Recent reports show that inflation has ticked up to some of the highest levels we’ve seen in a long time. While there is no call for panic, this is definitely […]

Property insurance is priced according to the underlying risk, right? That’s the idea, but many would be surprised at the distortions that can occur in some markets. When a disaster […]

When a lease termination date approaches, many commercial real estate property owners will sell, rather than risk vacancy or face difficult negotiations with corporate lawyers over lease renewal. Many times, […]

Recent events have offered strong reminders of how fragile economic ecosystems can be. The pandemic has badly hurt a lot of businesses, not to mention the people who have gotten […]

There’s a hot new trend on Wall Street right now. People have been asking me whether they’re missing the boat if they don’t invest in SPACs. Special Purpose Acquisition Companies, […]

These days, legions of investors hang on the every word of celebrity CEOs and business gurus. But no matter how brilliant Elon Musk or some guy on Reddit might be, […]

The recent GameStop episode on Wall Street serves as a powerful reminder of the difference between investing and gambling. Gamblers sometimes win big, but over the long term, it pays […]

Over the last few weeks, the financial press has been riveted by GameStop’s wild ride. The David vs Goliath narrative draws a lot of attention, but how much have things […]

The great Warren Buffet once said that you don’t need a super high IQ to be a great investor. What you need is the right temperament.  What exactly is the […]

The price of bitcoin is soaring and so-called cryptocurrencies are getting more attention than ever. Many people have been asking me if it’s a bubble, time to invest, or even […]

When prices rise, people tend to get upset. That gets magnified in these hard times, especially for essential items like hand sanitizer or personal protective equipment. A normal reaction is, […]

As a professional investor, people constantly ask for my take on the markets or particular investment moves. I can’t evaluate everybody’s ideas, but I can help people think more clearly. […]

Some people intend to work until they die. Everybody else had better be preparing for retirement.  Unfortunately, many American households aren’t saving enough. Depending on how you slice the data, […]

There’s an old saying that economists have predicted nine of the last five recessions. Downturns are inevitable, but when it comes to the US economy, the pessimists are usually wrong. […]

The fintech giant Ant Group is headed for one of the biggest IPOs of all time. This isn’t just a big deal for Wall Street, it’s also a big deal […]

A recent SEC rules change is about to make it easier to become an accredited investor. What will newly eligible people do with their new freedom? I hope they’ll be […]

Cities are where the action is, and where most young people want to live. Right? For the last few decades, conventional wisdom has told us that urban neighborhoods were the […]

There has been a lot of debate recently about how much money should be spent upfront investing in vaccine options to fight the virus, how to spend it, and who […]

There’s a lot of doom and gloom in today’s headlines. Sensationalized business reporting is  leading many people to overly simplistic views about the state of the economy. The pandemic is […]

In a time when people are suffering, there’s something uncomfortable about people who win when the markets lose. But even if profit from others’ failure is distasteful, contrarian investors play […]

There’s an old saying in poker. Look around the table. If you haven’t figured out who the patsy is within 5 minutes, you’re the patsy.  In recent months, there has […]

Mixed economic indicators and volatile markets lead many to tread lightly in making investment decisions. These conditions also create great opportunities for skilled, niche investors like Alliance. The headline indicator […]

Are we heading towards a great depression or a great recovery? Your views are probably influenced by where you live and how you get your news. Real, objective metrics on […]

Warren Buffet once said that only when the tide goes out do you find out who has been swimming naked. The downturn is here, and business schools look very exposed. […]

SoftBank’s Vision Fund will very likely end up becoming a cautionary tale. All investors can take valuable lessons from their mistakes. For those who aren’t familiar, Vision Fund is a […]

The federal government is dishing out trillions in stimulus dollars. So much money is practically impossible to imagine.  But these debts belong to us all. We need to think carefully […]

Financial markets have been volatile recently. That might not change for a while. What is a savvy investor to do? To understand the right moves in challenging times, we need […]

Most of us had never heard of a cytokine storm before a few weeks ago. For those unfamiliar, many patients with coronavirus suffer a “double whammy” when their immune system […]

In the midst of the current crisis, we can get ahead of ourselves thinking about the long term. Now is a time to largely focus on the here and now […]

Many people had never heard of force majeure before a few weeks ago. It’s often buried towards the back of legal contracts, and typically viewed by business leaders as a […]

There’s an ongoing debate about the goals of investing.  Focus on making money vs. prioritizing environmental and social progress along with financial returns? I don’t think there’s anything wrong with […]

Data doesn’t lie. But does it tell the truth?  The current fixation on data analytics suggests that data is the only basis for sound decision-making. To succeed, we should rid […]

Investors care more than ever about the environmental and social impact of companies they invest in.  In the big picture, this is progress towards making the world a better place. […]

Sometimes investors ask me whether secular stagnation is bad for Alliance’s investments.  In short, the answer is no. The longer answer is that secular stagnation is a macro trend where […]

Supply-and-Demand is a key factor in real estate investing.  When we look at Supply, we ask ourselves: How much developed land is there, how is it zoned, and how is […]

Most people are really bad at thinking clearly and rationally about (uncertain) future events.  No surprise — our brains evolved to make snap judgements in very uncertain and potentially very […]

Some places care a lot about getting things done, other places are tied up in knots of red tape. Since Alliance invests in commercial real estate across the US, we […]

People often forget that the world is complex, and outcomes are hard to predict.  Simple explanations for cause-and-effect can be tools in helping us understand the world. But very often […]

I saw recently that Fannie Mae and Freddie Mac are exploring potential IPOs — again.  These government backed real estate giants failed spectacularly in the last financial crisis. There is […]

I’m always watching demographic and economic trends. It’s one way we unearth high value deals from across the US. A very interesting trend that continues to pick up steam is […]

Nobody wins in a trade war.  For the last few years, I’ve been keeping my eye on the trade situation, looking for signs of how it might affect the economy. […]

If you take the financial news media too seriously, you might think we were on the edge of economic catastrophe. With unemployment at record lows and consumer confidence high, I’d […]

Is real estate a simple fixed asset, or can it be something more like a service? That is the fundamental question WeWork is asking with their upcoming IPO. This New […]

Jack Welch once said that whichever team sees the world more clearly, wins. In today’s rapidly changing environment, our broad, nuanced, and detailed understanding of risk profiles is a key […]

The recent controversy over Nike’s Betsy Ross-flag sneaker surprised me. Not very long ago, it would have been pretty strange to imagine that an American flag shoe would be withdrawn […]

  All of today’s amazing technology was supposed to make us all smarter, healthier, and more productive. What happened? Compared to what I grew up with, the tech in our […]

Culture is super important for building high performing teams. It’s also widely misunderstood. Most organizations try to shape culture through policy. On paper, a company might claim to value feedback […]

Like pretty much everything these days, views on the economy are polarized. Are we living in an unprecedented economic boom, or a long and painful stagnation? You can cherry pick […]

How much work do you put into hiring a new team member at work? A typical company might review stacks of resumes, conduct hours of phone screeners, and then invest […]

It’s not easy to raise and educate a kid these days. The world is getting more complex, and we all have to get more sophisticated just to keep up. Unfortunately, […]

  Too many people believe in one-size-fits-all solutions to complex problems. With another election cycle spinning up, leaders and pundits are trying to sell us on solutions. I’m looking for […]

Social engineering in housing is a failure. America’s top tier cities are increasingly unaffordable for middle class renters. Ironically, the problem seems to be worst in the country’s most famously […]

Oversight is supposed to be the primary purpose of a board of directors, but I don’t know if that’s really what they’re doing. From Boeing’s terrible blunder with their new […]

These days, it can feel like everybody is trying to sell something. Usually that’s no problem, but a magnetic salesman can tempt people into making bad decisions. Over the years, […]

I would never want to work as a ‘Regulator’. You oversee companies that you do not work for. Getting only the data and access that the companies agree to share […]

Long term investing is all about risk assessment. Many companies, particularly public ones, are overlooking something important. Risks of a changing climate may be altering the risk profiles of companies […]

Berkshire Hathaway is taking a multibillion dollar write-down on Kraft Heinz, a recent major acquisition. This is surprising for fans of Berkshire’s legendary leader, Warren Buffett. Known as the Oracle […]

I’m concerned that whole generations of Americans aren’t preparing for retirement. Defined contribution plans like 401ks and IRAs provide tax incentives to save, but our national savings rate is still […]

Alliance has had a lot of success over the years by finding undervalued properties. In my experience, great assets are sometimes underpriced because they have an issue that scares away […]

Alliance recently closed out another great deal: $2 million profit and 25% IRR for our investors. This deal highlights some of our team’s great strengths, and I am proud to […]

Over the last few weeks and months, economic anxiety seems to be in fashion. Stock market volatility is up significantly since November. But is short term market volatility really a […]

At the start of every new year, I like to reflect on the state of the economy and general business climate. Looking back on 2018, and the last several years, […]

America remains the most productive, innovative, and wealthy country on Earth. We’re home to world leading industries, with global talent and capital. What’s our secret? One simple factor that distinguishes […]

As a parent with one kid in college and two more approaching college-age, the quality of their education is always on my mind. As an investor, I also see that […]

As an investor, I’m always looking for new ways to enhance the long-term value of Alliance’s properties. In commercial real estate, that generally means making properties more attractive to  lease, […]

In the business world, it’s widely accepted that maximizing value for shareholders is the ultimate measure of success. But in recent years, more voices have been calling for emphasis on […]

Transparency into good deal structures is essential for making smart investments. The alleged crimes of Carlos Ghosn, who led the Renault-Nissan-Mitsubishi alliance, demonstrate the tremendous destructive value that happens when […]

A lot of people are worried about the US trade deficit recently. The US sends billions of dollars abroad every year to import foreign goods. Intuitively this seems bad. But […]

Interest rates are expected to continue rising through the end of 2018. This is a classic Fed move in a strong economy, but some worry that it’s premature and threatens […]

To succeed in business, strong teams are essential. There is no recipe for building a common culture and shared sense of purpose. Companies try all kinds of strategies. When running […]

In today’s world, we’re bombarded with information from every direction. With more books, articles, studies, and datasets that ever, we should be getting wiser. Unfortunately, things don’t really work that […]

Amazon is hunting for a new headquarters site and offering a huge boost to their eventual host. Wherever they go, Amazon would immediately become one of the top local employers, […]

Tens years past the crisis, asset prices and the economy have recovered, but fear of Wall Street innovation has been more persistent. Yes, we want to avoid repeating the errors […]

Last week marked ten years since the collapse of Lehman Brothers and the height of panic during the financial crisis. With those dark days behind us, it’s a good time […]

Years in business have taught me that few things are as critical to success as building a great team. High performing organizations have some common traits. Everybody needs to have […]

My years in business have taught me that relationships pay. To reap those dividends, you first need to find the right people and invest in making connections. Daily life is […]

Alliance focuses on investing in properties with strong fundamentals and then adding value to the properties we manage. But it’s impossible to eliminate all risks or surprises in an investment. […]

The economic outlook in America looks good right now. The stock market is soaring, employment is strong, and our economy is diversified and resilient. It’s hard to fault people for […]

People who know me know that I appreciate risk takers and entrepreneurs. Their willingness to dream big and go all-in on their beliefs drives us all forward. Elon Musk, CEO […]

Nobody likes thinking about bad scenarios. Illness, death, property destroyed by flooding — these are uncomfortable subjects. Many avoid planning for trouble because it seems remote. But my grandfather liked […]

Negotiation is at the heart of the real estate investing. Doing it well requires sound analysis and and an understanding of your counterparty’s motivations. Together, these elements bring out a […]

Governments around the world are intervening in the economy more than at any time in recent memory. It’s happening through tariffs, tax codes changes  and even Twitter. The more government […]

I hate saying it, but Americans are financially illiterate, and that’s a real problem. Up and down the education and income scale, people don’t save enough to retire securely. They […]

Should we be worried that this latest Italian bond crisis is going to have a major economic impact here in the US? In my opinion, no. For the umpteenth time, […]

When it comes to “investing” in Bitcoin, I say buyer beware. In just the last 5 years, we’ve seen Bitcoin rise from a few hundred dollars per coin, up to […]

A new breed of technology investors is rising in the modern economy. Rather than aiming for short or medium term profits, these techno utopians are chasing after radical technological improvements […]

We’ve now seen a full decade of very low interest rates, thanks to the financial crisis and the great recession that followed. That inexpensive money has fueled a boom across […]

Severe floods are happening more often and real estate investors need to pay attention. The United States has a heck of a lot of heavily populated coastline that is exposed […]

In the world of net lease real estate, tenant quality can be the difference between mediocre and high-performing investments. Great tenants offer stable occupancy, high credit worthiness, and cash flow […]

Anybody who has worked with me knows how much I care about Alliance’s brand. I’m proud of building a business that earns consistent returns for our investors, treats everybody with […]

The business world is buzzing since the White House imposed tariffs on foreign steel and aluminum last week. I’m not sure what this means for America as a whole — […]

My long-time readers already know that single tenant net-lease medical facilities are our bread-and-butter. Here’s the story of one of my favorite deals. In 2011, we found a specialty medical […]

Successful people are used to being in control and taking care of business. Like the old saying goes, if you want something done right, do it yourself. There’s truth in […]

The NBA trade deadline just passed. The hot takes on who “won” and “lost” have me thinking about the parallels between building a winning basketball team and a winning business. […]

There’s an old saying in economics, a rising tide lifts all boats. Stocks, bonds, homes, commercial real estate — all are way up since the financial crisis. To make money, […]

The recent government shutdown inspired a lot of hyperventilating. While it ended quickly, the underlying political fight has not been resolved, so we could see another government closure soon. But […]

I’m always on the lookout for new risks to Alliance’s business. Usually, they’re deal-specific, but recently I’ve been looking at something bigger. An important piece of the financial world is […]

Commercial real estate investing isn’t hard to understand. Find a property; pay an agreeable price; manage it competently. But to beat the market, it takes something more. See the unmet […]

Anybody can buy market exposure and rise with the tide. But the best investors make a heck of a lot more money, and they do it by being consistent over […]

  When I was a kid, my uncle joked that there are only two certain things in life. Death and taxes. He wasn’t wrong, but now that I have my […]