

Originally published January 2021. Real estate distress cycles generally offer rich pickings to investors, but that’s unlikely to happen this time – and here’s why. This article discusses the potential path for a distress cycle in US commercial real estate given...
Not your usual distress cycle

The protests in Cuba tell a much bigger global story
“Videos posted on social media showed security agents and groups of soldiers beating up demonstrators on Sunday. Protesters ripped up portraits of Fidel Castro, while others destroyed police motorbikes and overturned police cars.” Those are the words of Wall...
The protests in Cuba tell a much bigger global story

What will America’s 250th birthday look like?
If you are reading this, congratulations on surviving the latest Independence Day festivities, which our society somewhat arbitrarily celebrates on 4 July. Independence Day 2026 will mark the nation’s 250th ‘birthday’, but Americans that day may not party...
What will America’s 250th birthday look like?

It’s time to admit: drugs won the war on drugs
Originally published 12 November 2020. As I write this, we still don’t know who won the presidency. It is, however, time to declare at least one winner. After almost sixty years of fighting, it’s clear that the War on Drugs is almost over and drugs have won. As the...
It’s time to admit: drugs won the war on drugs

Inflation is a dangerous way to get rid of debt burdens
Suppose you lent someone $100 and when they paid you back they only handed you, say, $99 or $80. Would you consider the borrower to have kept his promise and contractual obligation? Or would you think that he had cheated you out of a part of the money you had lent him...
Inflation is a dangerous way to get rid of debt burdens