We have just completed our tenth annual editorial advisory board meeting, held in Stresa, Italy, which was attended by more than 20 LPs and other capital-sourcing firms, including consultants and fund-of-fund investors, and which included some incredibly frank and open dialogue with nearly 20 fund managers. And this is what separates Institutional Real Estate, Inc from the rest of the media universe. We can touch on this later.

What is striking is the photo on page 2 that accompanies this column. It’s the water taxi that shuttled our 40 plus guests over to the palace and gardens on Isola Bella (literally, “beautiful island”) on Lago Maggiore in northern Italy. The interesting point about boat rides here is not how the boat takes off but how it goes ashore. Actually, it really goes ashore with a bit of a thud and a scrape to the bow. Although not at full speed and there is a substantial slowdown so as not to damage the boat, it is still quite a remarkable thing to witnes