Thanks. Good caveat.

Another instance of business vs market differences I fear will kill this idea.
Real estate as a business is a beast on sentiment to its following. High hopes always. It makes me think super volatile, same as these cheap watch movement-esque ticks up once daily on DRV. It just feels like RE sector investors are always all gung hoe (so?) but the reality hits in just a little— so many haven’t bailed from REITs and residential property companies yet that it’s just begging for selling em what they want.

But In this market’s world, volatility it’s doesn’t necessarily make, I fear.

Also I probably wouldn’t go short on larger commercial and industrial builders for too long I don’t think. Especially those building in for medical space (that PE market seems to be climbing)

Plus those guys should actually get a little more of the pass through on some of the materials prices that have fallen, I don’t think resy will get that full discount to real commodities pricing plus standard MU for some time