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…
Tag: Quant Investing
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…
Rock n Roll and the Retail Apocalypse: April 2021 Newsletter
The stock market has a long memory. Investors make mistakes, and the collective market intelligence is replete with investment theories that quickly or slowly turned sour, damaging investor bottom lines and inflicting emotional scars. Fool me once, shame on me, fool me twice, I won’t get fooled again. The widely discussed “retail apocalypse” of 2016-2020…
Bikes, Physics, Taxes: March 2021 Newsletter
For better or worse the capital markets never stop moving. They are constantly evolving, assimilating data, adjusting their prices, speeding up, and then slowing down. To navigate them successfully requires balance, and the ability to continually change your views as the data changes. If your portfolio stays static for too long, chances are it will…