I spent the afternoon geeking out with a fellow investor about the state of today’s market, NOI, IRR, Cash on Cash, preferred returns and other metrics for quantifying returns on commercial real estate.  We generated a few answers and many new questions.  It was fun.

I was heartened to read that one of my investor heros, David Einhorn, also has to mince words when describing his targeted returns.  If you haven’t read Einhorn’s book: Fooling Some of the People All of the Time, I highly recommend it.

Greenlight’s Einhorn Is Said to Give Up 20% Return Target – Bloomberg Business.