

Transaction data, hotel bookings, value shoppers, booze hounds, student borrowers . . . we got it all checking in on the Almighty Consumer, tariff uncertain, or nay? transaction data says: ‘same as it ever was,’ hotel bookings, too value shoppers and ‘squeezed’...
10 charts: the death of the Almighty Consumer continues to be premature

Understanding water rights
Water rights are key to the American West. What are they, how do they work, and where might there be investment opportunities? “I really think this emotional charge that we all have around water is in part because you can only live three or four days without it. So,...
Understanding water rights

Slower job growth has nothing to do with “policy uncertainty”
And that’s unfortunate, because the alternative is much worse. ADP blames soft jobs on “uncertainty,” but the data mostly says otherwise slow hiring is the trend, not a sudden turn—look at the trends yourself! there’s really only one “uncertainty” signal, but...
Slower job growth has nothing to do with “policy uncertainty”

11 (or 13) real estate charts
Rents rising the quickest, first-time buyer supreme, CRE lightening round. money in the cheap seats first-time buyers in crisis (lol, no) CRE lightening round love that dirty water CMBS delinquencies getting . . . better? commercial foreclosures getting . . . worse?...
11 (or 13) real estate charts

USA office-to-resi conversions, as told by two charts
Here are the 20 housing markets with the most planned office-to-apartment conversions. Pandemic era adoption of work-from-home and hybrid work models has left many office spaces unused, triggering a surge in expired leases and vacant office buildings. Simultaneously,...
USA office-to-resi conversions, as told by two charts