Reflexivity in Real Estate Investments

Sorces' model is that when you would think that, what happens is fundamentals change, and then asset prices reflect this. His view is, no, asset prices change that actually reflects fundamental that actually afects fundamentals. And so fundamentals will improve when stock prices go up. And that'll keep happening until sentiment changes, and then both of those go down again. So it works really well for those it doesn't always work well in other industries. But i think an interesting place whre itworks was in a intact because of equity compensation.