The peak in real estate may have arrived. At the same time, this reflects the shift away from government bonds. Blackstone Group LP, the largest real estate fund to assemble, has come right on point. Blackstone raised $15.8 billion, creating the largest real estate fund in history. As we have warned, this reflects investment capital shifting into real estate. We may see a major high in real estate in many areas due to taxes and regulations. They are even looking at introducing property taxes in places within Europe where they did not exist before.