May 24, 2020
Distressed Debt Acquisitions? Not So Fast…
My point was that anyone could "find" a deal, and it hardly leverages your skills or talents to look at the same stuff everyone else is looking at – and do you really think you can outperform on a long-term basis when you are looking at the same screen that everyone else is seeing at the same time.
Read MoreApril 19, 2020
Why This Will be a “Big V Recovery”
I am old enough to have been in a relatively senior position in the real estate world during the Global Financing Crisis (the “GFC”) and the pandemic today (the “COVID Pandemic”). In my position – then as Managing Partner of Adler & Stachenfeld – and now as Chairman -- I have friends, clients, contacts, and relationships with many of the highest level players throughout every corner of the real estate world. This extremely wide lens allows me a unique composite view into what everyone is doing, thinking, wondering about, planning, etc.
Read MoreApril 14, 2020
The Real Estate Philosopher: Is New York City Over With - Finally?
Eleven years ago – at the depths of the Global Financial Crisis – when I was scared to get out of bed in the morning – somewhere near the end of 2008 – there were many who thought it was lights out for New York. The thinking was that the banks and investment banks and funds were falling apart, there were no bonuses for the people who worked at them, people would give up, the financial center would shrink down and die and possibly the center of the US world would move to DC or another location.
Read MoreFebruary 15, 2018
How to OUT Perform in the Real Estate World
I start my thinking with a book I read by Howard Marks (of Oak Tree fame). The book is called The Most Important Thing: Uncommon Sense for the Thoughtful Investor, and gives a good deal of thoughtful investment advice from a long-term successful investor. Anyway, Marks asks a question at the outset of his book, which is ‘do you want to outperform in the first place?’ Of course you want to outperform you might say, but that answer is very flawed. In order to “out”-perform what must you do? The answer – as Marks points out -- is both obvious and at the same time quite worrisome: You must be ‘different’
Read MoreFebruary 19, 2016
Three Words That Might Change How You Look at the Real Estate World
I will get right to it — here are the three words: "Competition is Evil". Competition is a truly horrible and terrible thing and should be avoided at all costs!
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