investment as it reduces uncertainties, [00:08:52] it can be a [00:08:56] vector for reduction, for substitution of [00:08:58] imports, and when we talk about import [00:09:01] substitution, we are talking about a reduction in the [00:09:05] dependence on exchange rates, a reduction in [00:09:08] exposure to geopolitical shocks that we are feeling [00:09:11] now firsthand and so many [00:09:14] more risks that this is capable of encouraging. We [00:09:18] already have very advanced mechanisms here in Brazil, [00:09:21] right? An example of this is CBIOs, right, actually it's [00:09:25] RenovaBio that can generate CBIOs, remunerating [00:09:28] that producer, in this case mainly sugar and energy [00:09:32] who manages to reduce carbon emissions, and when we [00:09:36] talk about reducing carbon emissions, it doesn't mean that [00:09:40] just because it's biological, everything is solved, no? It's that, but it's an [00:09:43] important step, for example, as it manages to substitute [00:09:46] nitrogen fertilizers, which are high in CO2 emissions, so [00:09:50] it's a very large, very important package for the Brazilian [00:09:54] economy and for society as a whole. Well, right, Brazil [00:09:57] is heavily charged by the world when it comes to sustainability, this [00:10:01] could be another path, another important [00:10:04] mark of our country, which now, then, has [00:10:08] a new regulatory regime for bio-inputs. The idea [00:10:11] then is to make everything clearer, all the rules of production, [00:10:15] of purchase, of import, [00:10:18] exactly, it's to put everything in a package, [00:10:20] organized, to define, organize what this [00:10:24] concept of bio-input is, right, and it brings [00:10:27] very important aspects that always leave doubts, [00:10:30] it brings inoculants, [00:10:34] also bio-minerals, right, biological input [00:10:37] plus mineral for this new [00:10:41] regulation of bio-inputs, which before was mixed and treated with [00:10:45] fertilizers with agrochemicals, which has a [00:10:47] less hospitable treatment, so to speak, [00:10:50] so it ends up reducing a series of doubts and bringing [00:10:54] better conditions, reducing insecurity means [00:10:57] also reducing costs in the field, right? Exactly, and you [00:11:01] mentioned biominerals, this decree created a category that [00:11:05] is unprecedented, isn't it? [00:11:07] Exactly, it uses biological, [00:11:11] bio-inputs with minerals, the dust of a [00:11:14] certain rock or another mineral, which [00:11:18] you had to classify before in the category [00:11:21] of fertilizers, [00:11:23] agrochemicals and... it was more difficult to treat like that, so it is an [00:11:27] innovation that this [00:11:30] regulation, which has a great intention to stimulate innovation, [00:11:34] already brings ready for us. Another point that I think is important, which [00:11:38] we have already brought up here in the past, Ricardo, is about [00:11:41] own use, that is, the use, the [00:11:44] production for use on the property itself, now there [00:11:48] is also a clearer guideline about [00:11:51] this, yes, this is the concept that is growing [00:11:55] a lot in Brazil and it has been called [00:11:58] on-farm, right, in production you can mix [00:12:02] or you can use production residues, something [00:12:05] that can be done from the gate inwards, now [00:12:09] this regulation, in this regulation, from what is being [00:12:13] seen, it allows, it makes clear this permission [00:12:16] to use silage, residues, [00:12:20] compost, among others to manipulate this within [00:12:24] production, as long as it is not for commercialization or [00:12:27] obtaining profit with this input, this is not the purpose, [00:12:31] right, but it does allow it, even so it is important, because [00:12:35] it verticalizes production on the property, it reduces [00:12:39] costs and reduces a series of dependencies, right, with [00:12:42] fixation, with fixation price, with [00:12:46] in the case when you need to import with exchange rate exposure [00:12:50] and all that, so this is very welcome [00:12:53] for the owner who uses, who benefits from this on-farm, [00:12:57] what is the risk? The risk, Kelly, [00:13:00] is to reconcile the freedom that is being [00:13:04] granted with the guarantee of quality [00:13:07] and safety, this is because we are also talking about [00:13:10] small properties. The large ones that already use this have [00:13:26] wording of this decree that will actually be [00:13:29] published to see how this will be treated. Ricardo, you have already outlined, [00:13:32] but I would like to highlight here that one of the main changes that [00:13:36] has been widely reported is precisely inoculants and [00:13:40] bio-fertilizers leaving the fertilizer category. Why is [00:13:44] this relevant? Look, [00:13:47] mainly, when a country, and a country or another [00:13:51] buyer wants more security, today it needs to be [00:13:54] treated as a use of agrochemical, [00:13:57] chemical, and this can inhibit sales, it can inhibit [00:14:00] markets, it can also have a tax differentiation, [00:14:04] all of this brings better, greater legal certainty, [00:14:08] because it comes to the field of bio-inputs, no longer [00:14:11] fertilizers and agrochemicals, even organic fertilizers [00:14:14] change their [00:14:16] classification, [00:14:19] they change their classification, they start to be regulated now by [00:14:22] this new device, it's not because it's organic, that it's [00:14:26] biological, that it's safe, but it does need [00:14:30] regulation, it needs care, [00:14:33] attention, and all of this tends to be detailed in this mechanism [00:14:37] which is very important, it's not enough to have a law, but we need [00:14:41] the step-by-step of how to do it, that's what brings legal [00:14:44] certainty to the field. Well, and when we talk about sustainability, [00:14:48] we cannot forget reverse logistics and this [00:14:51] was also a point that was not left out. [00:14:56] Yes, reverse logistics is very [00:14:59] important, it is very beautiful in [00:15:02] discourse, but it obviously also brings [00:15:05] costs, so it needs to be well calibrated [00:15:09] to understand what is actually necessary for the producer to bear [00:15:13] with this cost, and now, when it comes to bio-inputs, the issue of reverse [00:15:16] logistics will be restricted [00:15:20] to the so-called phytosanitary products that deserve [00:15:23] more care, more attention, but it also [00:15:26] exempts the producer from a series of responsibilities, this is [00:15:30] very important, exactly, and we will certainly continue to monitor [00:15:33] this, regarding labels, which is also a major [00:15:37] concern, right, it is clear that there is a deadline to adapt to all [00:15:41] of this, in the short [00:15:45] term, this is the biggest risk, because we are [00:15:48] seeing that there are many more benefits than problems, [00:15:52] right, there are many more pros than cons, now [00:15:55] adaptation in the short term, despite [00:15:58] there being a deadline to organize, but [00:16:01] labeling, the change in specification, [00:16:05] product presentation will really imply a cost [00:16:09] for those who work with this product. Of course, it still needs [00:16:12] President Lula's signature for all this to actually happen. We [00:16:15] will continue to monitor this closely, but I would like you to also [00:16:19] give us, please Ricardo, an analysis of the [00:16:23] importance of these steps that Brazil is now [00:16:26] taking to try to reduce a little international [00:16:30] dependence when it comes to fertilizers. We depend [00:16:33] too much, we are living a very complicated geopolitical [00:16:37] moment, we don't know yet when the conflicts will end, [00:16:41] especially in the Middle East, right, which has a ripple effect, blocking [00:16:45] the Strait of Hormuz, so how are we preparing [00:16:48] ourselves in this regard to reduce this dependence [00:16:51] a little, also looking at our quantity [00:16:54] of production, right, it's a country that produces a lot several times a year, thankfully, [00:16:58] right, we are privileged, despite the challenges, we manage to [00:17:02] produce well, [00:17:04] well, Kelly, it seems that all the problems, all the [00:17:08] risks, right, of the international market, the risks to [00:17:11] the field, arrived all at once, and when [00:17:14] it reaches this point, it's difficult to take timely actions, but [00:17:18] it's necessary that this serves as a warning to us, of the risks of [00:17:22] dependence, and nothing better than the [00:17:24] main country that can feed the world, the country that [00:17:28] can almost carry on its shoulders the energy transition that the world [00:17:32] needs, to prepare for this, to prepare by giving [00:17:35] conditions to its producer, so that it doesn't become hostage to everything, right? [00:17:39] And when we do this, looking at our potentials, as we are [00:17:43] doing now, as we know that we have enough [00:17:46] technology to reconcile environmental [00:17:49] preservation with agricultural yield, and also show [00:17:53] the world that it is possible to harvest with respect [00:17:57] for the environment, that is even better, because we can, [00:18:01] for example, replace nitrogen fertilizers, which is a big problem [00:18:04] for CO2 emissions. So all this [00:18:08] puts Brazil in the world's showcase, opens many markets, [00:18:12] strengthens our agriculture, puts us at the forefront, it's [00:18:15] very important, a step like this. Well, especially at a [00:18:19] time when, for example, the OECD and FAO [00:18:21] say that it is necessary to produce more [00:18:25] food, and Brazil is the country that can best [00:18:29] meet, grow in food production, without necessarily expanding [00:18:32] the cultivated area. So, in this sense, how do [00:18:36] bio-inputs contribute to all this, once you have told [00:18:39] us now, right, we are highlighted in the [00:18:42] showcase? [00:18:44] Yes, look, bio-inputs play a very important role for [00:18:48] this, to remove, because Brazil has so many [00:18:51] riches and in some chains of [00:18:54] agrochemicals, agricultural defenses, we become dependent [00:18:58] on the rest of the world, right, and this is the big problem [00:19:02] and bio-inputs can help us a lot [00:19:05] and of course when the world wants to preserve the [00:19:09] environmental situation also and it's curious [00:19:13] because we are one of the countries that preserves the most [00:19:17] and one of the countries most charged [00:19:20] also due to the risk of competitiveness that we [00:19:23] manage to impose on our competitors, so this [00:19:26] ends up becoming discourses that are not very [00:19:29] accurate about what we do, now when we [00:19:33] manage to show the world that there is [00:19:36] technology to produce with [00:19:39] sustainability, we gain many points in the [00:19:42] international scenarios, despite being [00:19:45] always the target of constant attacks, [00:19:49] because all they want is to eliminate [00:19:52] the competitiveness that Brazil offers or at least reduce it, [00:19:56] exactly, we follow this very well, right, here daily on [00:19:59] Record News Rural. Ricardo, how can this decree [00:20:03] really advancing contribute then to us, including [00:20:11] increasing the production of bio-inputs with legal certainty, from the moment that it is known [00:20:14] exactly how I will be treated if I use a [00:20:18] bio-input, because it is no use for me to [00:20:21] be responsible, work with bio-input and be [00:20:25] treated the same way as that producer who uses [00:20:28] chemicals, who has less responsibility, so to the [00:20:32] extent that this can reward me as a good, as [00:20:35] an farmer with good practices, compensate me, the market has to [00:20:39] pay for it and everything indicates that it will pay, yes, [00:20:43] it is a very big step in food production [00:21:03] News Rural ends here, thank you for your audience, we'll see you in the [00:21:07] next program, agreed, see you [00:21:09] there. [00:21:15] Founder to founder with Márcio Cogut. [00:21:26] Hello, welcome to another founder to founder here on the [00:21:30] Business Innovation program on Record News Portal R7 and all [00:21:33] digital platforms. I am Márcio Kogut, today [00:21:37] I welcome once again Álvaro Chocair, who is [00:21:41] the founder of Link School of Business, a [00:21:44] pioneering and disruptive institution in [00:21:47] Brazil, focused exclusively on training [00:21:59] program, telling a little about your journey from the financial [00:22:03] market, to the vision of creating Link [00:22:06] and even the difficulties you had at the beginning, right, [00:22:09] with the regulator, to show that your purpose [00:22:13] of creating a business school [00:22:15] could be important [00:22:19] for Brazil. Today we are going to talk more about Link's [00:22:23] methodology, right, the time Link has been in the market and now [00:22:26] your disruption once again [00:22:29] in taking a school from Brazil to the United States, tell [00:22:33] me, how long ago was [00:22:37] Link created, how long ago was Link's first class? Link's [00:22:41] first class started on August 3, 2020, that is, [00:22:45] six years and a little, a pandemic, how was it in the middle of the pandemic? We didn't [00:22:49] expect it. We ideally launched Link [00:22:52] in January 2020 for the mid-year entrance exam, in March the [00:22:56] pandemic came, look, so what [00:22:59] should have been very challenging, which was having a new university [00:23:03] that costs twice as much as GV and Insper without being able to have an [00:23:07] open campus, never graduated anyone, you don't know who the teachers are, you can't [00:23:11] receive anyone for a visit, we said how do we get the students in here, [00:23:14] you didn't know that, what a disruption, huh, then there was a big advantage, [00:23:18] I say, it's I don't, right, Ayrton Senna said [00:23:22] that on the straight everyone accelerates, but what the driver did [00:23:25] differently on the curves, right, and a curve with rain [00:23:29] called a pandemic appeared to us, what happened, all the institutions closed their [00:23:33] doors basically to adapt, [00:23:36] we looked at social media and said this is our [00:23:39] place, here we know how to play very well, here we [00:23:43] swim easily, Link when everyone [00:23:46] closed, Link started to teach before [00:23:50] existing online, look, we did live, 24 [00:23:54] hours of live with the main entrepreneurs in the country, with the main executives in the country, [00:23:58] with the main successful people in the country, Luiz Helena came [00:24:02] Trajano, Benchimol, Luiz Alves, pais de Barros, [00:24:05] Bernardinho, Alexala, it was a [00:24:08] show of intellectual generosity, it ended [00:24:12] up that our selection process, we had 50 vacancies, we received [00:24:15] 950 candidates in August, we went to the [00:24:19] university with our highest ratio of candidates per vacancy, [00:24:22] which happened in the middle of the pandemic, I also had this luck because when I launched [00:24:26] Micon, I effectively launched in March of January [00:24:30] 2020, March came the [00:25:09] we had an insight to take all the materials [00:25:13] from the national health agency in Brazil and abroad [00:25:16] and reprogram the artificial intelligence of Mikel to give tips". [00:25:20] about COVID, look, so we put a mask on our chatbot [00:25:23] on Michael, then we told people, look, if [00:25:27] you're in doubt about what COVID is, how to take care of yourself, wash your hands, [00:25:31] approach, how you get it and so on, we took all these manuals, at the time [00:25:35] generative AIs didn't exist as we have today, at the time [00:25:39] we had to create a generative AI within Google's dialog [00:25:42] flow, so we made eh intentions and [00:25:46] contexts and trained the machine learning, then we spent the whole [00:25:50] weekend training, then later we gained spontaneous media because [00:25:53] all TV channels started talking about [00:25:57] entrepreneurs reprogramming the artificial intelligence of the chatbot to give [00:26:00] COVID tips, look. Millions of people, man, it crashed our [00:26:04] server, millions of people went in there, started to get to know [00:26:07] Michael, we gave COVID tips, in the end we talked [00:26:11] about the consortium, in short, in the first two, three months we didn't [00:26:14] sell a single quota, but then when everyone started to calm [00:26:18] down, everyone already knew Marco, we started selling and [00:26:21] so on, so that's good. What you mentioned about Link, about you being [00:26:25] prepared, about living in the digital world, having social [00:26:28] media there and already creating events. [00:26:33] the lectures everything online was [00:26:35] a a stroke of luck or were [00:26:39] you already prepared to do any [00:26:42] type of class and training without people needing a link because you have [00:26:46] a big campus there, right? You invested millions, you have [00:26:49] technology, it's a super pleasant place, do you also have [00:26:53] this perception of wanting eh people [00:26:55] to always go to Link or can you also have [00:26:59] online, how does that work? The methodology is 100% 100% in-person, [00:27:03] we believe a lot in in-person, of course online is [00:27:07] available due to necessity, right? Wow, we managed [00:27:11] a class with the founder of [00:27:14] WeWork in Israel, the pandemic was just a coincidence, the pandemic made you [00:27:18] manage to complete what you were doing because nobody could leave [00:27:22] home, you know why, Márcio, of course, we use a good entrepreneur [00:27:26] is different from an executive, right? The entrepreneur solves problems, he doesn't, he doesn't [00:27:29] look much at compliance, at legal to see if he's going to... have a goal, if he's going to be [00:27:33] fired, if his bonus is going to increase or not, he wants to make things [00:27:37] happen, period, right? So I think that was the first big difference, [00:27:41] eh, with the resources you have, the time you have, the [00:27:44] people you know, you go there and extract the best juice you can get [00:27:48] from that, right? So online came to meet a [00:27:52] need, but we believe in physical presence, eh, I think [00:27:55] Link is a construction university, [00:27:59] a good part of its methodology, if we can divide [00:28:03] it into three, you have all the business tools, you have human [00:28:06] development that we call people skills within it, and you have the great laboratory [00:28:10] that is an incubator and business accelerator there, I can't do that [00:28:14] online, no, no, you know why? Because online is [00:28:17] very good for transmitting knowledge, but transmitting [00:28:21] knowledge is what has become a commodity, transmission, you and I, [00:28:25] we, you and I, we went to college to [00:28:28] receive knowledge given by someone, nowadays [00:28:31] there is no class on the internet that is given [00:28:34] at Harvard, [00:28:37] there are all the Harvard classes available on the internet, [00:28:40] right? Eh, you may not have the same professor, not have the [00:28:44] same semantics, but that subject, that topic is [00:28:47] available there, you just need to ask, right, or [00:28:51] it reaches you, so I think online is very good for distributing [00:28:54] content, knowledge, but for [00:28:58] you to build something, it needs to be in daily life, I don't [00:29:02] agree with you, especially since you have the mindset of being a business [00:29:06] university, of entrepreneurship, I think, for [00:29:09] example, in my opinion, the biggest challenge I had with my [00:29:13] partners and a misalignment when I was when I founded [00:29:17] Michael was precisely when it came back, the [00:29:20] pandemic ended and everyone started wanting to work from home or [00:29:24] hybrid, I am against that, there are people who [00:29:28] can, for example, I interviewed here the founders of Asas, they are two [00:29:31] brothers, they have 1800 employees working from [00:29:34] home, I say how do you manage that, right, 1800 [00:29:37] employees working from home, I think [00:29:40] the employee right, the entrepreneur, one [00:29:44] thing is for us to say the following, obviously the pandemic brought a lot of [00:29:47] learning for us, that you no longer need to take a plane, [00:29:51] travel, spend money, commute to go and have a [00:29:55] meeting with someone from abroad, of course, you open a [00:29:58] Macau and do it, you don't need to do that, now obviously for you to [00:30:02] exchange experience, exchange knowledge and be more effective, you have [00:30:06] to have presence, so I believe a lot in [00:30:09] companies that have an in-person part, the [00:30:13] hybrid I think has to be meritocracy, people of a [00:30:16] more more eh [00:30:19] senior level have the responsibility to know that ah [00:30:22] today is Monday, I'll do it from home, Friday I'll [00:30:25] do it from home and so on, but you can't have [00:30:29] home office and this hybrid for me is... [00:30:32] complicated and specifically within [00:30:35] Link, when you say it was 100% in-person [00:30:39] it's because I had the opportunity to visit there, I went there with Carol Piif, [00:30:43] we had a day there when you were having the pitches [00:30:46] from your venture startups, I went one day when there [00:30:49] were several entrepreneurs exposing, it was a [00:30:53] mini-fair of entrepreneurship and each [00:30:55] entrepreneur was exposing their company, their business, I [00:30:59] found that very fantastic and the exchange of experience. It's also [00:31:02] very important, right, Álvaro, because ah, I think that...