No one saw COVID coming. So the goal is to own high-quality assets that can ride out any storm.
Buy at a fair price. Structure your debt so you can hold as long as you need to. Skip deals that need heroics to hit the numbers.
Be okay with a 14 IRR instead of chasing 17 to 19 on deals that need everything to go right.
Avoid the middle of the value creation spectrum. Buy stable assets with real levers to pull, or build new.
Would you take a lower return for a deal that doesn't need heroics?