The Fund Manager – The Property Chronicle
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I love companies that can grow for decades. The best sort of growth reinforces the business model, which in turn makes future growth more likely. Network effects and economies of scale from greater purchasing power, or leveraging fixed distribution networks, are good examples. However, pursuing growth for growth’s sake is one of the biggest mistakes I see companies make. When is growth not the right strategy? Growth that generates poor returns Any money a company spends beyond... Read More >

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“I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the US economy will likely boom. This Read More >

Originally published in March 2021. Like many readers, I took advantage of the best snow in years to go sledging with my daughters. As Daddy bombed down the hill like Bowser in Mario Kart, my mortality flashed before me and I realised I was Read More >

Originally published in April 2021. Needless to say, covid-19 has caused significant dislocations in all aspects of our daily lives. One of these has been a major shift in working practices. Almost overnight, those of us who were primarily Read More >

Environmental, social and governance (ESG) considerations among global real estate investors and their stakeholders have gained traction over the past few years due to the increasing attention on climate change, heightened by the Covid-19 Read More >

Originally published in April 2021. Often in life, what you don’t see is more important than what you do. You can look round a house as many times as you want, but you won’t get a true sense of what the neighbours are like until you Read More >

The UK’s sailed through many a rough patch and come out all the better – so Brexit’s not a worry! But why the hell can’t we win the America’s Cup? After too many years in the City, experience has taught me that stuff happens if Read More >

This article was originally published in December 2020.. The spring lockdown did not stop UK M&A in its tracks, but activity slowed. Faced with the fog of economic uncertainty, some buyers put their chequebooks back in the drawer, and Read More >

Working at home is something many of us have got used to – maybe too used to – over the past year. In a strange way we are recapitulating the experience of our ancestors. For most of human history, home working was the norm – whether Read More >

This article was originally published in January 2021. Traditionally, real estate was often viewed as little more than a downside hedge for a diversified portfolio. This reflects its low correlation with equities and bonds and its perceived Read More >

The 60th week of a long holiday is about to start. France, the single most visited tourist venue on the planet, is having a vacation – from tourism. In 2019, France sat at the top of the global tourist visits league – as it has for decades. Read More >

Many parts of the economy have suffered no ill effects from Covid – the US government should restrain its largesses One year after the emergence of covid as a threat to our daily existence, a peculiar narrative has taken hold whereby the Read More >

When the annual PERE/Sousou Partners 2021 compensation survey appeared in my LinkedIn feed earlier this year, I couldn’t help but notice the somber headline: Private real estate firms cancel bonuses during the pandemic!  Briefly Read More >

Inflation is in the news again. Many prices are rising even before we can physically get out and spend, and governments are pouring vast amounts into the economy.  Whichever side of the inflation debate you are on, it makes sense to Read More >

When thinking about successful emerging market investing, the following quote comes to mind: “In an unfamiliar culture, it is wise to offer no innovations, no suggestions, or lessons.” (Maya Angelou, American poet and civil rights Read More >

This year, a Paris property pioneer celebrates 50 years living and working in France. In half a century of developing office properties, the resilient Paul Raingold has navigated many cycles of boom, bust and recovery. In late 2020 he recovered Read More >

Some trends in investing are cyclical (mean reverting) and some are structural (permanent). Distinguishing between the two is crucial for investors. Cyclical trends mean-revert eventually, but can spend long periods at either extreme. The Read More >

“We don’t know what we don’t know,” as Donald Rumsfeld once said when asked whether intelligence gathered had been shared adequately across the US intelligence community. Applied to the economies of Africa, the meaning goes even deeper, Read More >

With its resurrection following the Second World War and the unification of East and West, Germany has had a remarkable journey over the past 75 years. In particular its stable and reliable public service has been a model for others. This has Read More >

This article was originally published in March 2020. Many of us are guilty of equating status, success and ultimately happiness, with material possessions. Even if, like me, you make a conscious effort to avoid such associations, most of us Read More >

THE word of this extraordinary winter in Paris has been couvre-feu. The very expression is still heavy with associations from the 1940s occupation, even if the order to “cover your fires!” was originally intended to protect medieval wooden Read More >

Öslem Tureci and Uğur Şahin – the founders of BionTech, which, together with Pfizer, pioneered one of the first covid-19 vaccines – are remarkable individuals in a wider sense. While their scientific research and business success, leading Read More >

For almost a year, we have personally witnessed friends and colleagues sharing pictures of their working-from-home digs. At the onset of the pandemic, we would see shots of a laptop on a bistro table situated on patios, balconies or even Read More >

Jeff Bezos has just announced he’s stepping down as Amazon’s CEO. Whatever happens to Amazon from here, and whatever your opinion of its founder, Jeff Bezos will go down as one of the best businessmen of all time. His achievements at Amazon Read More >

What do investors want right now? Which are their preferred opportunities, and what do you need to know about them? This series sums up what one European investment adviser has gathered from his online meetings, conferences and other Read More >

On 20 January 2021 the Czech lower house of parliament passed a bipartisan bill that, if enacted, would potentially pose a significant threat to one of the EU’s core elements, its single market with 450 million consumers. If approved in the Read More >

Investing is one of those rare pursuits where amateurs can have an advantage over the professionals. It happens in almost no other field. If I competed against any professional sports person, I’d lose every time. If I was asked to perform Read More >

This article was originally published in Winter 2019. With Brexit uncertainty hitting London hardest and high-grade office supply tight in the capital, investors are looking to other UK cities Brexit and now the general election have been Read More >

Consumers won’t turn back from e-commerce now – so what do institutional investors need to know about the logistics property market? The influence of e-commerce on the daily life of many Americans became clear to me when my 92-year-old Read More >

There are naturally those sceptical of any new way of thinking or challenge to the status quo. The notion of universal basic income (UBI) as a panacea to what ails society is of course an attractive one but is not a mast to which many advocates Read More >

While some argue that covid-19 measures are the start of a permanent new universal basic income (UBI) to mitigate the risk that societies are entirely torn apart, others see UBI as a draw for (younger) people to migrate to cities. Another line Read More >

Real estate distress cycles generally offer rich pickings to investors, but that’s unlikely to happen this time – and here’s why. This article discusses the potential path for a distress cycle in US commercial real estate given Read More >

With each economic crisis that has hit since 2008, we have witnessed the central banks of many developed nations engaging in ever more voluminous quantitative easing. Against this backdrop, we should not have been surprised that supporters of Read More >

China’s position on the world stage is changing rapidly as it moves to become a strategic competitor to incumbent economic powerhouses. Not least because of the recent trade conflict between the US and China and its long-term fallout as well Read More >

Nick Sleep is one of the greatest investors I’ve ever come across. Sleep managed the Nomad Investment Partnership for over a decade, along with his partner Qais Zakaria, delivering returns of 921% versus 117% for the MSCI World Index Read More >

The global financial crisis had a significant influence on the present tax framework – so how might the battering now being taken by state finances manifest itself in tax policy? As the UK’s chancellor of the exchequer, Rishi Sunak, stood Read More >

In the early years of my career, I wanted to start my own business. Stories of entrepreneurship in Silicon Valley captured my imagination, and in 1994 I took the plunge. In 2000 we sold our business to a public company, and promptly watched the Read More >

A few months ago I came up with a simple way to categorise companies and their shares based on their most important attributes. For me, those most important attributes are quality, defensiveness and value. When combined in various ways Read More >

China’s position on the world stage is changing rapidly as it moves to become a strategic competitor to incumbent economic powerhouses. Not least because of the recent trade conflict between the US and China and its long-term fallout as well Read More >

This booming sector can help drive the UK recovery – and it’s hungry for space. The search for a covid-19 vaccine has shone a light on the life sciences sector and the many research institutions around the UK that have committed Read More >

After lumbering around the $1trn-$2trn assets under management mark for quite some time, central bank policies in the wake of the global financial crisis were a long-awaited shot in the arm for the private capital industry. Faced with Read More >

The consensus is that we are in a K-shaped recovery – that means winners and losers. We are not all in this together. The unique shape of the covid-19 crisis and accompanying recession has meant some industries have thrived whilst others Read More >

Last week we looked at historical lessons derived from prior pandemics. Today we will expand into determining the likely economic fallout of covid-19, consider the capital market feedback and map the way forward. How do we value the covid-19 Read More >

Many people concerned about the possibility of inflation caused by the debasement of currencies, such as myself, were strongly influenced by the 2009 book by Carmen Reinhart and Kenneth Rogoff, This Time is Different, which catalogues the causes Read More >

When looking at a chart of the S&P 500, you would think we were entering a depression or nearing the apocalypse. But what are the real impacts of a pandemic like covid-19? The stock market is an easy gauge to follow for sentiment, but how Read More >

The global economy is facing years of uncertainty. The UN has warned of a lost decade as the scarring effects on the economy of covid-19 are worked through. Investors, government and the public sector need to come together to tackle this Read More >

Consumers won’t turn back from e-commerce now – so what do institutional investors need to know about the logistics property market? The influence of e-commerce on the daily life of many Americans became clear to me when my 92-year-old Read More >

Why low bond yields may mean you need to rethink your portfolio construction. The future looks even more uncertain than usual. Normally uncertainty translates into lower asset prices. But not this time. And with the prices of all assets Read More >

This article was originally published in October 2020. I am ashamed to admit that after ten years living in UAE, I think I care less about my home country than I did. I love so much about it; don’t get me wrong. As the place where my Read More >

Whatever the coronavirus has done to the global economy, the effects are likely to be fairly short-term – aside from in aviation. At the start of 2020 we were convinced it would be a year of financial correction – a realisation of just Read More >

I believe it is now time to bottom fish in Singapore property developers and selected REITs on SGX. Why? One, Singapore benefits from US supply chain reconfigurations away from China and Hong Kong’s pro-democracy political unrest. Two, Read More >

This article was originally published in autumn 2019. I’m sure you will know that well-known fund manager Neil Woodford has recently fallen very much out of favour with investors. Reputedly in the wake of withdrawals by some big investors Read More >

With offices, hospitality and retail all on the slide, industrial property looks set to become the best bet in global real estate. While much of the global property market is in a bear market spiral, the pandemic has been a dramatic Read More >

The nation is bouncing back faster than most in Europe and is increasingly attractive to investors. Those looking for a glimmer of success amid global difficulty – and a good jurisdiction in which to invest – could do worse than Poland. Read More >

Source: Ruffer, MacroHistory database, TS Lombard Chancellor Sunak will need a Plan B. The coronavirus pandemic has hit public finances like a war. Across the world governments have scrambled to offset the economic and social impact of the Read More >

We all need reminding of why investment returns are so important for so many in the private sector. Until the 1980s most employees retired on pensions provided by their employers and related to their final salaries. Employers put aside and Read More >

When I was a boy, there was a programme on the telly where a smiley Arthur Askey interviewed ‘ordinary people’. It was more of a challenge than a conversation – if the interviewee replied “yes”, “no”, or “dunno”, there would be Read More >

A recent survey by valuation and research specialists Wüest Partner Germany provides useful insight into the range of real estate funds currently available for German institutional investors – and highlights the weighting given to German Read More >

The world has been turned upside down by this pandemic, along with the prospects of many companies. Perhaps some of your own holdings have soared to unexpected highs, or collapsed to unexpected lows. Several of my holdings certainly have. Read More >

The European real estate market environment remains incredibly uncertain. While the severity of the current recession is significantly worse than the global financial crisis, real estate markets have, at worst, been subdued. Outright distress Read More >

“Back to life, back to reality” – prescient words written by Mr Jazzie B. OBE for his number one hit in the summer of 1989. Industries, livelihoods and, undoubtedly, future geopolitical direction currently ride on the answer to when Read More >

‘New’ economy stocks have surged over the past five years, but unfashionable value may be about to have its moment in the sun. US internet shares have been roaring ahead, particularly in recent months. The coronavirus crisis has Read More >

Governments and central banks have had to resort to intervention on a massive scale – there will be a price to pay for the distortion caused. Consequences. It’s always about the consequences. It’s a pleasure to write something for the Read More >

Real estate probably isn’t one of the first industries that comes to mind when thinking about climate change – but it should be. Globally, the built environment is responsible for around 40% of energy-related carbon emissions, so getting to Read More >

FTSE ST REIT Index increased slightly from 835.40 to 854.51 (+2.28%) on the month update.REIT Index has rebounded circa 45% as of 12 September from the bottom on 23 March 2020.Yield spread (reference to ten-year Singapore government Read More >

In the 1990s, the South African property market was largely directly owned and managed by insurance companies and pension funds, while the listed market was in its infancy at the time. But over the last two-and-a-half decades, the landscape has Read More >

Housing activity – starts and permits – posted mixed results in August as declines in the multi-family segment offset gains in the single-family segment. Within the single-family area, there were gains in starts and permits with strength Read More >

Housing is needed. Green space is precious. And, after the coronavirus, some offices could be left empty. Anyone currently campaigning against the obvious solution of converting disused office space into housing would surely be Read More >

The late Anwar Sadat, when president of Egypt, called 1973 his autumn of destiny. I call 2020 my autumn of destiny because four of the world’s top software/fintech will go public in IPOs in Hong Kong or New York. Each of these IPOs will be Read More >

Summary Xaar is a relatively young and small leading-edge technology business which I bought in mid-2018It’s a good example of how excessive R&D in highly cyclical businesses can produce bad resultsI sold because a 90% increase in Read More >

The superforecasters of the Good Judgement Project believe there is a 93% probability we will have an FDA-approved vaccine in a year, and enough of it to inoculate 25 million people in the US. This is up from just 20% in the dark days of Read More >

There is talk that working from home has become so ingrained and old working arrangements so untenable in this new, socially distanced world that it will force city-centre offices to repurpose. When I hear such a claim that office blocks will Read More >

Rapid changes are under way across the spectrum of different asset classes, and investors will need to adapt their approach. Investors are working hard to assess what recent pandemic-driven changes will mean for different asset classes. In Read More >

In the past 18 years, after a series of spectacular and occasionally failed rocket launches, Elon Musk’s SpaceX has emerged as Silicon Valley’s next colossus, a once in a generation business in the same league as an Amazon, a Google or a Read More >

“I don’t love the idea of being a house cat, but what’s the solution?” When you are looking for someone to blame remember this: The Market is not stupid. Participants are.  When Fed heads and economists are warning of more Read More >

Since the market crash of 2008/2009, The FTSE 100 and S&P 500 have produced very different results. Some of this is down to fundamental factors such as differences in revenue, earnings and dividend growth, but much of it is down to sentiment Read More >

The dividend has continued to increase without interruption, up from 65c to 70c. That’s 11 years of increase, and compares with 5.966c in 2006. Funds from operations (FFO) in the first half alone have increased by 4.1%, from 87c to 91c – Read More >

Beware of hasty and alarmist predictions. This crisis does not call into question the sector’s fundamentals and key trends. The current period is however a good opportunity for a strategic deepening of landlord-tenant relations. In such Read More >

FTSE ST REIT Index has little changes from 837.43 to 835.40 (-0.35%) on the month update.REIT Index has rebounded c43% as of July 12 from the bottom on Mar 23, 2020.Yield spread (reference to 10-year Singapore government bond of Read More >

Source: FactSet, data to 31 July 2020. Download the data set The US internet shares have been roaring ahead, particularly in recent months. The coronavirus crisis has accelerated the shift toward online retail and smart communications, Read More >

WACC is an acronym that stands for “weighted average cost of capital” and this is one of the most important metrics we use in the REIT sector. The WACC is similar to the required rate of return that an investor expects from his investment Read More >

There are few forces more powerful than incentives. As usual Charlie Munger says it best: Well, I think I’ve been in the top 5% of my age cohort all my life in understanding the power of incentives, and all my life I’ve underestimated it. Read More >

After a roller coaster first half of 2020, now seems like a good time to review the CAPE ratio for the FTSE 100, FTSE 250 and, for US-focused investors, the S&P 500. FTSE 100 CAPE ratio review The FTSE 100 has had a tough time over the Read More >

In the past 18 years, after a series of spectacular and occasionally failed rocket launches, Elon Musk’s SpaceX has emerged as Silicon Valley’s next colossus, a once in a generation business in the same league as an Amazon, a Google or a Read More >

It is not news that the coronavirus has changed the real estate industry, in some cases irrevocably. The move towards home working has raised some questions over how offices will operate, while our dependence on efficient supply chains has seen Read More >

FTSE ST REIT Index up 823.64 to 837.43 (+1.67%) on the month update.REIT Index has rebounded c43% as of July 12 from the bottom on Mar 23, 2020.Yield spread (reference to 10-year Singapore government bond of 0.896%) has tightened from Read More >

Income-hungry investors beware: coronavirus fallout makes High Yield even higher risk Value investing is dead! Warren Buffet knows nothing! Long live drawing random Scrabble tiles out of a bag to pick stocks! So says day-trading Read More >

With all that is distracting commentator’s attention there is one issue that is travelling below the radar, but if in years to come we look back on the Covid 19 era and the final months of President Trump’s tumultuous reign, the success or Read More >

There is barely a facet of life that has been unaffected by the coronavirus pandemic. One of its most visible impacts has been on the use of real estate – shops and pubs have shut, offices stand empty and housing market activity has slowed to Read More >

Investing is about competing visions of the future. Different perspectives on the outlook at a macro, market and asset level are embedded in estimates of an asset’s value. Given the long-term nature of real estate, understanding structural Read More >

If you think about German banking, your first thoughts are likely Deutsche Bank’s history of negative headlines and crashing stock price over the last many years. There is a widely held perception across the financial markets that Germans are Read More >

ARTICLE ORIGINALLY PUBLISHED 27TH OCTOBER 2017 Given time, most industries develop a jargon which allows participants to exude a professional glow and some degree of intellectual superiority when addressing outsiders (especially when poised to Read More >

* FTSE ST REIT Index up 745.45  to 823.64 (+10.49%) on the month update. *  Index has rebounded c41% as of June 12 closed after hitting the recent high of 878 (c.50% rebound from the bottom). * Yield spread (reference Read More >

In my opinion, culture is probably the single most important thing in business. A good business model can be destroyed by bad management and poor cultural practices. The recent example of Wirecard is a case in point, but there are many Read More >

Call it what you will. The Covid-19 pandemic. The Great Lockdown. The Coronavirus Recession. Whatever label you give it, it remains unprecedented. Never in history has more than 60% of the global population come under this kind of lock-and-key Read More >

In over 30 years of involvement in US real estate, I have never encountered a dilemma in institutional office investment similar to what we are experiencing today. About half of my peers at Barings, and around the industry, are expecting a Read More >

Once a month we will bring you an interesting chart with a short commentary. Our aim is to illuminate the corners of financial markets. This time really is different - US unemployment is ‘off the scale’ The sheer scale of the Read More >

This article goes back to basics and outlines why a consistent record of dividend payments is the first thing I look for in a company, and why dividend cover is the first of many ratios in my investment spreadsheet. Dividends make up the Read More >

Coronavirus was the catalyst for the market turmoil, but it was the pathology of the financial world, and its interaction with the markets – not a prediction of a pandemic – which gave us our dispositions. The sharp falls, and the buoyancy Read More >

It’s hard to overstate the power of incentives. Charlie Munger says: “Show me the incentive and I will show you the outcome”. The biggest factor determining how well incentivised you are is whether you own something. If you own your own Read More >

Balance sheets show the trade-off between resilience and optimisation  % of companies with net cash Source: CLSA, Factset as at 21 April 2020 As we highlighted last month, coronavirus is especially dangerous for patients with Read More >

In engineering, noise is a disturbance around a signal and engineers have become good at extracting signals from the noise.  In investing, noise comes in many forms and actions are determined by noise, signals or a combination of Read More >

In this article I look at the S&P 500’s response to the coronavirus pandemic, the impact on CAPE valuations and what that means for the index’s expected ten-year returns. The world is in the grip of a rapidly expanding pandemic Read More >

The era of monetary dominance is over. Helicopter money signals investment regime changes ahead.  S&P performance until surpassing -20% threshold, number of trading days It was the avalanche we have long feared. From record Read More >

The economic impact of the coronavirus pandemic should not be underestimated. It is, in my opinion, likely to produce a severe recession in the UK as well as a global recession, and has already led to a swathe of dividend cuts and suspensions Read More >

As I mentioned in my last missive, markets are reacting to expectations of the future rather than the horrors of the present. At the time of writing, despite its welcome recovery, the FTSE 100 remains 25% below its 2020 high, but in the thick of Read More >

Portfolio construction tends to get much less attention than picking stocks. This is a shame because it’s a huge driver of risk and returns. You can be a great stock picker, but if you don’t allocate monies effectively you’re probably Read More >

When the elements speak, elemental forces are unleashed, and it is important, in the middle of this storm, to capture the right tone of voice. Any false attempt to give reassurance, to boast about early success, to bury oneself in clichés, is Read More >

Investors who rely on dividends for a large part of their income should prepare for significant dividend cuts and suspensions in 2020. In recent weeks, stock markets around the world have crashed as a direct result of the coronavirus Read More >

Jo Welman’s thoughts about the macro investment outlook communicated to his investment clients: At the close of business last night the FTSE 100 had fallen 43% in 2020 and the FTSE 250 which includes medium sized companies had fallen even Read More >

Unless you are a hermit living in a very remote cave, I’m sure you’re aware of the coronavirus pandemic. And if you have any interest in investing, then you also probably know that stock markets around the globe have suffered what can Read More >

What on earth is going on? MSCI developed markets growth versus value Source: Minack Advisors †Ratio of growth/value one year ahead forecast EPS *Growth/value indices for MSCI developed markets Gravity is a universal constant. But Read More >

Lisbon, Portugal’s capital, is the best performing property market in Western Europe, a magnet for investors from the EU and 8,000 plus non-EU citizens who have taken advantage of the minority Socialist government’s “golden visa” program Read More >

The looming crisis in list stocks and bonds is driving interest in alternatives – but their inherent illiquidity can defeat risk managers’ comprehension. Alternatives is becoming a busy market. It would appear the global asset allocation Read More >

WeWork’s ill-fated IPO is the tip of an iceberg WeWork revenue and operating losses and 'valuation' (US$) Riddle me this. We eat $229,000 every hour, every day, year after year. We are in nearly 500 places at the same time. We lose a Read More >

Long-term property returns derive from income and its compounding potential – that’s precisely what REITs were created to deliver During the first half of 2007, Apple launched its first iPhone and the UK government introduced the REIT Read More >

As a group, UK housebuilders have produced astonishingly good financial results over the last decade. This has given their shareholders equally astonishing returns, with average share price gains from the largest housebuilders at close to Read More >

Pumping cash into the economy was meant to make us all better off. Instead the money got locked into stocks and bonds to enrich the wealthy, while austerity made everyone else poorer The editor of this esteemed publication recently asked me Read More >

The markets go from strength to strength as the real world around them struggles to stay standing – surely this can’t last? There’s a childhood game, whose name changes each generation – currently called Jenga. It starts as a wall of Read More >

US Companies are paying shareholders more than they can afford Dividends and buybacks have exceeded free cash flow levels since 2013 Source: Capital Group. Universe is made up of 2,902 non-financial US-based companies that represent Read More >

The Restaurant Group (which I’ll shorten to TRG) joined the model portfolio in early 2016, shortly after the company published some very upbeat 2015 results. Revenues were up 8% while earnings and dividends per share were up 13%, continuing Read More >

The report is divided into the following sections:A summary of  Fund performanc A summary of  Fund performance  The table below shows the average Q3 2019, YTD 2019, 3 and 5 year returns for the mandates in our database. As can be Read More >

They’ll soon be two-fifths of consumers, so financial advisers must learn to see the world their way In today’s world things change fast, and it can be hard to keep up with new trends and the opportunities they bring, especially in the Read More >

Bavarian logistics property company VIB Vermoegen is using an admirable combination of trusted partnering and smart geographical thinking I want to talk here about a blue banana, but so as not to confuse you, let me explain first that this is Read More >

Property investors have an unfortunate habit of not looking very far ahead The real estate sector has a propensity to underestimate change, perhaps because change has historically been at a rather glacial rate within the industry. In my 30 Read More >

There’s a childhood game, whose name changes each generation – currently called Jenga. It starts as a wall of wooden bricks, and successive players remove individual pieces until the loser takes one out, and down falls the edifice. Its drama Read More >

REITs are becoming what they always should have been: low-leveraged balance sheets and long-term income streams with a sustainable, growing dividend Three features stand out for me in the quoted property sector this year. First, the Read More >

Investors chasing growth stocks creates both danger and opportunities PE premium for UK growth stocks over UK value Stock market manias always start with some grounding in solid fact, before investors get carried away and drive up Read More >

Cross-border transactions now account for a third of property deals, and the most transparent markets hold the most appeal Investment in many mature real estate markets is booming and this has been the case for about ten years now. At the Read More >

A continuing upward trend makes this a good defensive asset class amid global uncertainty Early this summer the FTSE ST Real Estate Investment Trusts index broke through the 875 level after 10 years of resistance, with a Read More >

A five-year review of the real estate debt demand Twenty-nineteen marks five years since Laxfield Capital, a commercial property lending company, released their first report on the demand for debt in the UK property market. Such a report, Read More >

Common difficulties and how to avoid them Real estate investment trusts (REITs) are a favourite asset class for income seeking investors looking for regular dividends. However, there are a number of difficulties regularly experienced by Read More >

Above-average returns seem likely for the FTSE 100 Over the last 25 years or so, the FTSE 100 has repeatedly zig-zagged between 3500 and 7000, swinging back and forth between bull market and bear market. As I write, the UK large-cap index Read More >

When the Governor of the Bank of England speaks, it is always worth listening to, and he is on to something when he writes about market liquidity; he is surely right to flag the dangers of the narrow exit doors in a crowded investment room. We Read More >

In the face of declining retail property values and highly leveraged companies, a new structure might be needed Real Estate Investment Trusts (REITs) have been a huge success globally, providing an income-producing, liquid, tax-efficient Read More >

Politics, emigration and the modern family are only a few of the challenges of wealth and succession planning today There is no lack of data on the vast, and growing, amounts of wealth set to be passed from generation to generation in the Read More >

The percentage of unprofitable companies listing on public markets has never been higher. Percentage of US IPOs which are loss-making This is the year of the tech unicorn IPO. So far we have had Uber, Lyft, Beyond Meat and Pinterest; Read More >

Poor old Sainsbury’s. Its share price is currently lower than at any time over the last 25 years and appears to be in free-fall. But how can this be? Surely Sainsbury’s is a defensive dividend payer with a long record of unbroken dividend Read More >

‘If membership of the Eurozone had been confined to the original ‘Deutschemark Block’ - Germany, France, Holland, Belgium and Luxembourg which met the Euro’s initial convergence criteria - the Euro could have been a success. However Read More >

Have you been to The Bahamas? I was just in beautiful Nassau. And there’s no description for those waters other than 'exquisite.' In fact, it's hard to take your eyes off of the stunning array of blues and greens, while you breathe in Read More >

As you might very well know, real estate investment trusts, also known as REITs, are legally required to pay out no less than 90% of their taxable income. That’s how they’re structured to operate in the U.S., and they’re not allowed to Read More >

By Brad Thomas and Michael Boyd Sometimes, you’ve got to switch it up to keep your portfolio properly diversified. That’s why this isn’t the first time we’ve sung the praises of buying into alternative asset classes. When people Read More >

UK long dated index-linked bond price Image Source: Ruffer LLP and Bloomberg (UK 2055 index-linked bond) We live in extraordinary times, and looking at recent political developments, both here and abroad, there is a risk that they Read More >

A version of this article first appeared in the May 2019 edition of the Forbes Real Estate Investor. Every May for the past 20 years, I’ve made a pilgrimage up to Las Vegas. I call it a pilgrimage because it’s a long flight with Read More >

For most investors 2018 was a year to forget and from peak to trough, the FTSE All-Share index lost about 16% of its starting value. For many this was too much to take and several subscribers informed me of their decision to exit the stock Read More >

Much has happened since my last Brexit forecast but I reckon that odds on the core Brexit outcomes might have remained remarkably stable. The ‘No Deal’ option has evaporated for the time being while according to hints in the weekend's press, Read More >

The report is divided into the following sections: 1)       A summary of  Fund  performance  The table below shows the average March 2019, Q1 2019 and 5 year returns for the mandates in our Read More >

Most investors found 2018 to be a bumpy ride and I was no exception. The market price of my portfolio declined by more than 10% during the year, which was mildly annoying. But that’s not really what I’m talking about. When I talk about Read More >

Rightmove is an incredible business. In the 11 years since it listed on the stock exchange its: Revenues have gone up by more than 370%, going from £57 million to £268 millionEarnings have gone up by more than 1100%, going from 1.4p per Read More >

Technical Analysis of FTSE ST REIT Index (FSTAS8670) The FTSE ST Real Estate Investment Trusts (FTSE ST REITs Index) continued its bullish rally, raising from 832.03 to 842.91 (+1.31%) as compared to my last post on Singapore REIT Read More >

‘Timing is everything’ runs the investment cliché – actually it’s not: being right is better. In any event, spare a thought for the writer of this investment review who has been told that it must be in final form by 27 March. Of all Read More >

Real estate share prices have been implicitly forecasting property declines that are yet to materialise – what’s going on? The most noticeable impact of the EU referendum in June 2016 upon the UK real estate sector has been the sharp Read More >

BAE Systems is an obvious choice for dividend investors.That's because:  (1) BAE Systems is the UK's largest defence manufacturer which should make it a relatively defensive company (governments may cut defence spending during Read More >

I might look very silly by the end of the month but there will not be a no deal Brexit. Neither side can afford this outcome. Sadly my crystal ball doesn’t run to how soft the Brexit will be, but what we do know is that a process of Read More >

The FTSE ST Real Estate Investment Trusts (FTSE ST REITs Index) continued its bullish rally, raising from 832.03 to 842.91 (+1.31%) as compared to my last post on Singapore REIT Fundamental Comparison Table on Feb Read More >

Excerpts of this article appeared in the March 2019 edition of the Forbes Real Estate Investor. March is one of my favorite months in the year, especially because that’s when the biggest college basketball tournament takes place, and Read More >

As readers know, I’ve shown time and again how REITs are a great source of generous, safe, and growing income over time, and a favorite among high-yield investors – a group that includes those with low-risk tolerances such as retirees Read More >

Once a month we will bring you an interesting chart with a short commentary. Our aim is to illuminate the corners of financial markets. TINA turning? Rising returns on cash may cause investors to withdraw from riskier assets such as Read More >

When considering the investment risks that would arise from the implementation of an anti-capitalist labour manifesto, we should start by considering both the likelihood of this outcome and the form of Brexit that will provide the economic and Read More >

Having completed another satisfying, successful year as a U.S.-based REIT analyst, I found myself again curious and wanting a closer look at REITs in the European continent – which is geographically slightly larger than the U.S., but sports a Read More >

“I thought you chaps at Ruffer said that you’d never lose money for me – what’s gone wrong?” The weakness in markets reflects the passing of an inflexion point of mood: from a sensation that we’ve been living through extremely Read More >

For income-hungry investors that have hoovered-up corporate debt in recent years, this really matters. Call me nostalgic, but investment grade (IG) credit just isn’t what it used to be. Theoretically, IG bonds and borrowers are highly Read More >

The report is divided into the following sections: 1)       A summary of 2018  performance  The table below, shows the average 2018 performance per mandate, and is ranked by 2018 returns with 2017 and 2016 figures for comparison.  Read More >

As we ended 2018, I noticed a quite compelling place that REITs serve in a well-balanced diversified portfolio. While Real Estate Investment Trusts (commonly referred to as REITs) tend to get attention due to their yields, investors would be wise Read More >

The American economy is booming thanks to President Trump’s pro-growth policies, and now the President can set his sights on ensuring that prosperity reaches every nook and cranny of the country. In a move designed to help underperforming Read More >

FTSE ST Real Estate Investment Trusts (FTSE ST REIT Index) has increased from 767.98  to 783.05 (+1.96%) compared to my last post on Singapore REIT Fundamental Comparison Table on 5 November 2018. Currently the index is trading in a Read More >

The U.S. hasn’t seen a large and protracted trade war since the early 1930s, which coincided with the Great Depression. With the U.S./China trade war escalating through most of 2018 it has been a confusing and scary time for all investors. Read More >

Last week, in these pages, I talked about what I’ve discovered over several decades in Real Estate. Not only these days as a U.S.-based writer, covering Real Estate Investment Trusts (REITs), but also in my time as a developer, investor, and Read More >

The Singapore REIT sector has broken down from a consolidation pattern and starts a down trend. Let’s look at the technical analysis and fundamental analysis for the Singapore REIT sector in this month’s update. Technical Analysis of FTSE Read More >

In 2009, prior to becoming a REIT analyst, I was a real estate developer. This means that I was working in the trenches trying to develop sites for companies like CVS, Dollar General and Advance Auto Parts. It wasn’t easy to grasp the impact of Read More >

Recently I was reading an article by LBX Investments explaining that “autonomous vehicles are expected to eventually have a transformative impact on our economy, our society, and numerous industries, including commercial real estate and by Read More >

In a recent interview with NAREIT Scott Crowe said that “year-to-date the global real estate market has been relatively flat; however Europe has been relatively strong”. He explained that “in Europe, for the moment at least, the European Read More >

For today’s look into REITs, we’ll uncover the meaning and benefit of a “moat” surrounding a given investment. I’ll also offer my list of the 12 most “moat-worthy” REITs. Let’s start upstream. In a Harvard Review article, Read More >

As a committed, passionate, and experienced REIT analyst, part of my steadfast research includes observing principles I can rely on time after time, to deliver alpha and deliver results - and then, share my findings. That’s part of why I Read More >

Retirement satisfaction is positively correlated with income, net worth, health, and stable income streams. Reports state that investors, who record the lowest levels of worry, don’t have the highest income prior to retirement. However, Read More >

Just over a thousand kilometers southeast of London sit the mountainous, chilled vistas of Davos, Switzerland. And while I’ve never skied there, I’ve enjoyed invitations to the major economic gatherings in that beautiful, small, yet Read More >

So far, in my previous articles, I have introduced the 3 most important financial ratios for analysing and shortlisting REITs, and also the FTSE ST REIT index to gauge the Singapore REITs market sentiment. Moving forward, I will give an overall Read More >

This monthly report from Consilia Capital on fund performance looks at a number of different topics. August performance  - which strategies performed best? Global real estate securities funds returns August 2018 Source: Consilia Read More >

In 2016, my co-author and I decided to publish a book called The Intelligent REIT Investor. The book was published just in time, as U.S. REITs were elevated to a new real estate sector in the closely watched Global Industry Classification Read More >

President Trump announced new tariffs this week on around $200 billion in Chinese goods, and Mr. Market just shrugged it off, as The Art of The Deal was old news. In fact, tough negotiation was a common thread running through President Read More >

Returning recently from the EPRA (European Public Real Estate Association) conference in Berlin I was struck by the accelerating pace of change that is now (finally) underway within the UK REIT sector.  A sector, it is fair to say, that has not Read More >

In this article I will share the three most important financial ratios when analysing and shortlisting REITs. I call them the three musketeers of REITs. The 1st musketeer’s name is Yield, he gives you money; the 2nd musketeer’s name is Read More >

Raising capital for real estate funds has been tougher over the past two years – declining to $124bn in 2017 from $128bn in 2016 and $137bn in 2016 and 2015. By contrast, however, real estate debt managers are seeing allocations increase.  In Read More >

Most retail (i.e. non-institutional) investors tend to hold their real estate allocation through a collective investment vehicle, or fund. For listed real estate Read More >

First, let me offer up my thanks. It’s been over a week since my introductory article appeared here, and I’ve been hearing the response was very good. I’m so grateful. Thank you.  This week I want to touch on “risk” … when Read More >

Please allow me to skip a fuller introduction of myself - time is short, your time valuable, and article word counts understandably limited.  First, thank you for including me in The Property Chronicle. I am honored and humbled to share my Read More >

In my last article for The Property Chronicle, I gave an overview on: The definition REITs (Real Estate Investment Trust) The reasons to invest in REITs as an alternative to physical real estate investment The Benefit and drawback on Read More >

What are REITs? REITs are collective investment schemes that invest in a portfolio of income generating real estate assets. The assets of REITs are professionally managed and rental income generated from assets are distributed back to unit Read More >

The UK’s listed real estate sector was hard hit by the taper tantrums of 2015. It tried to recover but any hope of a return to the bull market conditions which prevailed from the lows of 2009 were snuffed out by Brexit. The sector hasn’t been Read More >

Real estate debt funding globally is a huge machine – turning over $400bn annually in the US, and approximately €225bn in Europe, of which the UK makes up roughly 25-30%. The European figure, however, is a very broad estimate because at any Read More >

UK lending teams reconvening after the summer this autumn and scrutinizing unspent budgets will be looking warily with their credit committees at the challenge of successful deployment in Q4. Most debt investors would acknowledge that there is Read More >

Much is being said and written about the lack of affordable housing in the UK. Since the trough in the first quarter of 2009 following the financial crisis, the average UK house price has risen by 40%. To buy a home in London, young first time Read More >

The UK stock market has recovered from its spring snooze and despite worries over the effects of Brexit on UK growth the indices are but a stone’s throw from their all time highs. But this hides frenetic activity under the surface with Read More >

Previously in this column we looked at what appeared to be the start of a new trend of M&A in the property sector, following the bids for Market Tech and Kennedy Wilson Europe. However, the trend has in fact not materialised. It seems that Read More >

In the last few weeks central bank watchers claim to have detected a new mood emerging from this summer’s gathering of the clan. A desire to follow the Fed down a path which leads to ‘normalisation’ of interest rates and the unwinding of QE Read More >

It is almost a decade since the beginning of the end of the debt-driven property boom. Back then, British banks supplied 72% of the finance to the market, Germans and CMBS supplied most of the remainder, and little else could compete. Anyone Read More >

Everyone knows that it is not possible to turn base metal into gold and yet there is often a degree of alchemy involved in finance. In the case of property, the alchemists would have us believe that if it were only possible to find the right Read More >

Featuring

Investor's Notebook

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The Macro View

Recent financial news and how it connects across all asset classes

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Technology

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A sideways look at the world of wine

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The Architect

Some of the profession's best minds

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Making money from residential property investment

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The inside scoop on Washington, Westminster and Whitehall

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Reflections on estate agency, today and in past times

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Investing in tangible assets

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