NEWS AND UPDATES
Market Commentary | November 27, 2025
Watching Investment Bubbles Deflating
Over the last couple of years, the only thing that has exceeded the magnitude of Artificial Intelligence’s (AI) potential is the Fear of Missing out (FOMO) driven frenzy to invest in AI. Evidence that the mania might be peaking came with the 09/30/25 IPO of Fermi Inc. (FRMI), a REIT start-up that is “pioneering the development of next-generation electric grids that deliver highly redundant power at gigawatt scale, required to create next-generation artificial intelligence.”
The State of REITs: November 2025 Edition
The REIT sector has seen back-to-back tough months as it saw a modest average negative total return in September (-0.73%) and fell deeper into the red in October (-4.03%). Small cap REITs (-5.05%) had the worst performance in October. Micro caps (-2.81%), mid caps...
Market Commentary | October 22, 2025
Changes
Since 2018, Simon Bowler has produced the data-laden report, which we call The State of REITs, monthly (it’s published elsewhere but resides on the 2MC website for your easy access). Early in the process of gathering numbers for the October edition, he noted that the long-observed higher multiples in favor of large caps had broken, and that shares were now trading more independently of size. Looking closer, it got stranger still.
Quick Guide to Financial Wellbeing
3 simple steps that work for most people to get onto a path of success. Finance is about making your salary go further. Step 1: Pay off high-interest-rate debt Credit cards and most other debt, other than a low-cost home mortgage, come with onerous interest rates that...
RTR: Full Portfolio Review heading into 4Q25
This month’s update will focus on portfolio-level analysis and the process of the REIT total Return (RTR) portfolio. We also review performance at the end of each calendar quarter on a relative and absolute basis. The main concepts we would like to discuss today...
The State of REITs: October 2025 Edition
After a strong August, REITs faded slightly in September (-0.73%), pulling the REIT sector’s year-to-date average total return down to (-1.74%). Mid cap REITs (-0.92%) averaged the lowest total return in September. Large caps (-0.29%), micro caps (-0.79%) and small...
Recent Reads | Frostbite
Like most good cities, Madison sponsors an annual book festival. Last year’s program included fiction and non-fiction from local, national, and international authors, and my favorite event was the presentation by Nicola Twilley, author of Frostbite.
Americold Gets Cheap Enough to be Interesting
Americold’s (COLD) stock price is down 65% in the last 5 years. This sort of move is unusual for a business that is so necessary and stable in the long-term sense of the word. In any short window of time, cold storage volumes have vicissitudes, but over any long...
Supply and Demand
The Law of Supply and Demand is a foundational principle of economics. As an example, consider that the supply of steel would be determined by the availability of iron (Fe) and the perceived demand for steel. The steel demand would, in part at least, be determined by...
Market Commentary | September 18, 2025
Resuming the Path to Lower Interest Rates After a seemingly interminable 9-month pause, on September 17th, Jerome Powell’s Central Bank cut the Fed Funds rate by 25 basis points. As real estate is considered one of the most interest rate-sensitive sectors, this is...