Serious investment thinking that doesn’t take itself too seriously.
The rise of private markets has been supported by the perceived existence of an ‘illiquidity premium’ - or the extra return provided to investors as compensation for holding assets that are difficult to trade. Although the concept has seemingly become commonly accepted, there is no clear...
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...
The dollar is often referred to as the global reserve currency. But in reality, ‘reserves’ are only part of the story. When investors talk about reserves, they’re referring to...
A quarterly overview of what publicly-traded real estate companies are saying about technology and innovation in their businesses. Each quarter, some of the largest real estate...
The missing piece in our urbanist discussion. Eight years ago, around the time I moved to San Francisco, I watched the Disney movie Big Hero 6. It’s set in a city called “San...
There's a far more plausible explanation, and if anything, AI will be a job-creator. “AI is taking white collar jobs” is a thing people are saying, but they’re very probably...
We tend to focus on which country is top dog, but perhaps we should think about debt and compound interest as the apex predators in all this. When President Trump suspended...
One of the key issues that asset allocators (particularly Defined Contribution Pension Funds) have wrestled with is how to construct a real estate weighting that combines the...
Have we got the policy settings right? In modern societies action against crime is un-coordinated. Strategies to deter crime are a jumble of public resources (largely funded by...
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...