I also think that once the money starts flowing into the segment of the market that is investment grade, it feeds on itself. It's fear. Fear of missing out of this part of the cycle. That will put a bottom in on the better properties. I suspect that is happening now.

I guess the distressed part of the market will take years to work out.

Strangely, I own MPG-A and feel good about it. Once it's all said and done, Maguire will own trophy properties in LA. I, also own, SFI, which is paying it's preferred. I feel better about MPG although I don't feel all that bad about SFI. But, all that land and condo development-yuck.