What concerns you about the current state of the real estate (or capital) markets?

see soapbox diatribe below...

-the increased use of the word "capital allocator"

-the amount of get rich quick/deal syndication linkedin posts I see on a daily basis

-the increasing need to raise capital globally if you want to participate in a meaningful way

-sponsors not having an original thought and outsourcing deal analysis to their LP's

-New mezz/preferred equity funds gloating about capital subordination not realizing they're creating adverse selection bias with their structure

-People that get hung up on personal skin in the game as the ultimate insurance policy

-Lack of skin in the game. Seems hypocritical to above point, but let me explain. Distinction above is that above people justify taking shortcuts in analysis/due diligence because of skin in the game. Later group is a signal for undercapitalized sponsors getting deals done, the amount of capital flowing in our space, and/or a savvy sponsor accumulating portfolios of options that may walk if option value goes OTM)

-Lenders that think a 70% loan is always safer than an 85% loan

-Multifamily groups that say development is risky at this stage in the cycle and then go buy a 25 year old asset at the same cost basis and justify it by saying Class B does better in a downturn.

-A whole cohort of participants that don't realize making money in real estate is actually hard

-Lastly, that I've been wrong long enough to question whether I'm actually any good at this. Ignorance may be bliss on a long enough timeline...