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In the 1930s, there was a stretch where you could borrow more against the real estate than you could sell it for. I think that's what's going on in today's private-equity world.

Charlie Munger
Real, Thinking, World
Charlie Munger's comments on Berkshire Hathaway at the 2006 Berkshire Hathaway Annual Meeting, www.tilsonfunds.com. May 6, 2006.
In the 1930s, there was a stretch where you could borrow more against the real estate than you could sell it for. I think that's what's going on in today's private-equity world.