What do quants and real estate speculators have in common?

They never touch the merchandise. Whether it’s the cash flow or the dollars per square foot, without understanding the intangibles of an investment, the numbers can be misleading. Macy’s (M) aspirational customers could be running out of money, just as a Miami condo could be useless without a washer and dryer. The numbers alone never convey the true value of an asset.

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