That’s why we’re seeing a lot of going-private transactions.

We made fortunes off of leverage (before going public), and you’re not going to make fortunes in the public market off of leverage.

The residential market is going to level out for a while after years of huge gains, but that does not mean there is a bubble.

There will be a softer real estate market in some areas as a result, but I keep telling people there is no bubble.

You have developers who weren’t rich to begin with, who went public, and then figured out they couldn’t get rich.

Creating these companies and operating under the public scrutiny has changed the real estate business pretty dramatically.

There is oversupply at the moment. But we have lowered supply, and over the next 18 months the situation will get better.