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Will benefit when Honeywell spins off Quantinium this week.

He invests in a lot of real-estate-based funds. Lots of stress coming in development markets. Projects in Toronto have been shut down. Who can afford $1500/sq foot? At the high end, we're seeing it already.

It's more about narrative and momentum that's driving share prices now, because there's much more algorithmic trading and more retail investors. So, market are growing more detached from fundamentals for longer. It's riskier, so pick your spots. Retails investors look at headlines, rather than ROI. Problem is, that creates bubbles.