Market Commentary | May 20, 2026
Higher for Longer
The direction of interest rates has, for an extended time, played a significant role in discussions of economics and investment. Here is where we stood this morning.
Market Commentary | April 21, 2026
In Through the Out Door
In the last two months’ market commentaries, we expressed optimism despite formidable headwinds and a general lack of macroeconomic clarity. This month, our perspective continues brighter with a marked pickup in M&A activity and growing market enthusiasm for REIT IPOs.
Market Commentary | March 20, 2026
Market Commentary | March 20, 2026 Mitigating Volatility REITs won in February. As blind enthusiasm for everything AI evolved into a sober consideration of Return on Invested Capital (ROIC), investors began recycling funds from nose-bleed tech valuations into...Market Commentary | February 20, 2026
Capturing Market Rotation in 3D
The shiny investments have lost some luster here at the start of 2026. With Bitcoin trading at roughly half its earlier highs, crypto no longer looks like a sure thing.
Market Commentary | January 16, 2026
Looking Back to Gain a Better Look Forward
As a matter of housekeeping, every fall investors work to prudently minimize their tax liabilities by washing their current year realized gains by “harvesting” tax losses with the sale of assets that have declined in market value. Unfortunately, the stocks we see as having the most potential are often the best tax-loss sale candidates. To mitigate this conflict and stay fully invested, we need to identify issues that have a chance of producing similar upside as the issues we are selling.
Market Commentary | December 23, 2025
A Time for Continued Patience when Impatience Steps to the Fore
On December 17th, the Fed delivered its third rate cut of 2025. Frustratingly, the 10Y Treasury yield remains stuck above 4%, so the long-awaited macroeconomic relief that real estate investors feel they need has yet to arrive. We’ve been so patient, too.