The great investor takes the temperature on the entire market (since he does so much in the distressed  space)

• Mood of the market was not overconfident or pessimistic and they were under-owned. Currently, interest is modest. Equities do not have too many overly bullish commentators
• Bonds, people were not bullish but were forced to go further up the risk curve to take on more risk
• FED did a great job making people retake risk taking
• People overpaid for bonds and treasuries
• Investors should see the words “languishing” as an opportunity meaning things are “getting cheaper”
• Emerging market gotten cheaper relatively cheaper to developed and worth a look
• Secondary and Tertiary real estate in non-core  city. He does not feel strongly using REITs to play the real estate
• On having colleagues or trusted people to control your emotion in boom times so that you don’t get overconfident
• Things come back, people ...