Serious investment thinking that doesn’t take itself too seriously.
Blackstone (BX) was founded with $500,000 in 1985 by two Lehman partners after a civil war at the I-bank forced its sale to American Express. BX had a meteoric rise from a small LBO boutique in Manhattan to the world's first true alternative asset management colossus with $1 trillion in AUM. I...
On June 22, 2023, Nobel Prize winner Harry Markowitz, PhD father of modern portfolio theory died at age 95. In 1952, Markowitz published a paper titled "Portfolio Selection" in...
How we think about the past influences how we think about the future, including what lies ahead for real estate. With many medium and long-term trends at play, not the least the...
US office capital value will be 17% below 2021 values by 2030. Source: Oxford Economics/MSCI Having just passed the three-year anniversary of the Covid lockdowns, it is a good...
This discussion could be called “Real Estate Tokenization 2.0 or 3.0” parallel to the evolution we witnessed in the CMBS market some years ago. We remain in the PropTech era of...
Another instalment in a series of articles detailing how to design a secure, income-producing portfolio. There are around 72 million baby boomers in the U.S. and they’re an...
I was asked to take part in a judging panel recently: one of the categories was for deal of the year and one contender was a large modern logistic enabling facility (or shed as...
A New Year and just maybe a brighter dawn for the quoted REITs? As I type we’re about to finish the results season for the December year end companies. Results have varied...
Geoff Colvin wrote “The Upside of the Downturn” in the depths of the Global Financial Crisis. Few people were writing optimistic business books in 2009, so this one stands out....
Chaotic systems can be described in many ways but the one I remember from my youth was dubbed ‘the butterfly effect,’ Loosely put, it describes the phenomenon that the flapping...