Serious investment thinking that doesn’t take itself too seriously.
Just a little grab bag of charts, asides, and riffs on themes. YouTube is under-monetised Random Walk made the case for Google as a $2T company, even assuming search is a worthless business (which it’s not). As everyone expected, search continues to perform, and indeed, out-perform.¹ As...
The tokenisation of real estate is a hot topic. It describes a process of digital fractionalisation that purports to confer substantial advantages on investors. However, despite...
Howard Marks puts it perfectly: "We must never forget about the inevitability of cycles. Ignoring cycles and extrapolating trends is one of the most dangerous things an investor...
A new generation of operators are boosting returns by marrying Medicaid and real estate. When America’s two largest industries meet, interesting things are bound to happen. And...
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...
For the second time in five years, a scam involving sexing up a boring, centuries old financing business blew up in the faces of some of the world’s largest banks. You know the...
In two days, I’ll drive from South Dakota to Omaha to attend the annual shareholder meeting of Warren Buffett. A great time to pass some investment wisdom from The Oracle of...
Housing market commentary is full of received wisdom which is not all that wise. There are issues that remain unconsidered, even taboo.
The general view at the start of 2025 was that whereas the US real estate market was poised for another year of steady growth, China was in the midst of a multiyear depression...
In previous market meltdowns, and as, once again, global systems, which have delivered prosperity, threaten to unravel, a humorous question asked on London trading floors was...