First time seeing? Sign up here January 13, 2026 | Read Online Morning, Last week, I showed you exactly how AI decides which sponsors get cited and which ones never show up. That wasn’t theory. That was the playbook. Here’s the reality though: Knowing how this works and actually implementing it are two very different things. Doing it properly means: Choosing the right investor-facing questions Structuring answers the way AI can actually use Quantifying experience instead of describing it...
9 days ago • 4 min read
First time seeing? Sign up here December 19, 2025 | Read Online Guest: Mark Zandi, Chief Economist at Moody's Analytics Affordability Is Now Structural, Not Cyclical My second holiday special guest this week, and last podcast for 2025, is Mark Zandi, Chief Economist at Moody’s Analytics. Zandi’s core point in our conversation, is that the affordability squeeze being experienced in America today, feels “long in the making” and, crucially, newly reactivated by policy choices that are pushing...
about 1 month ago • 6 min read
First time seeing? Sign up here December 16, 2025 | Read Online Guest: Kenneth Rogoff, Professor of Economics at Harvard University Dollar Dominance, Debt, and the Risks We Ignore Welcome to the penultimate newsletter of the year and in it I am delighted to introduce you to the first of two special holiday podcasts, this one with renowned Harvard Professor, Ken Rogoff. Prof. Rogoff does not frame today’s economic risks as speculative or alarmist. He frames them as familiar. The danger, he...
about 1 month ago • 6 min read
First time seeing? Sign up here December 10, 2025 | Read Online Morning, Last week’s newsletter laid out ten reasons why commercial real estate is entering one of the most attractive buying windows since 2009, driven by repricing, forced-sale dynamics, and the quiet re-opening of credit markets. Today, I expand on that thesis with a deeper look at four additional macro forces shaping the opportunity ahead. Each of these forces, monetary, regulatory, fiscal, and relative-value, is meaningful...
about 1 month ago • 11 min read
First time seeing? Sign up here December 2, 2025 | Read Online Morning, The past three years have reshaped the commercial real estate landscape more profoundly than any period since the Global Financial Crisis. Interest rates rose rapidly, liquidity tightened, operating costs surged, and a new generation of sponsors discovered that rising tides do not lift all boats equally. The result is a market many describe as frozen or distressed. But the data tells a more nuanced story. Beneath the...
about 2 months ago • 13 min read
First time seeing? Sign up here November 25, 2025 | Read Online Morning, Last week’s newsletter focused on what many investors lived through over the last three years and why so many now evaluate sponsors through a far more skeptical, experience-driven lens. The short version: investors aren’t fleeing real estate. They’re fleeing weak operators. The capital is still there, but the tolerance for undisciplined underwriting, thin communication, and amateur behavior has evaporated. This week, I...
about 2 months ago • 10 min read
First time seeing? Sign up here November 18, 2025 | Read Online Morning, Anecdotally and in the news, I hear people talking all the time about how tough it is to raise (retail) investor capital – and my podcast guests have echoed this sentiment, not just for retail capital but for institutional capital too. The dominant narrative has been that ‘capital has dried up,’ but that is just wrong. What's dried up is not capital, it's tolerance for weak underwriting, amateur sponsorship, and...
2 months ago • 10 min read
First time seeing? Sign up here November 12, 2025 | Read Online Morning, Over the next few weeks in this newsletter, I’ll be making the case for why right now may be the best time since the post-GFC era to get back into real estate deal flow. Each edition will cover a different angle so you can decide not just whether to re-enter the market but how and at what scale. What sparked this series is what I’ve been hearing lately: solid deals are finally emerging as the bid-ask gap narrows, yet...
2 months ago • 10 min read
First time seeing? Sign up here November 5, 2025 | Read Online Morning,Have you actually seen what health insurance is projected to cost next year? It’s obscene. A family of four in California will be paying nearly $3,000 a month just in premiums (plus all the out of pocket deductible costs) – more than double this year’s already inflated, subsidized rates. Something is fundamentally broken in America’s healthcare system when premiums compete with housing costs as the highest household...
3 months ago • 10 min read