Commercial real estate is a diverse asset class. Its various sectors experience different trajectories. While certain sectors, such as multifamily housing, have thrived before and during the pandemic, the retail sector, particularly shopping malls, has faced major headwinds. The surge…

Once the darling of the commercial real estate market, Class A multi-family properties are currently in a bit of a slump. A combination of changes in market cycle factors has prompted the sector to stumble for the first time in…

A news cycle is traditionally defined as the period between when you get the latest information and what your reaction is to that information. When I started my career, the news cycle was daily. The information you needed was delivered…

In 1852, Scottish journalist Charles Mackay wrote Popular Delusions and the Madness of Crowds. In his book, Mackay chronicled financial manias through history, including the 17th-century Dutch Tulip Mania bubble. He showed the consistency of human behavior when it comes…

Bad habits can sometimes be hard to break. One bad habit in investment analysis is using cost basis to judge performance. The point of this note is to explain why it is a bad idea and a habit in need…