The ALX Show

Welcome to the ALX show your
premier source for DFW real

estate data and insights.

Let's get to it.

Brandon Giella: Hello and welcome back
to another episode of the A LX Show.

Joining me again today
is Josh and Patrick.

Thank you for being on the show.

Uh, this has been a pretty crazy week.

So Tuesday I was up at about five
o'clock in the morning and making

some coffee, and then tornado sirens
started going off and I'm like, oh, no,

I should probably check the weather.

And it turns out there
actually was a tornado.

It, thankfully it didn't.

Come near my house, but I, I, I think
it was a little bit south of us.

Um, but Patrick, you went out
to a property that you guys

own and were inspecting some
damage shingles on the ground.

I mean, you guys had some, some
real, uh, damage and effects from

an actual tornado on the ground.

And I think this is an important place
to start with this conversation because

when you're a real estate investor.

You're an entrepreneur,
you are a go-getter.

You are on the ground doing some
really hard stuff that they don't

tell you about in business school.

And I think it's really important
to share some of these stories of

like, Hey, if you want to get into
this game, this is, this is hard.

This is not for the faint of heart.

And so, uh, Patrick, I, I'd love to hear
like, what was your experience on Tuesday?

As a real estate investor and a
tornado blew through and you had

to do some cleanup, uh, there's
project management involved in that.

You know, Christian's been
out there doing a great job.

So tell us a little bit about
your experience this week.

Patrick Dunne: Yeah.

So, um, at, at one of our properties
this week, uh, the tornado, which,

um, it wasn't a wildly powerful
one, but you know, and powerful

enough to rip a roof off, roof off
the building, and it just ripped,

ripped a roof, ripped a roof off of.

one of the buildings at our properties,
uh, like just completely the whole thing.

not just shingles like you
can see down to the floor

Brandon Giella: Wow.

Patrick Dunne: And it flew on to, you
know, residence cars and smashed those.

And, so I thought Tuesday was gonna be
a, a nice normal day and record this with

y'all and that, and got a phone call and
it was like, Hey, this just happened.

um, I, I, it is, um, you've got, when
you get a phone call like that and you've

got, I don't know, like 60 seconds to
like, feel sorry for yourself, that

Brandon Giella: Yeah.

Patrick Dunne: luck happened to you.

then you realize, man, I
kind of got to like just

put my big boy pants on
and go figure it out.

You know,

Brandon Giella: Yeah.

Patrick Dunne: no time to waste.

You gotta jump in and, you
know, go see what's going on.

And so, I mean, thankfully the management.

Company we work with, they
were the ball immediately.

But I went out there and,

got, you know, a truly something
like that had not happened to us

on a big scale like that, that
required immediate like intervention.

And it was, um, you
know, a, a crash court.

I think we're experienced.

We've operated properties for a long time
now and have got a big portfolio of 'em.

And

Brandon Giella: Mm-hmm.

Patrick Dunne: ourselves
experienced, but it was still.

You know, a, a crash course and stuff that
I had not really walked through before

you hear other people talk about it.

But, um, it was a learning and a lot
of stuff that I hadn't thought through.

And I mean, like you think of the obvious
things as like, well, we've gotta get

the roof back on, and you want to make
sure that no one, that everyone's safe

and that no one's hurt, uh, and all that.

But, um, you get there and you
realize that the, that whole

process is way more involved.

There's a lot more that goes on
than just like, we'll get, you

know, a roof route and bid it.

We will, um, get the tenants somewhere
and, make sure that they're, you know,

set up for however long it takes,
transfer 'em to a new unit or whatever.

Like, those are the obvious things.

Like what you don't think about is
like the fire marshal's gonna come out.

They're gonna say, Hey, we're not
sure anymore if this, if the entire

building, this affected three units.

Um, where the roof blew off, but the
building that it hit has 36 units.

And so, uh, the fire marshal was like,
Hey, until we can get a structural

engineer and an electrician to sign
off saying that this building is

safe for everyone to inhabit and
that there's no, you know, potential

fire risk from any electrical damage,
like you need to have everybody out.

so

Brandon Giella: Wow.

Patrick Dunne: like, what?

So now what are we doing?

You've gotta communicate that
message to all of the tenants.

And so the property manager's got a
line of like 50 people out the door

asking questions and what's going
on, and um, and you gotta gotta take

it all in stride and be thinking
about, okay, what's the next step?

What's like, what can I do now
to move us forward And just

do that, you know, 225 times.

Um, and hope that you end the
day, you know, in a better

place than when you were.

And so, I mean, that's what it was really.

I feel like I'm going on a long time,
but it was, um, the, when, when you

wonder why cleanups and disaster
recovery and all that seems to go a

lot slower than you would expect it to.

Um, when you really go through it, you
realize, man, there's all these hoops

to jump through that you would've never.

Pondered yourself you realize
like how that stuff takes so much

longer than you would've thought.

Brandon Giella: I love that story
because I've been writing and

thinking a lot about this lately.

I mean, so you have a, a background
in banking and finance and you,

you, you know, you're a spreadsheet.

Guru looking at all the analysis and
data points and all this kind of stuff,

and, and I'm presuming when you, you
know, go through business school.

I got an MBA in finance.

I went through business school two and a
half years doing spreadsheets and things.

Nobody, not one class
mentioned things like this.

There was no line item for like,
I don't know, stuff happens, you

know, like I, I never had that.

And so I'm realizing that as a
business owner, there's so many

of these tiny little details that
actually are like 70% of what you do.

It's just kind of taking in these kind
of things that happen throughout the day.

And so this is a perfect example that it's
like you wanna be a real estate investor

and you're thinking about, you know.

The curve.

I don't wanna say libor curve's, not LIOR
anymore, but, you know, you're thinking

about all these like spreadsheets and
doing projections and cash flows and

cap rates and all this, but what you
don't think about is a tornado blowing

up one of your buildings and just
destroying your entire week, essentially.

And that's a, that's a major, you
know, fire that you gotta go handle.

So, um, yeah, I love this story
and I think it's really important

for, for investors, business
owners to be thinking about.

Patrick Dunne: Yeah, I mean, um, you,
you can get on LinkedIn and post about

how bad your luck is or whatever, or
you can just jump in and fix it and.

I, there's, if you're going to commit
to taking on the risk of owning

property, like it's just part of the
game and you've gotta, when something

unexpected happens, just, gotta get
in and figure out how to, fix it.

And so y'all mentioned Christian, but
thankfully that our team has built

out the way it is and everyone's got
strengths to help in times like this.

But, he's got a contact for every.

Capital improvement that
you would ever need.

Brandon Giella: I love that.

Patrick Dunne: within 30 seconds,
he's got a structural engineer that he

knows and trusts out there, and he's
bidding down initial, costs that we

thought was gonna be, and he's getting
second opinions and third opinions.

And, so it was neat to
see the response and,

I'm, thankful that, we, out
of a bad circumstance I.

A, a lot of learning, a lot of growth,
and a, lot of good reaction from our side.

Josh Alexander: You know, and
I think that's key, right?

It it's a biblical principle.

I mean, growth and development come at
hard times, and it's almost, you guys

tell me, I, I don't know how often you
go through a really easy season or a

great stretch and you grew as a person.

Brandon Giella: Amen.

Josh Alexander: I can't think of one.

Um, and not to say that those aren't
wonderful, like Right, those, you

go, you kind of go from, from the
difficult to the, to the coming outta

that to maybe a, a stretch of, of
some peace and, and, joy and just.

You know, maybe settling.

But if we, you know, want to go where
we, where we hope to go, and quite

frankly where we pray to go, then we
should expect challenging circumstances.

'cause that's the only way we're gonna
develop the character to take us there.

And there's no other real way.

I mean, you can read books, you can
have a mentor, um, and those are,

those are amazing things, right?

I'm not saying like other people's
experience, I've heard this said before,

is sometimes the best experience,
'cause it keeps you from some of

the pain, but there's no substitute
for actually going through things

yourself as hard as they may be.

And that, and that's not to belittle
tough things and challenging things.

They're, they can be incredibly
painful, but I think if we

keep 'em in the right light.

And we handle them, uh, with an
expectation that we're not alone.

And that there, there couldn't, can
be like joy and, and peace and, and

something great at the end of it.

And, and not only that, once
you get through it, that you can

experience those things, but you
are better as a person for it.

And you can take that with you as well.

Then you have a different perspective.

Doesn't make it easy.

Doesn't make it fun.

Um, but you know, if you've got that
faith foundation that, okay, like we

gotta get up, we gotta go like, no,
you don't want to, I don't wanna deal

with this, but we gotta deal with this.

And there's only one way.

And there, and that way is through
and you just gotta keep going through.

I.

Brandon Giella: Yep.

Yeah.

Amen.

Patrick Dunne: is totally right.

If you, I you, you think
about, um, work stuff.

Totally.

But like, even in our marriages, and I'm
sure y'all feel the same way, the times

that my wife and I have grown the closest
together is walking through difficulty.

Um, and you know, it, um.

and that creates proven character.

So,

Brandon Giella: Yeah, and
those things are related.

I mean, you can go through a hard time
in business, you know, whether it's,

you know, self-inflicted, whether
it's markets, whether it's a tornado,

things totally outta your control.

And it puts pressure on being a
parent, being a husband, being,

you know, all these kind of things.

Uh, I mean, I'm going through a
really difficult season right now.

I have a toddler, I
have a baby on the way.

My wife and I got into argument last
night about me putting the meat in the

freezer when she needed it to cook dinner,
and we were under a time crunch and, but

it's, it's like this one little thing
just kind of snaps because of all this

pressure that you might feel, you know?

And it's just, and God is, is, is in
this, like, I I, we, we had a, our

small group last night from church and
we were talking about like, God feels

so near in these times of suffering and
pain and trials because he's growing you

to, to Josh's point, you know, but it.

That doesn't make it easier, you
know, he's not removing that pain.

It's like that saying, people
say like, oh, well God will never

give you more than he can handle.

And it's like he gives me more
than I can handle all the time.

You know?

That's the point.

Patrick Dunne: that's,

Josh Alexander: the thing is, he
doesn't want us to go through it alone.

Right.

He, he doesn't, he gives us more
than we can handle because he's

trying to teach us to rely on him.

Uh, it, it, it's always
more than we can handle.

Always.

'cause it's designed by that 'cause
we're not supposed to do it alone.

And, and, and I think in my time
too often, I try to, I try to

carry as much as I can myself
and it just causes anxiety, it

causes stress, it causes problems at home.

And it doesn't have to be that way.

And I'm not saying that it's
easy to just stop and recognize.

Hey, get this up, or, Hey, I like,
I, I need to be still and try to

think and, and process and hear.

It's not easy to do that, especially
when you're getting the phone calls

about, you know, Hey, we need to act now.

Um, but to the best of our ability, try
to, to, to give, to, to give it away.

And that mean, and that doesn't
mean not work hard and work with

excellence, but I'm talking about the
stress and the anxiety and the worry.

If we can give that away and trust that
ultimately the outcome doesn't rely on

us, and thank goodness that that's true.

Then at least we can go
through those difficulties.

We can go through those hard times knowing
that, hey, we're, we're gonna get through.

Not by my strength, but by his.

And, um, and it's just
a different perspective.

It's what allows you to get up and go.

It's what allows you to, to run when all
you feel like is just lumbering, right?

Be because you're, you're, you're doing
it in anticipation of something good or

or anticipation that he's, he's going to
provide, he's gonna be there with you.

He's, he's gonna walk you through it.

Um.

That being said, it's a decision
that you've gotta make constantly,

and it's something that, uh, doesn't
come, doesn't come easy when, when

you feel like you know, the, the,
the world's on your shoulders.

But it doesn't, I guess what we're
saying is it doesn't have to feel

that way, but you just gotta get to a
point where, you know, you understand

how to, how to give it up, how to,
how to give that to him and still.

Work to the best of your
ability and with excellence.

I think that's more of a men.

I think it's more of an
emotional and a mental thing.

God, I don't think we're
called just to sit it out.

Hey, I'm gonna do this.

Like, you don't see that anywhere, right?

It's not like, Hey, you don't,
you don't have a role here.

So you absolutely have a role here.

Like you activate your faith by
taking those steps to get it done.

But it's the pressure and the anxiety
that you can let go of and trusting

that the outcome's gonna be okay.

Brandon Giella: If, if anybody listening
wants to start a business school that

has this as to the core curriculum in,
in addition to investment banking and

m and a and whatever, I would love to.

To talk about that.

'cause this is what I'm finding as a, as
an owner, is this is the stuff that really

matters, like the cashflow projections
and, you know, doing, you know,

kinda your pricing, things like that.

Like you can figure some of that out.

You can figure out your
processes and stuff like that.

But this internal stuff is really,
really hard and it's actually the most

important things in running a business.

I think it's, it's been my experience.

Patrick Dunne: Yeah.

Not to go on longer, but um.

What Josh is saying just made
me think, um, the, that you, it

still requires action on our part.

Um, it struck me, I was reading in
Exodus the other day when, um, Moses

went to Pharaoh the first time before any
plagues, anything, and he, um, went to

him and said, Hey, uh, let my people go.

Um, God told me to, to, uh,
take him out to the wilderness

and Pharaoh was like, no.

And Moses went back and was
like, God, I did my best.

I, I really tried here.

was like before anything had even
happened to him, he was just ready to

throw in the towel and God didn't respond
like, now watch what I'm gonna do.

It was like, Hey, there's
still work to be done here.

You've gotta get back up the next day
and go back again and get back up again.

And I'm working through it all
too, and I'm unfolding something

that, that you can't see yet.

you're playing a P, you're
participating in it.

You're not just watching me do it.

You are actively do every single day.

I'm gonna do this for 10 plagues that are
gonna last a long time and you're gonna

feel like you're not making any progress.

And then you're gonna wake up
and there's gonna be dry water

in the middle of the ocean.

Um.

um, you know, it's the same mentality
that we want to have every day.

We get up just.

Josh Alexander: Hey, I want to, I wanna
tie this, or maybe cl close it with a

really great quote from Calvin Coolidge.

You guys may have heard this before.

Um, nothing in the world can
take the place of persistence.

Talent will not, nothing is more common
than unsuccessful men with talent.

Genius will not, unrewarded
genius is almost a proverb.

Education will not.

The world is full of educated derelicts.

Persistence and determination
alone are omnipotent.

And that's what we're
talking about, right?

It's just, it's just keep showing up,
keep and, and not just showing up, like

just showing up, not doing anything.

Keep showing up, doing what you
know to do as best as you can.

Show up.

Just keep showing up, keep going.

Um, and a lot of times that's what
separates people that are successful

and those that aren't, it's not talent.

I mean, like, like the
quote says, it's so right.

I mean, we're surrounded by talented,
uh, great people that just weren't

persistent, weren't determined
to see it all the way through.

And, and oftentimes it's the ones
that maybe aren't as smart or

aren't as talented or aren't as
gifted, but just keep showing up

that are the most successful.

Yeah, I'm not claiming to be.

Brandon Giella: I'm not that smart.

Josh Alexander: No, I mean, but Right.

It's just, I I hear you.

I'm the same way.

I'm just, that's why when, when we're
dealing through tough times, it's

like, you know, relying on that.

Just keep showing up, keep showing up,
keep working, uh, and just keep moving.

And some days it's easier than
others, but just keep doing it.

Brandon Giella: I've been reading
Proverbs to get this kind of stuff down

into my bones and, uh, earlier this
week I, I came across 1632 and it says,

better to be patient than powerful.

Better to have self-control
than to conquer a city.

Josh Alexander: Hmm

Brandon Giella: thinking about your
intelligence, your power, your talents,

all these kind of things like, and, and,
and much of the Bible, and especially in

Proverbs says like, that doesn't matter.

That stuff does not matter.

Self-control, patience,
persistence, hard work.

That's the stuff that matters.

Josh Alexander: mm-hmm.

Brandon Giella: I love that.

That's a great quote.

Okay, so speaking of things that are
completely out of our control, um, there

is a lot of market turmoil this week.

Been very up and down, uh, largely
due to, um, uh, trade policy and

things like that that are coming
outta the, the Trump administration.

So we were talking briefly just
before we started, uh, recording

about what we're seeing in the markets
and, um, there's been a lot of.

You know, talk or maybe blistering
or positioning or negotiation about

tariffs and with different countries and
different industries and things like that.

Uh, but Josh, you had this great point
of, uh, how that is a part of, seems

to be part of a much larger plan with
a very specific goal, very specific

outcome pointed at treasuries and how
important that is related to real estate.

And so you guys have even seen some
benefits of some of this kind of

turmoil, uh, even just this week.

So Josh, could you recap a little
bit about what we talked about,

because I thought it was so great.

Um, it's just this perspective of.

What, what is happening?

And more importantly, what,
why do you see this happening?

Like, what is all the, all this turmoil
that we're seeing in the news related to

what, what do you, what do you see as like
a larger plan that might be out there?

Josh Alexander: I think the
Trump administration is.

Primarily focused on the treasury
yields and Besan has made it very clear

that they really wanna work on getting
that 10 year treasury yield down.

So they're not as focused on
the stock market, they're not as

focused on the Fed funds rate.

And, that's really important because
those treasury yields, right?

that's how much the government's gonna
have to pay to service their debt.

That's also the benchmark rate.

For a lot of private sector borrowing,
including mortgages, including commercial

real estate, some of the, some really
key important sectors really rely on

that 10 year being in a good place
because then that, opens up options.

We can start to refi, we
can start to transact.

Um, so my thoughts are like, looking at
it, I, it doesn't appear to me that the

Trump administration is as concerned.

With the stock market right now, um,
the stock market's had an amazing run

over the last few years, so I think
if it comes in a little bit, it might,

some people would argue that's probably
healthier for it to, for it to move down.

Just, just some, um, from where it is.

Because, because I mean, it's, it's so,
it, it's been so hot and so it is moved

so high in such a short period of time.

And one, one area that we're
seeing the Trump administration

really focus on is Doge, right?

Everyone's familiar with Doge.

Everyone, everyone's keeping
up with what Doge is doing, but

they're eliminating a lot of.

Government jobs and government contracts.

And those government contracts
affect, um, a lot of people as well.

All these, all these companies that
rely so heavily on government work and

government contracts are, are likely
going to have to let people go as well.

So it seems pretty clear to me that,
and, and Trump's said this before,

we've heard and we've heard, uh, people
with his administration say this, that

they're okay with a little bit of pain.

Right.

They think that we're gonna have to go
through a little bit of pain in order

to reset, in order to get inflation
down, in order to get these treasury

yields down so that we can ultimately
have a better foundation moving forward.

Um, and like we discussed, I mean,
when we're seeing, like we see all

this volatility, we see like the,
the tariffs, like how much and

when and what are the exceptions?

Um, a lot we, and you know,
something that we talked about

that a lot of people don't is.

How much revenue are these
tariffs gonna bring in?

I mean,

that's something to consider, right?

The more revenue that comes in
that's gonna offset what the

government needs to borrow.

So that, that's important.

I mean, there's a lot more to that.

It's, it's a holistic view and
they've got a lot of things going.

But our view of what, what we're
seeing is we think there, there,

there, obviously intentionally
going after government spending.

They want, they wanna be more
efficient as, as a government.

They want government to get smaller.

Hopefully these people that are
being let go from the government or

government contractors, uh, will be
able to find jobs and, and, and start

producing quickly in the private sector.

And I think that the administration is
doing, hopefully they're deregulating

to make, to kind of spur the private
sector so that they can start

hiring, um, and ultimately be more
productive and better for the economy.

So that, that's the way that I see it.

Uh, we're, anytime we see the 10 year
move down, you know, we're celebrating

you, you, the one concern, right,
is that it moves down too quickly

because it's reacting to a potential
recession and then people are lose,

or, or too many people are losing
their jobs too, uh, too quickly.

And that ultimately affects, you know, all
kinds of things, consumer spending and,

and for us who, uh, rent out apartments,
you know, that, that could be worrisome

because we, we wanna make sure that, uh.

Are, it's important for us that, that
tenants are able to afford the rent.

So it, it, I, we don't think, I, I
don't think that we're, we're getting

into, uh, that's a, a major concern.

I don't like that.

I, I think we are, obviously
it, the economy is slowing down.

I mean, look at the GDP, um, forecast
for the first quarter, it was negative.

So I mean, it's slowing down.

It's slowing down quickly.

But I think that it's all in
pursuit of a better foundation

and a better way forward.

I think it, we're gonna see a
little bit of a blip, um, but then

it's gonna be, uh, stabilized.

And if all goes well, no one knows the
future, but hopefully it starts to,

starts to, to go up at a really, um,
in a really healthy way from there.

So yeah, the, the tenure
moving down is, is good for us.

I mean, it's everybody in
commercial real estate.

Every, you, you saw that the,
the, the mortgage numbers

that came out early this week.

All of a sudden people are
trying to refi like crazy because

the mortgage rate came down.

So, I mean, the Trump administration
knows that they've got there, there's

a, there's a lot of government
debt that's gotta be refinanced.

They've gotta get the housing
market moving and they know

there's a lot of commercial
property that's up for refinance.

So I, I like what they're doing.

I, I, I think they've
got a good plan here.

It's just a matter of like,
time will tell, you know how

successful it's gonna be.

Brandon Giella: Yeah, it seems to be
a, a, a classic supply side playbook

where you start to try to spur on the,
the supply in, in a bunch of different

industries by deregulating and trying
to cut spending things like that.

Um, but it mixed in with a little
protectionism or, or mercantilism,

which a lot of economists don't
like because it ultimately will hurt

consumers and hopefully it doesn't
hurt them too bad, to your point.

Um, and there's some signs of maybe
some of that, maybe some of that

pain, like you're talking about.

The, the, uh, headline on the front page
of the Wall Street Journal this morning.

This is Friday morning, 10 45.

It says that US added 150
thou, 151,000 jobs last month,

slightly below expectations.

The jobless rate ticked up to 4.1%,

10,000 government jobs lost.

And so there's a little bit of this,
you know, kind of pain and uncertainty.

Markets are down.

Investors are kind of pulling back
and reassessing the sentiment of how

things are gonna kind of play out with
the Trump administration, you know,

and how they're working on markets.

But.

Taking a longer view in the way
that you guys feel from a, a, a real

estate perspective, especially in
North Texas, um, it could potentially

help and do some good things
in the real estate, uh, market.

And so you guys are seeing some of that.

So Patrick, you had mentioned that there
might be even some, some benefits that

are coming outta this even this week.

Um, so tell us a little bit about that.

Maybe what, what you guys
are seeing on the ground.

Patrick Dunne: Yeah, I mean, my
gosh, in the immediate short term,

we've got, a property that we're
working on refinancing right now.

We've been working on it for the last
month or so, and, we're, thankfully we're

in a great position at that property
where we're gonna be able to, take

some cash out when we re refinance it.

but this movement in rates Over the
last, two weeks has, will result

in us getting even more than we had
thought we were going to be able to

get out, which is, just really great.

if you're set up to hold a property
for another five years, then

name of the game is having, cash
that makes operation, easier.

And

there's gonna be a lot of short term
benefit for those who can capitalize on it

quickly, I suspect, like Josh was saying,
you'll start to see that in mortgages too.

that activity should, mortgages
probably drop what, half a

point in the last three weeks.

that's, a, big number on your budget.

I think that's all, good news.

Brandon Giella: I love that.

So the outlook is good, even though
there's a little bit of turmoil,

a little bit of pain, a little bit
of tornadoes, things look good.

Patrick Dunne: If I just
to share an observation,

the more that I try and listen to,
um, people talk about trade and

tariffs and the impact, the more
that I'm convinced that, like I, I

don't think anyone really has a clue.

About what's gonna happen, like we

Brandon Giella: Interesting.

Yeah.

Patrick Dunne: since World War ii.

it's really the, the United States decided
to prop up free trade around the world.

And we have been the ones
that have set that in motion.

And so since then, every No economist,
no, uh, wall Street, trader or

investment Banker or Warren Buffet,
none of them have lived through.

A period without free trade.

Brandon Giella: Right.

Patrick Dunne: And, uh, there's tons
of theory on it and like everyone can

read and absorb that, but I, people
are kind of just clueless in trying to

figure out beyond the basic narrative
of what everyone thinks will happen,

of what is really gonna happen.

And, um, I mean, turns out that
this whole idea of free trade

isn't entirely free anyway.

I mean, it's free for countries.

Trading into here, but not free with
us exporting into other countries.

Um, and I don't even
think people realize that.

I think people assume free trade
was free, uh, on both sides.

And, uh, but you know, we, this
is a, a bigger conversation and

for better or worse kind of what's
happening, big picture in the United

States, but we've supported that
ecosystem worldwide for so long.

And I, I, the.

Tone in the, of the conversation
seems to be shifting to, we've

done that and I don't think we're
getting, we don't feel like we're

getting the benefit of it anymore.

Um, and so now we're gonna start to
pull back and I mean, we will see what

happens over time with that, but, uh,
there's a, a big shift happening right

now and I don't think anyone really
understands the full effects of it yet.

Brandon Giella: I love that perspective
because if you spend a lot of time reading

the Wall Street Journal, the Economist,
you're on LinkedIn, it seems there that.

Views are so narrow and focused and it's
what's happening in this quarter, last

quarter, maybe the last five years, maybe
the last 10 years, maybe a few decades.

But to your point, and this kind of wraps
into our, our first topic, what I love

about theology is you have a broader.

Picture I think of, of at least history.

So you mentioned, you know, Egypt,
ancient Egypt 3000 years ago.

There's a lot that's been happening
in the last few thousand years.

And so some of these things that
we're thinking about and talking

about and what's affecting markets,
it's this very, very narrow window.

An experiment almost in the grand
scheme of human history, there is

so much more that's been happening.

There's other things that have been tried,
you know, other ways to view things.

And I think that's a great point
about trade is there's a lot of

different ways that you can do trade.

And we're exiting maybe an
era of something that we tried

for the last 50, 60 years.

And, uh, and, and maybe that's okay.

Maybe there are benefits that will come
out of that, you know, nobody knows.

And that's, that's your point.

Nobody really knows.

This is kind of confusing.

Um, okay.

Well, uh, guys, thank you so much
for, for running us through that.

I know this is a little bit, uh, uh.

The conversation was in a bunch
of different places, but to me

it seems all related on the point
that we don't know the future.

We don't know tomorrow.

Literally this afternoon, something
could blow up and we have no idea.

And it's important for us as investors
and owners, uh, being in real estate

and trying to predict a future.

That's what we get paid to
do, and that's very hard.

So wait on the Lord, he'll provide.

Josh Alexander: Amen.

Patrick Dunne: Yeah, man.

Brandon Giella: Amen.

All right.

Well thanks guys.

We will see you next Tuesday
for another recording.

We'll see you then.

Have a great weekend.