Key Takeaways
- Timing and time-in-market are complementary, not mutually exclusive.
- Counter-cyclical investing requires dry powder, conservative leverage, and patience.
- Policy monitoring (rates, taxes, regulation) is essential for cycle forecasting.
- Multi-cycle portfolios target 4 dimensions of diversification.
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Test Your Knowledge
1.According to NCREIF data, 10-year holding period returns have been positive in what percentage of cases?
2.What target LTV is recommended for acquisitions during a recession phase?
3.Which type of market experiences more construction volatility but less price volatility across cycles?