Hobbs miscalculated the slump in demand in developed economies especially in Europe. Fearing that money printing operations would lead to an inflation break out, he advised mortgage holders with high debt to income to buy certainty and fix rates. He was wrong; after initially raising rates, the ECB was forced to cut them to historic lows. In 2007 as a non-executive director he helped launch Brendan Investments Plc, a ten-year collective investment in European property for smaller investors, after obtaining Central Bank approval as the first retail investment product to comply with the EU Prospectus Directive. The intake at under €13m fell short of expectations and although entering the stable German commercial property market, the vehicle was set back by early loses when its anchor tenant, Germany's largest retail group Arcandor went into liquidation during the banking crisis. He retired as a non-Executive Director 2015.