Our blog is designed to provide color and context on the thought processes that define our portfolio management. As you probably know, the financial world is awash with information and opinions. In our blog, we strive to separate what’s important from what’s not and ignore the latter. We frame the issues and drivers behind them in a topical and brief piece of commentary.
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A look at how REIT exposure may enhance risk adjusted portfolio returns. Over the years we have had countless conversations with investors regarding their exposure to public real estate, primarily if, and how much to allocate. The purpose of this whitepaper is to frame the question within the rigor of the Markowitz Mean Variance Efficiency […]
Income Density We like to focus on companies that own assets that we believe are unique to the tenant or user and are difficult if not impossible to replicate. In the retail sector, one metric we focus on is what we call “income density.” Retailers, especially large national retailers, have very sophisticated demographic data and […]
Why we think Macau is the best gaming environment. The gaming industry in Macau offers interesting opportunities to investors. Combining a restricted casino and hotel supply with a huge demand for gaming in China, Macau is now the world’s top casino market, with more than five times the revenues of Las Vegas. In a lot of […]
How to make money when your refrigerator orders milk The U.S. Department of Transportation (DOT) wants cars to talk to nearby cars to aid in safety and maybe target traffic congestion. As of the end of 2011, according to DOT, there were 253 million registered vehicles in the U.S. – that’s a lot! My Nike Fuel Band […]
A look at how REIT prices historically performed during periods of rising rates. How do REIT share prices perform while interest rates are increasing? This is a logical question, as the returns associated with traditional fixed income oriented products, like bonds, are strongly correlated with rate changes. Many looking for income oriented products wonder if […]