unless they can monetize off of e-commerce, with venmo, we think growth is going to revert toward ecom growth and that kind of acceleration is not priced into the stock. a move to make another online deal even in social media to us just doesn't make a lot of sense long term. >> this is why i think your analysis of this is so interesting. because most of us assume you go into ecom, you get higher margins, higher multiple, higher growth even our discussion yesterday was around kind of owning e-commerce and that kind of thing which growth investors would seem to love when you suggested they should go the opposite way by a legacy payments processor you were met with groans and eye rolls. why should they turn the clock back, so to speak? >> i think it is interesting insofar as the company is turning the clock back by merging with pinterest it is reminiscent of the e-bay days where the company's growth was circumstance up described as being part of an online marketplace. for sure, physical world acquiring is a slower growth market, but it's also a much, much bigger can. i think if you bring

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it's a crowded space if we're talking about epayments and ecome ers and mobile also the market's firstght market absolutely hated salesforce slack on the same type of thing. why pay 30 billion to get that salesforce is looking at new highs. so you never know how the evaluation of the logic is going to evolve. >> it's also kind of a relatively small part of the overall payment system to be trying to get access to relative to where they already are and a very high price for that if you're buying instagram, fine, or if you're buying, as you say, a firm, then it kind of makes sense. as i said at the top, very hard to bet against -- this is something he believes he can make work, then i'm sure he will >> i wonder if they're bidding against anybody else because that might explain why it's 40 billion. there might be somebody who really wants pinterest also. so i wonder if that's where that price comes from because, on the surface, it's hard to, like, make that logical leap to why they feel they need to do this >> well, pinterest traded at, you know, 90 they're not selling for half of what the

stayed strong companies were scrambling to fix their distribution and get their products from the ecomhrough it. apartments took a little pause a. lot of landlords, including us and the public, we have 125,000 partners in our portfolio today. we didn't want to raise rents while panic was in the street. in 2020 they had a timeout we have the slide if you have it of the rents in the last 30 days what is shocking about apartment rent growth is nationwide, it's double dylan it from jacksonville to phoenix to seattle, represents are flying it tells you something about the consumer outcome i'll come back in a second have you the office markets, we have all been scratching our head, when will they fill? when will they recover most of us expected them to get physically full again, most at least. after labor day, the covid variant and the curve flattened. now we are seeing even in texas you are 40% occupied but we're up like 35 now in manhattan. if you you look around the world, it depends on where you are, in china, in korea, the middle east, they're in their offices, you get to the blue state

for us i like this game of core relationship here, this comes to my retail more than anything else, ecomnel of consistent buchlt-- distribution and 2030 >> i want to ask you, can we spend some time together when you first took on this roam and you talked about software, this as a tech company, if you will, in the same way that adam talked about it but in a different way in many ways, you guys are now try to be in the sass business. this goes to potentially thousand market's going to value this company over the long term. how bag business can the software piece of this become? >> good idea let's start with every disrupted business is a tech business. tech enables this business when you book a conference room or room by the hour, by the day, by the month, that's technology to predict how many people will go to the building and so on we didn't come not that flex space is so large. customers are setting up their businesses to be a flexible work space. they don't know how to do it so they come to wework we have been doing this the last five years we had an amazing software stack. now we are s