Serious investment thinking that doesn’t take itself too seriously.
The capital allocators examine trends in the sector
How the market for CRE data is evolving, and who the winners may be. Real estate investing has quietly undergone a massive shift in recent years as the production and distribution of CRE data has proliferated. As a market once defined by local knowledge, most real estate capital was similarly...
In recent years, the idea of a behaviour gap in investing has become commonplace. Although there are several ways of defining what this actually means, it is most typically used...
Capitalism works. Especially for those who own capital. It is rather astonishing that some might propose abolishing capitalism instead of simply expanding the ownership base of...
In two days, I’ll drive from South Dakota to Omaha to attend the annual shareholder meeting of Warren Buffett. A great time to pass some investment wisdom from The Oracle of...
When the topic of an afternoon drinks in Mayfair after a rather splendid Christmas buffet with an investment bank was (the failure of) the audit of real estate companies, you know there is a big problem.
The general view at the start of 2025 was that whereas the US real estate market was poised for another year of steady growth, China was in the midst of a multiyear depression...
In previous market meltdowns, and as, once again, global systems, which have delivered prosperity, threaten to unravel, a humorous question asked on London trading floors was...
In a recent LinkedIn discussion, I quoted the classic Howard Marks line: “There’s no asset so good that it can’t be overpriced and become a bad investment, and there are very few...
It took Tariff Man and the high priests of MAGA exactly two months to achieve his macroeconomic trinity: A collapse in the price of money, the price of crude oil and the US...
“Phil, I’m a melting ice cube.” I was having lunch with a friend who holds a senior position at a large, dull asset manager. “Nothing works anymore. Nothing. Not on the portfolio...