2010AWARDS & AnnuAL REVIEW - PERE

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QuotABles Memories of 2010 From the frustration of new regulation in india to disappointment at the deals the us market had to offer, real estate professionals offered memorable advice about the industry in 2010. Here, we remember the best of what some of them said January “we have two classes of forecasters: those who don’t know and those who don’t know they don’t know.” -Howard Marks, chairman of Oaktree Capital Management April “i’m no good with people who pretend a certain knowledge when in fact they know absolutely squat.” -Mark Burton, former chief investment officer of Abu Dhabi Investment Council and now advisor to Norges Bank Investment Management July “Most of it’s crap.” -One panelist describing the quality of US deal flow in 2010 at IMN’s tenth annual US real estate opportunity and private fund forum in New York October “in this market, nothing will come easy or quickly.” -Mark Antoncic, Trilyn managing director, arguing US real estate returns will be low double digits for the foreseeable future 28 PERE | 2010 AwArds & AnnuAl review February “the notion of investing with a fund sponsor as an unchanging, long-term relationship is an unrealistic aspiration, with limited chance of success in the real estate fund market, as people and institutions change over time.” -Probitas Partners’ winter real estate report May “they were examples of funds that were frankly just too big, and they lost control of their ability to make investments.” -Sam Zell, chairman of Equity Group Investments, referring to Morgan Stanley’s and Goldman Sachs’ funds at the ULI spring conference August “there are old assets out there waiting for a new home.” -Rob Harper, managing director of The Blackstone Group, talking about an anticipated pick-up in hospitality transactions at New York University’s international hotels conference november “this is taking one step forward and three steps back. it sends all the wrong messages to the investment community.” -Sachin Shah, Samsara Capital founder, talking about new investment lock-in periods for foreign direct investment in India March “i would have made more income selling ice cream in the park the last two years.” -An anonymous fund executive as quoted by Gary Koster, Ernst & Young’s former head of Americas real estate fund services June “Just give us $500 million to play with, and we’ll see how good we are.” -Jerilyn Harris, chair of the legislative committee at the California State Teachers’ Retirement System, after a day of role-playing as investment staff September “He that stands as a surety for the debt of others will smart for it.” -Lewis Ranieri offering advice to US Treasury Secretary Timothy Geithner at a government-led panel on the future of housing finance December “if you act like sheep, expect to get fleeced.” -Nori Gerardo Lietz offering advice to LPs thinking of rushing into core real estate at the PERE Forum: New York
AnnuAL REVIEW | AMERICAS
Page 1 and 2: MAR 2011 | perenews.com FOR THE WOR
Page 3 and 4: Senior Editor, Real Estate Erik Kol
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Page 8 and 9: GLOBAL pg. 8 GLOBAL INDUSTRY FIGURE
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Page 29: Taking all this into consideration,
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Page 39 and 40: In June, Morgan Stanley Real Estate
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Page 43 and 44: For further information please cont
Page 45 and 46: seas real estate and had been large
Page 47 and 48: 3Throwing down the gauntlet the tow
Page 49 and 50: Political football An excerpt from
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Page 55 and 56: ThE DEfInITIvE guIDE TO rEal EsTaTE
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Page 61 and 62: A warning to all general partners a
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2010AWARDS & AnnuAL REVIEW - PERE

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