In my case, if one out of five opportunities is interesting enough to work on, maybe one in five of those ends up being worth doing. That might be a function of risk. That might be a function of price. There are all the variables. But you have to be constantly sorting and choosing and prioritizing.

If you could find a major city that actually had a functioning, good public school system, you should buy all the real estate.

In my case, if one out of five opportunities is interesting enough to work on, maybe one in five of those ends up being worth doing. That might be a function of risk. That might be a function of price. There are all the variables. But you have to be constantly sorting and choosing and prioritizing.

The question is not do you take money out of stocks and put it into real estate, or the reverse. There's so much money out there looking for a home. I don't think it's either/or.

Just by being private, the culture will change. We won't be forced to make decisions that are 90 days in relevance.

When you got a demand issue it's hard to imagine the stock market at an all-time high.

I've always been called a professional opportunist, and in the future I'm open to anything. We've spent a lot of time offshore, looking at opportunities in real estate outside the United States.