This paper was originally produced in the autumn of 2010 as a write-up of a presentation by John Forbes at that year’s PwC European Real Estate Client conference. The conference presentation and the paper reflected upon the regulatory and other pressures facing the real estate industry in the aftermath of the Lehman collapse, as well as providing some predictions as to how this might unfold over the two years to the autumn of 2012. Two years later, four years after the collapse of Lehman and at the time predicted in the original report as the point of maximum pressure on the real estate investment management industry, PwC issued an update of John's report. The original conference presentation opened with an image of an ammonite.