News

Landmark Links June 23rd – Don’t Get High on Your Own Supply

Lead Story… Today I want to address one of the most annoying hot takes currently making the rounds in the financial blogosphere: the idea that today’s housing supply is not in fact all that low.  The rationale goes something like this: monthly housing supply is actually higher today than it was in 2005 at the […]

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Landmark Links June 20th – Imminent Threat

  Lead Story…. I was about to start writing this blog post about something else and then this came across my iPhone on Friday: Amazon to Buy Whole Foods in $13.7 Billion Cash Deal.  The news ripped through grocery stocks like tornado and sent them plummeting as reality set in that Amazon is getting into the grocery […]

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Landmark Links June 16th – Back to the Future

  Lead Story…. Wikipedia defines a Company Town as: …a place where practically all stores and housing are owned by the one company that is also the main employer. Company towns are often planned with a suite of amenities such as stores, churches, schools, markets and recreation facilities. The best examples of company towns have had […]

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Landmark Links June 13th – Pretty Much Useless

  Lead Story… There are basically three types of economic sentiment indicators: Mostly Useful – I put the NAHB Homebuilder Survey in this category.  When builders are confident, it typically means that they have purchased lots or are in the market to buy lots.  It’s typically a pretty good gauge of where housing starts are […]

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Landmark Links June 9 – Headed in the Wrong Direction

  Lead Story…  Regular readers of this blog have probably noticed that I’ve been geeking out over the past couple of weeks on articles about how inefficient the American construction industry has become .  I recently read an opinion piece by Bloomberg’s Noah Smith that looked for reasons why this is so (emphasis mine): There […]

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Landmark Links June 6th – Outdated

  Lead Story…. One constant throughout human history has been the increasing reliance on technological innovation in order to drive productivity.  From agriculture to manufacturing to software and technology, machines have gradually taken over jobs that people used to do as a means of adding efficiency and scale.  This has generally increased quality of living but has […]

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Landmark Links June 5th – Something Doesn’t Add Up

  Lead Story…. There’s an old joke about the food service industry that doesn’t appear to be attributed to anyone in particular and goes something like this: Q: How do you make a small fortune in the restaurant business?  A: Start with a large fortune. Sure, it’s more than a bit of hyperbole but the point gets […]

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Landmark Links June 30th – Looking at it Wrong

  Lead Story…. There are few issues in the world of real estate that have captured the collective attention of the financial press like that of Millennials and home ownership.  Coming out of the Great Recession, a popular but largely false narrative took hold that Millennials never wanted to be home owners and were content to […]

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Landmark Links May 26th – Backlash

  Lead Story…. Office has been a challenging commercial asset class in which to invest in recent years.  Re-tenanting and maintenance costs are sky high, and market vacancies are often in the double digits even in a good market.  However, perhaps the most challenging aspect of investing in traditional office space (there are subsets like medical […]

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Landmark Links May 23rd – Amateurs

  Lead Story…. I’ve written a lot over the past couple of years about how home building has not kept up with demand – especially along the coasts – and how it’s contributing to a massive affordability crisis. I’ve also noted how institutional buyers purchasing large home portfolios to rent and people staying in their homes longer, […]

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