Blog Archives

Random Musings and Wonderful Memory Triggers

Memory Musing

This is one of those weeks where I don’t have anything pressing I feel I need to convey or work through to gain clarity so I thought I would share some random thoughts related to the coronavirus, surveying data, economic reports, and a health tip. 

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The Power of Mindset

CWS State of the Company Mindset

Last week we completed seven of our eleven State of the Company meetings that Tracy Hayes, the president of our sister company CWS Corporate Housing, and I have been doing for 26 years. And while it’s a lot of travel in a relatively short period of time,

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Expectations & Credibility - Lessons for Parents, Leaders, & Managers

Leaders Listening

I must confess that one of my guilty pleasures involves eavesdropping. I find people fascinating, particularly when it comes to learning about what motivates them, what they do, their opinions about issues, and their nuances that make them unique. 

Leaders Lessons Learned Listening

I was recently having breakfast and sitting out on the patio next to a group of four younger guys,

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The Last Decade in Charts - Here Come the Roaring 20's

Charts

With the 2010s having come to an end and the roaring 20s starting I thought I would look back over the past decade to convey key trends that impacted the economy and apartment investors.

I would summarize it as a decade of continued aggressive Federal Reserve involvement in the economy through continued low-interest rates and expansion of its balance sheet.

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2020 - Coming in Hot

2020 Coming in Hot

2020 has started off with some geopolitical fireworks that have carried over to financial markets as the headline below attests.

U.S. Kill Iranian Military Leader Qassem Soleimani

This is another good example of why having a hedge with U.S. Treasuries (and maybe a little gold as well) can be helpful to provide a counterweight to risk assets that inevitably take a mild beating,

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Newton's Third Law and Repo Madness

Fed Repo Newton's Third Law

It’s been said that markets go up like escalators and drop like elevators. There is also Newton’s Third Law which states that for every action there is an equal and opposite reaction. This is where the Fed comes into play when markets drop like elevators.

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Modeling A Recession

recession

Last week were engaged in our annual planning process. As part of this, we come up with key assumptions regarding the operating environment for the next three years or so. Interest rates, of course, are a huge variable in our business and dominated much of the discussion.

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Charlie Munger, Robert Hunter, and Worldly Wisdom

Charlie Munger, Robert Hunter Worldly Wisdom

“What is elementary, worldly wisdom? Well, the first rule is that you can’t really know anything if you just remember isolated facts and try and bang ‘em back. If the facts don’t hang together on a latticework of theory, you don’t have them in a usable form.”

— Charlie Munger

For me,

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What Movie Are You Creating And Watching?

Barry Ritholtz Gary Carmell

Scott Adams is someone I follow and I appreciate his insights about persuasion and human nature. He often says that everyone is living their own movie. They write the scripts and they have cast them with characters they have developed with personalities they have created for them.

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Rent Control - Then and Now

With rent control being passed in California, Oregon, and New York, government intervention in rental housing is heating up. This is something we have been predicting for a number of years given the housing shortage and relatively stagnant wages for lower to middle-income earners. We also had a lot of experience with it when we owned manufacturing housing communities where it was much more widespread than apartments so we had a sense of the conditions that would lend itself to rent control pressures.

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