Serious investment thinking that doesn’t take itself too seriously.
Investment themes and trends
On the surface, single tenant real estate is the most straightforward asset class out there. As the name implies, each asset has a single tenant operating under one lease for the entire property with minimal landlord responsibilities. Underwrite the tenant and the lease, and you’ve underwritten...
The missing piece in our urbanist discussion. Eight years ago, around the time I moved to San Francisco, I watched the Disney movie Big Hero 6. It’s set in a city called “San...
There's a far more plausible explanation, and if anything, AI will be a job-creator. “AI is taking white collar jobs” is a thing people are saying, but they’re very probably...
We tend to focus on which country is top dog, but perhaps we should think about debt and compound interest as the apex predators in all this. When President Trump suspended...
Short post today. This is just a fun chart that (a) speaks to the difficulty of forecasting, and also probably (b) the incentives inherent to sell-side research. Earnings...
There has been so much talk about the proposed new football regulator and anxious debate about exactly what he, she or it should or shouldn’t be responsible for that it is easy...
What does it mean for China to be "the future"? And what does that future look like? Most discussions that I see about China these days are about U.S.-China...
For the second time in five years, a scam involving sexing up a boring, centuries old financing business blew up in the faces of some of the world’s largest banks. You know the...
As the government's office portfolio faces dramatic cuts, what opportunities and challenges lie ahead? The Washington news cycle moves quickly, with major updates emerging almost...
How we would do things if we were serious. Trump’s current trade strategy will diminish American power and American technological capability, divide the U.S. from allies and...