Serious investment thinking that doesn’t take itself too seriously.
Analysing American economic policy isn’t that interesting these days, except perhaps as a grim spectacle. So, I’ve been thinking a little about Chinese economic policy. China’s leaders leave much to be desired, but to their credit, they still think economic policy is about strengthening their...
Trying to understand the state of the UK listed commercial real estate investment market seems to get more complicated by the day. The most recent boom in UK commercial property...
An old doctrine of municipal control, embedded in a 100-year-old court case out of Ohio (Euclid v Ambler Realty) established separation of uses. That was perfectly fine in an era...
Comparing economies is an inexact science. Comparing the size of countries’ economies is a popular sport, and a lot of people are very invested in the outcomes of those...
Like all economies, the UK needs better infrastructure in order to function more efficiently. It also needs more infrastructure in order to provide more people with essential...
Trump, AVs, data centres, alternative sectors, distress, and more. As we look ahead to 2025, I’ll give the same caveat I gave last year: nobody can predict the...
It’s 2020 and YYY’s value-add fund is in acquisition mode. The target return is set at 13%, and the manager presents a deal; a three-year business plan with 60% leverage and a...
When the shortage bros accidentally demonstrate that zoning is a trivial part of the story. Random Walk will make it two antagonistic posts in a row. Enjoy. housing shortage...
Bond markets are on fire again. Looking back at the 2015-2021 period when I traded bond markets at a large bank, it was quite boring. Rates were mostly stuck around 0% at the...
I wrote a column on Vornado (VNO) as a buy at 18 in Sep'22 as it was slammed by the pandemic, its debt load and the Fed's draconian rate hikes. So VNO's price ascribed a $450 a...