Serious investment thinking that doesn’t take itself too seriously.
There is an old adage that only three things matter to a real estate investor—location, location, location. Is the RICS 2023 Red Book update changing that? The latest update introduced a new policy, to be implemented by April 2026, of mandatory valuer rotation, whereby individual valuers are...
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...
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...
I’ve been viewing houses this past fortnight, so I thought I’d share my anecdotal 2p on the state of the London property market. I’m looking in Brockley, SE4, which, if you don’t...
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...
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...
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.
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...
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...
“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...