Serious investment thinking that doesn’t take itself too seriously.
The debate about explicit Discounted Cash Flow (DCF) dates back at least as far as the Mallinson Report in 1994. This debate has been rekindled by the RICS’ “Independent Review of Real Estate Investment Valuations” which recommends adopting an explicit DCF model as the primary approach for...
Blackstone, the LBO boutique founded by legendary Lehman partners Pete Peterson and Stephen Schwarzman, was the flagship IPO of the credit bubble era in 2007. My RMs at Morgan...
Are criminals rational? In his groundbreaking work of 1968, Gary Becker argued that they are. The American economist, who would go on to win the Nobel prize in economics in 1992,...
Somewhat quiet on the (Far Eastern) front The 2022 Russian invasion of Ukraine, beginning 24 February, has turned the Russian energy trade upside down. Meanwhile, McKinsey...
Here’s what that means for the company and its chances of success. Elon Musk has finally completed his US$44bn deal to acquire Twitter and take it private. The world’s...
Implications for real assets demand. The repercussions of Covid-19 will continue to be felt long after the final phases of the pandemic are over. Assumptions that are underpinned...
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:...
When the US goes to the polls on 8 November, it won’t just be a test for those politicians seeking re-election, but also of President Joe Biden’s popularity. The midterms take...
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...
It is interesting, but depressing to me, that the more eminent a college or university is perceived to be, the more outrageous are efforts by administrators to stifle individual...