Knakal: Supply, Not Demand, the Problem This Time

When comparing 2009 to the recession of the early ‘90s, a striking difference is that today there is a tremendous amount of patient capital waiting on the sidelines eagerly awaiting buying opportunities. The reduction in sales volume in the early ‘90s was primarily a function of lack of demand, as supply was significant. Today, the reduction in volume is much more a function of supply constraint as all of the negative news about the economy and our market has many sellers feeling as if they should not be voluntarily selling. — Robert Knakal of Massey Knakal

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