Hello, fellow Rebel capitalists hope you're well. So Kyle Bass just came out on

Bloomberg and was talking about real estate again. And you guys know Kyle Bass

well, he's the one that made a killing of the real estate bust in 2008, the GFC. And actually Josh, let's just go right into the video. We can check this out and then we can discuss it. I'll give

you guys my thoughts as soon as we get done with this one minute clip.

In the last couple of weeks or so about the real estate market in the US, the commercial

real estate market, what is your current assessment of the dangers

linked to that part of the US economy at a time of course when we says how long the Fed is going to

remain and keep rates on hold?

How concerned are you about a breakdown in commercial real estate?

Well, it's siloed.

And I gave that warning.

It was just a conversation I was having actually

with the Blue G Auditorial Board here.

And it's obvious that Office is having enormous difficulties.

So when you look at the various silos of commercial real estate, you're looking at industrial,

it still is performing incredibly well, despite the rate hikes. If you look at data centers,

you can't build enough data centers today.

I think the AI revolution is causing a giant push for large and new data centers.

The real constraints there are how much power can they get delivered to these sites and how much power can they pull.

When you look at multi-chale, multi-chale me is doing really well.

So it's really, I see it, I see it as office and I think the banks in the US will lose $250 billion in office over time here and there's about two trillion of equity in the bank.

So it's like a 10% hit to US banking equity. So it's like a 10% hit to U.S. banking equity.

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