Serious investment thinking that doesn’t take itself too seriously.
On the surface, single tenant real estate is the most straightforward asset class out there. As the name implies, each asset has a single tenant operating under one lease for the entire property with minimal landlord responsibilities. Underwrite the tenant and the lease, and you’ve underwritten...
No signs of capital flight yet. Just two quick charts on the “Fade America, Long Europe” trade that’s become de jour. The basic premise is that big bad Trump is...
Other things equal, a higher valuation for an asset should make it less attractive. Returns are being pulled from the future to the present. So why does the reverse often seem to...
Well, I suppose Trump doesn’t actually chicken out of everything. The U.S. has bombed Iran’s three nuclear enrichment facilities. Here was Trump’s announcement of the strikes on...
A quiet shift is gaining momentum in Japan which has the potential to reshape the country’s commercial real estate landscape. After years of slow progress, corporate governance...
A trade deal between the U.S. and China was supposed to be one of the things that would mark a return to normality for the markets and maybe even ignite the next leg of the bull...
There are a few theories, but none of them really satisfies. I recently wrote a post arguing that globalisation didn’t hollow out the American middle class (as many people...
I had a friend from my time living in Sag Harbor who is sadly gone from us now, Anthony “Tony” Brandt, who was married to my equally good friend, Lorraine Dusky. I bring up Tony...
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...
I recently read an article in Estates Gazette from Peter Bill titled “unnatural selection is now pervading recruitment” and it drove me up a wall. Only because Peter is right,...