There was a very important exchange on The Call @ Hedgeye this morning — a potential harbinger of things to come as the “Mother of All Bubbles” pops.

“Can you explain what the f#$k is going on at Blackstone with this Blackstone Real Estate Income Trust (BREIT) news?” Hedgeye CEO Keith McCullough asked REITs analyst Rob Simone. “To me, it looks like the gates are going up. I think it's a massive canary in the #Quad4 coalmine.”

“What this means is the marginal buyer with liquidity is out,” Simone replied. “It's kind of a disaster.”

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Blackstone REIT Is a ‘Massive Canary In The #Quad4 Coalmine’ - Call Banner