Tuesday, October 18, 2005

King of RE Calls it Quits -- "Too Much Debt and Too Few Brains"

Tom Barrack, the king of real estate, what all these wannabe RE "geniuses" imagine themselves to be, is quitting RE because the market has gone insane.

Some choice quotes:
"Today Barrack sees signs of the tech bubble mentality in the U.S. real estate market."

""I feel totally safe playing polo on a field full of pros," says the bronzed 58-year-old. "But when amateurs are all over the field, someone can get killed. They have more guts than brains. They charge after every ball and don't know when to hold back." It's the same with the U.S. real estate market right now: "There's too much money chasing too few good deals, with too much debt and too few brains." The amateurs are going to get trampled, he explains, taking seasoned horsemen, who should get off the turf, down with them. Says Barrack: "That's why I'm getting out.""

2 Comments:

Blogger marin_explorer said...

"The amateurs are going to get trampled"

I think it only takes a few media quotes by seasoned experts to make the wannabes panic. And this time, it won't be like selling your stock before the next guy. By the time the herd makes a move, it will be far too late. Hint: it's already past that point.

Oct 18, 2005, 4:36:00 PM  
Blogger Van Housing Blogger said...

what an excellent quote!

Oct 19, 2005, 9:56:00 AM  

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