The cockroach theory in Wall Street contends that for every one cockroach you see, there are 100 hidden in the woodwork. We saw four Big Tech cockroaches in this earnings season: Microsoft, Alphabet, Texas Instruments and Meta, which can be classified as a super cockroach. The US recession has not even begun, but the profit […]
Originally published August 2022. Is history repeating itself? It’s not the first time that Jews have felt it necessary to flee Russia, but the invasion of Ukraine has resulted in the fourth wave of exiles in the past hundred years. Since Vladimir Putin became president for the second time in 2012, the authorities have become increasingly […]
Originally published August 2022. Did anyone notice a trend in the residential REITs’ 1st quarter 2022 earnings calls? From a very high level, renowned C-suite executives from some of the top residential REITs across the country had very positive outlooks for 2022. Rental rates for new and renewal leases continue to roll up; Occupancies are […]
Originally published January 2022. It’s been five years since Neil Turner stepped down from a senior real estate position in the City. He’s been spending time writing fiction, enjoying the Suffolk countryside and the occasional visit back to Central London. The ex-fund manager writes below about how a recent trip to celebrate the retirement of […]
Originally published September 2021. If I could summarise my most successful investments in one equation it would look something like this: Cash + Optionality + Astute Capital Allocation = Compounding Machine Good businesses generate lots of cash. Great businesses generate tonnes of cash, have lots of capital deployment options and, more often than not, choose […]
Global housing markets face a potentially significant downturn as rising interest rates, high valuations, and squeezed real incomes start to bite. Risks look especially acute in some markets, where they are already starting to crystallise. The biggest shift in recent months has been the steep rise in global interest rates, including mortgages. US mortgage rates […]
It’s easy to believe that life on Earth is getting ever worse. The media constantly highlight one catastrophe after another and make terrifying predictions. With a torrent of doom and gloom about climate change and the environment, it’s understandable why many people – especially the young – genuinely believe the world is about to end. The fact […]
I have always fantasised about buying into a midtown Manhattan office building portfolio since New York City is the nerve center of global finance, banking, digital media, fashion, art and the coolest, most creative yuppies, the best and brightest of mother earth. Now my fantasy has come true. I can now buy New York office […]
Why it makes sense to have a targeted approach. Environmental, social and governance (ESG) is a high priority for real estate investors. Affording significant weight to ESG within investment decisions is prudent regardless of whether an investor has altruistic or financial motivations, given that ESG-based strategies deliver superior long-term capital protection, creation and growth. Ensuring […]
Here in the northern latitudes, it appears we’ve come to the end of the golden October days and soon grey November will descend and then some snow flurries, followed by an Arctic air mass. The next morning you awaken to find the driveway drifted in, schools are closed, a Snow Emergency is declared, but your […]
