Congrats on the dry powder—now put it to work strategically.

And then as liquidity has dried up, volume has declined. 

There is no residual value to a dried up drill site.Your point to asking how a fund of funds is being compensated should be taken in all industries: real estate, O&G, PE, hedge funds, VC, etc. 

Been a landlord and investor in Florida for over 25 years now, and here’s what blows my mind — I’ve never once had an insurance claim come anywhere close to the “full replacement value” I’m supposedly paying for.We’ve had roof leaks, fallen trees, a kitchen fire (caused by a tenant trying to dry clothes in the oven — long story), and even one hurricane claim that dragged out for months.

Tax return is different - no specific RE advantages as I understand, let someone correct this statement and this is a one way street - 721 exchange is tax free and your hairs could sell tax free.

After every big storm on Long Island, I see the same issue—homes that look dry but aren’t.

Debating one over the other is splitting hairs, if you ask me.

Now, if you run a title report and there is a lot of "hair" (liens, etc) on the deal, you wait until the auction because an auction will clear up a lot of the liens.Buying at auctin is a little more complex than most people think. 

I thoroughly enjoyed the whole process, even though at times I wanted to tear my hair out :) . 

Blood and hair samples?