Navigating the Storm

As a fundamental starting point, we try to identify sectors producing earnings growth. The next step is to discern which companies and issues within that sector present a price point of entry that optimizes returns; are the company’s earnings growing as fast, and are the shares cheaper than those of peers?

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%.