I’m getting a little weary of Charlie Munger quotes, to be honest. Don’t get me wrong, there’s no question that we recently lost an intellectual giant and a man of high moral character. His investment acumen and the genius ability to cut straight to the heart of a matter was legendary. But I think the […]
The Code of Hammurabi dates back to 1750 BC. These ancient laws contained the essence of the first banking contracts for managing loans. The farmer would borrow a bushel of seeds, reap the harvest, give the king about seven bushels of rye and keep three bushels for the family. In the modern parlance of Hammurabi’s […]
I remember watching the World Cup back in 2006. Italy won the tournament after Zinedine Zidane of France was sent off for headbutting Marco Materazzi in one of the most infamous moments modern football, er, soccer. The network must have thought Americans would get bored watching guys kick a ball around for 90 minutes, so […]
Florida panhandle beaches are some of the finest in the world. Pristine white powder. Pensacola is not the kind of place I wanted to visit for lessons about the fleeting nature of human existence, yet there I was. Life is full of cruel twists and turns. Throw the genetic dice often enough and someone you […]
For a moment today, the three-month United States Treasury Bill offered a yield higher than what could be earned by loaning the government money for ten years. Prepare accordingly.
Congratualtions to Barb! She is leaving Alchemy Development and joining a leading engineering firm in Omaha. Barb joined Robert Hancock & Co. in 2004 and went on to manage construction projects including Pinhook Flats, Cue and Shadow Lake Square. She has been an outstanding partner and her experience and wisdom will surely be missed. We […]
Jim Chanos, the famous Wall Street cynic, has cast a wary gaze upon real estate investment trusts that own large data centers. “This is our big short right now,” Chanos told the Financial Times. He has no doubts that cloud computing will continue to grow, but he believes that companies like Digital Realty Trust (DLR), […]
During the pandemic months of 2020, I sought guidance about apartment industry trends from the earnings reports of major apartment real estate investment trusts. The REIT stocks had fallen by about 35% from their pre-pandemic peaks, yet the CEOs struck me as fairly optimistic about their levels of renter demand. AvalonBay (AVB), Mid America Apartment […]
“Grief is nature’s most powerful aphrodisiac” – Chazz Reinhold (Will Ferrell), Wedding Crashers (2005). Back in 2005, I watched in disbelief while apartment leases were being broken left and right as residents began to purchase homes at a frenzied pace. While the economy boomed, the apartment industry suffered. Now, some have begun to whisper about […]
The Covid19 pandemic has caused distress in hospitality and retail assets, but apartments have largely been spared. However, a subset of the multifamily sector has been placed under pressure: student housing. University enrollments had already been declining steadily over the past 8 years and the pandemic has accelerated the decline. Indeed, demographic trends foretell an […]