A highly successful developer from my area; once when asked if he would sell any of his real estate, his response was: "Sell our real estate? We don't sell real estate. We buy real estate." legacy.com/us/obituaries/…

He provides a template for real-assets investing: from shoe manufacturing to cleaning clothes, into wealth denomination in land and horses! There was an era—namely the 1940s to 1970s—when that sort of thing is what defined wealth. It is forgotten...

Or the classic: “They used to ask him: ‘Mr. Isaac, how do you measure in times of high inflation how you are doing this year?’ and he said: ‘If I have one more apartment, one more hectare of farm, one more cow.’ He measured real assets.” — Eduardo Elsztain (on his grandfather)

Another top developer who was from my area, and had a #neversell philosophy with real estate: jamccormack.com/tribute/detail…

Probably the biggest lesson from him is a focus on leasing. Three most important words in real estate: "lease, lease, lease"?

I view the "distressed desert" as having been, say, 2016 to 2020, ending with Covid. The relentless bankruptcies in retail and energy.

Many mirages, or where people would enter and then the floor would fall out from beneath them.