Serious investment thinking that doesn’t take itself too seriously.
The capital allocators examine trends in the sector
In a recent LinkedIn discussion, I quoted the classic Howard Marks line: “There’s no asset so good that it can’t be overpriced and become a bad investment, and there are very few assets that are so bad they can’t be under priced and become a good investment It’s a brilliant line—sharp, insightful,...
It took Tariff Man and the high priests of MAGA exactly two months to achieve his macroeconomic trinity: A collapse in the price of money, the price of crude oil and the US...
“Phil, I’m a melting ice cube.” I was having lunch with a friend who holds a senior position at a large, dull asset manager. “Nothing works anymore. Nothing. Not on the portfolio...
A real estate developer who builds customized medical offices and life science labs for the world's most powerful Big Pharma/biotech start-ups at a time when AI will transform...
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...
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...
Writing in the aftermath of one of the most contested election in modern US history most of the attention has been spent trying to predict the effects of Donald Trump’s...
As investors start looking forward to a new US President next year, they are trying to assess likely policies. Trump and his MAGA campaign have been reasonably explicit, while...
Spare a thought for poor Mr Pennycook, Labour’s new housing minister. Before we do that, however, we should congratulate him on being the longest serving housing minister in the...
I have to say, my optimism in the future of Uk commercial offices has become rather soggy to say the least. The news that Brookfield has placed its trophy asset at...