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Steve Jobs and introspection about oneself

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As the whole world knows, Steve Jobs died . And it wasn't a surprise. He'd been battling illness for years. He was the Thomas Edison of our era . But let's go beyond that. Why?  Because of this famous Stanford commencement speech:  Several quotes stick out the most, and they have been repeated ad infinitum all over the Internet and the news. I will repeat them anyway, taken from The Stanford Daily's text of the speech: You've got to find what you love. And that is as true for your work as it is for your lovers. Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do. If you haven't found it yet, keep looking. Don't settle. As with all matters of the heart, you'll know when you find it. And, like any great relationship, it just gets better and better as the years roll on. So keep looking until you find it....
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What a difference a year or two makes - random thoughts

Just a few quick observations and thoughts on the real estate market on a rainy Thursday: My nephew works at a bank and he tells me anecdotally that only 25% of mortgage loan applications are being approved. Is that tight underwriting, a lack of desire to loan, lack of capital, or something else? On a related note, lenders are really taking underwriting seriously. While it can be a pain, I think that is a good thing so long as the lender is actually doing deals. I'm looking at the October issue of ICSC's monthly magazine, Shopping Centers Today. At a mere 54 pages, it is a tiny fraction of the size it was even a year ago. Presumably chalk that up to a lack of advertising. That same issue cited a headhunter who said he hadn't seen an opportunity in development, construction, tenant coordination or acquisitions. There was also a profile of a former GGP exec, David Grossman, who is working as the Chicago master franchiser of a fresh food restaurant concept. I haven'...
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Cap rate spreads - making sense?

I really like this analysis by David Lynn posted at NREI. Why? Because it makes sense to me. At one point, the numbers were insane. People buying deals at a 4 cap with the unfounded expectation that the bubble would go on and on and on smelled of tulips in Rotterdam. And yes, the frost came. But look at the charts now, if you happen to be a chart person. Add in your risk premium and real estate is slowly starting to make sense again. Buy at a 10, sell at a 8 is the maxim I have mentioned here before. And as the caps reach reasonable levels, real estate's making sense again. That is the beauty of cycles. The thing is - it could still get better. But I agree with the analysis that smart money will start jumping in again with relatively "safe" deals - reasonable interest rates, LTVs and expectations.
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