me questions of a more educational nature.

But one question I recall really well was, how do you buy discounted properties? And my comment is, in all reality, we're not really buying assets at a discount.

I know you hear that a lot in the market.

A lot of people use that, I think, more as a marketing conversation than anything else.

You're buying an asset at 30% discount to replacement value or replacement cost.

The reality is it's all relative to the market.

So a really good example of that would be a recent offering that was sent to me.

I mean,

That's right.

Yeah, Mickey Hart and some of the other folks in the band were making sounds and noises and, you know, stuff for that.

And he had been brought in to kind of assist with that.

So if anything, by 1986, '87, you know, he was brought in because they were familiar.

They knew what he could do.

And at that time, yeah, it was getting the drummers, you know, doing some MIDI stuff with them, and then really getting Ralivh up to speed because...

I'm sorry, getting Midland up to speed, um, because, uh, he was accumulating a lot of the, you know, new synthesizers at the time, and Ralivh was, you know, helping him learn, you know, what some of these would do.

What did they communicate about who the Dead had been, who they were becoming, and how they wanted new audiences to perceive them?

Mm.

And, and when I can find deals where, um- I can create returns that look like that where they're asymmetric in nature and provide very manage- manageable risk, then you can price in the returns to your investors better, right? Especially the cash returns.

So an example, like if I offered someone a 5% yield in San Diego, right, with a total return of 15%, and they might say, "Well, I don't know.

I can get, you know, an 8% yield in Houston, Texas at 15%." Well, and then my response is, "I really get that 'cause I know Houston fairly well, but the difference is San Diego has the lowest default rate in over the last 20 years, right? Which is like 1%."

So, John, as we're wrapping things up here, um, who are you looking to connect with these days?

Yeah.

I think, I really appreciate the question.

Um, you know, uh, uh, jeez, at, at this point in my life, um, I have learned that I just keep things really simple, you know? The more value I can bring to the marketplace, that has always turned out really, really well for me and my team.

pre-In the Dark, the relationship between the band and Arista, the band's record label, and when the Grateful Dead went in the red to In the Dark and how this success impacted the future of the band, the fans, and the legacy.

It really is a focus on the single.

It goes back beginning with the early history of the tune, way back to Hunter's earliest performances.

drawing upon some of his earliest lyrical sketches to kind of see the development of the tune.

And then from there, when the dead picked it up in 82 and started making it their own and just kind of following the transformation of how that song was gradually introduced into their sets.

But really, the kind of the story changes, of course, when Jerry gets sick in 86.

And, you know, the band is in flux at this point, you know, kind of unsure of what's going on.

By the time they hooked up in early

Tell us about that one.

Yeah, so probably we are all familiar with that performance or at least excerpts from that performance because those were used in the Grateful Dead movie and then later the Grateful Dead movie soundtrack.

And those are also the first kind of that's the first footage that we see after that great animated sequence that opens up the Grateful Dead movie.

And that was produced and created by Gary Gutierrez.

who is also the director of the Touch of Grey video.

And, you know, in addition to kind of tracing the developments with the tune, obviously you have to talk about the video as well.

And, you know, there's just so much great kind of materials relating to the production of the video that, you know, also detail in the book as well.

Why do you want to include that one?

Like Europe '72 and Skull & Roses, it has overdubs.

Steal Your Face is also very important to kind of keep in mind when we look ahead towards Reckoning and Dead Set, because the whole approach, the whole approach to recording those records, the whole approach to producing and sequencing those albums is so far beyond kind of all of the planning and stuff that went into Steal Your Face.

It was in this window that Steve landed on a scheme for a line of low-budget albums: Ground Records.

Far as Ground Records, they were looking at everything in their vault that could work: outtakes from Garcia solo records, jams from, you know, Blues for Allah, uh, unreleased stuff for that, live stuff, Old & in the Way.

They were just looking at, uh, almost anything that they thought could kind of work.

Compilations as well based on themes and things like that.