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Think about the fact that the people in this room
started with four million rooms in 2000,
and today ten years later we have just short of 5 million rooms.
and today ten years later we have just short of 5 million rooms.
During that period of time, even doing stupid stuff,
got us out of trouble.
But those times have changed.
This is a time for experts.
This is a time when I promise you one thing:
the market will not continue to cover up the dumb things that we have done.
the market will not continue to cover up the dumb things that we have done.
Somebody said to me, "...are we going into a second dip?"
And the answer is a very strong "Absolutely not !"
We ain't out of the first one yet ! (audience laughs)
Let's talk about costs for a minute.
If you don't remember anything, you developers out there,
if you don't remember anything else I said today, remember this:
if you want to be successful going forward, treat money, nickels,
if you want to be successful going forward, treat money, nickels,
like manhole covers.
We could waste money in the past, but no longer.
Money is king.
Things are not going to be like they were.
Don't kid yourself.