‘My partner used to say, a deal of a lifetime comes across your desk every week. You just have to be looking for it. So while there are dramatic changes going on in real estate, there are always misallocations and mispricing. So even in a down market, some assets will be marked down way below even their new lower price and create an opportunity. But it takes a more agile player. It’s sort of the difference as a stock picker, where there are markets where you could be what are called “beta huggers.” You’re just sticking to the index or sticking to the averages. And then there are other markets where you have a stock picker’s market, where only the really great stock pickers can find great opportunity.’
—Michael Sonnenfeldt.
