Navigating the REIT market can at times feel like climbing the face of an 8,000-meter peak. Sometimes conditions are perfect, and you can move rapidly up the mountain. Sometimes the wind is howling, or the slope is primed to avalanche, at which point you have to turn back. To make it to the top, however,…
Serenity Alts Blog
A Brave New REIT World - September 2021 Newsletter
Investing requires imagination. We search history for a detailed map of the way ahead, but the directions that we find are never fully accurate. The investing past never truly repeats itself and the market is constantly creating new narratives and breaking into regions hitherto unexplored. The REIT market is no exception. Conventional wisdom one day…
Free Your Mind - Serenity July/August Newsletter
Very rarely are REITs a trendy asset class. Investors tend to think of them as boring bond proxies best used as a fixed income substitute or as a defensive portfolio allocation. In the depths of the COVID crisis in 2020, most investors saw few reasons to allocate to REITs. Why invest in real estate when…
REIT-House Blues: June 2021 Newsletter
By most accounts, the great lyrical poet Jim Morrison was not one to shy away from a good time. His lyrics are infused with Dionysian calls for revelry and enjoyment. We can imagine then that the self-proclaimed Lizard King was probably not one to leave a party early. As he says repeatedly in the classic…
Rocky-like REIT Underdogs For The Current Cycle: May 2021 Newsletter
Nothing in investing hits as hard as the economic cycle. Recessions and recoveries can make or break an investing career. While avoiding a recessionary draw-down can make you a hero to your clients, conversely, losing money fighting an economic expansion can just as quickly tarnish your investing reputation. The cycle is undefeated, and investing against…