When you got a demand issue it's hard to imagine the stock market at an all-time high.

The single biggest issue that I'm very sensitive to is inflation. I'm very concerned that this extended period where the interest rates were quite low and stimulated a lot of activity could breed inflation and create a problem for us.

If you could find a major city that actually had a functioning, good public school system, you should buy all the real estate.

Interest rates are going to go up because employment is going to go up. If employment goes up, then our apartments get filled. And if employment goes up, our office buildings get filled. The reality is that increased economic activity combined with increased interest rates is basically bullish for real estate.

I've always been called a professional opportunist, and in the future I'm open to anything. We've spent a lot of time offshore, looking at opportunities in real estate outside the United States.

The reality is that I need to be challenged and interested, as long as the risk and reward is in line.

The question is not do you take money out of stocks and put it into real estate, or the reverse. There's so much money out there looking for a home. I don't think it's either/or.

When all is said and done, what must be remembered is a newspaper is a business. It used to be a fabulous business that made extraordinary margins. It's now a very good business with appropriate margins.

I can’t imagine anything being more disastrous to our country than if the dollar lost its reserve-currency status.