Inside Hyperliquid Strategies: CEO David Schamis on PURR, NAV, and the Future of HYPE

Ladies and gentlemen, welcome back to the Capital Flows podcast. We have

really cool conversation today with David from her hyperlquid strategies.

It's, you know, a company that I've been talking about for a while, something that I've been following for a bit. And

so, I just wanted to get him on the podcast, be able to chat with him, break down a little bit more about the company, a little bit more about, you know, who he is, and just kind of get a

better understanding of the company really from, you know, your perspective, David, and how you really approach financial markets, crypto, the specific

hyperlquid protocol itself and then everything that you know you guys are building. So

thanks for thanks for hopping on.

>> Perfect. Good to be here. Thanks for

having me.

>> Absolutely. So why don't why don't you explain a little bit from your perspective how exactly you kind of came to the conviction about

you know building the you know hyperlquid strategies and you know taking a position in the hyperlquid protocol. What was it in your mindset

protocol. What was it in your mindset that gave you the conviction to to say, "Oh, I actually want to build something around this and, you know, not just kind of take the route that everyone else is taking, but really have something

differentiated." What was what was kind

differentiated." What was what was kind of the moment or conviction that was built for you on that?

>> Yeah, I would say uh it was a little less than a year ago when I got uh introduced to Hyperlid. So, I'm not going to sit here and say I was there from day one because I wasn't.

But we got introduced to it and this was really when the DAT craze was kind of starting uh last spring, you know, sort of midspring or so.

And I have to say we were not even remotely thinking about being the 101st Michael Sailor knockoff like there are a lot of people out there that have been.

It just wasn't even on our mind.

>> And frankly, the idea was pitched to me of doing a DAT for Hyperlid. And again,

my initial reaction was not particularly positive based on what I just said a second ago, but the more we looked at it, the more we realized it actually

made a lot of sense. So why is that? Um,

really two two major reasons, right?

One, the token is a token, but it is really equity like in so many ways. Um,

the fact that the that the the Hyperlid is buying back and burning tokens every single day with the vast majority of their free cash flow makes it to me feel like equity. That's something I'm used

like equity. That's something I'm used to dealing with. I'm not a, you know, I'm not a gold trader. I'm I'm someone that has invested in private equity over the years. So, that sort of felt much

the years. So, that sort of felt much more real to me. Um, and then secondly, the scarcity value around the token. um

visav putting it into a DAT actually made some sense to me. So, you know, like we can debate today whether it makes any sense for to have a Bitcoin

DAT, but it certainly made sense 10 years ago, right? Like there's no question about it 10 years ago if someone said, you know, go buy some Bitcoin, you had to go figure out like which exchange to buy it on and how to

move cash on chain and all that complicated stuff versus just buying Micro Strategy. that would have been,

Micro Strategy. that would have been, you know, that made a lot of sense back then and I think it's trickier now.

We're kind of in that in that position today with hyperl. Um, you can't buy it in the US, you can't buy it in Ontario.

There's all sorts of other rules. I know

that Robin Hood has come out and Coinbase has come out, but none of it is still straightforward and none of it is sort of remotely close to ubiquitous as as as a Bitcoin or anything else. So,

buying it in a corporate structure, in a Dash structure actually makes sense. and

and you know over while we were investigating this, we talked to a lot of people. You know, I I've I've said

of people. You know, I I've I've said this a couple times, but we we've talked to we talked to like one of the world's most sophisticated highfrequency traders out there. Um and they told us that they

out there. Um and they told us that they can't buy hype directly. Uh they can only buy it through a DAT like ours. So

we we really convinced ourselves that the world needed this and maybe 10 years from now that scarcity value will be a lot less. Maybe it's less than 10 years.

lot less. Maybe it's less than 10 years.

Who knows? But you know it it it it sort of the story hung together. Uh and then lastly of course there's the underlying hyperlquid story which is the more time

we spent understanding you know Jeff and the team and what they're building and the long-term vision the more we liked it. um bringing

you know understanding how PERPS work, understanding why pers are frankly such a better structure, such a better uh

contract to bring lots of real world assets on chain. Um

and the idea that they built this so others can build on top of it with HIP 3 and now HIP 4 has been announced um in in sort of their permissionless way. Uh,

I think you know Jeff Yan gets most excited I think when people talk about hyperlquid being the AWS of liquidity or the AWS of financial markets and that's

really how he sees this and that is pretty interesting to me and pretty interesting to us.

>> So anyway, all those things came together and the the plan the plan hung together >> totally. I think one of the one of the

>> totally. I think one of the one of the unique things about the timing and then I also think the conviction from my perspective is that I I always like

taking bets or investments or whatever where it is you know significantly you have some type of you know mispricing or divergence in expectations or things like that in my view one you have the

hyperlquid side but it's interesting I remember you know like there was this the entire idea I feel like in the crypto industry over the last two years has basically been like everything is

just correlated to Bitcoin so why don't you just own Bitcoin or maybe with some leverage like what's the point there's meme coins but like you know people aren't going to invest in those and things like that and so everyone has

gotten burned so much with kind of these like narratives and it's it's and then everyone has kind of like pivoted to AI

right and in my view I think the the the way that the script has kind of been flipped is everyone was trying to get Bitcoin crypto to Tradfi, right? They're just

like, "We need to get Bitcoin ETF. We

need to get a DAT. We need we need to get this onto the platform so that, you know, all the people with 401ks can buy it and institutions can buy it." But

then I think I think that wasn't really like a use case. I mean, maybe you can say it's a use case for like Bitcoin as a store of value and using that, but I think that, you know, just offloading

positioning is not really a value proposition, right? And so I think the

proposition, right? And so I think the interesting thing is that when you have Hyperlid that kind of flips the script and says, "No, we actually want to bring Tradfi to here. We don't need the

liquidity necessarily. We if we have

liquidity necessarily. We if we have TRDFI here, then we're going to have a ton of transactions when we add value."

And then you actually have a business proposition because they flip the entire flow mechanism. And then I think you

flow mechanism. And then I think you stack on top of that the fact that like everyone got burned with DATs because they didn't really understand how

exactly do you add value as a DAT and you know I think that's one of the reasons why I know this is from my perspective I don't but that's why I feel like there's still a mispricing

about where exactly you can have you know this you know hyperlquid strategies as the main DAT in terms of in terms the

value proposition. How do you kind of

value proposition. How do you kind of think about creating value other than the regulatory hurdle? So, if we have we have this regulatory hurdle in the

United States, there's definitely that edge that hyperlquid strategies has and that that's actually it's way bigger than people realize. On top of that, how

do you think about adding shareholder value besides a regulatory arbitrage?

How do you how do you think about that?

Yeah, look, I think there's two other, you know, additional paths to add uh shareholder value. One is that um the

shareholder value. One is that um the the MNAV is not stable, right? It

doesn't stay at exactly 1.0 all the time. And as markets um you know, as

time. And as markets um you know, as they say, Mr. Market is a is a finicky guy, right? So as markets get hot uh and

guy, right? So as markets get hot uh and as our premium go you know widens we would issue stock and accrete our book value per share and as markets get

weaker and the MNAF goes low below a certain level we would buy back our stock and accrete our book value per share right so it's sort of like you

know if you know more volatility in our more volatility in our MNAV uh relative to the underlying actually creates opportunities on both sides of the of the field for us to accrete that nav per

share. So, we're busy doing that sort of

share. So, we're busy doing that sort of every day. Um, I was just having this

every day. Um, I was just having this conversation earlier with someone today.

You know, the most boring times in our lives uh is when the MNAV is hanging around one like it is right now. But uh

>> yeah, >> you know, we we we keep we we find ways to keep busy. But you know, it wasn't that long ago in in in early to mid December, we were trading well below that and we bought back some stock and

we, you know, had some nice accretion that way. And you know, when hype was

that way. And you know, when hype was was on sort of its its sort of bull run versus Bitcoin a few weeks ago, uh our MNAV widened out a lot and we're looking

at that, too. So that's sort of, you know, major item number one, which is just taking advantage of those market swings and sort of being at our station all day ready for that. I think two is

what we're doing with our hype in more thoughtful and creative ways that maybe a small holder can't do. So off the bat, the simplest version is staking it.

That's pretty much all we're doing right now. And that's on one hand, it's not

now. And that's on one hand, it's not nothing. On the other hand, it's not no

nothing. On the other hand, it's not no it's nothing to write home about kind of thing. and any individual owner can do

thing. and any individual owner can do that as well as long as we're willing to lock up for seven days. Um, but we're also actively looking at other things beyond that to earn more yield. Uh, we

haven't done anything yet. So, I'm not like taking any victory laps here, but um, we certainly might and in that case, we think, we know, we'd only do it if we think we're sort of generating, you

know, a high amount of yield per kind of unit of risk we're taking. Um, we are not like some other DATs in the hyperlquid world. I think has been more

hyperlquid world. I think has been more have been more aggressive than we would be. Uh we're not looking to sort of have

be. Uh we're not looking to sort of have a a venture capital fund embedded here.

Uh if people want to invest in venture capital funds, they certainly can, but you know, if we can earn significantly more yield versus risk we're taking, we're we're eager to do that. So we're

looking at that all the time. So to me, those are the two big things. And um I expect both those things over a reasonably period of time, you know, one

year, 5 years, whatever to account for a significant additional book value per share. I do think, you know, Michael

share. I do think, you know, Michael Sailor says a lot of stuff. He talks a lot. Some stuff is thoughtful, some

lot. Some stuff is thoughtful, some stuff is less thoughtful. Um uh it just is, you know, I'm not >> How gracious.

>> Yeah. I'm not I'm not I'm not going to trash the guy that invented this industry. But but the point is, you

industry. But but the point is, you know, I have seen him make a comparison where he says, you know, if you if you invested in Bitcoin, whatever it was 5 years ago, if you bought X number of

coins 5 years ago, today you would still have X number of those same coins. On

the other hand, if you bought, you know, Micro Strategy stock 5 years ago, at the time, you would have had whatever number of implied coins, and today you'd have more because they've managed to do that

book value accretion. So that's real. uh

and we we we pay attention to all that.

>> Yeah. I think the the interesting thing that is is definitely unique and I'd love for you to expand on this a little bit more is that is especially with a

lot of the um the DATs out there. One of

the things that I think people underestimate is how the market prices expectations because I think one of the reasons why we have these such large

ranges in something like micro strategy is because it's very difficult for the market to know like what what in the world is Michael Sailor even going to do

right and you don't have stable expectations on either side like upside or downside right and so it's it's very tough I think for investors ers whether it's in the credit products or wherever

it might be to size up a lot more and pay and even buy something at a premium right which is I don't even think it's unrealistic to have DATs trade at a

premium um if you actually have more stable expectations from leadership to frame how exactly you should think about the riskreward right because that's that's what you know if you increase

those tales then you just have to trade at wider ranges or at you know some other discount or something like that somehow Right. So I think that the fact

somehow Right. So I think that the fact that you have a leadership team and then also on top of that stack that with kind of what exactly you know how you're

building a relationship with the hyperlquid team. I think those actually

hyperlquid team. I think those actually frame expectations so that you can actually have an embedded higher premium on the company to be able to you know

have this stability in in kind of this holder base that's very different I think from a lot of like basically every other DAT people are just trying to

create hype right or not hype itself but some hype right >> lowerase H yeah >> yeah but kind of maybe speak to that a little bit about like how you guys have been intentional about those

expectations and how that connects to your guys background and kind of the stability that you're bringing to those expectations and then also the kind of connection to the hyperlquid team. Yeah,

look I I I have been an investor for years u mostly in financial services private and public companies and I have always felt strongly that the companies that do the best particularly public

companies are the ones that disclose the most that are most open and most um willing to share their strategy with the with the with the world and they're the

most predictable and where you get the least amount of negative surprises um and even even positive surprises predict you know The markets like predictability. The markets like uh

predictability. The markets like uh stuff they can understand easily and they like things that are well disclosed. So, you know, for instance,

disclosed. So, you know, for instance, this is not a particularly controversial point, but I'll bring it up anyway. Uh

we just recently posted our MNAV dashboard on our website. We're going to be, you know, adding different enhancements to it over time. But while

we were doing that, we had numerous people sort of both, you know, mostly externally but some internally debating with us as to whether you want to be disclosing that stuff to the public. And

you know, the argument sort of goes that, you know, if the market doesn't know exactly what your MNAV is, and you do, you can buy back your stock, you know, or you can issue stock for that

matter, um, you know, more thoughtfully.

And and maybe that's right in the short term. Maybe you can pick off some

term. Maybe you can pick off some investors on either side of that ball in the short term, but I think just in the long term that does not that's not a way to attract more people to the story. Um,

to me, you know, if you were an equity investor in the in this world or in the United States or whatever, you have so many choices of things to invest in, you know, I mean, just hundreds and

thousands of stocks you can choose from to where to put your money. And I think that investors, you know, not because they're lazy, because time is at a premium. Um, they want to make that

premium. Um, they want to make that their investment process, their decision process as easy to get from A to B as possible. And I feel like your job as a

possible. And I feel like your job as a public company is to help those investors get from A to B as quickly as possible because there are so many so many ways to go off track between A and

B. And when you go off track that, you

B. And when you go off track that, you know, they they move on to the next thing. It's not like they they don't

thing. It's not like they they don't invest in anything ever again in the rest of their lives. They they find somewhere else to put their money.

>> So, I think I think it's just incredibly important and I felt that way o over the years on lots of companies and I don't think a crypto debt is an is an exception.

>> Totally. Yeah, I agree with that. I I

think that the I think especially framing the premiums and discounts, however you define them, is like not framing them as

um like a zero sum thing because I think every, you know, if someone wants to buy at a premium, there could be reasons for that, right? Or they need the liquidity,

that, right? Or they need the liquidity, right? Like that exists for every single

right? Like that exists for every single asset in the world, right? Of paying a premium or a discount. And I don't think it's it's not necessarily, you know, I think informed to say, oh,

you know, dumb money is buying at, you know, a premium and and, you know, smart money is or whatever it might be, right?

Because you can have very large players say, you know, we just need to sweep the book and get our fill and on on either side because of the amount of liquidity

in financial markets at any one time, right? And I think the the provision

right? And I think the the provision like the company issuing stock or you know uh issuing stock or buying back

stock is a liquidity provision mechanism you know in itself and that can you know that yeah I think is it can be depending

on how how well you do it a service to investors and the public market right as opposed to a demonized kind of like smart people and dumb people or like whatever it might on either side of the

the premium or discount, right?

>> Um I definitely agree. And again, like in the end, the big risk we're all taking is not whether the premium's going from 1.05 to 1.07, right? The big

risk we're taking, anyone who invests in this thing is whether Hyperliquid's going from 30 to 50, >> right?

>> Uh and in the end, if it goes from 30 to 50 or from 30 to 90 or whatever, like no one's going to care whether you got in at 105 or 103. It just doesn't matter.

uh or whether you got it at 0.96 or 0.98. It it really we're we're we're

0.98. It it really we're we're we're dancing on the head of a of a pin here for an underlying token like a lot of tokens that are that's pretty volatile,

>> right? How how exactly do you kind of

>> right? How how exactly do you kind of think about the kind of relationship with Hyperlid and the team there and kind of like everything that you guys how how do you

think about adding value especially with your guys background and kind of place in the financial world? How do you think about that kind of connection and what you're doing there?

>> Yeah, I I would say a couple things.

One, we have been very pleased with how how open they are to to being in touch with us. We're in pretty constant

with us. We're in pretty constant communication with the team. Um I was in Singapore early last week and saw Jeff and some others from the team, which was

great. Um, and I think that uh they they

great. Um, and I think that uh they they always built this knowing that it wouldn't just be themselves building this thing. You know, when I was in u at

this thing. You know, when I was in u at the token conference back in in September or October, I heard Jeff make a great comment, which is, you know, one of the reasons they're only 11 employees

is because they outsource effectively a lot of things that a regular company would do, right? So a regular company would have their own spot trading department but they instead have unit

doing that which is which is the example he gave back in September.

>> I think there are things that we can help them do particularly under the business development side you know when you look at our board and you look at the the people in our team we're all kind of salty experienced financial

services people that can pretty much get to any medium or big company in financial services almost anywhere in the world. Um, and if Jeff called me up

the world. Um, and if Jeff called me up or texted or whatever and said, "Hey, you know, we need to get in front of, you know, pick your top 20 or 30 financial services companies in the US

because we think we can do something with them." I I I think we can be very

with them." I I I think we can be very helpful in that regard. um both in in knocking on the door and getting getting in in in front of them, but also sort of

um you know convincing some of the the Tradfi people that there's some more substance to this than just you know 11 guys and gals sitting in a sitting in an office in Singapore.

>> Yeah. How do how do you from your interactions with with Jeff and everyone else from the team and knowing both the traditional and the crypto world fairly

well, what would you say is the most kind of misunderstood or kind of divergent expectation that's taking place right now around hyperlquid?

>> I think it's less right now about being misunderstood and more about just being not known or not understood. um, you

know, the number of people that we that I know that I've known for 30 years in this business that have even heard of Hyperlid is still a very low number.

Even all the TV stuff we've done and the, you know, jumping around and and making noise and even the fact that it's it has a real market cap now, there's

still a huge huge population of serious financial professionals that just don't know about it. and and that's a big part of our job is getting that out there. Uh

whether it's TV or podcast or or press or conferences. Uh we love doing crypto

or conferences. Uh we love doing crypto conferences, but you know, a big focus for 2026 are non-crypto conferences, equity conferences, equity research,

that sort of thing. Um I I I I wish I shouldn't say I wish um the if if the problem was everyone everyone knows hyperally have to understand it well that would be one's problem. I don't

think that's our problem. Our problem is no one knows what what this is or understands how it works. Uh very few people that I deal with in sort of my my day job my regular life even know what

the hell a purpose is. So you got to start with that. What is a perp why is it good? How does it trade? um had his

it good? How does it trade? um had his hyperlquid fit in. What what is the advantage of bringing real world assets on chain via a perp that that is not

that's something probably most people listen to this podcast understand incredibly well. Uh but it's not

incredibly well. Uh but it's not something that the average man or woman on the street who's been in the financial services world for 15 to

30 years understands right now. And we

have that that's a big part of our job.

Yeah, definitely. How do you how do you think about when the regulatory framework begins to shift and an integration into the United States? H

how have you kind of thought about that runway and the developments or any shifts that take place as it's integrated into the United States?

>> Yeah, look, it it feels to me like it's hard to imagine it'll ever be worse than it is right now. In other words, every day that goes by, we're getting closer and closer to more regulatory acceptance

in the United States. And that there's two there's two fronts here for hyperlquid. There's pers and there's a

hyperlquid. There's pers and there's a dex. And those are somewhat related, but

dex. And those are somewhat related, but they're they're they're different.

>> I think that over time, both of these are going to become more acceptable >> and more understood and and the benefits to the to the consumer better understood

by the US policy makers.

And it but just like everything else about hyperlquid there there'll never be a day in the future where people know less about they know today. Uh it it'll become more wellknown and well

understood. And um I was really happy to

understood. And um I was really happy to see the hyperlquid policy center come in place. I'm sure you saw that.

place. I'm sure you saw that.

>> Yeah.

>> Uh that is a wellunded group that is focused on both those points. Their

focus on pers and their focus on index and how that fits in. I think that uh let's see I was at the Caner crypto conference. I think it was in sort of

conference. I think it was in sort of mid November of last year and a number of prognosticators and Washington insiders were telling us that they were absolutely certain the clarity act would

be done before year end. Turns out uh didn't get done. Uh I'd be happy if it gets done before this year end.

>> Right.

>> But um how exactly how that plays out and how that works for Hyperlid and for Perks and Texases, I think is still an open question.

>> Yeah. And if it gets done at all, you know, we we are we are officially now in in midterm real election season and it's always hard to get things done.

>> Yeah. Do you think that there is the in terms of what the possible scenarios or the potential is for hyperlquid in terms of it getting integrated into a regular

um you know framework for clearing whether it's connected to the CME whether they even allow that or they're interested in that or if it's you know more integrated into brokerage accounts that have some type of KYC or something

like that or if it's just kind of a platform that people use and that's accessible into the United States. How

do you how do you think about its its connection to where there's a possibility of institutional investors saying, "Hey, we want to clear some liquidity or some some positions through this." How how do you think about the

this." How how do you think about the integration?

>> Yeah, look, I think there's there's two angles to that, right? There there's the institutional players wanting to do more and as more volume moves onto Hyperlid, they're going to be more and more

interested in in being part of that flow. I think silver is like the best

flow. I think silver is like the best example of that. Over the last few weeks, I think hyperlquid has accounted for something like 2% of the silver volumes around the world, >> right?

>> Maybe on one hand, you'd say 2% doesn't sound like a lot, but 2% of a big number is a big number. And I think silver has only been traded on hyperlquid for a month and a half or something. It's just

crazy how how new it is and it's already accounting for for real money. So, I

think that's one end on the on the sort of institutional side. Then I think on the regulatory and side and the and the and the you know the the legal side uh I

do think that there's still you know dexes are not well understood in DC and I think understanding the on-ramps and the off-ramps and and under you know

understandably policy makers are very worried about things like KYC and AML and I don't blame them they should be worried about that. Uh I think that um

where you regulate though that is the key question and to me the on-ramps and the off-ramps are the key location. Um

you know I've joked around and said you know whatever the worst kind of people are out there whether it's whether it's drug dealers or terrorists or whatever um we want to make sure that they're not

able to you know use crypto or anything else to do bad things. I I completely understand that. But you know whether

understand that. But you know whether that person or those people are like buying pers to go long uh you know Tesla

uh in a hip 3 uh exchange like is that really what we're worried about them doing? Like that's that seems like the

doing? Like that's that seems like the least of our problems when it comes to you know bad people doing bad things with money. Yeah. Yeah. So, it's the

with money. Yeah. Yeah. So, it's the Anyway, this is a complicated question, but um there needs to be sort of a you know, the on-ramps and the off-ramps to

me of the key place to be focused on.

>> Yeah. All right. My uh final question for you is the the thesis that that Jeff kind of has of the h the house of finance of what what hyperl could turn

into. What do you see as kind of the

into. What do you see as kind of the most optimistic scenario in your mind where that's that gets realized? Where

where do you see things? Where do you see Hyperlid as a as a you know protocol? Where do you see the price?

protocol? Where do you see the price?

Where do you kind of see everything if that if that vision gets realized?

>> Yeah. So look, I think um the way that plays out again is kind of the AWS thing, right? It's it's hyperlquid being

thing, right? It's it's hyperlquid being the AWS for anyone trying to bring any sort of asset trading or in this case as

we know prediction markets as they've talked about in hip 4 onchain. So, um,

you know, if the two of us have some brilliant idea that we want to trade, you know, pick your favorite asset class, you know, used Ferraris on chain,

the price of a used Ferrari. Um,

we we can debate between the two of us whether that's a great idea. We can

figure out if we think there are customers that want to trade that. We

can figure out there's enough liquidity to be on in those markets. we can figure out how to market our new Ferrari exchange. Obviously, I'm use that as an

exchange. Obviously, I'm use that as an example. I don't necessarily think it's

example. I don't necessarily think it's a great idea, but you get my point. But,

but hopefully what we won't be debating if we you and I had that business idea is where how we would build it. Would we build

our own exchange the with all the infrastructure and all the work required to actually build a central limit order book and all those things? I don't think we would spend our time doing that. we

would just stick it on top of Hyperlid in a HIP 3 buildout and it would just make so much sense. It would save us so much time and so much money and and sort of the way right now if you're a new

business starting in almost any industry and you say, "Okay, we need a bunch of servers. We need a bunch of computers.

servers. We need a bunch of computers.

Are we going to fill a server room with with with with servers and build an an email system from scratch ourselves?" Of

course not. We're going to use AWS and we're going to use all other different cloud providers of those services and we're not going to have a server. We're

not going to have a server room. We're

not going to have, you know, a bunch of computers sitting in some air conditioned room like people used to 20 years ago. It wouldn't even cross your

years ago. It wouldn't even cross your mind to do it now. Uh that's what AWS and other cloud providers have done to to the world. I want to see Hyperlid do that in sort of the financial services

trading exchange world. And I do think it's hard not to look at things like Cali and Poly Market and be bullish in general of the world's interest and sort

of thirst for more of this sort of trading going on in the future.

>> Yeah, agreed. Agreed. Well, David, thank you very much for hopping on and chatting and sharing the views and um educating everyone and and just being able to to answer the questions that I

have. So, I appreciate you uh coming on.

have. So, I appreciate you uh coming on.

>> It's great to be here. Thanks for having me. really appreciate appreciate

me. really appreciate appreciate everything you've done for uh for Hyperlquid and for for Hyperlquid strategies.

>> Yeah, absolutely. Absolutely. Well, uh

we'll definitely say to be continued and uh looking forward to continue chatting, be on earnings calls and and uh continue to, you know, chat with you about all the different developments that we have taking place. So, thanks.

taking place. So, thanks.

>> Sounds great. Sounds good.