If there’s one word that keeps returning to me this year, it’s “woah.” Not the “woe” of victimhood, but the woah of awe—the inhale that invites presence, humility, and gratitude. 2025 brought plenty of reasons to pause: service that nourished the soul, cycles that challenged and clarified, travel that widened perspective, family moments that stitched meaning into the everyday, and personal practices that strengthened my productive capacity. Here’s what mattered most—and why.
Philanthropy & Service: Where Impact Meets Soul
Service, at its best, is soul-care. In October, our National Day of Caring team in Newport Beach spent a morning at an Orange County food bank. We packed 400 boxes—over 1,200 pounds of food—for families in need, and somewhere between lifting, sorting, and laughing together, the warehouse became a sanctuary. The work was gratifying; the why was deeper: as many spiritual traditions teach, a little light truly dispels much darkness. This year reminded me that philanthropy isn’t only writing checks; it’s rolling up sleeves, cultivating compassion, and building community—again and again.
Business: Navigating Cycles with Data and Discipline
The apartment market continued its pendulum from the exuberance of 2021–2022 through the more demanding terrain of 2023–2025. National occupancy averaged 94.3%, down from 96% two years ago, while rent growth decelerated to 1.8% year-over-year compared to the double-digit surges of 2022. New supply—roughly 480,000 units delivered nationally—kept pressure on fundamentals.
Beyond real estate, 2025 was a fascinating year for macro trends:
- Gold surged over 20%, reaffirming its role as a safe-haven asset amid global uncertainty.
- Bitcoin and broader crypto markets contracted sharply, with Bitcoin down nearly 40% from its 2024 highs—a sobering reminder of volatility and the importance of risk management.
- Japan’s interest rates climbed significantly, ending decades of near-zero policy, while the yen weakened to multi-decade lows, reshaping global capital flows and hedging strategies.
CWS Perspective
We are still facing challenges related to properties purchased in 2021 and 2022, as well as some of our urban apartment communities. That said, we believe we are in a thawing phase, driven by a reduction in interest rates that has lowered debt service on our floating-rate loans. Since 2024, we have refinanced 25 properties, with 22 of those converted to fixed-rate loans, reducing debt service and eliminating the need for costly interest rate caps.
Thawing doesn’t mean the ground is fully soft—some areas remain frozen, requiring additional capital for certain challenged properties. Fortunately, we have not been subsumed by defense. We’ve gone on offense, making what we believe are compelling investments this year, particularly in Houston, positioning us for long-term strength.
Personal Growth: Building Productive Capacity and The TenniSphere
This year also marked progress on The TenniSphere, a project close to my heart. From implementing digital waivers to refining the experience for players, it’s been a rewarding exercise in blending hospitality, technology, and community. It’s a reminder that creating spaces for connection—whether on the court or in conversation—is as strategic as any investment.
Estate Planning: Responsibility Beyond Presence
To live a great and meaningful life requires shouldering responsibilities—not only for today but for tomorrow. In 2025, I made significant progress in consolidating my disparate digital life into Everplans, creating a single, secure hub for critical documents, account information, and instructions. Why? Because honoring financial commitments in the event of incapacitation or death isn’t optional—it’s essential.
An estate plan is more than a legal document; it’s a moral commitment. It ensures that obligations and promises are carried forward, that heirs know where online accounts reside, and that funds are accessible to sustain those commitments. In a world where so much of our life is digital, clarity is kindness. Everplans gives me confidence that my responsibilities will outlive me—and that those I love will have guidance, not guesswork.
Family: Threads of Gratitude
2025 was rich with family highlights. We cheered at the U.S. Open in New York and celebrated my daughter’s creative work on stage—moments of pride and wonder that linger long after programs are tucked away. Heather and I also had our share of concert joy (Oasis at the Rose Bowl will be hard to top), and plenty of everyday rituals that make a home feel like a haven. I continue to honor Roneet’s memory through ongoing support of projects and places that carry her love forward; the most enduring ROI I know is love multiplied.
Travel Highlights: Perspective as a Passport
- Abu Dhabi & Dubai: A conference in the GCC offered rich dialogue on global rates, capital flows, and real estate cycles—plus the reminder that hospitality and curiosity travel well.
- Spain: From the architectural poetry of Barcelona to the culinary symphony of San Sebastián, Spain was a feast for the senses and a masterclass in cultural resilience.
- New York City: Tennis at Arthur Ashe, a daughter’s play, walks that recalibrate the senses—NYC remains a master class in serendipity.
Travel doesn’t just expand a map; it expands perspective, and perspective is the investor’s most underrated edge.
Leaning Into AI: My Silent Partner in 2025
One of the most transformative shifts for me this year was leaning into AI. I’ve used it for research, creative endeavors, advice on business and personal matters, and—shh!—even for help with my weekly blog posts. It’s been enormously helpful, not as a replacement for thinking but as an amplifier of curiosity and clarity. AI has become a trusted collaborator, a sounding board, and a productivity catalyst. I can’t wait to use it even more extensively in 2026 and beyond.
Looking Ahead: 2026 and Beyond
As I turn the page to 2026, three priorities stand out:
- Deepening AI integration—not just for efficiency, but for creativity and insight.
- Strengthening estate clarity—because responsibility doesn’t retire.
- Doubling down on durability—in business strategy, personal habits, and relationships.
The future will always surprise us, but preparation and presence make those surprises less daunting and more meaningful. Here’s to leaning forward—with purpose, curiosity, and plenty of woah.
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