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Investment September 21, 2023/Investment For more than a year, we’ve seen interest rates rising. Now that they seem likely to stabilize, what does that mean for the market?   Higher interest rates are associated with lower asset values. We’ve seen that playing out over the last year. But this relationship isn’t always as simple as…

Investment August 31, 2023/Investment The news recently has been full of stories about China’s mounting troubles. Youth unemployment is skyrocketing. At least one very large real estate company is bankrupt. Chinese debt is high and confidence is low. They seem headed for a recession, or worse.   As the second largest economy in the world…

Investment August 24, 2023/Investment In recent years, I’ve heard more people saying some version of your network is your net worth. I don’t entirely agree, but they have a point. Relationships with high-performing people are among the greatest assets any business can have.   One particular deal we did a few years back really demonstrates…

Investment August 18, 2023/Investment After more than a year of steadily increasing interest rates, the Federal Reserve (the Fed) announced another slight rate increase in July. Will we see more interest rate increases later this year?    Marcus & Millichap predicts that the Fed will probably hold off on more rate increases for the following…

Investment August 3, 2023/Investment A few months ago I wrote about real estate conversions. That piece prompted several questions from investors that I wanted to address:   First, some quick background: when a shortage of a certain kind of property type (e.g. MOB or housing) meets an oversupply in a different property type (e.g. office),…

Investment July 19, 2023/Investment Over the last few years, the healthcare industry has started taking cues from retail. This is a win-win for consumers (i.e. patients) and long overdue.   Historically, medical appointments have often been inconvenient, time consuming, and frustrating. These small frictions also cause people to put off care.   If retail worked…

Investment July 13, 2023/Investment Fear of vacancy runs deep for many commercial property owners.   A looming lease termination date means uncertainty, and often difficult negotiations.    Many commercial real estate property owners will sell in the few years before a lease terminates… And often, their risk aversion is Alliance’s opportunity.   Some of our…

Investment July 7, 2023/Investment Investors must track and manage risk. This has been a key part of Alliance’s 25 year track record of winning in all market conditions.   The highly respected commercial real estate (CRE) research firm Marcus & Millichap recently published their own list of the top 5 challenges in today’s market.  …

Investment October 7, 2022/Investment Many people find demographics boring – just another kind of statistics.   I’m not going to bore you with math or charts, but let’s talk about how powerful demographics can be.   Demographics are all about the big trends in a society. If you pay attention to the direction of change,…

Investment June 9, 2023/Investment Medical Office Buildings (MOB) are a key part of Alliance’s investing portfolio, and this sector continues to outperform other kinds of commercial real estate.   The highly respected research outfit Marcus & Millichap recently published a report on commercial real estate trends. The data really supports our investment strategy in several…

Investment May 4, 2023/Investment Healthcare costs continue to rise in America.   The amount America spends per person on healthcare is dramatically more than other rich-world countries. It’s also unlikely to change any time soon, despite modest initiatives for more efficient spending, e.g. value based healthcare.   There are dozens of explanations for why this…