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A Graphical Extravaganza with a Little Hemingway Thrown in

I thought I would return to a post focusing on charts that I found compelling this past week. The Fed is now telegraphing an imminent slowdown of its purchases of Treasuries and mortgage-backed securities. The reaction of bond investors led to a narrowing of the yield curve.

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The Hard Truth for your Children - Build up Your Soft Skills

soft skills

There is no doubt that technological innovation has automated more tasks and this will only become more pronounced with the greater use of artificial intelligence and robotics. This has created a greater demand for workers who have “soft” skills since routine job tasks are becoming more automated or commoditized.

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Liberating our Minds - Thoughts about 9/11 and Covid-19

September 11th Covid 19

With the 20th anniversary of September 11 just having passed I felt compelled to make a reference to it in this post. What I find interesting is that after the Twin Towers and Pentagon were attacked and over 3,000 people were killed on American soil,

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Dead, Alive, Vigor and Vitality - Learning from Bob Weir

Bob Weir John Mayer Dead and Company Tour 2021

Last week was one of leisure travel which is something I haven’t done in a while. The tail end of the trip included a stay in Newport, Rhode Island. It just so happened that Dead & Company was playing about an hour north in Mansfield,

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Space, the New Frontier

Space Real Estate migration

Urban locations with great walkability were in great demand…until Covid hit. These locations became far less desirable as congregating was either not allowed in large numbers or people didn’t want to gather together in close quarters for fear of exposing themselves to Covid.

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Hot and Hotter

hot housing market and apartment market

I wanted to return to the subject of housing and share some of the latest graphs related to the single-family and multifamily markets. I’ll start with the single-family sector.

Demand continues to be strong but it has decelerated from the torrid Covid-catalyzed pace of 2020.

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Housing - No Bubble but Hitting a Wall?

no bubble housing

Given how hot the housing market is there are understandable concerns as to whether we are in a bubble. Bloomberg Businessweek had a good article addressing some of these concerns that included some interesting charts.

This first one shows how the cumulative appreciation over the last five years has matched that of the bubble years of 2002-7.

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D(ata)-Day

Data D(ata)

I have been turning to charts more regularly for my weekly blog posts than I have in the past. Like most people, I see many of the challenges and price pressures resulting from the massively disrupted global supply chain. It shows up in terribly unreliable contractors (I’m having a pool built so I am experiencing this first hand) and the significant increase in the cost of materials that are leading to the rationing of some goods like plywood and even chlorine.

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Lumbering in Pain

Lumber

Although CWS is largely an owner/operator of apartment communities, we have been developing new communities for over 25 years. Approximately 15% of our portfolio consists of properties we have developed. Given the large amount of capital looking to own apartments and the compression in cap rates,

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Sayonara Bonds

Japanese Bond Treasuries

The first quarter was incredibly ugly for bond investors, particularly those with exposure to longer-maturity ones. Bond investors were not happy as Treasuries generated the worst quarterly return since 1980.

A Bad Quarter for Bonds - Bloomberg Barclays treasury index fell 4% 1973 - 2020

So who were the big sellers of Treasuries?

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