New Mayweather's arena - Office Buildings! -176

In this episode of Good Life Housing Partners, Rohan and David dive into the latest news and trends shaping the real estate landscape, all amidst the holiday season. They discuss Grant Cardone's announcement that he might run for California Governor in 2026, aiming to "Make California Wealthy Again," and explore the shifting dynamics of the commercial real estate market, from the impact of Japanese investments in U.S. properties to the slowdown in distressed asset sales. They also touch on the rise of "exurbs"—areas just beyond traditional suburbs—driven by remote work and rising housing costs.

The conversation then shifts to the state of downtown L.A. office vacancies, with firms fleeing for safer, more desirable locations, and the changing face of corporate leasing. They also touch on private credit's rise as an alternative to traditional bank lending, highlighting how it's become a key player in the real estate sector. Finally, they explore a few cultural and political shifts, including Floyd Mayweather's new real estate investment ventures and the growing prominence of conservative figures in California politics.

If you're into real estate, political shifts, or just looking for a lively conversation about what's going on in the world, this episode has it all. 

Transcript

Rohan (00:00)
Greg Cardone. Yes. Social media and real estate fame. Yes. I guess he announced that he may consider running for governor of California. So challenge Newsome in 2026. I guess he, Cardone was a big Trump supporter too, like like Yilan and you know, instead of make America great again, he wants to make California wealthy again. So I like his slogan.

Welcome everybody, Good Life Housing Partners. Today is Monday, November 25th, 2024. We're sitting here on the last working day of, I feel, a fairly holiday week here in most of America, Thanksgiving week. It's, you know, some people love the holidays, some people don't. I'm more on the love side. I really like it. I enjoy the get together and the food and the, you know, hanging out.

Yeah, I enjoy it. I don't know what I think you're probably in the enjoy it aisle. I guess. Yes, I like but it makes for a very short work week. Stuffing Where does this find you Mr. Fogg? You coming off some Dallas visit? Yeah, it finds me well. I'm looking forward to Thanksgiving and eat me some stuffing and there you go. And you know, which is my favorite dish and some turkey. So it's always a little fun. And then we have the little Black Friday sales, although I don't think I will be.

going to black friday like i would hope that which which i did see i actually saw her to tip which was a lot of retailers which i was not aware of they actually have these price guarantees someone was saying where you should if you do it within thirty days or forty days of black friday you basically get black friday price deal with this whatever pricing match so they suggest rather than go to black friday where you

or fighting with other people and the inventory may be low, you should go try to buy it beforehand. And then you'll still get the same price. I said, that is actually very clever. It's a way to avoid all those crowds. And also Cyber Monday. Yes. Well, I mean, and somebody is one of the rare people that actually still goes to the sale. I see how that would be very, something very appealing to So some upgrade. Yeah, that would be enough. That's a real upgrade for you, actually. There's a go. I don't have to go.

Yeah, you don't actually have to go. You can just, you know, kind of do it on your phone or. remember years past, especially when the kids were younger, getting online for that new playstation or Nintendo, whatever. Yeah. That was when it was still kind of an odd thing to like use your credit card on the internet. Right. It was still weird to, know, you don't know what was going to happen. well anyways, we're, here at a nice holiday week. It's a, you know, there's a lot going on in.

I would say like because of the holidays, but there's not a lot going on, you know, in work wise, cause most people are sort of checked out already. Some people are in today and then it kind of keeps on decreasing as the week goes on. It's pretty much the standard now for many years, but you know. And then you have the holidays coming up. Everyone's focused on holiday parties. Yeah. And I like to always say this is sort of, I think the last full working week of the year like this.

this past week. This is a short week and then you start getting into some holiday stuff and then it's just successively Christmas and New Year's and know, some Hanukkah thrown in, there's different holidays and whatnot. yeah, this is, the last week was probably the last real full working week and even some people take that week off, so who knows? Anyways, let's talk some content. Let's go around of real estate news, that's fun. Because the holidays coming up, they should mention slowdown. SL Green.

Big office landlord in New York. Let's be hired over there. Owner of the and developer, builder of the famous One Vanderbilt, which he talks about in many a podcast. Yes. Recently sold the stake. Sold 11 % stake in the building to Mori Building Company. It's a big Japanese company. But what's more interesting about it is valued the building at $4.7 billion. Wow. Jesus Christ. It's is big 74 story building in...

or to Chris sheet from Grand Central has sort of now becomes 100 % lease now become sort of a benchmark for modern day office developments. You know, saying, which, you know, they've done some of the, you know, biggest rent rates in Manhattan in a long time. And so when people are looking, you know, aspiring to, you know, what works in office there, you know, they now consider one Vanderbilt. So now they own it. They had a 70 % stakes and then it got, rid of 11 % to,

Japanese company and then the other owners of the building in case you're curious is the Korean national pension owns 27 % and Heinz owns 1.4%. Okay. A little piece for Heinz. The Japanese owner is actually interesting because recently also I didn't get a chance to talk about this a few weeks on a previous podcast where another Japanese group has bought some interest in a apartment company. I'm going to just find it.

I think they bought.

Alliance Residential, one of the developers of luxury class A apartments. They sold a chunk of their ownership to Daiwa, Japanese group. part of a home builder. So they bought a stake in Alliance Residential, which was founded a number of years ago, back in 2000 by Trammell Crow alumni, but very well known multifamily investor and developer, based in Scottsdale, but all across the Southwest.

And so I think it's another example, you some of these Japanese companies starting to look for real estate investments again. It makes sense. So I mean, think this is a natural kind of, right? This is, you know, people are kind of dipping their toes back in, kind of deciding how to work on this. I think this is natural, right? So we've talked about distressed commercial real estate sales and, you know, everyone in the last few years, we've talked about people trying to raise funds and everything, but distressed, not too distressed.

New data is coming out that basically all these funds that have been raised in the past haven't been able to deploy a lot of that money. surprise. And so as a result, now the fundraising for future distress is they're just having a hard time people believing them. They just can't believe you. There's a of distress. But because of all the extended pretend, you you haven't really deployed much capital. So just to give you some numbers, in 2022, 70 billion was raised. And if you look at 2024,

Only 30 billion is raised, so basically less than half. People aren't believing this. Yeah, I don't know if it's a belief factor, it's just reality. You remember, you used to fondly talk about the wall. Yes. The wall of maturity. Yes, which they still talk about. Yeah, people still talk about it. It's a nice visual, but the reality is in this day and age, the world has just moved. I think that people really don't give enough.

on how fast and how clear information is today. And I think people still go back to like their fondest memories of the RTC or like, know, the GFC. It's a great bargains. Well, there was just great bargains, but it was when information flow was so limited. mean, we actually, you know, I think this is actually a very, very weighted point is like you were talking about how lunch, like I used to roll around LA with Thomas guy and people would draw you maps 30 years ago.

That's how limited the information was. Now zoom ahead today. If you had a Thomas guy and you had somebody draw you a map, first of all, I'd be questioning a lot of things about you. But secondarily, I don't know what type of resource you'd be working with that you'd have to have resulted to like being in that type of state where you're like searching a Thomas guy to find some address. Yeah, find a location and you've got somebody to map. And I was like, we don't realize how quickly the information flow has moved and how much faster it is that like

I think people are just like, dude, there's not going to be all like the amount of distress that you thought you were going to see because there was this wall, because it's easy to visualize that. It's just nowhere near the reality. And I guess also because the information access is so valuable. I guess in the past, there was an advantage to insiders and the people who had done deals and stuff. And so there's a ways for them to kind of monopolize the amount of deals. But definitely, you know, the number of distress assets sales and the pace of distress is-

Not happening. It's I don't know, it's just way different. But for those guys who are in the fun business, who are out there marketing all these funds, their business now is not as easy. That's a lot. But what's interesting, if you look back in the four years, or a few years, two, three years, where it has actually grown, where they have actually deployed capital, which now they're kind of pivoting to raise money from, is direct lending. Yeah. So to fill that gap between the banks and the others. all this press equity. private credit, basically. Yeah, it's all private credit.

You know, you look at the numbers from there, that's grown significantly too. looking at that where funds have raised about 28 billion. Whereas, you know, it was below a billion a few years ago. So now direct lending has really taken off. And so that's stepped up. Word of the week for the word of the podcast. Yes. Excerpts.

know what an exurb is? Exurb is... Ex-U-R-B. exurbs are areas outside of the city, but they're not fully outside the city. Sort of. The suburb is the area outside the city. Exurbs are the outer suburbs. Yeah, the outer suburbs. They're even more further out. Yeah, Sorry. got a mix of... Typical definition has a mix of urban and some rural characteristics to

Right. you look at it, it becomes very popular. Yes. Yes. X-Ribs have grown the most. Yeah. More so than suburbs. If it just had a site, well, you finished point that I'm going to give you a site. No, no. I was just pointing out some trends that there's the nation, according to census, know, the nation's fastest growing part-part of cities. I think they are. And I think on another example of it is it's actually for a lot of people, like I think some pretty smart real estate investors.

it's making people rethink the way they value tertiary markets. Secondary and tertiary markets. these XRBs have become so much more popular. And I mean, this XRB is pretty loose definition. It's very loose. mean, yeah. They've been given examples they gave. was like could be 30, 40, or 60 miles. Yeah, mean, in a city like LA, I mean, you could arguably say like Barstow could be fucking XRB.

of Los Angeles, right? Like you could definitely say Riverside is, but Riverside really its own city. Like it's its own city. has its own demographics, has its own complete, know, completely different. but yeah, I mean, XRBS, think, especially in the middle of the country where things normalize a lot more and the median pricing stays pretty flat and really low. I think XRBS have become very interesting and they've really shifted the way people think about just pricing overall. Well,

Well, that's great point from an investing standpoint. The main reason why they're saying why the excerpts have grown is because of rising housing costs. And then also just to grow for remote work, as we always talk about, don't need to be in the metro areas anymore. And then, excerpts also appeal to millennials and Gen Z more, because they're seeking more of lifestyle balance, so they feel a little closer to nature. Yeah. Because they can get out That's also true. You see that a lot. You see that a lot now, where people will move to these kind of more

remote destinations. Yeah, the one. So the example they gave was just to give us, have to, guess, Scottsdale, you Phoenix being the Metro, Scottsdale is the suburb. Wealthy suburb. you go further out. Maricopa County. That's sort of the Casa Grande. was in Maricopa. yeah, Casa Grande. What they call the XR. Yeah. there's a lot of growth in Casa Grande. So that's the example. So the news, Nomura analysts. That kind of bucking the trend.

They're saying no rate cut they're predicting for December. December 17th, they think a pause is coming. Interesting, I gotta buy that. And the expectations of the rate cut have now dropped from 45 % to 34 % come December. I still think he'll do it. I hope he does. Maybe that's just my own hopefulness. I don't know, I can't tell really. I think there's a lot of reason to do it. Less reasons to not do it.

taking the punch bowl away they said he sees people he will be data dependent.

So someone's taking a swing and a comeback on the office market. No boxer boxer Floyd Mayweather Wow, we talked about Investing here who had invested in the residential portfolio. I told you black screws red control big big You probably arguably one of biggest deals in New York. Yeah, or Jim O'Deal So he also just announced he's investing with his office developer to buy this portfolio of 18 18 office buildings 10 million square feet around the New York City

One asset is a 60 % lease, but it's occupied by Amazon. It has some yards. It also includes old post office and Aon Center in Chicago. And in Jersey City, he likes this Harborview property, which he thinks has tremendous upside according to Mayweather's people. So Mayweather thinks offices has got some opportunity.

and

Yeah, don't know them person by Mayweather's people says he's excited because he considers them real estate royalty He's working with that's the luck to Mayweather Floyd and his in their money to spend I don't know what he paid for that Versace mansion, but it's not as expensive as you think it was

No, I think it was a hundred. was it was in the hundred millions. Really? Yes. That doesn't seem right. It's not that big. It's supposed to be like a 60 or 70 room hotel. Yeah, yeah, yeah. That's what it is. It's like it's that. But it's very like it's not every shock that much. That feels heavy. OK, last bit of news. Downtown L.A. why are we here today?

Office and it were right where today we are 30 We are 32 % vacancy Which is worse than that least that's least I always like to point out that's least versus 28 % the year before but basically Safety is the top priority most downtown Tenants they said have now all moved to Pasadena, Central City and El Segundo. wow. They cite safety. They had some of them. However are keeping

a little bit of a floor print, but for the most part, you know, because of employees and concern for safety, they've all moved and, you know, better amenities. used to be common for firms to keep 75 % of their workers in downtown LA and 25 % in these other areas or the West side. That's completely shifted the other way. you know, so it's what they call quiet leases or quieting down in downtown.

So they'll move most of their operations out of downtown and reduce their footprint. So they're doing what they're calling this, the quiet leases or quiet downtown. So they're still leaving a footprint so they don't want to, I don't know, for whatever political reasons, anger, anger, they've abandoned downtown LA, but it's quiet leases, the quiet downsizing. Last month, actually, I didn't realize this, Weedbush Securities, which is a old webbush. don't know if you noticed, they're moving to Pasadena.

So, you know, the trend is, know, I guess we're one of the outliers that are still holding down the Fort here in downtown. Well, we might be limited, This might be coming to an end, too. it's, you know, the trend seems to happening. So I think this is very groundbreaking over here. know, the new guys, you know, think a months ago we talked about the group that bought the Aeon Center, which is a long way from us. you know, I think those guys, it's not good for them as part of their.

strategy. Well, no, but you know what? Like, I think think I think those guys, from what I've understood is more or less most of these folks that have bought stuff are really relying on like, like government tendencies. But there's not enough government tendency. I don't know. Karen's going to lease more. Well, no, because what's happened for a of these downtown buildings is they're they've become less desirable to the wet bushes and the

shepherd Mullins and whomever like these big corporate outfits that you don't want to be in safe, nice lunches nearby type areas. But what they have become desirable to is like lot of like Karen Bass's LA city and LA county offices because of two reasons. One, it's just a better area than what they are currently. But two, and maybe more importantly, most of those buildings they're in are no longer seismically, like they're not gonna work seismically.

And so they have massive seismic stuff to do retrofitting to do. And it's almost better to say, we're going to just let the building go and try to get temporary and go lease a big fancy office building, like the gas company tower, which you used to once be in. Right. And just buy that even if it's like, it's a good deal for the government now. I don't know. a good deal. Well, in terms of in terms of pricing, like they'd never be in a class A.

I guess back in the, don't know. I you're, you're sort of makes oversimplifying it because it's not like it's that simple either. It's not like, it's a class A building. It's just so simple. Like I'm just nice. There's a cost to running the building too. Right. no, no, no, no. I think there's a cost to Yeah. There's a constant movie. think, I think a lot of these are done out of a lot more out of like we have to fill our, we have a problem.

It's a more problem driven than actual like, this is like a great solution.

But last last news is interesting. Greg Cardone. Yes. Social media and real estate fame. Yes. I guess he announced that he may consider running for governor of California. So challenge Newsome in 2026. I guess he, Cardone was a big Trump supporter too, like like Yilan and you know, instead of make America great again, he wants to make California wealthy again. So I like his slogan.

Okay, well hopefully you won't be here. Hopefully you'll have moved on my friend. guess you know, you know maybe News of me gone trying to chase the presidency in 20, I guess 2028 right? So I don't know if it'll run for that governorship but it would be interesting to see News of against Gregor Doe. No, it'd be interesting, yeah for sure. Meanwhile Jamie Dimon I guess the both of them have

said no to Jamie, Diamond and Trump, both said no to each other Trump. know, prior to, you know, before Trump won the election, people had rumored that maybe Jamie Diamond might become Treasury Secretary under a Kamala regime. so now that Trump has won, Trump has put out the word that while he thinks Jamie's a great guy and super talented, he doesn't think he would fit in the Trump Not a good fit, huh? Trumpy. And then Diamond himself when asked about it said,

You know, his response was, look, I haven't had a boss for 35 years and I'm not looking for one. Yeah. And Trump's clearly the guy who would want to be boss. Yeah, 100%. So, that's all I got at my political appointments, which is not worth talking about on our real estate podcast. So I think it's interesting though. One thing is like, you know, if you, you kind of

look at it a little bit. You have definitely seen this wave of Republicans and stuff like that really become a lot more stronger about running and things of that nature. You've really seen this become, you're starting to see Grant Cardone saying he's going to run. There's rumblings that Rick Russo might run in for California. There's rumblings that, even further out rumblings, they're like, California might become a red state.

Right? Like all these things. Yeah. But, all these things are because I think the Trump win was so impactful in some ways that way that like you have all these people that are now like pretty, you know, like then it's just, it's, it's become like a very, things have just shifted a lot of ways. They've been empowered, I guess. Well, it's empowering. Yes. Definitely empowering, but it's also interesting.

you know, I went to, so I'll get to my content, was the Chappelle, Chappelle had a comedy show. I'd never been to see in Chappelle. So we went, it was in Long Beach. And it was, it was funny because the two things that really like were funny, that all these comedians jazz on was, and there was all African-American comedians, from very like notable people like you've seen before. You know, we had great seats, we're like right in front. but they were really funny. One was that like,

you know, how much stuff has shifted in America. Like, the one comedian says, like, you know, he's like, you know, as black people, we used to be like the scary dudes. And he's like, now, I was playing basketball the other day, and some Indian guy, he stood up to me, he's all, he makes an Indian accent, he's all, you got the fuck out, motherfucker. he's like, we're not scared anymore. And then he's like, the other thing that's happened is like, you know.

Nobody's like really, like everyone feels like they get like, like, you know, kind of like, he's like, they saw all these white people here, even though it's Long Beach. then they're like, everything is just shifted. there's a lot of shifting happening here. People they're not as concerned about. Like there is a real like, you know, the funniest thing was like basically like, all of them are like, the whites are back.

the whites are definitely back the whites are definitely back and they're stronger than ever so my content i tell you a little bit they got a few i i saw i saw diplomat two yeah like a season wow you really really caught hold of was like eight episodes the first one six episodes second one but i have to say without spoiling it great cliffhanger i was really annoyed i was like there's six episodes wasn't there like 80 episodes of the other season yeah i kept thinking okay maybe there's one coming next week

I waited about two weeks. I was like, there's no other episode. That was the cliffhanger for the season. They shorted you. So there was a great cliffhanger. So that's all I'll say to everyone in season two. OK, all right. Also, because I was curious, always heard people talk about it. decided to watch the first two episodes of Ozarks. the first season? Yeah, first season. It was crazy. was a little crazy show about money laundering. And I never thought about the Ozarks as more...

coastline than the California coastline. Yeah, yeah, that's a big stat. it's several places. So I found that a little fascinating. It's actually really, I mean, it's something that's seen that, like those first two episodes, you just see, you see the show, but you just, you just see like Jason Bateman is like this kind of like wealth manager, accounting guy. then he like completely like, you should just, I mean, the, the, the change of him.

over like as his moves to the Ozarks and he gets in his plans and it's it's it's I mean it's a compelling series for like the world it's a little violent yeah it's a little violent a little crazy too I mean but I didn't know much about the Ozarks I watched that and I don't have any like real like great feeling It's funny because I thought Ozarks was somewhere in like Utah. No it's in Missouri. And I guess because I always think when I think of Ozarks and real estate issues there's a

Very very extractive construction like the Ozarks. I always thought that was like a Utah bank. I guess that's a Missouri bank. That's a Missouri bank. I think they do have a Utah office. Something to do with Utah, right. no, it's a U.S. Yeah, the Ozarks. Pretty crazy actually. It's a pretty crazy show at Lawboys. Any upgrades? Upgrades, I got the herbal medicine where you have to cook. It's finally actually...

Actually, this weekend was cooking herbal medicines baby. It's a little complicated actually you gotta let it soak for two minutes and boil it for ten. Let it cool down and then boil it again. So I was like Although my wife was complaining that it smelled of the house. yeah. Wherever I said as long as it ain't get healthy. do sound better. You do sound better. We'll give you that. sound better. Did I have any upgrades? Yeah actually you know.

what was I, my son got, has we've gotten really into football and so he is team is really good. He's like the youngest guy, but his team is really good. And they won the, the Superbowl PV division. And, and it's pretty cool. Actually, this guy got a Superbowl ring. It's it's a little, dude, it's like a very large ring. And I'm like, dude, this like ring is as big as his fist. And I'm like, it's pretty heavy too. like,

This guy is never going to be out. guess you could never really wear a super bowl ring. That's weird because it's so big. But it's like a very, it's like an adult ring. But it's like a little dude. So it's kind of, but it's cool. It's very, you know, just cool. A lot of enthusiasm. Very into it. no trophies to get our ring. No, they give out, they have a, they know they give out a Lombardi trophy. The proper trophy, but it's like small. It's not the ring is regular size. The trophy is so small. It's like a mini trophy, but just a, well, I guess, I guess the coach gets it. I don't know who gets the trophy.

It's a cool trophy that's nice. the score at the Super Bowl? It was like, was crazy. It was like 30 or 40 to like nothing and then in the end like the last play they just let the other team score. that looks nice. Yeah, it seems like good. Like I think they've got some kids that are a older so like they just like, yeah they're just, they win like every game like five or four touchdowns. Is that an ASL thing? No it's football, flag football.

Through the NFL. Yeah, it's like all NFL stuff is like anyway, he's the Rams Yeah, it's all it's But it's it was interesting it was fun. It was a lot of fun season Yeah, it a good upgrade and my you have an upgrade or share. No, no, no, you had your own Well, I have a downgrade actually and I think one of the thing that's occurred is that there's just so many Black Friday sales now. That's true. And it's like

It's very hard. Two things have happened. One is you get to the Black Friday sales, you're just like, there's so many. And unless you're really engaged in the product, it's something you know really well, you're like, okay, that's actually way cheaper than what I normally pay for that. That's a good deal. It's pretty hard to tell where is the deal. Because everything is a deal. Everything is a deal now. And so it's hard. have to kind of like, yeah, I'm like, let's just say you're medicine. You know exactly how much that medicine costs.

Whatever the top it is that tells the medicine like okay. Yes. I'm getting that way cheaper than I normally get that I should probably just buys now But otherwise, it's just confusing. Yes. Yes, it is too many ads and stuff Actually now that you remind me I did have one little downgrade. It's more of annoyance So when I came back from my trip, I wanted to order the uber and I guess there's a new feature now at LAX where you can actually pay like some kind of uber premium and they come to the

to terminal. it's a black car. Yeah, it's a black car. Yeah, that's always been there. I never realized that. so because I was trying to order an Uber and then I accidentally hit that. And so then I tried to undo it and I couldn't undo it to tell them like, pick me up from LAX. It just wouldn't let me go back. Right. about the software because they want apps they want me to buy the more expensive car. So was annoying. So I actually took a regular taxi. you didn't take the black car.

I didn't take the black car. The black car can be expensive. Yeah, the was expensive so I was like, I want to save the money. I'll be a little more free. I'll just take the regular Uber. Yeah. I couldn't order it because I couldn't get the same thing happened to me on the lift. That's funny. Like it automatically defaulted at the other option. And maybe it was because I wasn't at the LA exit lot. And so normally I just get to the lot when I booked the car. Because usually, like in the past when I've tried to book the Uber, it would say you can only book it when you're at the lot. Right. So then.

Really? Yeah, so that's funny. I know that now also when I was at the terminal and I was waiting for the bus and I realized like But it also did you know this book the super black thing, you know, which was which was like another 20 to 30 dollars Yeah, my drive woofers only like 25 dollars. It was like doubles. It it doesn't go I don't need to sit double so but I couldn't undo it on the software. You know, they've done on the software, which was annoying Yeah, that's it. And then they had to you know, this is a little tip

so that I got a regular taxi, or the taxi. Good old taxi. And the good old taxi like the old days. Dependent taxi. But these taxi guys get all annoyed when you, I guess they have to wait on a long queue. And so then when they get a passenger who just goes, I'm going to Van Beach. Yeah, yeah, yeah. And I go to La Conchada. Yeah, yeah, yeah, Because I saw his, you know, he didn't say anything, just the whole head shake. shake, eye roll. I is there a problem? He no. Yeah.

I'm actually, cause I used to, a buddy of mine, he used to live in Westchester. a couple of times before Uber was really there, would park, I occasionally parked at his car, parked at his house and then just take in like a cab or cab down. And then when you take the cab back to his house, it's like, and I was like, all right, listen, man, I get it. You want it more of a fare. Why don't we just like drive out to the beach and come back and get you more fare? And then I think he got even more pissed.

I was like, dude, this is how it works. I can't always work out. I mean, come on, it's tax-driven. All right, folks. Well, that does it for Thanksgiving week. We're going to sign off this week. We'll be back in our regular formation next week. It's actually, we have some travel coming up. We've got to go see some of our partners in Boston. I'm going to go see some of our projects in Oklahoma City.

We are going to be putting out our second phase of our mini, our AVO 2.0 project in Midtown. So that's now coming down the pipe now that the bank has given us approval there. And we're steadily moving along here. All right, folks, happy Thanksgiving. Eat too much jerky.

Drink too much wine or whatever you're into and enjoy yourselves out there. Happy Thanksgiving. Maybe get a good deal or two, but just go where you know the pricing. That's what I would say. Know your Black Friday pricing. Know your Black pricing and then Black Friday pricing you can really distinguish if you get a deal or not. All right.