The Sunbelt and the Future of Private Equity

The Sunbelt is this in particular Florida we look at things through the viewpoint of not only private equity but also migration patterns rents and climate resiliency. I really like to look for cheap because cheap builds an margin of safety that you don't get when you're paying full price for something right? We are desperately afraid of Florida because they have billions and billions of dollars of infrastructure that they're going to have to repair and fortify over the next 20 years insurance rates are sky high rents have flattened in the last couple of quarters which I think is a signal that growth is slowing there.