I play a bear right now, but that’s only because that’s where the current data and my analyses of it have led me. I was a bull in the late ’80s; went to being a bear starting in 1990 (I was slightly late); I went back to being a bull in 1995 and went bearish again in late 2002.

I fully expect to turn bullish on RE once things turn around, but I don’t expect that to happen in the next 2 years.

There’s a time to be agressive and time to be conservative – neither is more or less virtuous than the other. What is more virtuous is keeping an open mind and seeing “what is” rather than “what you want”.