Timing markets is always a challenge, but determining the approximate timing can make a huge difference to large profits or falling into crisis. In late 2006, early 2007, several people I know had concluded that the end was very near and began to make changes in their strategy. They were already sellers and had stopped buying. The more experienced people saw what was happening in the capital markets, and the prices being paid for assets, and understood that the insanity was not sustainable. They were then in a good position through the collapse to take advantage of the opportunities that were created. We may be at one of those turning points.

While many believed we had already passed that point in 2010, and the CMBS and other capital markets, and the REITs geared up in late 2010 and early 2011, they did not bother to look at the whole world and to understand what was really going on in Europe and in Washington. In August it all became very apparent when the debt talks in Washington turned into a fiasco and national disgrace, and it became apparent that Obama has no idea how to work with Congress and to fashion a workable economic program. He is not Regan or Lyndon Johnson or even Clinton. At the same time the right wing of the Republican party is equally unable to understand economics and how to do a deal. Throw in Pelosi and Harry Reid and we get the totally dysfunctional government in America today. On top of that we have a completely dysfunctional Euro Zone structure.

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