Who is Tom Barrack you say? You haven’t heard? Tom is arguably the worlds most successful real estate investor. So why should you care? Because Tom’s had it with the U.S. real estate market, and he’s cashing out.
“I feel totally safe playing polo on a field full of pros,” says the bronzed 58-year-old. “But when amateurs are all over the field, someone can get killed. They have more guts than brains. They charge after every ball and don’t know when to hold back.”
It’s the same with the U.S. real estate market right now: “There’s too much money chasing too few good deals, with too much debt and too few brains.” The amateurs are going to get trampled, he explains, taking seasoned horsemen, who should get off the turf, down with them. Says Barrack: “That’s why I’m getting out.”
Investors take heed. Barrack may be an amateur at polo, but when it comes to judging markets, he’s the ultimate pro.