What a great article! "I think many fund managers lost discipline along the way because if they were not actively buying real estate, they were not making fees. I saw other groups bid on deals that were terrible. 𝐓𝐡𝐞𝐲 𝐰𝐨𝐮𝐥𝐝 𝐣𝐮𝐬𝐭 𝐦𝐚𝐤𝐞 𝐭𝐡𝐞 𝐬𝐩𝐫𝐞𝐚𝐝𝐬𝐡𝐞𝐞𝐭 𝐰𝐨𝐫𝐤. 𝐀𝐥𝐥 𝐭𝐡𝐞𝐲 𝐡𝐚𝐝 𝐭𝐨 𝐝𝐨 𝐰𝐚𝐬 𝐦𝐨𝐝𝐢𝐟𝐲 𝐚 𝐟𝐞𝐰 𝐯𝐚𝐫𝐢𝐚𝐛𝐥𝐞𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐩𝐫𝐞𝐚𝐝𝐬𝐡𝐞𝐞𝐭: “𝐋𝐞𝐭’𝐬 𝐩𝐥𝐮𝐠 𝐢𝐧 𝐬𝐨𝐦𝐞 𝐮𝐧𝐫𝐞𝐚𝐥𝐢𝐬𝐭𝐢𝐜 𝐫𝐞𝐧𝐭 𝐠𝐫𝐨𝐰𝐭𝐡. 𝐋𝐞𝐭’𝐬 𝐚𝐬𝐬𝐮𝐦𝐞 𝐜𝐨𝐬𝐭𝐬 𝐚𝐫𝐞 𝐠𝐨𝐢𝐧𝐠 𝐭𝐨 𝐛𝐞 𝐥𝐨𝐰𝐞𝐫 𝐚𝐧𝐝 𝐜𝐚𝐩 𝐫𝐚𝐭𝐞𝐬 𝐜𝐨𝐦𝐩𝐫𝐞𝐬𝐬.” I mean, that’s a recipe for disaster. You can come out with a mid-20s IRR or 30s IRR on paper, but this is the problem if they are incentivized to deploy dollars often." https://lnkd.in/eVnTPKr9