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

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

The single biggest issue that I'm very sensitive to is inflation. I'm very concerned that this extended period where the interest rates were quite low and stimulated a lot of activity could breed inflation and create a problem for us.

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Interest rates are going to go up because employment is going to go up. If employment goes up, then our apartments get filled. And if employment goes up, our office buildings get filled. The reality is that increased economic activity combined with increased interest rates is basically bullish for real estate.

I can’t imagine anything being more disastrous to our country than if the dollar lost its reserve-currency status.

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.