INSIGHTS
Wind in the Willows
Apartment Demand – The Cycle Continues
The drivers of supply and demand are important inputs that dictate where our next investments will take place.
AT&T, Bud Light, and Why ESG Matters to Every Investor
Investors in AT&T got an ugly surprise when the WSJ reported that many of the lines are still in the ground contaminating soil and drinking water.
Pay is Beating Inflation - Everybody’s Playing in the Heart of Gold Band
That’s right, earnings season has started, big banks have crushed lowered expectations, and everything is awesome....inflation is a thing of the past.
Unions And Inflation: The More That You Give, The More It Will Take
Unions And Inflation. The Biden Administration thinks a lot about workers.
Affordable Housing Reset
Affordable Housing Reset. As if the problem wasn’t acute enough, the US is about to hit a wave of new uncertainty for affordable housing.
Summer Doldrums in Financial News
Summer Doldrums in Financial News. News in financial markets is slow, many market participants are sitting on a chaise lounge in East Hampton, NY, Nantucket, MA, or Dewey, DE, sipping on a cold beverage trying to ignore what news could come in the fall.
Cash Pile – Market Sentiment or Earnings Yield?
Cash assets under management are at $7.8 Trillion according to Bank of America. This is an astounding number, and, in many cases, investors could look at this number as a sure sign of economic fear globally. In fact, as it currently stands, this number factors heavily in to BofA’s “Bull & Bear” indicator, which
PE Maturity Wall
PE Maturity Wall. Last week, PitchBook, one of the global authorities on all things private investing, brought up a fascinating point.
First Half Consumer Wrap-up
At the midpoint of the year, we like to take stock of the six months that have been and use that context to reassess the back half.
Property Price Uptick? Such a Long Long Time to be Gone and a Short Time to be There
Property Price Uptick? Such a Long Long Time to be Gone and a Short Time to be ThereIt’s often difficult to interpret short-term pricing data that is meant to give market participants clarity.
The Wealth Manager’s New Best Friend
The Wealth Manager’s New Best Friend. Over the last several years, wealth managers have seen a lot of disruption. Regulatory changes, technological changes, and changes in traditional asset allocation have all made life tougher for financial advisors.
Deltek Architectural Billings Index – A Fascinating Uptick
Deltek Architectural Billings Index – A Fascinating Uptick. Capital markets experts have been very focused on commercial real estate and a loan wall that is approaching in Q4 of 2023.
Extend And Pretend Redux? We Can Share What We’ve Got Of Yours ‘Cause We Done Shared All Of Mine
Extend And Pretend Redux? When the commercial real estate world and regional banks have problems, they often kick the can down the road
More Loans and Subsidies
A tentative agreement between Ford Motor Company and the US Department of Energy will help Ford build 3 electric vehicle battery factories in Kentucky and Tennessee.
The Dreaded Down Round – Don’t Think About What You Left Behind
The Dreaded Down Round. Discounting using interest rates or the consequences of asset allocation, work together throughout economic cycles
Regulation Overload - Wave That Flag, Wave It Wide And High
Wave That Flag. Regulatory activities force workers and businesses to move around the country. In general, USA has always been a business friendly place.
We’re Short On Infrastructure – Maybe You Had Too Much Too Fast
We’re Short On Infrastructure. We’ve written in previous newsletters about The Chips Act and government subsidies for projects that Congress believes will change the United States for the better.
Middle Markets PE Starting to Show Their Mettle
Middle Markets PE Starting to Show Their Mettle. Small and middle market participants outperform after years of sluggish capital raising and performance.
The Affordability Question
One of the distinct advantages much of the Sunbelt has had over the last several decades is how inexpensive it is to live and do business in these states.
Calpers Value Buying VC
We’ve spoken in the past about good vintages in private asset classes. Frankly, 2023 and 2024 set up to be fascinating case studies in human behavior because the spread between buyers and sellers continues to build and very few transactions are occurring because of it. It is usually this point in the economic cycle when the wealthiest of the wealthy and the most sophisticated of sophisticated investors really get to work.