The Drawing Board

There’s a shortage of real anecdotal evidence in AI discourse, and it’s a funny contrast with other business topics.

The best long-term bull case for REITs involves rising replacement costs and falling supply risk, but it’s rarely made in the best way—because it’s kind of a downer, and it involves some awkward twists between real estate and the REIT structure.

For investors in consumer-facing sectors, the most important question about agentic AI is where it will drive increased price discovery.

Many investors expected the demand for courier delivery to revert sharply after the pandemic boom, and have been surprised by how well it's held up.

Maybe you've caught some of the past few years' media blitz from Barnes & Noble and their current CEO.

In "What's Wrong with Health Care REITs?"

In this January note, I explained the structural decline of the public REIT sector.

Nearly every consumer-facing company now has some kind of points or reward system.

"Every serious subject seems to undergo a kind of inductive metamorphosis, in which what has previously been assumed without discussion turns into the central problem to be discussed." — Northrop Frye "When you invent the ship, you also invent the shipwre…

There are so many classic real estate memoirs and biographies that it's hard to narrow it down to just five.

Nordstrom is the latest prominent retailer to adopt a "marketplace" model, accepting online listings from third-party sellers.

I know I'm not the only one in the stock market who's already tired of hearing about AI this year.

How can we tell when a boom is tipping into a bubble, and it’s time to get out of the way?

Within my REIT coverage, I’ve often found it useful to separate out the consumer-facing property types like residential and self-storage, and think about why they’ve been such consistent long-term outperformers relative to “B2B” sectors like office.

Industrial REITs have underperformed sharply since Amazon’s Q1 call, when they talked about overcapacity in their delivery network.