Industry Update
External Article30 April 2010

Follow the money

By Joel Ross , President at Citadel Realty Advisors

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I have said several times in articles and panels, “follow the money.” The industry prognosticators missed the entire downturn because they were not paying attention to the capital markets that really drive the economy. Well, now the capital markets have turned positive. Credit is flowing again, spreads are way in, money is plentiful and there is a trend toward risk-to-achieve yield. All of this means the economy will sustain an improving trend until one of the black swan events next hits—volcanoes, Greece defaulting, the next Christmas bomber succeeding, Israel attacks Iran.

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Joel Ross

Joel Ross is principal of Citadel Realty Advisors, successor to Ross Properties, the investment banking and real estate financing firm he launched in 1981. A Wharton School graduate, Ross began his career on Wall Street as an investment banker in 1965. A pioneer in commercial mortgage-backed securities, Ross, along with Lexington Mortgage, and in conjunction with Nomura, effectively reopened Wall Street to the hotel industry.

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