Tingbing Yao
Morgan Stanley, Research Division

So let’s start with something high level maybe. Watsco has become a much larger business today. Where do you guys see the biggest benefits of Watsco’s scale? And what can Watsco do that other players cannot simply replicate?

Barry S. Logan
Executive VP of Planning & Strategy, Secretary and Director

Well, thank you, Christine. Thank you for being here, everybody. It’s the last session of the day, which also means, I guess, we can run a couple of hours if we want to, right? So just kidding. We are Southern storytellers, so we’ll try to contain it.

So scale is the question. So scale historically for us has been very acquisitive in the markets to have the capital, to have the relationships with OEMs, to know who the big players are, to have the credibility to discuss acquiring their company. And most of the time, when we say acquiring a company, it’s a family business that has been around 50, 60, 70 years. So the

Singapore has begun auctioning off luxury goods that were seized by police in a sensational $2.2 billion money laundering case that gripped the city state in 2023.

The items are being held inside Le Freeport, a fortified storage facility, where the BBC’s Vandhna Bhan was allowed inside for a look.

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Market overview

For the second quarter, commodity returns were -8.08%, as measured by the Bloomberg Commodity Total Return Index, the benchmark.

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