Steering Through Fed Rate Cuts

THE SELF STORAGE REPORT — EPISODE TRANSCRIPT Episode: Steering Through Fed Rate Cuts Co-host: Thaddeus Campbell — Director of Business Development, S3 Partners Host: Chris Berg — Abernathey Development Recorded: September 20, 2025 Video: https://www.youtube.com/watch?v=yEoDvWUU6FY Key topics: The Fed's 25 bips cut and the 10-year Treasury briefly breaking 4% before rebounding; Greg Skiirkovich, a former Fed staffer, on why the 10-year spiked after the 2024 cut; the average US car payment near $800 on a 74-month term; Jerome Powell citing 4.3% unemployment and 1.5% growth; the Walker & Dunlop CEO on non-recessionary cuts not moving the long end and a 4.01 10-year; the BofA global fund manager survey flagging a second inflation wave and dollar debasement; Kalshi and Polymarket pricing 3 to 4 more cuts this year; Stephen Miran still drawing a White House paycheck while sitting on the Fed board; Moody's 48% recession probability for 2026; Philip J. Anderson's The Secret Life of Real Estate and Banking and the 18.6-year cycle; Tether's CEO buying land, gold and Bitcoin; Trump's national housing emergency and federal carrots on local entitlement reform; Lennar's largest unsold home inventory since the GFC; 500-day self-storage development timelines; Thaddeus joining from a yoga retreat on Italy's Adriatic coast and a tribute to Charlie Kirk Note: Speaker attribution reconstructed from raw captions. Light cleanup of transcription errors only; wording preserved. Timestamps and YouTube chapter markers removed. Turns marked [attribution inferred] could not be attributed with certainty. ————————————————————————————— Chris Berg: Well, as expected, Federal Reserve cuts rates by 25 bips. We're going to break that down. What does it mean for you and for self storage? All that and much, much more today here on the Self Storage Report. I'm Chris Berg. I also do land acquisition for Abernathey Holdings. Joining me live in Italy this morning, our co-host Thaddeus Campbell. It is great to have you with us. Let's just start with what you're looking at outside your window. He's with S3 Partners. Does a great job there. You've been there now for a week. Thaddeus Campbell: 4 months, man. 4 months. We're—we're—yeah. Coming up on the end of week 15. So, pretty cool. Chris Berg: No, no, no. You've been in Italy for the past week, right? Thaddeus Campbell: Oh, no. I've been in Italy now. Today is day 8. So, it's—yeah. Not—not a terrible, like—this is—this is what I'm waking up to every day. Just—I'm going to tease and do the slow reveal. Like, how tough is this, my friend? Yeah. That—that's my morning view. So, um, needless to say, if I'm smiling a little bigger on the show today, it's cuz I've been looking at that for 8 days. Chris Berg: Hey, man. You know I love you. You got a pretty face. Can you just turn it to that view as we do the show here? Thaddeus Campbell: You just want me to leave it on? I'm—I'm in a place called Civitanova, Marche, Italy, which is a province on the Adriatic. And I'm telling you, if you go to Italy, yeah, Tuscany is great and Rome is great, Naples is great, but for me, the Adriatic coast is where it's at. It's absolutely gorgeous and it is not overpop—populated, which is great. Chris Berg: Well, and I know obviously the food's amazing in Italy. Just to share, people, you know, Tha—Thaddeus's commitment to you and the Self Storage Report. He should be down at dinner right now, probably down in some, you know, beautiful lasagna, spaghetti, some red wine, but he's with us and he will be going down to dinner afterwards. So, let's jump into the show. Thaddeus Campbell: That's how much I love this show and I love doing it with you, Chris. Chris Berg: I was going to say that. Trust me, we very much appreciate it. So, Fed cuts 25 bips. You know, there's just a lot of conversation about what's happening here. Is the Fed starting to lose independence? We're going to really break this down today. I've got a clip from, uh, Chairman Powell from yesterday, a real brief one. Um, but also there's some other things to think about as far as a 10-year. If you've been watching the show now regularly, Thaddeus a while ago said, "Hey, be careful what you wish for because if they do cut, it actually could mean the 10-year going up." It broke 4 for a moment yesterday. Now it's back above 4. I know it's one day after the cut and yet I think it could be somewhat a premonition of where things were going as far as the 10-year, which really deter—determines mortgage rates, which, you know, I was talking about with my team today that I want to get your take on. And we'll get into some of these clips, but if that 10-year continues to rise—I'm not suggesting this is going to happen, but I've seen people even saying, hey, welcome to 10% mortgages. I just think that's going to cause people to huddle up even more and be less movement taking place, which thus could be a headwind for storage. Thaddeus Campbell: Yeah, I'm still worried about that. I'm going to be honest with you. I'm—I'm lucky to be on a yoga retreat here. And as life happens, I'm—I'm on a retreat with a gentleman, Greg Skiirkovich, who actually worked for the Fed for a year after the GFC. He's been in the auto industry for 30 plus years and actually got out of Wells Fargo after the GFC and volunteered to the Fed to say, "Hey, I want to come help you guys setting up the CFPB, the Consumer Protection Bureau that they put together." And had a really fascinating conversation with him about this subject. Because like Thad, look, last year when they—the 10-year took off after the Fed rate cut, when the Fed cut the rate, they announced they weren't going to do any more. And that's why the 10-year went up, because the 10-year was priced with an expectation at the end of 2024 of multiple cuts. So, when the Fed said, "Hey, we're only going to do this cut. We're not going to cut for the rest of the year," the—the Fed went up. His thought is this year, because they announced that they're going to do multiple cuts for the rest of the year likely, um, he doesn't feel like the 10-year is going to raise the way it does. 30-year career in—in the auto finance industry, very tuned into what the Fed's done for his whole career because it's been critical to what he's done. So, a counter opinion to what my fear was. Of course, today we see the 10-year go up. So, that's a little scary from that front. Not for nothing, we've also seen in the last couple of days a little bit of downward pressure on the five major REITs in storage from their stock portfolio as well. Um, so overall the market is not longing for self storage in the way that I kind of expected they might given the—the rate cut coming. And so are we seeing the market itself, the—the, you know, the intelligent people in the market understand that maybe the rate cut is not as big a boon for self storage as you—you might hope it would be. Chris Berg: Well, and again, you got baby boomers that own so many houses out there today and they—they're saying, "Hey, look, I'm going to stay put here. I want to stay put." There's some great polling data out—they don't have it readily available for us—and yet they're saying, look, I want to stay in my house indefinitely unless there's some health issues. So again, I think you see more and more people huddle up, but that younger generation coming up in multi-housing. I want to play this clip from Chairman Powell and then there's a great clip I've got also, uh, from the CEO. Boy, this might take me a moment to figure all this out because I've got a lot of stuff I want to share with everyone today. Um, but there's also a great clip I want to share from the CEO from Walker & Dunlop. They do an incredible job in multifamily, some things around there as well with the housing emergency that Trump's been talking about. But this is Chairman Powell yesterday. I think one thing that's important to note here, and—and my biggest concern is that based on what he talked about yesterday and what we're seeing, there's a high probability they're going to just let inflation run and hopefully try to catch up with this labor market. If that's the case, where I get concerned—we talked about this before—to the point where at the Self Storage Association event, God put it on my heart to actually pray for the Federal Reserve. The first time in my life that I wanted to do that or thought about doing that. My point being is I think it's going to really, uh, do damage to the lower middle-income people because inflation starts to go. Their incomes are stagnant. They lose more buying power and it's just not going to bode well for that demographic. So here's Chairman Powell saying this yesterday. Jerome Powell (clip): Let's—let's remember though, the unemployment rate is 4.3%. The economy is growing at 1.5%. So, um, it's not a bad economy or anything like that. We've seen much more challenging economic times, but from a policy standpoint, Chris Berg: and I think that's the challenge, that when you start to cut rates and you're saying, "Hey, the economy is not bad." This is where—and again, your gentleman sounds like he's got a lot of experience with the 10-year, but I think this is where you see people getting a little bit nervous about the 10-year, because if the economy is strong, why are we cutting? Thaddeus Campbell: 100% agree. And—and you know, like as you said, if more money comes into the economy via the Fed lowering rates, who's getting access to that money? It's not the people who are under the most pressure by the lack of jobs and the increase in cost of goods, right? The—my conversation with Greg Skiirkovich, he brought up the fact right now the average car payment in America is almost $800 and it's on a 74-month term. The likelihood of that car lasting 74 months. So these households are dealing with financial challenges that are—are hard to fathom in—in many instances. So it's—it's, yeah, could it create more fear? Absolutely. And if fear comes into the market, that tends to push the 10-year up as they have to raise rates on bonds to get people to buy in. Chris Berg: Well, I think you're bringing up a really interesting point about higher car payments. I'm talking about inflation. Like you start to squeeze disposable income. Does that quickly—people say, "You know what? I thought I needed the storage unit. Maybe I don't because I got to put food on the table, put gas in the car." I'm not saying we're there yet. But if things continue to move in this direction, you know, there's a probability that they may start saying that I can't—I can't afford my storage unit anymore. Do you agree or no? Thaddeus Campbell: I—I listen, it's—it's my long-term outlook on storage has been bullish. We've talked about this since we started the show. I—I think you're on board with me on that, but there are some serious short-term issues that, you know, we've talked over the last couple weeks. I had Alex Burnham. I—I ran a clip from him. I'm—talked to Mike Burnham out at SSA. Not everybody feels like we've hit the bottom necessarily of—of the challenges that are facing storage. So, while we all have kind of been hopeful that, you know, we're—we're on the way back up, there's still some significant headwinds that we're facing. Chris Berg: So, this is the CEO from Walker & Dunlop. Again, they do a lot of multifamily, very successful public company. Um, I want to share with you a clip in regards to, again, him talking about, hey, if we're cutting into a strong economy, here's typically what we've seen in the past. Again, does the history always repeat itself? No, but it definitely rhymes. So, just allows us to say, okay, what can we potentially anticipate that's coming next? Walker & Dunlop CEO (clip): That 40-year period, 45-year period. Um, the ones where the Fed cuts in recessionary environment end up pulling down the long end of the curve. Pull down the 10-year, pull down the 5-year. In those where it's not a recession, which is like it is right now, um, it does not impact long-term rates. And so, as much as I'm expecting us to see at least a 25 basis point cut and then probably another 25 basis point cut, even if you take 50 basis points out of the short end of the curve, I don't expect it's going to impact the long end of the curve very much. And so, I'm—I think right now at a 4.01 10-year, we're—we're below where the market will be 2 to 3 weeks from now. And I don't try to predict where rates are going, but I think people are buying on the news and might sell. I mean, they might buy on the rumor. Chris Berg: So, that kind of falls in line with your thesis. I want to share a couple more data points and get you a chance to comment. So, this is from BofA, um, global manager fund survey. You know, what can we anticipate as far as Fed cuts for the rest of the year? They're saying 4. I'll show Kalshi numbers here in a moment as far as 4 and 3. But the other thing that really jumped out to me as I was going through this data, um, was this piece right here, again, in regards to inflation and the dollar debasement. So what's the—what do they consider the biggest tail risk? And they're thinking, hey, second wave of inflation, we just talked about, is going to be a big tail risk, which you and I would say, hey, make sure you're in assets. You hear everybody right now saying get out of the dollar, get into risk assets, whether it be gold, stocks—not investment advice, just simply saying what we're hearing from other professional fund managers. And this one here, the dollar debasement, I could show you some data within here that they're saying, "Hey, a lot more of these fund managers, central banks as well, are buying a lot, a lot, a lot, a lot, a lot more gold." Chris Berg: Are you— Thaddeus Campbell: I apologize. I thought you were playing a clip. That's totally my fault. I'm in—I'm in an Italian food hangover. No, I mean, listen, you—you—there's times you don't want to be right, right? And this is one of those times where I—I don't want to be right. Like I don't want the 10-year to go up. Interest rates are already so challenging. We've talked ad nauseam about the difficulty in affording a home for new people. I got a 24-year-old son that lives in my house. I would love for him to go own a house sometime. I have a 19-year-old daughter. I'd love for her to be able to buy a house. The stark reality is that they are years away from that being possible for them in the current environment. So, the last thing I want is for a 30-year mortgage rate to go up. But the data is the data. And when you study the data, you got to go look at how it compares to what's happened in the past. And everything that we're hearing right now, going to the clip you just played, is that don't expect a big dip in—in mortgage rates, which obviously for self-storage is what we're really looking for because we want more housing movement. Apartment movement is great, but we really would love to see a big pickup in the housing boom. Chris Berg [attribution inferred]: I think we're paying the price for the glory of 2020, 2021 and—and people being able to lock in interest rates that were historically low. I think a lot of people would make a thesis, hey, you know what, the Fed screwed up the housing market, whether that, you know, it's true or not. But I think you can make a pretty strong argument that they didn't help giving everybody these 3% rates to lock in 30-year mortgages. I mean, um, it's pretty enticing way to say, "Okay, I know inflation, right? And now they're going to give me a 3% 30-year rate." Like, I'll take that all day long. So, again, number of rate cuts to expect. If you go back to what, uh, the CEO there from Walker & Dunlop just said, yes, we're probably going to have a few more cuts. I think many people—you can see this here from Kalshi. I—I don't know about you, Thad, but like I love these Kalshi, Polymarket things. I think it's fascinating to watch sort of the psyche of—of the people. And, um, so you can see just yesterday this thing jumped up dramatically suggesting that there's going to be 3 rate cuts for the rest of the year. So they're suggesting— Thaddeus Campbell: I think it's crazy to think that there—there's actually a bet available on 4 cuts this year given we're in September. Chris Berg: Well, and that's—that's where you look at the idea of people losing Fed independence. I mean, one other thing I will share with you, the newer, um, member of the Federal Reserve, and I can't think of his name right now, but— Thaddeus Campbell [attribution inferred]: Is that right? Chris Berg [attribution inferred]: Excuse me. Thaddeus Campbell: Stephen Miran, I think is his name. Chris Berg: Thank you. Thank you. Here's what's fascinating. He's still getting paid by the White House and yet the Federal Reserve is supposed to be an independent private bank that should not be political. Like, it just doesn't make a lot of sense. Thaddeus Campbell [attribution inferred]: And so, um, he actually—yeah, he took a leave of absence from his job at the Treasury in order to go be on the board of the Fed. And—and yeah. So, and look, there's—like, there's multiple sides to this issue, right? I—again, going back to Greg Skiirkovich, who I spent a lot of time talking to this week. We've been talking about how interesting it is that the Fed is independent. On the flip side of that, if the Fed—he—he made a fantastic argument. Hey, if the Fed is part of the government, right, if the government's regulating that, internationally we lose any credibility for our currency. Now, all of a sudden, we're China, where we can just—we can adjust however we want to create the economy we want for the populace. So there's—there's fascinating arguments to see what's going on right now with the Fed. And—and you know, it—it's not great for the American people, quite frankly, to see what's happening. That—that's my—my, as I said, I—I hate to be right, and I hate to—in—in this inst—I love to be right. Don't get me wrong. I have an ego and I—I like to—I like to say smart things and have it be recognized that what I said was intelligent. In this instance it's not fun to watch this play out. Chris Berg: Completely concur with you. And again, for people that are in self storage, looking at self storage, want to get into this asset class—um, again, not investment advice. I think you're—you're in the right asset class, at least be kicking the tires, because with what's happening right now with—with the dollar and what we're seeing from the Fed, you definitely, as we just said a moment ago—not investment advice—but you want to be in hard assets. And I say that because even the CEO of Tether, which right now, if you're not familiar with Tether, it's a stable coin, the most profitable company per employee, maybe in the history of the world, but definitely right now—they even said, the CEO recently, we're buying land, uh, we're buying gold, and we're buying Bitcoin. So, you can see that they're kind of trying to stack against some assets that can obviously increase values, um, as the dollar does what the dollar is about to do. So, one other piece I want to share when it talks about housing, again, tie this back into what does this mean for storage. Um, this was really fascinating. Thad, I want to get your take on this because you've been talking about the car situation and whatnot, but, um, searches for help with mortgage surpass 2008 housing crisis. I mean, I could—I could spend the entire show giving people data points in regards to how so many things right now are going far beyond above what took place in the 2008 housing crisis, that I don't know if we're there yet, but as you and I keep talking about with the real estate cycle thesis, please be paying attention to the middle end of 2026. I think that's when you're really going to start to see some cracks, um, in the situation. Thaddeus Campbell: Yeah. Listen, if you haven't read The Secret Life of Real Estate and Banking and you're involved in any way in real estate, I—go on Amazon, order the book. It only comes in a hard copy. We get—Chris and I get no compensation from Philip J. Anderson. I'll just throw that out there. We're like—we're not paid to—to put this out there. But I—I—you—you have to familiarize yourself with what's going on because the data is—it's undeniable, right? There's—there's 13 cycles that have happened in the—the history of our country. Um, and to your point, what are we seeing? It's yet another graph that's showing you something that is putting us right where we were in 2008. I sent you a Yahoo article earlier this week. Uh, I can't—I think it was Moody's, right? They have a—they have a, uh, a data tracker of data points that lead them to believe there's a crash coming. That data tracker was at a 48% probability that there's going to be a recession in 2026. And what they said was, yes, it's only 48%, and that maybe seems like, hey, it's less than 50%. But every single time that data tracker has gotten to 48%, there's been a recession every time. So, we're seeing—my point, and I—I'll try and be succinct because I do want to go have the Italian dinner here sometime soon, is that data point after data point after data point that you put up on the screen over the last 6, 8, 10 weeks has shown trends extremely similar to the GFC. And—and it's hard not to be frightened by that. Chris Berg: Well, and to add to that with this real estate cycle—now the one thing that does sort of supersede the real estate cycle is war. And so I think you could make a strong argument that there's a high probability—it may not be a hot war at this—this time through, and there's—there's going to be a financial war, but where there be currency and/or a hot war, and I think you make an argument that might be coming as well. So, just want to share that with people, that hey, look, keep that in mind, as you know, Thad and I share this thesis. And there's so many things that are lining up to say that this is what's coming, even to the point where oftentimes when you read the book, he says, look at then at the end everyone wants to go all in and people start pulling every kind of string they can to encourage the housing market, to encourage more people to buy homes and land. And I'm going to share with you a clip in a moment on another sign that this real estate cycle is playing out the way that Thad and I have been talking about. Before I do that, also want to say thank you to our partner, uh, Tract IQ. You can check them out at tractiq.com. They do an incredible, incredible job. If you're someone—again, you're heavily involved in self storage, you're thinking about going out and buying some assets, making some acquisitions, some development—they do a great job of giving you the right data to at least help you, uh, underwrite that thesis and make a much better decision. Or if you're someone that's brand new and you're like, you know, I want to start to understand what are the data points I should be looking for as I begin to underwrite some of these assets—uh, please do yourself a favor and go check out, uh, Noah and his great team at, again, tractiq.com. Let's get back to the housing piece, that, because as you and I talk about often—and you played a great clip, um, from Mr. Burnham suggesting that, hey, housing movement is a really, really important factor to drive, uh, rates when it comes to storage. And so, um, have you heard about President Trump suggesting, hey, I'm going to do this national housing emergency situation? Thaddeus Campbell: I have. Chris Berg: Okay. So again, I want to play this where—just because, um, the CEO from Walker & Dunlop is—oh man, I got to try to figure out tech here. Um, he—he's in these conversations and so I want to play this for everybody because he's got some great insight here, I believe, that can kind of speak to, again, the 18.6-year real estate cycle where they're going to do everything they can to try to, um, keep land costs where they're at, but also from a standpoint, but hey, is there going to be some interesting dynamics taking place in the housing market that potentially could, um, help, uh, the rates for self storage? Walker & Dunlop CEO (clip): Um, but as you look at housing and you think about the single family home unaffordability that Trump administration I believe is going to address in the next couple weeks, and they're going to do something pretty significant as it relates to trying to change land entitlement across the country at the local level by using carrots on federal funding, force municipalities to change the way they do it. If you do it, they'll give you the money. If you don't do it, won't give you the money. Um, and they're working very hard on that. I know—a conversation I had yesterday. So we're going to see something as it relates to the administration trying to change the entitlement process local level, try and bring cost housing down, and in the process of that, oh by the way, they're also focused on multi— Interviewer (clip) [attribution inferred]: but as you look across that continuum, where is rock— Chris Berg: So, Thad, I want to get your, uh, reaction to what you just heard there. Thaddeus Campbell: I'll be honest, I had a hard time hearing it, Chris. So I'm—my reaction is muted. My WiFi in Italy is not—it's not the one gigabyte service I'm used to having in New Jersey. Unfortunately, Chris Berg: appreciate your honesty. Bottom line is this, is that it sounds like, uh, the Fed is going—the Fed—the federal government is going to step in and start to, um, use carrots and sticks with local entitlement processes and say, "Hey, if you want to start to open up some of this land so we can do some more single housing, um, multifamily housing, then we're going to, you know, subsidize that with probably—it looks like some federal money or whatnot." And then if not, then we're—they're going to use, I don't know, some kind of stick to make people actually start to change the zoning to add housing density in certain areas. Um, you know, again, in theory, I think that sounds great, but you're going to have to have the metrics make sense, right, from a capital stack perspective. Um, and also, I think one of the things that that people don't talk enough about, and you and I have, and I think we've done a pretty fair job around this, is that Lennar right now has got the most unsold homes again since the GFC. And everyone wants to talk about this housing crisis—we don't have enough homes. I think you can make an argument that, hey, there are, they just might not be in the right place geographically. Thaddeus Campbell: Yeah. And—and listen, yeah, there's—there's inventory, but we go back to what we've talked about also. It's affordability. What's the price point that those homes need to get sold at in order for somebody to be able to, you know—Lennar is not going to sell a home at $100,000 loss. They can't afford to do that, right? Um, so can they take a little bit of a haircut? Yeah, maybe a few times, but they can't go sell their outstanding inventory at a loss. They'll be out of business very, very quickly. So, it's that challenge of, where's the price point that's affordable to the number of people that need to be moving, and—and how do we get to that place? I'll say one observation being in Italy: the number of people living in a single family home is minuscule compared to what you see in the United States. I'm in—in a place where there's very few people, right? If you go and—and you spend some time on Google Maps and look up the Marche province in—in Italy—massive apartment buildings and then a bunch of land, right? Why is that? Well, it's because of the affordability factor. People can't afford to build a single family home in Italy and go live in it by themselves. They build these big apartment complexes with 100 units and there's no other houses around, right? There's people living in row homes in the—in the main towns. Um, but to the point of—of what we become accustomed to in the United States, where an average middle-class family could go live in the suburbs in a single family home—we may be past that point in our country where that's an affordable outlet for people to—to really be their reality in their 20s, 30s, 40s. Chris Berg: Fascinating, man. It's going to be interesting to see what the—what the federal government does do, and you know, does it have an immediate impact? Because again, to change entitlement is one thing, but honestly you got to get the things built and actually get people inside those homes, which is—you and I both know, uh, right now the average for self-storage development is over 500 days, right? So it's—that's a long, long time. Thaddeus Campbell: Yeah, that—from the time you—you identify a piece of land to build on until you have a—a CO from the local government, certificate of occupancy, to have people move in, is every bit of a 2-year process, right? So, this is not something that can be fixed overnight. Chris Berg: I know you want to get down to your dinner, and I—I do want to wrap things up, uh, with this. Is there any—first off, anything else you want to add or share? Thaddeus Campbell: No. So, grateful for you and for—for, you know, putting together all the information. And obviously this week I've been—been a little less in tune with what's going on than I otherwise would be, but just really appreciate your support and how much, you know, how much passion and—and intelligence you put into preparing this show. So I appreciate that greatly. Chris Berg: Well, I appreciate you for saying that. I got a bunch more that I could play. So if you want to hear it, man, I'm—trust me, I'm happy to share. I got a clip from Noah. We— Thaddeus Campbell: We got next week's show. We—we got another stuff next week. Chris Berg: What I do want to wrap up with, because you talked about this pre-show—we had a chance to talk for a few minutes before—is obviously, um, the tragedy that took place last week, and know you got something you want to share around it. Uh, I just want to share, I—I was very fortunate, 2 times back in North Dakota, had a chance to share the stage with Charlie Kirk. Obviously a brilliant, brilliant young man. I don't want to get into, you know, the everything that was said and this and that, but, uh, um, I think that he was trying to do the best he could obviously with everything that was going on in his world and what he was up to. The most important thing I want to share is the impact I think he's having, um, even today, to the point where I had somebody within the self storage industry, you know, send me a note and just ask me to pray for him, you know, and I just—I'd never had that happen before. And so we had a chance to do that, and he's, you know, recently back to the church, getting back in the word. And so, um, that was just a huge blessing, and—and—and what it's opened up as far as conversations with other people within the industry as well, where I think people are starting to realize like, hey, it's great to go out and do this, and yet the most important thing is, hey, what am I doing to get closer to the Lord? Um, be an example of the Lord and bring other people to him. Thaddeus Campbell: I echo what you're saying. You know, I have a 19-year-old daughter who actually reads the Bible. Now, we did not raise her in the church. I've come to the Bible very recently. This has been something that, you know, happened late last year for me. Um, grew up as a Catholic, but, you know, had some issues there and—and went away from the church for a very long time. What a tragedy. You know, no patience for anybody who is being negative about this situation, trying to bring up past events that Charlie Kirk might have said things about to somehow justify this. You know, it—it's—I don't even want to give voice to that. What an amazing thing to watch: the overwhelming percentage of the response, which is people recognizing that he was on to something. I know one of the reasons I've gotten so into the Bible and so into studying the Bible is most of the happiest, successful people I know have a relationship with God. And if anybody went out in the world and put that out there, it was Charlie Kirk, who did an amazing job of it. And we're seeing it. Churches were overflowing this past week. And I, for the first 2 times in my marriage, I'm on vacation, I've actually prayed together with my wife. And it's been incredible to—it stinks that it took something so tragic to bring us to that point. But listen, if you could do anything in—in life, it's leave a legacy that impacts people to better their lives. You know, what better legacy could you leave? Chris Berg: Amen. Couples that pray together stay together. So, you shared that with me earlier this week, man. I was so excited for you. Like, "Yeah, first time we've ever done it." I was like, "Kudos to you." And, uh, and keep on doing it. So, um, just cuz you're in Italy—Italy is an amazing country. You know, the best thing that you've gotten out of this trip so far that maybe you can apply to self storage, just in life, would be what? Thaddeus Campbell: Surround yourself with amazing people. We're—we're on this yoga retreat and—and I'm just surrounded by amazing human beings. Um, you can't succeed in a vacuum. And not only surround yourself with great human beings, but serve them. Humble yourself and—and serve other people. And you're going to be happier. Chris Berg: Dude, I'm waiting for you to break out an om. Thaddeus Campbell: I can do that if you want. I got a pretty good om voice. I got a big chest. I can—I can create a nice—yeah. I could have lived in a monastery in the 1200s. Chris Berg: Hey, man. I just want to say thank you again to Tract IQ, um, our partner. Find out more at tractiq.com. Thank you to you, Thaddeus, for stepping away from your trip and a beautiful dinner and your beautiful wife and spending some time with us. We really, really appreciate that when you didn't need to. So we're grateful always for your insight and your time and, um, again, tease you. Thaddeus Campbell: Man. Chris Berg: We should—you know what? You ever watch CBS Sunday Morning? Like, we should just roll out with that with like some nature. Thaddeus Campbell: Leave it on the closing, right? Chris Berg: Yep. We'll just leave that. Look at the Adriatic as we leave. Not a bad way to go. That's a wrap. Have a great, uh, rest of the day. Thank you for joining us. We'll see you back here next week on the Self Storage Report. — END OF TRANSCRIPT —