Recently, a lot of investors have been asking me about capital preservation. In these uncertain times, people are rightfully concerned about protecting their wealth.
Anybody can buy market exposure and rise with the tide. But the best investors make a heck of a lot more money, and they do it by being consistent over time.
I am frequently asked how Alliance approaches valuation. We recently published a longer explanation of real estate valuation methods.
For more than a year, we’ve seen interest rates rising. Now that they seem likely to stabilize, what does that mean for the market? Higher interest rates are associated..
The news recently has been full of stories about China’s mounting troubles. Youth unemployment is skyrocketing. At least one very large real estate company is bankrupt.
In recent years, I’ve heard more people saying some version of your network is your net worth. I don’t entirely agree, but they have a point. Relationships..
After more than a year of steadily increasing interest rates, the Federal Reserve (the Fed) announced another slight rate increase in July. Will we see more..
A few months ago I wrote about real estate conversions. That piece prompted several questions from investors that I wanted to address: First, some quick background: when a..
Over the last few years, the healthcare industry has started taking cues from retail. This is a win-win for consumers (i.e. patients) and long overdue.
Fear of vacancy runs deep for many commercial property owners. A looming lease termination date means uncertainty, and often difficult negotiations.
Investors must track and manage risk. This has been a key part of Alliance’s 25 year track record of winning in all market conditions. The highly respected commercial..
Many people find demographics boring - just another kind of statistics. I’m not going to bore you with math or charts, but let’s talk about how powerful demographics can be.
There are so many ways business leaders can try to boost performance. Among all the compensation schemes, training programs, consultants, frameworks,…
Over the years, I’ve seen a lot of fads come and go in business. Recently I’ve seen a particularly bizarre one:…
How much work do you put into hiring a new team member at work? A typical company might review stacks of…
The recent college admissions scandal has clearly touched a nerve. But the story of elites using fraud to give their kids…
Like business owners everywhere, I’m always thinking about how to get great performance out of my team. Over the years, I’ve…
The great economist Milton Friedman once said: the business of business is business. It’s a zany one-liner that gets at something deeper, in particular on government regulation.
These days, it can feel like everybody is trying to sell something. Usually that’s no problem, but a magnetic salesman can tempt people into making bad decisions.
I know I’m not the only one who has choked on my coffee when I opened a lawyer’s invoice. Simple services should not be so damn expensive. Of course, we..
I’m excited that some environmental deregulation seems to be on the way. Lighter regulation means easier development, greater deal flow, and higher profit.
Summer travel plans have been upended, but that doesn’t mean you should stay home.I believe that in these stressful times, it’s more important than ever to get away.
In this time of hardships, America needs sports.Sports have a special place in our society. They offer us compelling drama, role models, novelty, and bring a community together.
Warren Buffet wisely said that price is what you pay, value is what you get. Are traditional MBA programs really delivering value? The marketplace is finally..
I love sports, and not for the usual reasons. While I played as a kid and I still have a few favorite teams, what really keeps me interested is the way athletics highlight..
All of today’s amazing technology was supposed to make us all smarter, healthier, and more productive. What happened?Compared to what I grew up..
Tesla is at risk of going out of business. This electric car pioneer has raised new capital every year since its 2010 IPO, and they’re still posting massive losses.
The College Board’s plan to add Adversity Scoring to the SATs is questionable. It means scoring people on the circumstances of their birth, rather than the content..
Technology has recently started to overlap with personal health in powerful ways. These new innovations could offer new avenues for self-improvement and productivity boosts.
I’m concerned about kids and video games.I see friends worrying about what their teenage kids do when they are not at home. In my opinion, a bigger..
There’s a recent business trend where companies are making big statements that seem designed to go viral. In today’s highly polarized environment, diving..
Recent news reports tell us that smartphone sales are slowing. This is terrible news for Apple, but it might be good for the rest of us. Life still happens in the..
There are a variety of ways to get ahead in life. While nothing beats getting lucky, most of us have to work for it. We can work hard, or we can work smart.
Success comes from actively shaping your own destiny. Even downtime is an opportunity to engage in your life and invest in your future. The demands of..
The value of data is rising, and so are major hacking incidents. We’ve seen a steady parade of data breaches, from Anthem to Yahoo and JP Morgan Chase to Target.
It’s crazy how fast time flies by. My eldest son recently left to start college at the University of Southern California. I’m excited for him as he starts this new chapter of life.
My grandfather used to say that opinions are like ***holes, everybody’s got one. Thanks to social media, anybody can broadcast their opinions wide and far..
In recent years, I’ve seen a troubling trend toward protecting kids from unfairness and anything that might make them feel bad. I applaud the sentiment — we all..
For cutting through all the digital noise, there’s still nothing like face-to-face interaction. Some people might call it wasteful to travel by for a conversation when..
World Cup fever is here. While Team USA failed to qualify this time, we’ve just been selected to host (along with Mexico and Canada) the 2026 tournament.
The internet is powerful because it connects us to each other. By the same power, it also connects different parts of our lives together. Everything we do..
It drives me crazy that the word diet is so loaded with baggage. “Diet” commonly means self-denial, crappy food, ridiculous promises of miracle results, crank science..
It’s been two and a half months since many of us made New Year’s resolutions and I’d bet that most of us are continuing right where we left off last year.
Everybody wants to know the secret to success in life. I won’t pretend to have all the answers, but I do have a worldview that has helped me get where I’ve always..
The ideal vacation is more than just a rest, it’s an opportunity to continue growing. I want my holidays to complement the rest of my life and fill in the gaps that I’m missing..
Some might call this heresy, but I think watching sports on TV is largely a waste of time. TV viewing, including sports, is a passive activity. When we’re looking at a TV..
The healthcare industry is under pressure to be more cost efficient – a key trend that Alliance is tracking. An aging baby boomer population is moving..
Commercial real estate services company CBRE recently released their report on the state of the real estate market in 1Q23: here The report largely confirmed things..
As many news readers know, there is a significant shortage of nurses. What is going on? There are multiple reasons why demand..
A recent study highlights that there are more large MOBs under development than ever before. This study was conducted by 42floors (here). The study is interesting..
Commercial real estate services company CBRE conducted a survey of industry professionals in 2H 2022. This CBRE report focuses on one..
It’s no secret that commercial real estate transactions have slowed recently. Inflation, higher interest rates, and other macro factors are slowing down the market.
Medical facilities often cluster together near hospitals. This is still the case… but there is an interesting sub-trend that Alliance is dialed in on.
If you don’t know where you are going, any road will get you there. This line from the childrens’ book Alice in Wonderland contains an essential truth.
An important real estate trend that I have followed closely is the national residential housing shortage.This shortage has been driving up home..
Disruptive events like the pandemic always create their own winners and losers. The difference between commercial real estate portfolios that..
Property insurance is priced according to the underlying risk, right? That’s the idea, but many would be surprised at the distortions that can occur in some markets.
Some places care a lot about getting things done, other places are tied up in knots of red tape. Since Alliance invests in commercial real estate across..
Culture is super important for building high performing teams. It’s also widely misunderstood.Most organizations try to shape culture through policy.
Alliance focuses on investing in properties with strong fundamentals and then adding value to the properties we manage. But it’s impossible to eliminate..
To succeed in business, strong teams are essential. There is no recipe for building a common culture and shared sense of purpose. Companies try all..
Years in business have taught me that few things are as critical to success as building a great team. High performing organizations have some common traits.
The subject of high performance is a frequent topic in my world. Why? Well, when you accomplish your goals in any given year this requires a tremendous..
It is time again for our monthly Q & A Q: Ben, I respect what you do and admire you as a principal. I had a bad partnership experience in the past.
One of the fundamental errors in real estate investing is to ignore the risk of long term vacancy. Everybody knows to look at zoning, property prices..
There are many paths to a great investment. The key is finding a place where you understand the upside and risks better than your competition.
This New Year, I’m thinking about how to lead a more mindful and intentional life… including wasting less time on mindless activities, and on goals that aren’t true priorities.
I often hear people say: data is the new oil. Artificial Intelligence (AI) is moving into more and more areas of the economy, and the fuel for AI is data - and lots of it.
Technology is changing the world incredibly quickly. I’m excited to see where it takes us in the coming years.One fact that illustrates just how quickly technology..
Over the last year, a shortage in computer chips has hobbled production of a wide variety of popular products like cars, phones, and gaming consoles.
Over the last few months, I’ve noticed a lot of stories about cybersecurity breaches. In technology and beyond, change creates opportunities for some and risks for others.
Many people in the media and politics are pushing to punish Big Tech for their various “crimes” and transgressions. There’s a lot of anger in the air, and with so much..
I’m always on the lookout for new risks to Alliance’s business. Usually, they’re deal-specific, but recently I’ve been looking at something bigger. An important piece..
Commercial real estate is a term that covers a broad spectrum of asset types, classes, locations, and markets. It is an industry that institutional..
America has an aging population, and that translates into continued rising demand for all types of medical services and medical service real..
Nearly all commercial real estate deals are financed using some combination of debt and equity. The nature of that debt can take many forms – ranging..
It is no secret that housing is prohibitively expensive in California, but perhaps less known is the disease of exorbitant rents and mortgages..
From an early age, most people are taught that taking on too much debt is irresponsible and can result in financial ruin. Therefore, many people..
Never before in world history has such a large—and wealthy and entitled—population moved into their golden years, as presently in the United States.
The commercial real estate market has been generating strong returns for investors. For property owners in the right sectors, the rent checks are rolling..