One of the main secrets of economic survival is not to behave as if a boom is going to last forever – they never do. When the crash comes, it’s the people who have borrowed too much who get hit the hardest." -Leo Gough When the crash comes, it’s not the cautious who bleed the most—it’s the ones who bought fairy tales at fantasy prices. They borrowed like rates would never rise, ignored ticking clock maturities, and slept on loans with springing lockboxes and chokehold covenants. They floated their debt with no life raft, hedged “just enough,” and underwrote every deal like rent growth was a law of nature—10%, every year, no problem. Repairs? Light. Payroll? Lean. Exit cap? Comically low. They didn’t buy real estate. They bought perfection… and forgot recessions don’t grade on a curve.