The Post-Trump Hangover: Wall Street, Interest Rates, and the Future of Kamala 174

In episode 174 of the podcast, Rohan and Mr. Fong dive into the aftermath of the 2024 election episode 174 of the podcast, Rohan and Mr. Fong dive into the aftermath of the 2024 election, with Trump securing the presidency again and Kamala Harris's prospects seemingly fading. The conversation covers everything from the unexpected rise in the stock market post-election to Trump’s economic policies, including potential impacts on interest rates, inflation, and tariffs. They also touch on the surprising volatility in Bitcoin prices and the current state of the real estate market, particularly concerning commercial real estate loans in default. 

In addition, they discuss San Francisco's mayoral race, with newcomer Daniel Lurion unseating London Breed, and the future of Kamala Harris in politics. The episode also explores shifts in the office space market, with companies like Amazon and Dell pushing for more in-office work and signs that the office leasing market may be stabilizing. Finally, they examine challenges in the life sciences real estate sector, particularly in cities like Boston, San Diego, and New York, as developers grapple with oversupply and weakening demand. 

It’s an action-packed episode filled with insights on politics, economics, and real estate—plus some speculation about what’s next for Kamala Harris. on, with Trump securing the presidency again and Kamala Harris's prospects seemingly fading. The conversation covers everything from the unexpected rise in the stock market post-election to Trump’s economic policies, including potential impacts on interest rates, inflation, and tariffs. They also touch on the surprising volatility in Bitcoin prices and the current state of the real estate market, particularly concerning commercial real estate loans in default. 

In addition, they discuss San Francisco's mayoral race, with newcomer Daniel Lurion unseating London Breed, and the future of Kamala Harris in politics. The episode also explores shifts in the office space market, with companies like Amazon and Dell pushing for more in-office work and signs that the office leasing market may be stabilizing. Finally, they examine challenges in the life sciences real estate sector, particularly in cities like Boston, San Diego, and New York, as developers grapple with oversupply and weakening demand. 

It’s an action-packed episode filled with insights on politics, economics, and real estate—plus some speculation about what’s next for Kamala Harris.

Transcript

Rohan (00:00)
Okay, well on that note, I'll take a cup drop. We're all hoping for David. Everyone's hoping.

Okay. All right, ready?

Welcome everybody. Episode 174. Today is Tuesday, November 12th, 2024. I'm sitting here with Mr. Fong. He is a one week hangover of a Trump win. His taxes are lower. The man is coughing more than ever, but somehow he's still a little bit grumpy because his old gal, Kamala, didn't win. But here we are, Mr. Fongy. Trumpy is in. Kam, he never got in unless Biden falls apart in the next 60 days, which is a strong possibility based on when you rarely see him.

How does this make you all feel, my friend? Still a little coffee. Still a little coffee. a little depressed. Looking a little more Trumpy, too. A little depressed. the election has happened. That was what we talked about last week's podcast. And a couple of things happened. The election happened. And fortunately or unfortunately, depending on where you sit on the political spectrum, Trump is now our 47th president. Yeah, 45th and 47th. 47th. And we also had on Thursday the Fed.

They had, you know, made their decision on rates and they cut again. But instead of the 50 basis points of last month, they did 25 basis points. Big surprise. Big surprise. Interesting enough, at the press conference, when he was asked about the rate cuts, someone specifically asked him because of prior election comments about Trump saying he would replace him. He was asked, good old Jerome was asked, would you leave if Trumpy asked you to leave?

And he said very clearly, no. And then he further clarified by saying- do mean leave before Trump gets in office? No, at any time during Trump's tenure, if Trump asked him to leave, would he leave? Because Trump appointed him. But But you can remove him too. But no, according to Powell, legally, he doesn't have the power to fire him. How do you get rid of them? I think it's just when his tenure expired.

and then you point a new one. yes, so he basically said, because someone asked that question too, well, what if Trump tried to remove you and he said he legally can't do that. So he ain't going, I guess, if it happened. I wouldn't go that far. mean, if they don't want you there, you're not there. So, you know, he says that, you know, the election doesn't impact the Fed, you know, the again, your approach to inflation and the economy is always in the data.

And the data is inflation data is good. said we still jump market is somewhat stable, but core inflation is still little elevated. So we're going to be keep watching everything still. So he watched, but he kind of implies he may not reverse the cutting, but it may. He could slow it down. You people are expecting another cut next month, but maybe not. Interestingly enough, historically after an election, the stock market typically goes down a little bit.

And this time around, as I'm sure you might be happy, it has not gone It has gone up to incredible new highs. Yes, it has, my friend. has. Even more interestingly, Bitcoin has exploded. Exploded. I love guess it was stuck in the 59,000, 60,000 price range most of this year. And after selection, as of Monday morning yesterday, it was at 84,000.

Yeah, there go. And I keep seeing all these social media ads about these guys and all these guys buying Bitcoin. Bitcoin's gonna hit a million in our lifetime and all this. There you go. At least it's starting off that way. In the real estate, I guess the last thing about Trump is this question still becomes about interest rates, which everyone just assumed Fed would keep lowering them. But now they're not certain what's gonna happen with it.

Even though the stock market is showing one thing the bond market is showing the opposite. Yeah yields have actually gone up. Ten year Treasury has gone up and it's kind of at least some explanation economists explain it as it be a result of Trump's, know proposals about inflicting all sorts of tariffs Yeah Companies, but that makes sense. And right they think they will I guess while it sounds good tariffs, you know, what what economists all say channel this I disagree

they think that ultimately tariffs and costs of imports become more expensive, then those costs will just be passed on to the consumer. So prices will rise and if prices rise, that doesn't help in this inflation battle. I don't know what that'll do to... Obviously Powell can't stop tariffs, hopefully he doesn't reverse course. So the market is still kind of sorting its way out from this, like you said, one week hangover we have here.

Or this my angle It's funny as a real estate guy. You're the only real estate guy. No, no, no, no, no, no, no, no, no, no, no,

I don't know you you're mad at the people I am people but we didn't talk about that which people I don't know with some people out there Your politics don't suggest is such so So so anyway, so so there was some progress in California politics and then the other thing I saw which I don't know if you know, yeah, your buddy London breed is out my buddy

Your good friends mayor of San Francisco, who a lot of people contribute to the sort of downfall of San point fingers at her. She lost this first time candidate, this dude named Daniel Lurion. don't know if you know anything about this guy. Well, what's interesting about this guy is actually that rarely do you see this. And they said that this is like one of first times it's ever happened, where a non San Francisco person has won.

San Francisco mayor. Usually somebody that has like San Francisco roots that wins. Yes. Yes. And he's also from, I guess she used to point this out too. He's also comes from a wealthy family. He's the heir to the Levi Strauss fortune. Okay. And apparently I guess that's what I like more already. One of her complaints. I guess he, he's a founder of an anti-parity nonprofit. And like you said, first time candidate Democrat though. But, but yeah, he beat out.

London and she complained a lot about I guess she comes from a poor not as wealthy background and was complaining how you know him and his rich friends you know they spent they spent a ton of money on advertising and how they were kind of like you know abusing their you using their money to buy their way to San Francisco. Wait did he want to put a soccer stadium instead of in west football? unclear. I'm unclear about what his plans are. He didn't want to do that? didn't think that was a great idea? I think he ran more in a campaign against what she's done to destroy San Francisco.

Wait you so he didn't want to put a sock You're more focused on cami, huh? take on over there Still I you know, got a touch you still fighting the people now I get a ton of these texts, know from her supposedly from so many I only get it from the I only get from Monte, Kamala. I think it was a Don

Yes, she fight people. The irony is, the VP, just like Pence was, she will actually have to certify that Trump won. Does she know that? She knows that. You sure she knows that? called and conceded, but most candidates, when they concede, they have a little speech.

with their supporters to kind of say sorry and we did a good fight or whatever. She didn't have a speech they said. She just acknowledged the loss to him, called Trumpy and said she could do whatever. You know, as much as you and Kami have a lot in common. I wonder what you think Auntie Kamala does now. Because she's not really like, well, she's got the name. I don't know if she's a speaker circuit type of person. It's hard to come back from.

No, but like she's not like usually you just go on the speaker circuit out of auntie Kamala is like speaker circuit type of you know Not that she couldn't get some money But like I mean she writes the book she should write the book. She's written children's books. She'll write a book Like I think it's just back to the locker Really? I don't think she's like this is like a figurehead person in the locker. Yes. I don't you know Rainmaker connections to DC whatever I don't see her. It's like

you know, joining like Carlisle Group or something, you know, fundraising. You mean like she couldn't get a job at Carlisle Group or you don't think that's a fit? I don't think, I don't think that's a fit with what I know of her, you know, background and personality. It's sort of, know, like if you look at who said Carlisle, you know, it's a lot of publicans too, you know, Bush and all these other guys are advisors. I can't But if Obama wanted a job at Carlisle Group, he could get

we found out, but he's had a popularity that she did have. So that's why I don't think... And if Hillary wanted a job at the Carla Group, like, so she could get one. I don't know. No? No, I don't know about that. So Auntie Kamala is just going to go back to being an attorney? Yeah, I can see her. It's like a rain-making attorney? Yeah, or maybe some fun. I don't know about politics. I don't know if you go from there back to like, OK, I'll just be senator in California. No, you can't go into that. You're not going to go into that.

I think the political career is over unless there's some future administration she can get a job in. No, mean, no, meaning in the sense of like, meaning if a Democrat became president in the future and maybe they'll hire her as secretary of the Fed. Has that happened before? You know, like head of Justice Department or something. No, but has this happened before where like a former president sits in a cabinet sometimes? Well, she wasn't a former president.

Or like even to me it ran for president? Has that happened? Well, who was the, didn't Cheney go to? Like somebody that was like, yeah, somebody that was actually. but no, no, he was, he was secretary to Demney because was VP. I wasn't the other way around. Because the vice president like, there's a lot of people joke, you know, it doesn't really do much. Right. But what do you like or like, you know, basically, you know.

several million of votes away from becoming president and eight swing states. I well, what is Pence doing? Pence? Not much. don't know. But like, I the thing that's most startling is that when you start thinking about what is Ante Kamala do post this election, beyond like, you know, probably making up and going to several podcasts, that was probably a good move to find, shore up what she's saying and probably stop texting people.

Like, there's no clear path to like, what does the anti-Kamala do? Like, you know, it's very clear that, you know. Other than the book. Well, the book is clear, but like, Michelle wrote a book. Michelle Obama wrote a book. Yeah, yeah. So like, know, No, Hillary wrote a book. Michelle wrote book. Everyone's book. I that's fine. What is, what is like, what does she do? That's where it's like, when you start really thinking about anti-Kamala and these like, more like zoomed out things, it's like,

He's probably not a question. We put it out there. What does the listener think she should do? Anyway, to your question, former President Mike Pence is he's teaching a class. OK, professor. He's a professor at some city college. Yeah. Maris Callen. Well, I don't know she's in a city college. I mean, she could get that. Or getting a like a president title.

Yeah, I'm just waiting here. I can't wait to hear what happens for Ante Kamala next. So, extend and pretend, we've always talked about that. So, a new article talked about commercial real estate loans that were kind of in default and have to extend and pretend. And now they're calling it the re-defaults because now a year or two later, I guess, especially as we noted that the treasuries have been going up, there's a big potential risk that this extended pretend or is...

Some people used to call it delay and pray. It's not the solution because, you know, on balance now, it's, know, they're going have to re-extend again, which they could do, or, you know, this is going to start showing up as losses for some banks. So there's a lot of talk now about this sort of second default way coming. And some studies have been looking at all these loans that are keeping building. You know, the banks are less, if you look at also the loan modification banks did,

For the most part, lot of the modifications really were just extensions. They didn't go pretty far in terms of reducing the principal amounts or the payment amounts. So whatever stress people had, it's not like the rate of arms was that significantly changed from last year and the year before. either there's going be another wave of more modifications, more extending and kicking the can down the road, or some of these actually might result in real foreclosures or losses.

the long read default wave may be coming. Is that the wall of maturities? No, this is the second breaking point. The second wall. Yeah, the second wall, the re-wall. Because the original wall happened, they extended, but now it's back. So the wall's back. I remember a few years ago, the wall was really a big, it was a big moment for you, like the idea of the wall. Yes, I had this image of the Yeah, was like Trump had his wall and then Fongi had his wall. And I feel like both of these walls.

have been like not nearly as grand as advertisers as much as we imagined. See, that's something you and Trump have in common. You both wanted walls. And these walls are not nearly as big as you'd hoped. Life science sector is sort of also at a moment of inflection. Apparently, this is a big, a lot of life science projects in San Diego, New York, Philly, and Boston. Apparently, there's a big oversupply in this market.

weakening demand, which ironically is probably life science people, developers now that convert their properties to office, which as we all know is not exactly the hot sector right now. So according to Seville's report, more and more life science developers are turning their spaces into offices, but not certain if that's going to be the solution. And so a crisis of confidence in the sector coming from New York and...

San Diego, Philly, and Boston where a whole bunch of these big life science projects have been in works for the last few years. It's really struggling. mean, it's as hot as that sector was like three years ago when people were getting the vaccine and without life sciences. It seems like it's just like cooled down so quickly. Do they offer any reasons as to why? They just said it was spark because of the pandemic. So the research and everything.

for pharmaceuticals and biomed was really hot now that the man is not there or they overbuilt.

Talking about office market, new study by this group called Flex thinks that maybe we're, again, also turning a corner. A couple of companies, I we talked about Amazon, more and more are getting more bolder about requiring people to go back to the office. Amazon, Dell, 3M. You mean the RTO? Yes.

The good old RTL, they're requiring workers five days a week. The good old RTL. I would say it's not the good old RTL, it's a pretty new concept. So according to this flex index, maintained by this flex group, one third of all companies required their workers to be in the office five days a week in the third quarter, which is slightly up from the 31 % in the second quarter. So this is the first time that it has actually increased, whereas the nine consecutive quarters before, every quarter kept decreasing.

the amount of people wanting, requiring people to look out. So this is first thing. So they see this as maybe this is the first time this has slowed and there's a shift. There's a shift. we recently talked about the big loan refinance at Rockefeller Center where it shows that there was demand at least from the bond investors. And according to the bankers who worked on that, they were saying there was actually a lot of demand. And so they think it's a growing demand for office. maybe we are at it. It doesn't mean office.

crisis is over, but it does mean we could be at a turning point. So CoStar also said the same thing. After eight consecutive quarters of contraction and office space leasing, the amount of operating office space basically stayed flat, but they think that as a positive sign since prior to that it's been going constantly down. Or it could be just some unusual seasonal thing happened. But I know, think maybe there's some truth to that.

You just have like a gut feel. Well, I think, like I said, I think it's becoming less crazy to say go back to the office. I think it used to be sort of like, no, we don't need it. And it was a given. I definitely need to set some house in New York, that New York seemed to be moving a little bit back more. It doesn't mean that there's a ton of obsolete older buildings, B-class buildings.

You this doesn't mean the office market is dead either. Meaning that we're not going to need office ever again. Like there is a place I think for some. You mean it's not like the worst and it's not the best. Somewhere in the middle. Is that what you're trying to get to? Okay. Well I'm trying to put some sunshine into the office market if you're an office investor. It's as bad, but it hasn't gotten good either. It's not going to be, it's not the end of office. Like no one ever go to office again. Yes. But we're not going refilled.

with AI and remote work and everything, people come in and stay in the office. I think the reality is that you're seeing

little bits of office come back, both in the form of new leases. And you're just seeing offices start to get actually occupied by large companies because of RTO return to office. And as fast as that thing, the air got let out of that balloon. To fill the balloon back up is going to take a long time.

That's a way to do it, your balloon analogy. that balloon plucking It leaks fast, but to blow it back up Yeah, it's gonna take a long time to fill that It's you blowing a balloon over a tire of Eskimo. Yeah, it's gonna take a long time to fill that out. And I don't know if it ever gets this billed in the one. Yes, okay, I'll do that. I was also gonna point out a couple other office transactions actually happened, although again, at pretty low prices. Just one more thing, to the balloon analogy. The one thing I've seen is that now you have to justify...

why people are in the office. I've seen this like over and over again. You mean the employer is just... Yes, the employee has to justify to the employee why they need to be there. Like it has to be a real reason. I've seen some like we're like, okay, we are at, know, we have confidential documents that you can't do it, you're working overtime. We have military documents you can't do it this job. We have...

We need to be in, we have clients coming in, they can't meet your job in your living room. Like there's just like, it has to be real reasons. Otherwise it's like kind of bets off. Like people just don't buy and there's enough employment where you don't need to necessarily take that job. I've seen that. I've seen that like an hour. Well, they're saying actually that on the employment front, it's not as good as it was. Yes, a hundred percent. So like, whereas clearly the balance of power had shifted somewhat to the employees because they had more options.

and so they could fight back. But they're saying the job market is slowing a little bit, and so now the, or at least the new jobs opening, and so the balance of power is shifting back to the employer who now can be a little more firmer with the, need you back to the office. Yeah, just coinciding with that. Now, I was saying that there are still, like, there was a deal in Hollywood, you know, but again, it discounted two properties, but local buyers, San Fernando Valley Group called.

uncommon developers bought two Hollywood office towers for a lot cheaper than was sold by the Rockwood Fund. paid about $186 a square foot versus $270 a square foot paid by the seller just a few years ago. there is some, at least some people believing there's some value in this office still. A couple of the big transactions to report, Scion Group, big student housing group, they just bought a big

student housing portfolio from Harrison Street, 893 million is about 8,700 beds, 14 properties, Texas A University of University of Arkansas. So still strong belief, at least there's some vest still strong believers in mind, proper student housing, purposeful student housing, large growing universities. Blackstone also made a big move in the retail sector. They bought a group,

retail opportunity and investment score, buying over $4 billion. More of a corporate deal is based on their share price than paying $17.50 a share, which is a 34 % premium over their share price. But they're basically buying 93 high quality grocery anchored shopping centers with about 10 and 1.5 million square feet, mostly in the West Coast, in LA, Seattle, San Francisco, Portland. Again.

Like this base, know, Blackstone's is part of Blackstone's strategy to invest in necessity based retail in densely populated areas. I think that sector, you know, there wasn't a lot of development in that sector. was in the fundamentals, like, tilling, we straw. And so they're looking to close that in the first quarter. There's also, there's another example of Blackstone's and the trend with a lot of private equity firms targeting REITs and buying them at good share price markdowns. It was compared to what they think they're.

Real estate values are. Interesting. So interesting strategy there. Very interesting. I like it. I'm a fan of that. That's all the news I have to report. There's a lot of news, my friend. A lot of news. And again, as I said, the big question, we're all still trying to figure out how to live in the post-trump world. Post-trump, well, I the new Trump world. I would actually change what you just said. The big question, we're all trying to figure out.

I'd say though you're trying to figure that out. I'd say most of us real estate guys, we're pretty good with the tax cut and the general. Now that part I'll point out, and we talked about the opportunity zones scenario we invested. Yeah, they should. They offer renewal next year. I mean, it's Trumpy's idea. He's going to renew it. Everything that you wanted will be fine. That's all good. Yeah, listen. The thing that he's drawn into question is my interest rates. What interest rates? That he's not going come?

Whether they'll continue to be cut if inflation gets sparked by the time. he'll just push. He'll push power aside. He'll put the pressure on. He's not going to keep. has to do the interest rate affects him more than most presidents. So yeah. Yeah, no, no. So it'll be interesting to see what Trump does to deal with that because obviously he doesn't want the voters to be unhappy with him. And by the way, learned voters aren't happy because of inflation. And they were unhappy with just general direction of democratic politics.

They looked at a bunch of blue coastal cities and were like, that's not what But there will be like the mass deportations that he's planning to do. It's going to be cost of things to this. It's all drama. impacts our business. Yeah. I don't think that. What do you think? They're going to take people out of our B apartments and mass deportation. Again, I'm focusing on our debt. I think you're over analyzing. Now I understand where you're sitting, where you're sitting.

All right, so what do you got for me? Any content? I'm still watching The Penguin. I'm still shocked that that's Colin Farrell down the last few episodes. only one season or is it more than one season? It's only the first season. I assume it's just one. I don't know. And then I started watching Yellowstone, which has come back. the fifth season? The fifth and final, whatever it is. And as I'm watching it, I realize that the old John Dutton, Kevin Costner.

No longer there. he's not on there. Not on there. Not even good nice flashbacks. He's just gone. Guess he was. He had some dispute or something and then something happened and something got pregnant. I don't know what happened, but yeah, he's he's not there. The commercials leading up to the season. Yes, photos of him. had a lot of photos of him. Lots of lead in a little bit switch there. A lead ins, lead ins. Yeah.

Yeah, so it's a does not the the zing without with old that without old John Nuttin in there But his daughter still in there, right? Yeah, she's okay. I don't she carried on her own though It's a lot of show to carry on. Okay, guess it makes sense. Why Celeste season that yeah, they killed old John that not But is this character in what you've seen in this new season is character supposed to be dead. Yeah Yeah, it's like the first scene

No, no, no, no, no. He's not in rehab. No, he's dead. OK. So yeah, that's my content surprise. Any content for you? I happen to watch the movie Focus. Will Smith and. yeah. Great movie. You've seen it? Yeah, it's like 10 years old. It's right in your wheelhouse. Actually, I was going to say, you know who's in this over 10 years old that was supposed to. I don't remember the show, but you know the show.

the guy who played his father. I don't remember it. He like this, he was like from a 90s sitcom, he played like a Marine Sergeant, like Sergeant whatever. I don't know offhand. So he was a character and I realized, who is this guy? don't I recognize him? Yeah, yeah. There's some characters in there. He actually had a couple of lines about, your generation is so soft, and you lattes, this is this. He said, just say I don't like you.

Be direct, be a man. So was like, anyway, it was interesting. mean, you know. It was a good show. It's funny that it's based in New Orleans. That's what I thought was interesting. Well, yeah, well, that part of it, well, it's about a con man and it was interesting because there's a New Orleans because they had the Super Bowl and I guess probably happens. You know, we just had the World Series, but obviously that didn't happen. know. you don't think it happens during the World Series? No, no, but I mean, like during the Super Bowl because.

It is such a spectacle. There's so many people, so much money running around, and so much drunken people. I don't know if the Series attracts as many people. No, because remember, the World Series also is a multiple day event. that's true. It's a one game. Right. So this is just a singular day. So these car artists are out there working because it's a good time to work and con people. So that was kind of fun. also the

the little gambling thing he did. Yeah. Yeah. Yeah. No, it's it's it. I remember it was it was a surprisingly good movie when it came out like 10 years ago. I'm glad you joined in. Thank you. Yes. I'm looking at right now. Just got to Netflix. It's a power. I am going to watch Old and Young. It's about there's an old cult. I haven't seen which you might think of Glick Larry. Yeah. Then Ross Ross. Yeah. Yeah. So took for it. I said.

I'm sure the listeners are waiting for your review on that another old ass movie. All right Yeah, coffees for clothes upgrades Just a haircut You want to I don't know if you call upgrade my coffee. I actually whether go to see an Asian doctor

Not an Asian Western medical doctor, but an Asian medicine. okay. Eastern medicine. like it. yes. When I was in New York a few weeks ago, I was coughing a little bit then, and someone had given me some Asian herbal medicine powder. I it to boiling water that kind of helped my cough a little bit, so I thought maybe I would try buying it. So I ran out into the good old 99 Ranch, but they didn't have it. So next door to it, I happened to notice was sort of this herbal doctor.

kind of place. So I went in and asked if they had the medicine and they did. But then the person I was talking to, who actually I didn't realize was one of the doctors, started telling me that the medicine I was looking for was really more of a generic kind of like general, you know, it's like going by aspirin in the pharmacy. So she said you should really have herbal medicine tailored to your situation that a doctor looks at. so that it

prompted me to, well, is there a doctor here now? And so she said, yeah, I'm a doctor. And so I actually had her check me out. And she met us this time, which involves basically reading my pulse and my tongue and stuff. And then she prescribed some herbal medicine to to try for the cough. Well, it sounds better. I mean, you haven't really been coughing that much. Something's working. That's sort of an upgrade. I'll take that as an upgrade. She had asked me to, there were different types of medicine they could give me. And there was one where they actually like,

is because all herbal like herbs and shrubs and whatever plants and stuff they actually wanted me to boil it and so I was they had asked me at first do I want to boil the medicine I said no and as you know no bueno David does not does not cook and boil so I said no I need a pill know how to boil water though right I know but putting all these okay well all the play-by-play on this medicine you found that's which is as I mean I'm giving you the space because this is a cough that's you know

been a part of our lives for a while now. our podcasts, and just our investing lives. that does sound better. So that's good. Thank you for the play by play on acquiring this medicine. So definitely an upgrade in your life. Any downgrades? No, I can't think of any. No, nothing. Nothing. We're just trying to wrestle a little more after our Vegas trip and the election.

You just stick to writing a book and become a professor. No, I didn't have any upgrades. I didn't really have any downgrades last week. I don't really care about the election enough to consider downgrade. But it's been a busy week. I actually will say that the one thing that I've noticed

is that one of the oddball effects of work from home is that especially in big cities like Los Angeles, traffic patterns are no longer patterns. Like there's certain parts of the city that even if you think you're gonna go there at like a non-rush hour, it still could be a rush hour because nobody's working in the same periods of time anymore. So as the workday shifted,

Like we've gone to Century City in Beverly Hills, that's like become more or less like a almost like several times a month trip. And there's no way of escaping that traffic on the return back to the East side or back to Manhattan Beach for that matter. It's just no, you're just going to get caught. it's like, unless you like leave like super early in the morning or super late at night, you just, there's no pattern. Like you can leave at one o'clock, two o'clock, four o'clock, six o'clock.

You're just gonna be stuck in this ridiculous traffic. And so that's a downgrade. I don't know if it's an upgrade. Tell us. grade. I actually went to Houston. Okay, let me see you. haven't been to some Houston's in Pasadena in long time. Very busy. Very dark and very busy. That was the downgrade. It's a long wait. It's a very long wait. And I remember, it still holds true, guess. You get there before noon to get a table.

get there after 12 to 13, it started challenging. And we had to wait a pretty long time, even just even sort of bar. Yeah. Well, one thing about Houston's, and this is probably too small, but like, it looks a lot larger from the outside than it is inside.

And then on top of that, it's a very dark restaurant. It's like a highly dark restaurant all hours a day. Like they've not met a shutter they didn't like in that place or occurred. Food's still the same. No, good. French dip is still good. No, food is still good. Food is still very high quality. But it is a very funny place that like it looks because it's their parking lot's big and the building feels big. Yeah. But it's not that many seats in there and it is perpetually like a wait. And the parking is a good. It wasn't a down here for me because I just probably got like one or two last.

Yeah before I up but then when I was leaving the restaurant five guys were waiting pouncing on me. Yeah, you leave it. Are you leaving? you leaving? So yeah, I forget about how tough part Yeah, it's a very funny restaurant that one in particular reliable The Hillsong group is one of the preeminent restaurants. They do a good job. That's a food upgrade to I'll take about food. I didn't have any food this past week And my podcasts have been more or less the same. I think that's it

Our fundraise is done, so thank you everyone for joining us on our most recent industrial deal. We have another deal coming out later this month, which should be a little bit more near-term since it's a retail development and acquisitions. We are acquiring some retail as well as doing some acquisition on it, and that's about it. Thank you all. Be well. Be well.