September 2025

Have you been thinking about the wealth tax winds blowing across Europe?[1]  You should.  While weather here in the US certainly moves west to east, really bad statist-inspired policies seem to move east to west.  After all, Europe gave us the absolute monarch, utopian socialism, Marxism, nihilism, anarchism, theocracy, fascism and whatever the Russians are doing…

Doesn’t all the happy talk about the state of the commercial real estate economy seems a bit overdone?  Transactional volume is rebounding, asset prices coming back, cap rates stabilizing, interest rates coming down, spreads coming in, etc., etc…sunlit uplands as far as the eye can see.  There is a smaller rump of pessimists out there, wringing their…

I’m sure you know the allegory about the camel’s nose under the tent, right?  First it’s the nose, then it’s the humps.  A camel takes up a lot of room.  They’re smelly, they make an appalling din and while they may be useful in their way, they are not at all amiable company.  Pretty tough to do business with…