Hello fellow Robo capitalists hope you're well. So a systemically important asset class.

You guys know what I'm referring to. Commercial real estate. It is going from bad to worse. Let's get right into this article from Zero Hedge

and you'll see what I am referring to.

Title Domino's are falling.

Brookfield defaults on a hundred and sixty one million dollars in debt for DC office buildings.

And as you guys know, this not only impacts commercial real estate, but it also likely impacts the bondholders and it impacts the banks because the banks have a lot of these loans on their balance

sheets, especially these regional banks.

And this is just a doom loop.

You guys listened to my interview yesterday, my good buddy Kenny McElroy, you guys remember us talking about these commercial

landlords, let's say, the guys that own these buildings, they've got to roll over this debt in two or three years. In fact I read an article today

that said in the next four or five years it's going to be 2.5 trillion dollars worth

these loans that need to be rolled over. Not only will they likely be at a higher interest rate,

but that's if they can get the debt at all because you got to put yourself in the position of a

banker, right? Let's say you got burned with commercial real estate and now

of a sudden this building owner, let's say Brookfield, comes back to you and says, hey, we need a loan,

we need to roll over our debt.

Yes, our occupancy rates are declining.

Yes, our vacancy rates are increasing.

Yes, our cash flow is down.

Yes, we're on the brink of collapse, but we need you to lend us some

money to roll over this debt. The bank's going to say absolutely not. We have

commercial real estate PTSD. We're not going to give you that liquidity.

...