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Supply and demand is the only thing that matters in real estate. Everything else is noise.
real-estate— Interview with Bloomberg, 2015
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The secret to my success is that I've always focused on the downside. If you protect the downside, the upside takes care of itself.
risk— Am I Being Too Subtle?, 2017
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I've never been afraid to be in the minority. If everyone agrees with you, you're probably not going to make much money.
contrarian— University of Michigan commencement address, 2016
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Liquidity equals value. The most dangerous thing you can do is get yourself in a position where you can't act.
philosophy— Am I Being Too Subtle?, 2017
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I made my reputation buying things nobody else wanted. The question was never whether they were broken. The question was whether they were fixably broken.
strategy— CNBC interview, 2012