Serious investment thinking that doesn’t take itself too seriously.
Short the Bureaucrats, Long the Boom. Argentina, America, and the Path to Prosperity. "It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the...
The idea of Central Bank Digital Currencies (CBDCs), money that governments and their planners will be able to programme, rightly fills many of us with an Orwellian sense of...
More people, more growth Longtime Random Walk readers know that babymaking and people-growth (and/or the lack thereof) are very important things. It’s pretty simple, really: if...
Something the Trump administration should probably think about. Trump is about to be back in the White House, so tariffs are back on the menu. Actually they never left —...
“Good ideas are always crazy until they’re not.” It hurts to admit, but Elon Musk played a blinder during the US election. Just how much more could he deliver to the US economy...
“With great power comes great responsibility.” — Spider-Man“No God. The only man in the sky is me.” — Homelander I often remark on how much the modern world resembles the...
“You’d think you can’t just keep printing money, monetizing debt, and buying bonds, without the dollar imploding. But, maybe you can?” Bond markets reflect facts. Equities are...
It's not good enough to do "multifamily" or "office" any longer. Real estate sponsors must have a niche. As the real estate industry enters its third year of elevated interest...
It is a truism that policy is always downstream from voter opinion. But not all voters are equal. For Labour to go from its worst general election result since 1935 to becoming...
In the last Property Chronicle, we considered a simple conceptual framework for assessing market mispricing. This involved comparing the market cap rate (K) with a cap rate...