Serious investment thinking that doesn’t take itself too seriously.
Investment themes and trends
The rise of private markets has been supported by the perceived existence of an ‘illiquidity premium’ - or the extra return provided to investors as compensation for holding assets that are difficult to trade. Although the concept has seemingly become commonly accepted, there is no clear...
Connecticut-based developer Juan Salas-Romer writes a first hand account of his conversion of a historic office building into apartments. In 2014, I stepped into a...
Generally I am only a modest believer in the role of sentiment in foreign affairs. Things like pride, hurt feelings, etc can make a difference (more than realists understand, for...
In case you missed it, Trump put the screws to China, while giving the rest of the world another 90 days to negotiate. Negotiate what? Unclear, but Random Walk thinks it’s...
“The finest steel goes through the hottest fires. It feels no pain, no pity, no remorse, but stays sharp and ready.” After the last few weeks of tariffs, Trump and tech...
"So, what’s the state of the market?” The big question. The questioner doesn’t really normally want to hear “well, it depends on which area/sector/property type”. So, we have our...
Every year, I write one navel-gazing post about what I do for a living. Past instalments include “Noah Smith’s writing advice”, “How to write a successful Substack”, “How to be...
Today’s letter will explore Greenland’s potential as a real estate market by profiling a new real estate investment firm, Terra Boreale Ventures, which seeks to capitalise on these opportunities by sponsoring real estate projects at the fringes of American adventurism.
Transaction data, hotel bookings, value shoppers, booze hounds, student borrowers . . . we got it all checking in on the Almighty Consumer, tariff uncertain, or nay? transaction...
Sometimes reality bites back at Trump, but not always. During the 2024 campaign, the stock market typically reacted favourably to good polling news for Donald Trump, and it...