Tom Thibodeau

Pelicans Notes: Borrego, Green, Dumars, Poole, Coaching Search

November 17th, 2025 at 10:01am CST by Arthur Hill

The Pelicans had a new head coach for Sunday’s game against Golden State, but the result was familiar, writes Les East of NOLA.com. Playing its first game under James Borrego, who was promoted after Willie Green was fired on Saturday, New Orleans suffered its fifth straight loss and fell to 2-11 on the season.

“We’ve got a lot to do,” Borrego said. “The beauty of this game is you come back to work the next day. … It doesn’t get any easier. We’ve got another juggernaut coming in.”

He was referring to Monday’s contest against 13-1 Oklahoma City, which provides another tough challenge for a team badly in need of wins. Borrego made his first lineup change on Sunday, giving a first career start to rookie big man Derik Queen, who finished with nine points, seven rebounds and six assists in 24-plus minutes. The Pelicans got balanced scoring with four players in double figures, but committed 20 turnovers that resulted in 27 Warriors points.

“There were costly, careless turnovers in transition,” Borrego said. “We’ve got to have more poise. There’s a balance between playing fast and frenetic and playing with poise. We’ve got to be opportunistic (in transition).”

There’s more from New Orleans:

There was surprise around the league that Green wasn’t fired sooner considering the Pelicans’ poor start, according to Michael Scotto of HoopsHype. Scotto hears that executive vice president of basketball operations Joe Dumars was supportive of Green early in the season, but conveyed a constant message that the team needed to improve. Sources tell Scotto that offseason addition Jordan Poole was upset after being removed from the starting lineup on October 29, and Green’s coaching style had become “stale” with Trey Murphy III. Scotto adds that some players and other members of the organization believed Green didn’t do enough to hold Zion Williamson accountable.
Dumars held a meeting with his staff this summer where he talked about emphasizing defense, toughness, high basketball IQ and a high motor, then completed a trade an hour later for Poole, who doesn’t fit that description, sources tell Scotto. Poole’s salary of $31.8MM this season and $34MM in 2026/27 was considered “a tough contract to move” by rival executives, Scotto adds. That trade and the deal sending an unprotected 2026 first-rounder to Atlanta in exchange for Queen were pushed by senior vice president of basketball operations Troy Weaver, Dumars’ long-time associate, Scotto reports.
Weaver is also a strong supporter of Kevin Ollie, who has been mentioned as a possibility to eventually take over as head coach, Scotto adds. Scotto identifies Tom Thibodeau, Michael Malone and Taylor Jenkins as free agent coaches who might interest the Pelicans, but speculates that their “price tags could be too rich” for the team. In his latest Substack column (subscription required), Marc Stein of The Stein Line points to Bucks assistant Darvin Ham as a name to watch in the coaching search.

Knicks Notes: Coaching Change, Towns, Hart, Robinson

November 1st, 2025 at 6:14pm CST by Arthur Hill

After they got off to a 2-3 start, including a 10-point loss at Chicago on Friday, Steve Popper of Newsday wonders whether the Knicks‘ offseason coaching change was necessary or if they were trying to fix something that wasn’t broken.

Management decided to replace Tom Thibodeau after he took New York to the conference finals last season and brought in Mike Brown, who promised to give more minutes to bench players and institute an up-tempo style. Popper points out that the Knicks still have a roster filled with players who were acquired to fit Thibodeau’s slower-paced, defensive-minded approach. When they faced the Bulls, who are built for a faster style of play, they gave up 135 points.

Popper states that the adjustment has been particularly difficult for Karl-Anthony Towns, who is projected to spend more time at power forward after primarily being used as a center last season. Popper believes Towns is miscast by being asked to run the floor in transition like a wing.

Towns didn’t address his individual role after Friday’s loss, but his comments reflected the overall frustration of the team.

“Just obviously we’re not happy,” he said. “We had three winnable games and we didn’t do enough to close the game out. For someone like us, that was our identity last year — close games we usually win. So obviously it’s a different feeling not being able to close the games out.”

There’s more on the Knicks:

Josh Hart told Brown that he doesn’t want to move back and forth between starting and sixth-man duties, so he’s now a full-time reserve, Popper adds in the same piece. Hart said even though it was his idea, there might be times that he struggles with not being a starter. “I think throughout the season it’ll be a battle of, you know, kind of fighting the egotistical view of it,” he said. “I think I did have a good year last year. And you know, with a different role, now it’s totally different. I think the biggest thing, I’ve had to sacrifice my whole career. I talked about it the whole time last year. You know, that’s something that I try to do every year and try to make sure whether I’ve got to sacrifice or not, make the team the best that we can be. So it’s never like, OK cool and it’s seamless. There’s going to be days where I’m just like, ‘Man, that’s some bull.’ You know what I mean? But it’ll be a constant thing of fighting that, but making sure I know that this is what’s best for the team and locking in on that.”
Hart told reporters on Friday that he’s not considering another surgical procedure for an injured finger on his shooting hand, per Stefan Bondy of The New York Post. Hart wants to avoid a prolonged recovery that could sideline him for several months.
Brown was sharply critical of the Knicks’ defense following the loss to Chicago, relays Kristian Winfield of The New York Daily News. The Bulls scored 72 points in the first half and finished the game with six players in double figures. “Our defense tonight was nonexistent and it starts with guarding the basketball,” Brown said. “We have to be better guarding the basketball. And it has to be with a sense of physicality because if we don’t, teams are gonna do exactly what Chicago did tonight on the offensive end of the floor.”
After missing four games due to left ankle injury maintenance, Mitchell Robinson made his season debut on Friday, posting four points and 11 rebounds in 20 minutes. He’s being listed as questionable for Sunday’s rematch with the Bulls in New York, according to James L. Edwards of The Athletic (Twitter link).

New York Notes: Robinson, Thibodeau, Demin, Thomas

October 22nd, 2025 at 8:00pm CST by Eli Cohen

The Knicks are facing the ghosts of injuries past as recently anointed starting center Mitchell Robinson opens the season inactive due to load management, writes Kristian Winfield for the New York Daily News.

Winfield notes that there’s no official timetable for Robinson’s season debut, a dissatisfying data point in a confusing saga that began when Robinson sat out the second half of the team’s October 9 preseason game after playing the first half. According to head coach Mike Brown, that uncertainty may not be resolved in the near future.

“There may be a stretch of five games where we may sit him. There may be a stretch of two games where we may sit him,” Brown said. “There’s no definition of what load management is. You just go along … myself and the medical team and the front office will go along as we see fit, and we’ll decide if we want to sit him during practice or we want to sit him in a game. It’s as simple as that.”

Stefan Bondy of the New York Post also expresses some confusion regarding Robinson’s status, writing that he doesn’t understand why the big man is sitting out on opening night if he didn’t suffer some sort of injury or setback during the preseason. Bondy also relays Brown’s explanation for Robinson missing the team’s season opener.

“Just because he might be able to play tonight, he might be able to practice today, that doesn’t necessarily mean I’m gonna play him or I’m gonna practice him,” Brown said.

We have more from around the world of New York basketball:

The Knicks‘ decision to part ways with head coach Tom Thibodeau this summer after one of their most successful seasons in recent memory came down to a philosophical misalignment with certain members of the front office, writes Ian O’Connor for The Athletic, who says those front office executives were focused far more on Thibodeau’s flaws than his strengths. “In their world, the players were 51-0 and Tom was 0-31… He also had a sense of betrayal,” a source close to him said. “When you find out that people you helped either weren’t with you in the end or didn’t fight for you like you fought for them, that stings.”
Egor Demin was intent on preparing his body for the Nets‘ season as he recovered from plantar fasciitis, writes Peter Botte for the New York Post. Demin has added over 10 pounds of muscle since being drafted and he said the difference is noticeable. “[I wanted] to be able to compete against athletes as we have [in the NBA], so I can be a little bit heavier to be stronger on defense, on offense, to get into the paint, and things like this,” Demin said. “As long as I’m above that [number], it’s good, but not too much [because] I want to still be able to run. But I think I’m in a good balance right now with my weight, muscles and condition.” Demin came off the bench on Wednesday in the Nets’ season opener against the Hornets.
Cam Thomas will return to free agency in 2026 after accepting his qualifying offer following a lengthy standoff with the Nets this summer. However, he’s not struggling to keep his eye on the ball, literally, as he enters another contract year, writes The New York Post’s Brian Lewis. “I’m not really worried about that. It’ll take care of itself,” Thomas said of his place in Brooklyn and his contract situation going forward. “The main goal is just being on the court and playing, being out there. I love to hoop, I love to play, so that’s really the main thing I’m trying to do this year. Whatever happens, happens. I’ll let that take care of itself.” After a season shortened by injuries, Thomas came into this year slimmed down and ready to take on an even bigger role.

Knicks Notes: Robinson, McBride, Brown, Anunoby

September 27th, 2025 at 10:11am CST by Rory Maher

As he enters the final year of his contract, which will pay him a little under $13MM, Knicks center Mitchell Robinson says he doesn’t care if he starts or not in 2025/26, writes Kristian Winfield of The New York Daily News.

“Nah. It don’t matter to me at all,” Robinson said on Thursday. “I started before. I came off the bench before. I did great in both. So it’s whatever.”

As Winfield notes, Robinson saw his role reduced after finally returning from ankle surgery last season, but then was moved back into the starting lineup for the last four games of the Eastern Conference Finals against Indiana. New head coach Mike Brown called Robinson a “monster on the glass” but said he has yet to decide if the 7’0″ big man will start or come off the bench.

“Ideally, it would be great to have everybody’s role defined before the first game,” Brown said. “Now, they can change throughout the course of the season, but hopefully going into Game 1, we as coaches — and (new assistant) Billy Lange — get to a point where we have everybody’s role defined. And not only that, but they embrace it so that everybody knows specifically what they need to do.

“We’ve got a lot of guys and we’re a new staff. So if we get a little behind, maybe it doesn’t happen until after the first or second game. I don’t know. But ideally, I’d like to have all that done before game one.”

Here’s more on the Knicks:

Robinson, who said he added muscle and lost weight over the offseason after starting an organic farm in Nashville, isn’t sure if he’ll be cleared to play back-to-backs to open the season, according to Winfield. One of the NBA’s premier offensive rebounders, Robinson added that he isn’t concerned about potentially being involved in trade rumors ahead of 2026 free agency — he will remain extension-eligible throughout the season. “I’m gonna come out here and play hard still regardless, whether it’s my last (year) or my first (year), just come out here and play hard,” Robinson said. “But at the same time I’m gonna let my agent handle that part of it. I’m just gonna play basketball.”
Guard Miles McBride has been floated as a possible trade candidate because New York reportedly wants to keep Malcolm Brogdon and Landry Shamet, both of whom are signed to non-guaranteed training camp deals. McBride expressed appreciation for former coach Tom Thibodeau but is looking forward to playing under Brown, tweets James L. Edwards III of The Athletic. “Honestly it was crazy. It was unexpected. All my four years were with Thibs. He did a great job with me and team,” McBride said. “… Coming in with Mike, I’m excited. … He’s been communicating with a lot of guys, allowing people to talk.”
Forward OG Anunoby just missed out on making the All-Defensive Second Team last season, finishing with the most votes among players who didn’t make the cut. He has loftier goals for ’25/26, as Steve Popper of Newsday writes (subscription required). “For sure, defense, that’s what wins games, championships,” Anunoby said. “So it’s very important to me. Defensive Player of the Year, first-team All-Defense, those are always my goals.” Brown praised Anunoby’s defensive work, Popper adds. “First-team All-Defense,” Brown said. “He is more than capable. Really it’s up to him. That’s how good he is on that end of the floor. He’s a first-team — and I’ve been around those guys. Bruce Bowen. Tim Duncan. I’ve been around a few of them, and he’s right there.”

Knicks Notes: Hart, Towns, Rotation, Brunson, Bridges

September 23rd, 2025 at 11:34am CST by Luke Adams

Knicks forward Josh Hart underwent a procedure on his right ring finger in July, but he told reporters at the team’s media day on Tuesday that he recently aggravated that finger issue and will likely have to wear a splint this season, as Steve Popper of Newsday tweets.

Hart’s hope is that the splint will suffice for 2025/26 and he’ll be able to address the injury again next summer, tweets James L. Edwards III of The Athletic. While his goal is to be available for the entire season, the 30-year-old acknowledged that if he can’t play like himself as a result of the injury, he may have to address it earlier than the 2026 offseason.

“I hate playing with anything on my hands,” Hart said (Twitter link via Edwards). “It might take a little getting used to. That’s the best scenario (playing with a finger splint).”

Here are a few more highlights from the Knicks’ media day:

According to Edwards (Twitter link), Knicks big man Karl-Anthony Towns said today that he didn’t undergo any procedures on his finger or knee during the offseason, contrary to a June report. For what it’s worth, the wording in that ESPN report from June has since been updated to indicate that Towns underwent “treatment” on those injuries, rather than “procedures.”
Asked today about the team’s lineup and rotation, new Knicks head coach Mike Brown said “it’s too early” to make a final decision on his starting five, adding that he anticipates using a nine- or 10-man rotation (Twitter links via Edwards).
Multiple Knicks players, including star guard Jalen Brunson, expressed appreciation for former head coach Tom Thibodeau (Twitter link via Edwards). “It’s sad to see a man I’ve known for a long time part ways with this organization,” Brunson said. “He’s meant a lot to me. I’ve expressed that to him publicly and personally. He’s meant a lot to my career.”
Mikal Bridges signed a four-year extension this offseason that came in about $6MM below his maximum extension. He said on Tuesday that he agreed to sign for $150MM instead of $156MM because he wants to “win bad” and knew it would help the organization if he accepted a little less. “I got a good amount of money,” Bridges said.

Knicks Notes: Position Clashes, Roster, Thibodeau, Dadiet

September 22nd, 2025 at 9:01pm CST by Alex Kirschenbaum

As the Knicks gear up for training camp, Stefan Bondy of The New York Post (subscriber link) breaks down the team’s top narratives, position battles, new players, and more.

As Bondy writes, New York currently has enough room below its hard cap to carry a single veteran camp invitee into the regular season, but they’ve signed five to training camp deals. Guards Malcolm Brogdon and Landry Shamet are the leaders in the clubhouse, but guard Garrison Mathews, center Alex Len and wing Matt Ryan all still have a shot, according to Bondy.

While All-Stars Jalen Brunson and Karl-Anthony Towns and All-Defensive forwards Mikal Bridges and OG Anunoby are all pretty much locked in to starting roles, Bondy posits that guard Josh Hart and big man Mitchell Robinson could both stake a claim to that fifth starting gig.

In another subscriber-only article, Bondy takes a look at the storylines facing each rostered player heading into the season.

There’s more out of New York:

Knicks players opted not to fight to retain head coach Tom Thibodeau despite a strong 51-31 season and an Eastern Conference Finals berth, Ian Begley said during an appearance on SiriusXM NBA Radio (Twitter link). Begley noted that Hart “was very close” with the now-former coach, and suggested that, if Hart or other key players had insisted to management that Thibodeau be retained, he may have stuck around. Hart’s shooting went cold during the playoffs and he was toggled with Robinson for New York’s fifth starting spot. The Knicks ultimately replaced Thibodeau with Mike Brown.
After they finished as the third seed in the East last year, Malik Smith of The New York Post (subscriber link) expects the Knicks to enjoy a more robust run in 2025/26, thanks to Achilles injuries and roster turnover knocking Boston and Indiana down a peg. As Smith observes, most sportsbooks peg the club to win in the neighborhood of 53 games next season.
In a reader mailbag, James L. Edwards III of The Athletic says he believes second-year wing Pacome Dadiet, a first-round pick last season, is the player most likely to be traded prior to February’s deadline. Edwards also wonders if New York could expand its rotation to 10 players and takes a look at how Brown can improve the club’s versatility, among other topics.

Knicks Emphasized Collaboration During Coaching Search

September 20th, 2025 at 8:36pm CST by Arthur Hill

Collaboration will be a point of emphasis as Mike Brown prepares for his first season as head coach of the Knicks, writes Stefan Bondy of The New York Post (subscription required).

Sources tell Bondy that the need to work together across the organization was stressed during the interview process after former coach Tom Thibodeau’s style was considered “too unilateral.” Brown will be expected to consult with ownership, the front office, the medical staff and player development experts, along with his assistant coaches and players, and to give serious consideration to their input.

“I had great conversations with (team owner) Mr. (James) Dolan and (president) Leon (Rose),” Brown said during his introductory press conference. “I want to form a partnership with them. It’s impossible to do this alone.”

Bondy notes that Brown has to walk a fine line of taking suggestions from multiple parties while still showing that he’s in charge of the team, rather than a “puppet” of the front office. That challenge will begin when the team opens training camp this week.

Brown will also be tasked with upgrading the offense by replacing Thibodeau’s reliance on isolations with a style that emphasizes ball movement and pace. His players have received some exposure to the new system already, and the reaction has been positive.

“I’ve talked to (Brown) a lot, and I think the big thing is just going to be a lot of player movement,” reserve guard Miles McBride said recently. “He’s giving us the foundation, and we’re just going to work off of it. So I’m really excited to see all our creativity with each other that we’ve been working on these last couple months. Really excited to see where it takes us.”

Brown is also expected to have less reliance on his starters than his predecessor, giving more players a chance to log significant minutes. Bondy theorizes that would have happened anyway after the offseason additions of Guerschon Yabusele, Jordan Clarkson and Malcolm Brogdon, but Brown is naturally more inclined than Thibodeau to use a larger rotation.

Bondy notes that the Knicks’ starting five easily led the NBA in combined minutes last season, but he sees the potential for a 10-man rotation under Brown.

Knicks Notes: Robinson, McBride, Brunson, Thibodeau

August 29th, 2025 at 6:02pm CST by Eli Cohen

The Knicks took care of plenty of business this summer, extending Mikal Bridges, hiring Mike Brown, and adding Guerschon Yabusele and Jordan Clarkson in free agency. But one area the team has yet to address is the upcoming free agency of center Mitchell Robinson.

In a mailbag for The Athletic, James Edwards III discusses the Robinson conundrum for the Knicks, which revolves around both the immense value he has displayed for the team in back-to-back playoff runs, as well as the injury concerns that have limited him to just 48 games over the last two regular seasons.

Edwards’ sense is that the Knicks would be interested in a team-friendly extension, but if Robinson wants to bet on himself, that could complicate extension talks. Edwards also notes that should the center stay healthy during the first half of the season, the Knicks could consider trading him for value ahead of February’s deadline rather than risk losing him in free agency.

We have more from the Knicks:

One player who could see an uptick in responsibility this season is Miles McBride, writes Stefan Bondy of the New York Post. Bondy notes that Bridges struggled in his role as the primary point-of-attack defender last season and was less effective than in the past at staying in front of high-level ball-handlers, a role McBride is perfectly suited to. Having McBride take primary guard matchups would allow Bridges to slot in as a tertiary defender while not forcing Jalen Brunson into defensive matchups he would struggle with. Bondy notes that former head coach Tom Thibodeau didn’t lean very heavily on lineups that included both McBride and Brunson, likely due to size concerns, but that Brown might be more open to the idea.
The addition of Brown is expected to bring more balance and structure to players’ roles, Bondy writes, and to increase the pace at which the team plays. As Bondy notes, that change may impact Brunson,w ho held the ball longer than any player in the NBA last season, with an average of 6.06 seconds per touch. By comparison, Tyrese Haliburton averaged just 3.65 seconds per touch. While Brunson is undeniably elite with the ball in his hand, encouraging him to make quicker decisions, especially when it comes to finding Karl-Anthony Towns along the perimeter, could help energize the offense and introduce more unpredictability.
At least one prominent coach is still grappling with the Knicks’ decision to fire Thibodeau, according to Bondy, who cites recent comments by Clippers head coach Tyronn Lue. “Should he have been fired? Hell no,” Lue said on the Club Shay Shay podcast. “The players did a hell of a job. And Thibs did a hell of a job. And to take a team to their first [conference finals] in 25 years and then get fired, like, it just doesn’t make sense.” Lue also believes that the circumstances around Thibodeau’s firing and the expectations conveyed by the front office make for a difficult situation for Brown. “That’s a tough spot to be in,” he said.

New York Notes: Towns, Thibodeau, Brown, Wolf, Highsmith

August 16th, 2025 at 9:51pm CST by Arthur Hill

Stefan Bondy of the New York Post (subscriber link) finds it curious that there hasn’t been more talk about an extension for Knicks big man Karl-Anthony Towns this summer. Towns has until October 20 to add two more years to his current deal, which runs through 2026/27 with a $61MM player option for the following season.

Bondy states that he hasn’t been able to get any information about possible extension talks. Towns’ agent didn’t respond to a text regarding the subject, and team president Leon Rose almost never communicates with the media.

Bondy expects Towns to play out the remainder of his contract, possibly including the player option, before getting a new deal. His max extension would be $150MM over two years, and even though Towns is a perennial All-Star, Bondy doesn’t view him as being worth $75MM per year as teams maneuver to stay below the second apron.

Bondy also brings up several questions the Knicks might want to have answered before they consider committing that kind of money to Towns. Can he stay healthier than he did in Minnesota, will he and Jalen Brunson develop better chemistry in the offense, can he improve his pick-and-roll defense, and does he fit better as a center or a power forward?

There’s more from New York City:

Knicks fans are expecting a trip to the NBA Finals this season and would consider anything less to be a disappointment, a survey taken by James L. Edwards of The Athletic reveals. More than 3,000 fans responded, and most are cautiously optimistic that New York will be the No. 1 seed in the East, but they’re split on the firing of Tom Thibodeau. A plurality of 37.7% agree with the move, while 29.6% oppose it and 32.7% are indifferent. Nearly 70% are withholding judgment on new head coach Mike Brown.
Danny Wolf, the last of the Nets‘ five first-round picks this year, brings a lot of versatility to the roster, writes Brian Lewis of The New York Post (subscription required). He’s a big man who can orchestrate the offense and shoot from the outside, and he has the potential to see time at power forward and center. “He’s just so unique. I don’t want to compare him to certain players,” Summer League coach Steve Hetzel said. “He’s very unique because he can handle, he can play pick-and-roll … at Michigan, he was a primary ball-handler in pick-and-rolls. So he has a ton of skill and he can shoot the three.”
The Nets are acquiring Haywood Highsmith from Miami, but he seems to be more of a trade chip than a long-term investment, Bondy observes in another story. Brooklyn is emphasizing the development of its young players, and there might be interest around the league in the 28-year-old Highsmith, who has a $5.6MM expiring contract, once he recovers from knee surgery.

Knicks Notes: Thibodeau, Bickerstaff, Kidd, Coach Search

June 15th, 2025 at 1:47pm CST by Alex Kirschenbaum

Pistons head coach J.B. Bickerstaff seemingly came to the defense of now-former Knicks head coach Tom Thibodeau, without explicitly naming the team or coach, writes Matt Ehalt of The New York Post.

During a conversation on ESPN Radio’s “Joe & Q” on Friday, Bickerstaff was asked about the league-wide reaction to the coaching situation in New York. The Knicks fired Thibodeau after he led to a 51-win regular season and its first Eastern Conference Finals appearance in 25 years and have since been denied permission to speak to several currently employed head coaches around the NBA.

“I don’t want to call it the cherry on top, but it’s the final straw, I think, of what has happened this season and the level of respect that we feel coaches deserve versus what they are getting,” Bickerstaff said.

“When you are a coach, you feel like there is a job that you have been told to do,” Bickerstaff added. “And when you go out and do that job well, you should carry it over to the next year. If you have had past successes, that should envision future successes. You can’t guess what the future is going to look like with somebody new.”

There’s more out of New York:

The Knicks received serious push-back when they attempted to talk with current Mavericks head coach Jason Kidd about their new head coaching vacancy, observes Ryan Dunleavy of The New York Post. Among the other teams New York reached out to, the team got similarly emphatic rejections, as ESPN’s Shams Charania recently detailed on The Rich Eisen Show (YouTube video link).“Out of the five rejections, some of the scenarios that I heard [were], you know, teams would just hang up,” Charania said. “They would say no—and hang up. Teams would have maybe some profanity, maybe there is some ‘F— no.'” In addition to Kidd, the Knicks reportedly also reached out to the Timberwolves, Rockets, Hawks and Bulls about poaching their current head coaches.
Following a stellar five-year stint under Thibodeau that turned them back into perennial threats in the East, the Knicks must nail this next head coaching hire, opines Steve Popper of Newsday (subscriber link). Popper notes that, though New York was ridiculed after being rejected in all five of its initial bids for rival coaches, sources told him that Kidd and Chicago coach Billy Donovan were still potentially in the running. Popper takes stock of some free agent candidates for the gig, including Taylor Jenkins, Mike Brown, Michael Malone, Mike Budenholzer and Frank Vogel.
In case you missed it, the Knicks are now seen as a long shot to acquire 15-time All-Star Suns forward Kevin Durant in a trade.

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