Serious investment thinking that doesn’t take itself too seriously.
One of the great things about most real estate is the relative predictability of cashflows and rental growth due to multi-year contracts (and the importance of the physical property to the tenant and frictional costs of relocating). The lower cashflow volatility means real estate is considered as...
So why are homebuilders so sad? In today’s dispatch: home prices hit an all time highstrangely, no one wants to build new homes, and homebuilders are saddiscounts everywhere, but...
Last year was the year the return to the office ended. Whether you look at surveys of working from home levels or swipes into offices, the trend was flat through the year. Before...
Rising rates, or as Jim Grant says, “Interest rates we can be proud of,” considerably change investment decision calculus. Regardless of whether the subject is equity,...
There has been an understandably high level of attention directed toward the environmental footprint of the built environment over recent years. As we have heard ad nauseam, the...
Inflation is the surest way to trigger a Pavlovian response from politicians, whereby they blame monopolists, middlemen, greedy entrepreneurs, profiteers, and price gougers. In...
Don’t get me wrong, I love watching Manchester City play. I’m not in the camp of neutrals that finds Pep Guardiola’s team too clinical to raise the pulse. Conversely, I’ve only...
Upping the ante following the initial weaponization of the dollar in 2022, the United States and a number of allied nations have agreed in principle to...
Indulge me for a moment through a conjured journey of currency fancy. Let me set the scene for when rather than if an enlarged EU/EZ, investors are surprised by the birth of a...
Property fund managers are currently under significant pressure. The current higher interest rate environment, sustainability necessities and the macro and micro impact of...