Brokers Mastermind, Investing in Nashville, IRRs, and More (Office Hours)

Each week, I'm going live at 8:30am CST for my "office hours" to answer your questions about commercial real estate on the show. Let's hear what you'd like to know when it comes to brokerage, investment, and development!

Get commercial real estate coaching, courses, and community to jumpstart your investment journey over at CRE Central: www.crecentral.com

• CRE Central offers comprehensive education and coaching for commercial real estate investors, covering fundamentals to advanced strategies.

• Tyler Cauble recently launched a new, more in-depth underwriting spreadsheet for his CRE Accelerator members, which includes features like a green box for debt service coverage ratio and waterfalls.

• When choosing between starting at a boutique brokerage or a large firm like CBRE or JLL, the decision depends on the resources needed and the type of clients one wants to work with.

• Proper underwriting and being realistic about the numbers are crucial in commercial real estate, as Tyler takes a conservative approach to ensure deals work even if things go wrong.

• The self-storage market has remained relatively stable in terms of cap rates, but Tyler advises looking into markets with more multifamily units than self-storage facilities to find attractive deals.

About Your Host:

Tyler Cauble, Founder & President of The Cauble Group, is a commercial real estate broker and investor based in East Nashville. He’s the best selling author of Open for Business: The Insider’s Guide to Leasing Commercial Real Estate and has focused his career on serving commercial real estate investors.

Episode Transcript:

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Are you looking to take the next step toward investing in commercial real estate? But don't know where to go? CRE central offers a comprehensive education and coaching platform designed to help you get started. Our online courses cover a wide range of topics, from the fundamentals to advanced strategies, ensuring you have the knowledge and skills needed to thrive in this competitive industry. As a member, you'll gain access to our exclusive online community and monthly group coaching calls, providing you with valuable networking opportunities and personalized guidance from experienced professionals, whether you're a beginner or looking to take your career to the next level. Cre Central has the resources you need visit www.crecentral.com to learn more. Welcome back to the commercial real estate investor podcast, live from the Cauble group Studios here in Nashville, Tennessee, today for another round of office hours, we are going live every Tuesday, 8:30am Central Standard Time most Tuesdays, not every Tuesday. Sometimes I'm out of town answering your questions about commercial real estate. So we got a little bit of lag going on with the YouTube channel, but we'll put up with it. It's been an interesting week. Launched a new spreadsheet, pretty cool. Went out to our CRE accelerator members last night pretty excited about that. It's, it's a much more in depth underwriting spreadsheet covers thing, you know, it's got, like, a, you know, a little green box, or a box that turns green when your debt service coverage ratio is hit. We've got, you know, some other other things in there, like, you know, waterfalls and all the fun things that come from raising capital. But yeah, that's it. We released a spreadsheet. It'll probably be up on the website the next few weeks. If you guys are interested in checking that out, we have, I think you go to Tyler cauble.com/spreadsheets something like that. I know it's under the tools and resources section of the website, and that's where you can get all the spreadsheets that we use to underwrite all of our deals. Let's see, I was also in Houston back on Friday. Thursday, Friday. Yeah, Thursday, Friday for Hamza's flex space network event. 120 people there out in Sugar Land, Texas. Pretty great. Good event, good meeting. Everybody out there had a good time, just just talking flex space. I did a, I give a presentation, really a case study on luxury flex space. That's a that's an interesting market, for sure, because you know, typically, when you're looking at developing flex space. You're thinking, Okay, what is the cheapest that I could possibly do this for? And one of my students, Marcus Cottrell, great guy. He's down in Alabaster, Alabama. He's doing a high end flex space. I mean, we're calling it luxury flex space. So did a little case study on that, and kind of made the argument as to why you should actually spend more money on your flex space if you wanted to. Isabella is asking, do you still? Are you still doing the commercial happy hour? Good question. Probably not. Moving forward, to be honest with you, we had our last one in the past month, and I am just, I've got too much going on. I don't have enough time to properly market and put the effort into that that it really needs and deserves. And so honestly, we're probably going to put it on pause. I do still do a breakfast every other Thursday here in Nashville at retrograde coffee on Dickerson pike. The next one is this upcoming Thursday. So Thursday, September 26 and we do it every two Thursdays. That is a lot easier for me. It fits into my schedule a little bit better, because I'm an early riser, you know, I'm up at 530 so I'm already working at seven. So it's tough for me to do the happy hours after work, because by then, like, I'm exhausted. I'm tired of talking to people. I've been talking to people all day, and so it's a little bit easier. Just knock it out. First thing in the morning, John is saying, Hey, Tyler, thanks for your time today. Would you recommend starting in a small, boutique brokerage or a large firm like CBRE, JLL, etc? Great question, John, and the answer is, it depends. I know that's really tough. So if you're first starting, honestly, I would, I would work for any brokerage that's going to give me a foot in the door. When you're first getting into commercial real estate brokerage, it is tough to just get it going right, to get a foot in the door. Actually land a gig in the commercial real estate industry, and once you're at that point, you can kind of transfer, move about wherever you want, right? It's like, kind of like getting into an Ivy League school, right? It's really tough to get in to, you know, Harvard as a freshman, but if you want to transfer as a sophomore, it's a lot easier. That's, that's, that's basically how commercial real estate brokerages are. Um. But it does also depend on what type of of resources you need from a firm, what type of clients you want to work with. You know, if you need a lot of resources from from your brokerage, and you'd prefer to work on bigger deals, go work at CBRE or JLL. You know, they're going to take half your commissions, but you're going to get to work on some cool deals, and they provide you with everything you need. If you understand how to find comps or you have no problem finding clients. Go for a boutique brokerage, right? Because you'll get better splits. They're not going to provide you with as much in exchange for that, but you kind of get to run your own thing, right? So that's why I've always preferred boutique over national firms. But I know plenty of guys that do great at national firms, so it just depends on kind of your personality and what you're what you're going for. Manuel is saying, no worries. Tyler. Manuel is here. Love the course channel and valuable content. I appreciate Emmanuelle. Good to see you, and thank you. Yeah, again. I don't know why. Sometimes we just get lag on the on the channel. I think the audio is coming through just fine, but it's, it's interesting because I, like, went all out with the internet in the studio here, because I live stream so much, I had to make sure, like, okay, no matter where the the internet is, we have to be working and it is, I've got the, like, satellite level, gig, internet. I mean, it's like the highest kind you can get it. So still, still lags every now and then. Robinson saying, Good morning, Tyler, thank you for the 12 weeks to break into cre program. You guys did a great job. Thank you, Robinson, appreciate it, man. I hope you enjoyed the 12 weeks. For those of you all that aren't aware, last night was the last night of our 12 weeks to break into cre program. For those that are interested in getting into getting started in commercial real estate brokerage, we did a little 12 week program with some weekly assignments, like educational assignments, and I think I enjoyed it. I started feeling it at the end there. I was like, Man, this is kind of wild that this is already our last call. You know, hopefully, hopefully everybody stays in touch, because we'd love to, would love to see y'all again here soon. Oh, Rob, what's going on? Man. St Tyler, awesome coaching call last night. Big things happening in Texas, is what I learned. Yeah, thanks, man, yeah, dude, last night's coaching call was great. That was really cool because, I mean, we debuted the underwriting spreadsheet, we talked about the agenda for our Siri accelerator mastermind event here in Nashville on October 18 and 19th. And then we dove into a deal that one of our Siri accelerator students inush brought, I mean, it's in the Dallas Fort Worth area, and, you know, we were just kind of digging into that market, trying to figure out what's going on in DFW. And the conclusion is, DFW is hot, especially the north side of Dallas, like, it's just, it's growing like crazy. You know, the McKinney area. McKinney is obviously really nice. So, yeah, if you're trying to figure out what market to invest in, you should probably go look north of Dallas. It's an interesting area. Tsan is saying hello, after attorney review, what is the most important thing in the commercial real estate process? It's a great question. So definitely make sure that your attorney reviews everything, every document, whatever you've got going on, you have to have that. But the most important thing, honestly, is, is your underwriting and being realistic with yourself about the numbers that you could achieve. We had a conversation about that last night. You know, I'm very conservative when it comes to underwriting. For example, my boutique hotel is down the street. You know, I think it'll probably trade for seven and a quarter, seven and a half percent cap rate, but we underwrote our exit at an eight and a half percent cap rate. I think that we'll get 225 to $250 a night. ADR, but we underwrote it at a 175 ADR, the reason I like being conservative is that if the numbers work at that, then it's a deal. And, you know, you should never underwrite a deal to where, like, too many things have to go right in order for the numbers to work, because that's just not it's never going to happen. Things are going to go wrong. I promise you, that's just the that's just the way that it is. So yeah, I mean, be sure to do your underwriting properly. Spend the time on the numbers. Make sure you do the research as to why vacancy rates, market rental rates, operating expenses, why they are, what they are, especially on your exit. You can't really predict the exit, so just be very conservative with that. Robinson is saying, I'll sign up for one of your masterminds for sure. Just got to sell some properties to put some money together. I appreciate that. Robinson, Well, dude, we've

got the broker's mastermind is launching in October, and we've got it on, I believe that's tomorrow night. Should know that, because I'm going to be giving it, yeah, tomorrow night, Wednesday, September 25 at 7pm Central Standard Time, Logan Freeman and I are going to be doing a webinar on the broker's mastermind, and you can learn more about that if you go to brokers mastermind.com, or you can go to my Instagram, click on the link, it'll have the link in there, link in my bio, but that'll be $10,000 for the year, or $1,000 a month. So super approachable. We've, we've tried to make it as affordable as possible, because we know some you know, I mean, $10,000 is not a small amount of money. But I mean, the thing is, if you close like a $650,000 deal, it more than pays for itself, right? So we sat down and ran the math. We're like, Cool, all right, all we have to do is make sure that you close another million dollars a year. And it's, it's absolutely worth it. We think that you'll close two to three to $4 million additional a year, but that's, you know, to break even 650,000 like, you might as well sell residential homes. It's a small amount. Oh, let's see. Smoyer Nate, what's going on, dude, get to see in here. Man, he's saying, How are storage deals trading? Any trends and cap rates you've seen in deals? Oh, that's good question. So self storage facilities are very interesting right now, because they haven't changed very much at all. You know, a lot of people are seeing trends in other asset classes where the cap rates are going up, but self storage facilities, not really. You know they have, they still have the lowest delinquency rates of any type of commercial asset. They're still doing strong. There are some markets where they're getting absolutely overbuilt, that's for sure. So just pay attention to what markets you're going into. But overall, cap rates haven't moved that much, I mean. And again, overall, you could find a market where it's like, well, cap rates have gone up to 3% here, but there's going to be a strong market like Nashville, where it's probably gone down in the last few years, just because it's such a strong market. So what I like to do is just look into markets where, you know, there are more multifamily units being built than there are self storage facilities that could accommodate those multifamily units. And, of course, there's ratios you want to look into to make sure that, you know, I mean, obviously you don't want to build one to one self storage units to apartment units, but storage dealers are still very attractive. The thing that's tough with storage is that there's a lot of smaller self storage facilities out there that are really kind of geared for Mom and Pop ownership, and once you get to a cap rate that's low enough, you're just not going to attract the mom and pop owners, so that that can be the tough thing in the Self Storage world today. But that's, that's kind of what we're feeling. Rob is saying, Good morning. Awesome coaching. Call us, oh yeah, in the new underwriting tools. Yeah, man, it's, it was, it was a great night last night. We had a lot of fun. G, good morning, Tyler, if you had capital and wanted to invest it in Nashville, where would you look specifically, and what cre niche, any opportunities that exist with that criteria? G, I so here's the thing about Nashville. I love the north side of town, the like, north of the Cumberland River, and that's because it's been the wrong side of the river for the longest time. Q, the mommy with Benny, you know, being on the wrong side of the river. The you know, that's East Nashville, Madison, Goodlettsville, Hendersonville, you could throw Gallatin in there, if you really wanted to, even Hendersonville is starting to push it. But, you know, I love the East Nashville, Madison, goodwillitsville area, because it's very close to downtown Nashville in terms of drive time. It's only like 10 to 15 minutes, depending on where you are, and it's very undervalued. So I would buy anything in there, right? And, of course, I'm biased. That's where I own all of my real estate now. And look, it's kind of been valued quite a bit over the past few years, without us necessarily having to do anything. Just because people are starting to realize that most of the competition, the old guard, investors and developers invest on the South side of town, you know, they want to be in, you know, green hills, Belmont area, Brentwood, you know, Bellevue, Belle Meade. And to me, none of those markets are exciting. So where the most potential for growth is, for sure, is north of the Cumberland River. Allison is saying, Good morning, Tyler, great coaching. Call us Night. Good morning, Allison, thank you for joining us live. It's always nice to hear appreciate you guys jumping in and saying that I love the group coaching calls so that you all know I run all of our group coaching calls myself. I am very involved in our group coaching program in the Siri accelerator mastermind, and so I. Hold all of the sales calls. So like, if you ever book a call with me to jump in to our Siri accelerator mastermind, you will be talking to me directly, because I like to personally vet everybody that comes into the group. I used to have a sales team handle all of that for me, and I was like, You know what? That seems so impersonal, we're just gonna get rid of that. And I really enjoyed it, because I do spend a lot of time in that group, so I want to make sure that the people coming in are really cool, which has created a pretty awesome group of people. So Allison, good to see you. John of st Tyler, what's the next coaching mentorship program you guys are hosting? So John, good question. Thank you for asking. Definitely didn't plant that. But yeah, brokers, mastermind, so CRA accelerator, that's the first mastermind. The CRA accelerator is for commercial real estate investors or those that just want to get better at investing, that could also be brokers, that could also be bankers. Just depends on, you know, kind of where you are and what kind of skills you want to learn. That is a an open enrollment mastermind, right? We you can join that at any time. Book a call with me. Come hang out. The next one that we're launching is the broker's mastermind. We're going to have 50 seats maximum for that one on October, launching in October. So we're hosting our first webinar tomorrow night, and then we'll we'll be opening it up for membership. That membership will close, so we will probably only open that up quarterly Max, if not biannually, so twice a year, because we want to just make sure that one, we're not overcrowding the the group. But two, we don't want to spend much of our time just recruiting. We actually want to start focusing more on on the teaching side of things, so that'll be a great one. Logan and I are spending a lot of time pulling that together in terms of the type of people that you're going to get to talk to, in terms of the education you're going to get. Logan's going to be teaching every Tuesday night different aspects of commercial real estate, and our intent with the the broker's mastermind is really to teach you how to earn a million dollars in commissions in a single year, right? Logan and I have both done that. We're going to show you exactly how we do it. Did it so that you can go out there and do it yourself. We're going to teach you how to keep a million dollars because you don't want to pay it all in taxes. And then we're going to teach you how to invest a million dollars, because most commercial real estate brokers use brokerage as a stepping stone to become investors, and I've seen some very, very successful investors come from commercial real estate brokerage. So there's that. And then also, we're going to be bringing in some pretty badass speakers as well. We've been talking to some pretty big like national retail brands, think burger joints, gas stations, you name it, that are all expanding rapidly, about coming in and talking to the group about how to find sites for them, how to work with big brands so that you can do site selection, do these deals, you know, get, get some of these single tenant Net Lease transactions under your belt, and they want to do it because they're looking at it going well, there's 50 brokers that I can come in there and give my pitch to at one time, instead of having to do it on a deal by deal basis. So really cool to see kind of what we're planning for there. Cesar, say, Good morning, Tyler. What is the best way to market? An industrial, outdoor storage before the property is completely finished? Good morning. Cesar, good to see you. Man, so before the property is completely finished, what I would do is, yeah, AB in productions is saying your frame rate is low, yeah, man, I don't know what's going on. It is, is lagging like crazy right now. But hey, the audio is coming through, and that's all that matters right now. Plus, I mean, the only thing that y'all can see right now is my ugly mug. So probably not the worst thing that it's in a low frame rate, but in terms of the industrial outdoor storage, what you would do in order to market that, before it really comes to market, like honestly, Craigslist, Facebook, marketplace, get yourself a giant sign as big as your local codes will allow for

for signage on the property. That is how the majority of those tenants actually find those spaces. And then just make it super easy on them to sign a lease, you know, move their vehicles there, whatever, right? But you're gonna find more often than not, they're gonna be on Craigslist, Facebook, marketplace, and they will just drive by and see the sign that works really, really well. The other thing that you could do, and this is a bit of a longer term play, but I think that it would start to pay off in like three to six to maybe 12 months, is start writing blog posts in your area. You know, truck parking in Nashville. You know how to find truck parking in Nashville. You know, truck parking spaces available in Nashville, whatever it is like, right? Just start maximizing the value for those keywords. Because if you go and search like truck parking in your page for your truck parking, and, you know, take it from there, I think that that's a great way to start getting some traction. Uh. In an industrial outdoor storage facility. Before you know, before all that happens, clay is saying, I am underwriting a deal with positive cash flow 1.2 to 1.4 times debt service coverage ratio over five years with 2% yearly rent increases five year leveraged IRR, however, is decreasing. Why could this be it's a great question clay, so that's that's one of the reasons I don't necessarily like the internal rate of return, but the IRR takes into account the amount of time that is also considered in the deal. So if I had $100 in cash given to me today, that might be a 100% IRR. But if I have $100 in cash given to me in 100 days, it might be a 1% IRR, right? So it's the same amount of cash. It just also starts to take into account the amount of time that has passed. And so the reason that I don't necessarily like the internal rate of return is that it can be juiced, right? You can very easily manipulate that if you wanted to make a deal look good, which is why I don't necessarily pay attention to IRRs. I like looking at how long was it and what was the equity multiple? What was the annualized cash on cash returns? Because you can have a very high IRR and actually have a very low equity multiple. Meaning, like the IRR could be 30% or higher, but your equity multiples, like 1.25 meaning you only made like 25% in your money. So it just, you know, the IRR is kind of a funky thing. But yeah, the longer, the longer you have a deal going, typically, the lower the IRR is going to be, unless you have some sort of capital event that just you know, gives you a massive influx of cash. Anthony Russell saying, Good morning, Tyler, appreciate your time and knowledge as always. Thank you, Anthony. I appreciate it. Man. Love being here with you guys every Tuesday. It's a lot of fun. Him. Him is saying or I'm him, I can't tell. Sometimes these YouTube names are funny. Hey, Tyler, what are some considerations to take in when pricing a multifamily property, besides NOI and cap rate? Oh man, what considerations I would consider not buying multifamily? That's the consideration I would take into account. I am not a big multifamily guy. I just to me, the value hasn't been there. Now, at some point, my tune might change, because I might look back at multifamily and say, hey, now there's some value in this asset class that can be really squeezed. But, I mean, think about it, we've had three turns at minimum for most properties Since 2012 they've gone through three investors or more, and each one of them has has, you know, renovated the property and jacked rents up, renovated the property, jacked rents up. You can only do that so many times before. There's just no more value to add. And so I just haven't seen the juice worth the squeeze for quite some time. When it comes I'm him saying, lol, I'm a multi family broker. That's hilarious. Sorry, dude. So, I mean, what I would say is, is, like, if you're, if you're trying to, you know, price a multifamily property, the like, additional land matters, right? Like, can there be anything else developed? Is there anything additional on the tax benefits side, is there anything on, like, typically, lower you can get a lower cap rate for an asset that is more on autopilot, right? So if you've got a really good management team in place, maybe you can kind of, you know, price, you know, a bit of a lower cap rate on it, just because you don't have to touch it. But I mean, honestly, aside from NOI and cap rate, it's really going to come down to your operating expenses, you know, as a and here's the thing, as a broker, make sure that you're being super realistic with your pro formas. We were talking about this in our group coaching call last night, because more often than not, the pro formas that we all see right, there were 30 investors on this call. We all see brokers just lying in their pro formas, and we all know that brokers are doing it right. And so if you can be super honest with your bro, with with you know your your pro forma numbers, dig into the operating expenses, that's one thing that I don't see a lot of multifamily brokers do well enough is understand the OPEX and how it could actually be more efficient or cheaper or whatever, because there's two ways to increase your noi. There's only two, right? Either you increase your revenues or you decrease your operating expenses. More often than not, everyone is looking at, how can I increase revenues? Well, sometimes you just can't squeeze any more, you know, blood from a turnip. But you might be able to decrease your operating expenses, and still, you know, create operational value there. So that's one thing to dig into. John is saying, Tyler, what time is the call tomorrow? Where can we find more information? Download, number, access, etc. John, so the call for the for the brokers, webinar will be 7pm Central Standard. Time, there is a link in my bio on Instagram to go to the brokers mastermind website, or you can go to brokers mastermind.com and just sign up for the wait list. And you'll be on the email list. We'll be blasting everything out today and tomorrow, that way you have it. And so yeah, go ahead and go to the website and sign up for that. And if, and if you don't get the email, you'll probably get it by like, 5pm 6pm tomorrow, Central Standard Time. If you don't shoot me a message on Instagram, and I'll get you, I'll get you a loop down. Clay's saying, Thanks for the explanation. Absolutely. Yep. IRRs are funny, baby. RAM is saying, I've got a seller with a 200 plus door apartment complex and single family rental portfolio in Wichita Falls, Texas. You got any tips for getting the listing? Tell them, you tell them you should list it with me, and I will get it sold. No. I mean, look, in terms of and in terms of getting a listing on a property like that, you really want to show value to the owner. And so it's, it depends on what your background is, and it depends on how, how, what your track record looks like, how many of these deals you've actually closed? If you haven't closed anything, just tell them what. Give me 30 days to go out and market this off market. I'll do it off market to all of these buyers, and I will find somebody for you, right? And if nothing happens, you don't have to pay me. We'll move on. In that 30 days, you might be able to get a foot in the door and just prove here's how much I'm willing to work on this to make this happen for you. Give me the full listing, like, here's what I was able to drum up off market. Imagine what I could do if I had the full listing so baby RAM, I would have to dive further into like, what your experience is, how much like what you've actually got going on. To give you a better answer on that, but there's a lot of a lot of ways to do it, right? I mean, especially if you're able to come in do some underwriting, make it look really good, show them your marketing plan, right? Like most brokers have a terrible marketing plan. They're like, I'm going to take a picture of it and I'm going to send out an email blast. That's really cool. How about I'm going to bring in a video crew, and we're going to do, you know, a documentary on, on y'all doing this project, and we're going to, you know, put it on YouTube and do a bunch of Instagram stuff and and whatever. Just like, think of it in a different way. You know, let's see Rob with the boutique hotel. You'll be getting your feet wet and multi Yeah, I guess that's true. Fortunately, though, I'm able to keep that arm's length. Have somebody else deal with it. And you know, I mean, hey, if a toilet breaks or something like that, I don't have a tenant yelling at me. We'll just take that room offline for the night. Get fixed the next day I'm him is saying, Thank you, much appreciated. Absolutely, hope that hope that helped John. Appreciate everything you do for the community. Absolutely, John, I love it. I mean, this is a lot of fun for me. I really enjoy it. Thank you guys for tuning in and, you know, giving me the audience to have these conversations. Otherwise I'd just be talking to myself. It wouldn't be

nearly as fun. Let's see. Jerry say good morning, Tyler. Do you have any videos on underwriting a commercial auto Bay, oil change three car Bay? Jeremy, I don't have or Jerry, sorry, I don't have anything specifically on underwriting that, but it'd be the same as underwriting any single tenant net lease deal. So I would just treat it like that, right? Go in, get the get the gross revenues, whatever the rents are, you know, operating expenses, and then throw in your, your your debt service. Gosh, you'd think that I would understand what leverage is in commercial real estate. It's been a morning, I guess Kyle is saying, Hey, Tyler, any tips on how to how best to learn about my market? I live in Portland, Oregon, and am truly interested in either industrial outdoor storage or flex. I'm looking to learn how these segments view are viewed in my market. Thanks, absolutely. Kyle, so best way to do it call every single commercial real estate broker that works in that market. Maybe look at joining naop, the National Association of industrial and office professionals think that's right, naop, so you know, you'll meet a bunch of people in your market that focus on that type of asset class, and then go talk to go talk to contractors, brokers, architects, developers, just talk to everybody that you can get your hands on. Look at every single property that's available for sale or for lease, and just start studying those right. That way, you kind of start to understand, Okay, here's what people are asking in the market, here's the size that is being built, here's what's available for lease. Here's all the stuff that's sitting on market for too long. Here's the stuff that's going off market really quickly. And you'll get to know the area super, super well, really fast. One thing that I like to do, honestly, like, if you want to really get to know your market, let's say investor podcast, and just walk, walk your market, because you'll start to notice things that you wouldn't see otherwise. That is all the time that we have for today. It is nine o'clock. Join us next Tuesday, 8:30am Central Standard Time to go further into off. This hours, ask your questions. That's what we're here for, and I will see y'all in the next one. Are you looking to take the next step toward investing in commercial real estate? But don't know where to go. Siri central offers a comprehensive education and coaching platform designed to help you get started. Our online courses cover a wide range of topics, from the fundamentals as to our.