of course he would never state this is so many words, but the bond market will be parsing every word looking for clues.  

Of course, IRR matters too, but you get a better IRR when you leverage as well, so that doesn't strengthen the all cash argument.My main point, if one is to be taken, is that an all cash investor should really look at their expected ROI.

You will make a better return with less risk keeping your money in a CD or bond. 

YUP minimum requirements.. although you would be surprised how many folks cannot get a bond because they lack credit score.. this will weed out the really poor players and give state a vehicle to regualted those that violate the laws without all the grey area currently.

Baby bonds. 

The original investment was a bond?

It is easiest to see this principle in bonds.The 10 year bond has a higher yield than the 3 year, which has a higher yield than the 1 year, which has a higher yield than the 3 month.

At some point the gov bond market drys up, the gov becomes desperate for cash, and anyone with deferred taxes looks like a fatten cow ready for slaughter.  

By temporarily halting distributions, we can preserve capital, manage our resources more effectively, and invest in key areas that will drive future growth and profitability.In the interim, we are taking strategic steps to strengthen our financial health, including cost-reduction measures, revenue-generating initiatives, and debt restructuring options.

And it found that over the long term, real estate trounced treasuries and bonds.