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Ammonites, extinction events and the real estate funds industry

December 2020

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.


2008 marked not only the collapse of Lehman, but also the publication of the press pulse extinction theory on which it is based.


We have upated the report twice since then.


To mark the tenth anniversary, we have updated the report and put it all online.


You can find it here.




Photo: Jurassic ammonite, found in Charmouth, Dorset. Photo from

The original conference presentation opened with an image of an ammonite: