From Vornado’s annual report:

“I am beginning to get a little wary.  It looks like the easy money has been made for this cycle.  Asset prices today are high, well past the 2007 peak, and acquisitions are getting dicey.  Our sense is that this may be a better time to harvest than to invest…and that this is the time in the cycle when the smart guys start to build cash.  At Vornado, we will continue to build cash reserves for opportunities that will undoubtedly present themselves in the future.”