Peak Uncertainty

We always adhere to the discipline that “if the market is open, we’re here”. The objective is to spot opportunity when it appears. Since the Fed started raising interest rates in March of 2022, however, opportunity sightings seem to have grown scarce and fleeting in our universe of real estate value and growth.

Selling the News Reading the February 2025 edition of The State of REITs, I was surprised to learn that Shopping Center REITs were the second worst-performing sector in January (down 6.46%). For almost three years now, we’ve been unabashedly bullish on retail real...

The Bond Market Conundrum

A funny thing happened during our long wait for lower interest rates. On September 18th, Jerome Powell finally began reducing short-term borrowing costs with a 50-basis point cut to the Fed Funds rate.  At the time, 10y US Treasuries were yielding 3.70%.

Short Term Pain, Big Potential Gain

In January I will begin my 42nd year as a professional investor. Markets are always changing but there is a generally recurring rhythm and calendar.

Which Way Go Rates? As anticipated, on November 7th the Fed followed up on September’s 50 basis point rate cut with an additional 25 basis point reduction. The broader bond market, however, seems to be living in an entirely different macroeconomic universe. While the...