"But the main publication of the conference came courtesy of John Forbes, real estate funds partner at PricewaterhouseCoopers. The cycling fanatic had overseen the interviewing of five hundred property bankers and fund managers in the period up to Christmas 2008.  The mood was captured by the title of the resulting research, which was named: Hunkering Down: Debt Has Vanished, Value Has Been Destroyed and Equity Is Playing a Waiting Game."