Graham Stephan

And in order to do that, he has to get the Strait of Hormuz open.

And he has to have inflation start coming down.

Also, he just put up Kevin Warsh.

And my, again, prediction, guess, whatever, is he's going to cut interest rates somehow, some way, probably by blaming AI for deflation.

If those don't happen, stuff blows up, right?

That's something I could get wrong.

Micro level.

Again, I've been studying my market of the Central Valley for 25 years.

And Fresno, where most of my units are, is a very red county in a blue state.

If that flipped, that could be a problem.

So there's all kinds of things that could go wrong.

But again, I ask myself these questions every day and I pivot all the time.

I've made some very big calls.

I'm not afraid to make them again, but.

We have to make it profitable to build entry-level housing.

I don't think we understand what entry-level housing is in this country.

The average home in 2024 was 2,300 square feet.

The average home in the 1950s was sub-1,000.

We need that extra bathroom, that extra bedroom, this extra this, this extra that.

That's not entry-level housing.