So, I just got done talking to you about the problems associated with double marginalization and some of the solutions that companies find to those problems. I want to mention another problem that is particular to bigger companies, more powerful companies, stronger brands. A problem that they often encounter when selling through intermediaries, and I'm going to do that via a very simple example. So, consider a situation where you've got three products that are being sold, let's say through a retailer. A leader, a follower and a laggard, okay? The leader could be someone like Heinz, Heinz is a very strong brand, right? And then the follower could be a lesser known brand. And the laggard could be something like, the stores own private label. So, I'm sure you're all aware that a lot of stores have their own brand of products that they sell along side the market leaders in any given category. It's generally the case that the leader will have the higher price in something like, the private label will have the lower price, that's why they sell those things, right? That's why people buy them because they have lower prices. So, in this situation, it's often the case that the cost to manufacture these goods are about the same. And it's not entirely true, but for a lot of product categories, the amount of money it cost to produce a national branded product really isn't much different than the cost to produce a private label product. But there is a difference and it's a significant one to the retailer. If you look at this example, what you'll notice is, the manufacturer price here is .90 for the leader, for the Heinz, let's say. And the manufacturer price for the private label is only .56. Why is that the case? Because Heinz has a certain amount of power. They know the retailer needs to carry Heinz or at least, really wants to carry Heinz. So, they raise their prices and make more money based on that strong brand. On the other hand, the private label manufacturer, you know, a store could get that from a lot of different places and just put their own sticker or label on it, right? So, they have a lot of places they could source it, so the individual manufacturers don't have a lot of power and they can't charge as much as the Heinz's of the world to the retailers for their product. Herein lies the problem though. So yes, Heinz is making a good margin on their product, of course, it's the difference between these two numbers, but look what's happening at the retail level. The retailer is making a lot more money on the private label product than they are on the big national brand manufacturer. Now, this is generally true in most product categories that have a big strong brand and a private label. The retailer's going to make more money on that private label. If it gets too bad, what will happen is that retailer will start doing things that are bad for the national brand manufacturer. Like promoting their private label. Giving their private label prime shelf space. Putting it maybe in the feature flyer that sits at the front of the grocery store. I'm sure some of you have seen those things in grocery stores. All of those things will depress the sales of the national brand leader. So, that's a tension that really exists even for big powerful brands. If they squeeze that retailer too much on that margin, then that retailer is going to react. And one of the ways they react is by taking competitive products to that leader and making them more attractive to consumers.