Serious investment thinking that doesn’t take itself too seriously.
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 official foreign exchange reserves, or FX Reserves. These are international currency assets that...
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...
Operational real estate is increasingly on investors' radars, but it often remains misunderstood. If you are used to traditional commercial real estate, operational assets seem...
Whatever the “global economy” happened to look like in “their time”, there have always been nations/City States, determined to expand & become overarching dominant...
"Whom the Gods Intend to Destroy… They first make mad.” Bitcoin is either the greatest thing ever, or a complete Ponzi. Take your pick. The Shills cite multiple reasons its going...