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Real estate has long been considered a great way for investors to diversify their portfolios and mitigate...
Lending standards are tightening across the banking sector, and particularly among banks with so-so balance sheets. After years of cheap…
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..
Leadership If there is a secret to business, this is it: Put energy into creating value, in addition to capturing value...
In investing, anybody can get lucky once, twice, even a few times. But to succeed consistently...
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.
Recently, a lot of people have been asking me about real estate conversions. At first glance, this makes sense. We know that traditional commercial real..
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.
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.
Over the course of your career, you’ll have to work for some bad bosses, because, well, human nature. Some people are…
In the real estate game as in life, the spoils go to those who move on an opportunity quickly and decisively….
While inflation may be cooling somewhat, construction prices remain high. This simple fact has big implications for real estate markets. …
Alliance has had a lot of success over the years by finding undervalued properties. In my experience, great assets are sometimes…
A lot of people are worried about the US trade deficit recently. The US sends billions of dollars abroad every year to import foreign goods. Intuitively this seems bad.
It’s official, we have a new president in the United States. I want to take a high-level look at where the economy might be headed for the next four years.
I recently discussed how Alliance seals some great deals by acting quickly and decisively. As the old saying goes, the early bird gets the worm. But it’s not enough..
Successful people are used to being in control and taking care of business. Like the old saying goes, if you want something done right, do it yourself. There’s truth in that.
The news recently has been full of stories about banks in turmoil. Silicon Valley Bank (SVB) went bust, First Republic has…
The Fed is walking a razor’s edge between rising inflation and a potential recession. So-called fedologists have been working overtime trying…
The more things change, the more they stay the same. The pandemic has accelerated companies’ shift into the digital…
Recently I noticed an interesting policy innovation in the news. Some countries in Asia are experimenting with stimulus payments that…
Recent reports show that inflation has ticked up to some of the highest levels we’ve seen in a long time. While…
There’s a hot new trend on Wall Street right now. People have been asking me whether they’re missing the boat if…
The price of bitcoin is soaring and so-called cryptocurrencies are getting more attention than ever. Many people have been asking me…
When prices rise, people tend to get upset. That gets magnified in these hard times, especially for essential items like hand…
The fintech giant Ant Group is headed for one of the biggest IPOs of all time. This isn’t just a big…
There’s a lot of doom and gloom in today’s headlines. Sensationalized business reporting is leading many people to overly simplistic…
Are we heading towards a great depression or a great recovery? Your views are probably influenced by where you live..
Warren Buffet once said that only when the tide goes out do you find out who has been swimming naked. The downturn is here, and business..
The federal government is dishing out trillions in stimulus dollars. So much money is practically impossible to imagine. But these debts…
Most of us had never heard of a cytokine storm before a few weeks ago. For those unfamiliar, many patients with…
Many people had never heard of force majeure before a few weeks ago. It’s often buried towards the back of…
Sometimes investors ask me whether secular stagnation is bad for Alliance’s investments. In short, the answer is no. The longer…
If you take the financial news media too seriously, you might think we were on the edge of economic catastrophe. With…
Jack Welch once said that whichever team sees the world more clearly, wins. In today’s rapidly changing environment, our broad, nuanced,…
The recent controversy over Nike’s Betsy Ross-flag sneaker surprised me. Not very long ago, it would have been pretty strange…
Like pretty much everything these days, views on the economy are polarized. Are we living in an unprecedented economic boom, or…
It’s not easy to raise and educate a kid these days. The world is getting more complex, and we all have…
Too many people believe in one-size-fits-all solutions to complex problems. With another election cycle spinning up, leaders and pundits are trying…
I would never want to work as a ‘Regulator’. You oversee companies that you do not work for. Getting only…
I’m concerned that whole generations of Americans aren’t preparing for retirement. Defined contribution plans like 401ks and IRAs provide tax incentives…
Over the last few weeks and months, economic anxiety seems to be in fashion. Stock market volatility is up significantly since…
At the start of every new year, I like to reflect on the state of the economy and general business climate….
As an investor, I’m always looking for new ways to enhance the long-term value of Alliance’s properties. In commercial real estate,…
In the business world, it’s widely accepted that maximizing value for shareholders is the ultimate measure of success. But in recent..
Transparency into good deal structures is essential for making smart investments. The alleged crimes of Carlos Ghosn, who led the Renault-Nissan-Mitsubishi…
Interest rates are expected to continue rising through the end of 2018. This is a classic Fed move in a strong…
Tens years past the crisis, asset prices and the economy have recovered, but fear of Wall Street innovation has been more…
Last week marked ten years since the collapse of Lehman Brothers and the height of panic during the financial crisis. With…
The economic outlook in America looks good right now. The stock market is soaring, employment is strong, and our economy is…
I hate saying it, but Americans are financially illiterate, and that’s a real problem. Up and down the education and…
Should we be worried that this latest Italian bond crisis is going to have a major economic impact here in the…
When it comes to “investing” in Bitcoin, I say buyer beware. In just the last 5 years, we’ve seen Bitcoin rise…
A new breed of technology investors is rising in the modern economy. Rather than aiming for short or medium term profits,…
A friend recently mentioned he was not yet saving for retirement, and I promptly gave him a kick in the ass….
For all of human history, there have been scum who make their living by scamming, extorting, and robbing more industrious people….
Never have I seen this country so divided. You’re probably already aware of the many ways that Americans disagree, so I’ll…
The intelligent investor is prepared for problems. We don’t know when disaster might strike, but eventually, the world will sling…
People talk a lot about government spending, and it’s easy to understand why. Too little spending and government can’t function, and…
One of the things I love most about America is that people are rewarded for solving problems. Finding unmet needs before…
When I was young, my brother taught me that you get what you pay for. Whether it’s a sofa, a suit,…
The business world is buzzing since the White House imposed tariffs on foreign steel and aluminum last week. I’m not sure…
We’ve now seen a full decade of very low interest rates, thanks to the financial crisis and the great recession…
Success has many parents but failure is an orphan. Anyone who’s spent time working a bureaucracy has seen how this…
Nothing is more important to the success of a growing business than building a great team. But finding the right people…
Thoughtful, sincere praise might be the most underutilized gift leaders can give. Everybody wants to feel that they are valued,…
I heard a quote recently that really resonated with me. “Creativity starts with an empty calendar and ends with a full…
Media has been filled with stories about “quiet quitting”. These stories often have a tone of indignation: what is wrong…
What’s the secret to your success? You hear questions like this all the time these days… at networking events, podcast…
Business leaders have earned their stripes. We’ve honed our business judgment through years of experience and wins. But exercising good…
For years, I built Alliance incrementally. Deal by deal. Of course, that’s the only way to do it… but at…
I’m always looking to grow as a person. Sometimes life throws you challenges to overcome… and other times an idea…
“Attention is the cash value of your time” – Sam Harris I love this line. I believe it carries a…
These last few years, I have been extremely focused on taking Alliance to the next level. It’s been quite a journey,…
A few times recently, I came across this saying called the serenity prayer. It goes “grant me the serenity to accept…
One of my favorite parts of the December holiday season is that it’s a perfect time to reflect on the progress…c
You can tell a lot about companies by watching how they make decisions. Clear, decisive, accountable leadership nearly always leads…
Some people say that “culture” is a made up idea. Or that it’s ambiguous and subjective. I disagree. Anyone…
It’s been more than two months since the hot war between Ukraine and Russia began. The outcome to date has…
Businesses across the country are seeing surges of demand. America is increasingly open for business, and businesses are hiring. Today’s tight…
Life is short, and best lived when enjoyed. For me, the pandemic was a reminder of this fact. There are no…
Is an engineering degree the right degree? What is the best job out of college? These kinds of questions have come…
The last few years have been turbulent. Even beyond the pandemic, our politics, culture, and economy are changing fast. While some…
Business leaders have earned their stripes. We’ve honed our business judgement through years of experience and wins. But exercising good judgement…
As many companies officially return-to-work, organizations are finally rethinking stale conventional wisdom about how things get done. Should everybody return to…
Politics are very polarized these days, and unfortunately that is bleeding into the workplace. This can be a challenge, but it’s…
These days, I hear a lot of pessimism about the future. There are always valid reasons to worry, but I…
Recently, many businesses have been getting more involved in politics. Major League Baseball pulling the All-Star game from Atlanta is the…
The ongoing pandemic has exposed a lot of short-term thinking. Many businesses were caught unprepared for lockdowns and supply chain disruptions….
Most people are too afraid of being wrong. Of course it’s better to be right than wrong, but those aren’t the…
For quite a while now, national politics has sucked up most of the oxygen in the news. Stories of conflict and…
These days, a lot of professionals are working from home. The pandemic may have forced this change, but I don’t see…
As we approach this unusual holiday season, I’ve been thinking about my role as a leader. Normally, the end of the…
What makes a winning organization? Is it strategy? Vision? Operational excellence? Talent? All these things are important, but building a great…
Recently, I’ve heard a lot of people saying that we need to follow the science. It’s a catchy slogan, but what…
There’s a saying in sports that you can’t win if you don’t play. This has never applied to entire leagues before,…
Over the course of the campaign season I heard many negative political narratives. One side caused the problem, and once “we’re…
Communities across America are re-opening for business. This is great, but we still need to be smart. Months of quarantines and…
The coronavirus pandemic and nationwide protesting are two major challenges that America faces. This is a moment in history that will…
Personal responsibility is a concept that is sometimes thrown around like some kind of slogan. But it’s a real thing,…
In these difficult times, many business leaders have no choice but to cut costs to survive. These executives face wrenching…
How do we get back to some kind of normal? This is the trillion dollar question everybody is debating. One of…
Social distancing is a challenge. It has disrupted more than the daily rhythm of life. It has put life goals and…
Resourceful and fortunate companies are remaining productive. Determining how to structure teams fit for purpose is a challenge for business leaders…
Social distancing is going to temporarily change the way we work, socialize and travel. In time, we all expect the crisis…
Fear of coronavirus has been increasing in recent weeks. It’s undeniably tragic for those impacted in China, and scary for…
I noticed in the news last week, that it was the 100 year anniversary of prohibition. This giant policy blunder…
Making New Year’s resolutions is easy. Keeping them is hard. I believe this is especially true for business owners and…
Just because the calendar year is turning, doesn’t mean people want to read some “humble brag”, curated email about how…
After a few decades in business, I can make this observation with confidence: how we present ourselves to the world…
In recent years, I’ve heard more people saying some version of your network is your net worth. I don’t entirely…
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…
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.
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..
There’s no reward for perusing social media. No score keeping for “likes” or “shares”. And no real value in seeing what your old high school fling looks like now and how..
If you own your own home, you know all about maintenance. Some house projects require a skilled professional, others are simple do-it-yourself tasks, but most fall..
Everybody wants to know the secret of success. These days, our social media-driven culture gives us a high definition picture of what success looks like, who’s..
More than half the calendar year is gone, but that doesn’t mean that it’s time to coast to the finish. Quite the opposite. For me, the time between summer break and..
I’ve been thinking about workplace efficiency recently. Businesses have to adapt or face extinction. The last real estate investment firm to incorporate satellite and..
Tragedy in the news recently has me thinking about what really matters. Life is short, our time is precious, and I want to make sure I’m living right. How do we know..
Across the corporate world and beyond, mindfulness is all the rage. Consultants and gurus are selling books, lectures, retreats, and meditation classes that promise..
Holidays are supposed to have a point. Holy days celebrate things of spiritual significance, and even secular holidays honor people, values and events worthy of..
I love holiday season and Thanksgiving is my favorite. In my view, a good holiday has a purpose and gives us a chance to step outside our personal dramas remember..
Now that we’re into the final month of 2017, it’s time to think about how to close out the year. To many people, December is a time for shopping, vacations, and relaxing..
Winter holiday season is upon us. No matter what your religion, this is a great time to reflect on the year gone by and hopes for the future. It’s a time for warmth..
I always look forward to gathering with relatives at the end of the year and it saddens me that so many people feel anxious about family time. Even the tightest-knit..
It’s the season of temptation. Cold weather encourages us to stay indoors just as family plies us with hearty meals, endless sweets, and booze. We’re all at risk..
New Year’s resolutions might seem corny to some people, but I take them seriously. The turn of the year is a special opportunity to reflect on what matters and focus..
Make new friends but keep the old. One is silver and the other’s gold. We sang that song in kindergarten, and it’s still one of the most important lessons I’ve learned in my life.
March madness is here, and basketball fans all over America are glued to their televisions. It’s costing us a little productivity at work, but that’s a price I pay happily..
Facebook is under all kinds of fire for their many sins. Exposing personal data without permission and using their mobile app to collect non-Facebook (phone call) data is bad.
It’s college admissions season, and as the father of a a son in the 12th grade, I empathize with anxious parents all over America. An acceptance letter from an elite school..
Technology today is truly amazing. Our lives, from the moment we wake up through the time we go to bed all depend on technologies that our parents’ generation could..
After watching another NBA draft lottery, I can’t help thinking that our sports leagues are kind of un-American. The draft punishes success and rewards failure.
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.
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..
The senior housing industry was already facing several changes ahead of the COVID-19 pandemic. Some of these challenges would go on to become even
Cap rates may be compressing among certain real estate product types, but that has not kept investors on the sidelines. Instead, more investors
Be aware of these five key insights before investing in medical office buildings to make informed decisions and maximize your success.
In real estate, it is not uncommon to see two developers offer to pay two wildly different sums for the same exact property. How can one justify the price
With cap rates compressing among other property types, a growing number of real estate investors are turning to medical office in search of yield. Indeed, there..
Yield-seeking investors, or those otherwise looking to diversify their real estate holdings, will certainly want to consider opportunities in the medical office space.
The past year and a half have been enlightening for several reasons. One lesson learned: there’s no better time to own medical office real estate than during..
It is hard to turn on the TV or scroll through your social media feed and not see something about real estate. Whether it is flipping houses, being a landlord..
Medical office building investments are similar to the purchase and sale of most other income producing commercial properties. What differentiates medical..
With the stock market at or near all-time highs, more investors are looking to mitigate risk by diversifying their portfolios through some combination..
Every investment class is prone to experience some levels of volatility, and real estate is certainly no different. Volatility refers to a given investment’s..
Medical office properties, once considered a commercial real estate industry niche, have moved into the spotlight in the wake of the COVID-19 pandemic.
One of the most important aspects of finding success in any investment class is knowing when to strike. Market trends, projections, and forecasts..
There’s no doubt that COVID has left its mark on the healthcare industry. There were significant disruptions to service delivery early in the pandemic..
The healthcare real estate market continues to prove its resiliency, most recently, in the wake of the COVID-19 pandemic. There was a brief pause..
The healthcare industry is one of the nation’s fastest-growing industries and today compromises an estimated 20% of the national GDP. This isn’t lost..
The healthcare industry is rapidly evolving, and in turn, demand for certain types of medical properties is changing. As a result, Healthcare real estate..
Beauty is in the eye of the beholder. That famous line about subjectivity applies not just at the art auction and on the dating scene but also to buyers..
Investors looking for an alternative to stocks often turn their attention to bonds or real estate. Both asset classes are important pieces of a diversified..
There are many flavors of lease agreements in commercial real estate. For investors who operate commercial space for rent, the lease is a basic building..
We won’t tell you that investing in commercial real estate is a guaranteed path to wealth. But we can say that property ownership is a proven and..
Medical office buildings are an often overlooked asset because most real estate investors simply do not understand the nuances of this property type.
Real estate investors looking to diversify their portfolios are increasingly considering medical office properties. Once considered a relatively niche sector..
Real estate has long been considered a great way for investors to diversify their portfolios and mitigate against the risk of stocks, bonds, and more..
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..
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..
It is no secret that housing is prohibitively expensive in California, but perhaps less known is the disease of exorbitant rents and mortgages..
It’s no secret that higher interest rates mean a more challenging environment for investors. But market-beating returns are still possible.
Anybody who’s been investing for a while has probably noticed that the economy is highly cyclical. Interest rates rise and fall. Booms alternate with recessions.
Buy low and sell high is such an obvious recipe for investing success, you would think anybody could do it. In reality, it takes real market insight and a clear picture..
For years, I built Alliance incrementally. Deal by deal. I was “successful”, but also playing it small. While I was chasing the next.
Everybody knows that real estate gets financed with debt, right? Not so fast. Recently, Alliance has started using cash purchases to close..
Alliance keeps a close eye on the healthcare industry, to understand our tenants and assess what changes might impact our investment strategies.
In business as well as life, nothing matters more than trust. This is particularly important when it comes to lenders, who are extremely valuable long term partners for Alliance.
Real estate can be a little like hunting. Seasoned investors stay patient and disciplined, then strike when the moment is right. 2023 was a quiet year in which Alliance did fewer deals..
I’m always thinking about how to increase profits and returns for Alliance’s investors. How can we get more output from the same inputs? It’s a question that interests all CEOs.
Now more than ever, investors care deeply about protecting their capital. I love talking to these investors because they’re such a perfect match for Alliance.
As 2023 comes to a close, it’s time to reflect. This has been a year of intentionality and building, for both Alliance and for me personally.
Options traders and other financial professionals might say that if you want downside protection, you have to sacrifice upside rewards. That's not always true.
To make profitable deals, we first need to find the right properties. Our broad industry network helps clue us into potential deals, and our deep expertise in valuation helps..
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.
Medical Office Buildings (MOB) are a key part of Alliance’s investing portfolio, and this sector continues to outperform other kinds of commercial real estate.
Healthcare costs continue to rise in America. The amount America spends per person on healthcare is dramatically more than other rich-world countries.
The real estate investing environment these days is mixed. Many people expect a recession in 2023, although we’ve been hearing that for quite a while.
Ambulatory Surgery Center (ASC) construction is on the rise. There are several reasons for this… and this healthcare trend introduces new MOB opportunities.
There are major demographic shifts underway in America, and Alliance is keeping a close eye on them. Opportunities are everywhere, if you know how to find them.
Outpatient Services demand is predicted to rise by 16% in the next decade, according to Avison Young. This continuous uptick in healthcare demand..
We see new headlines all the time… the US Healthcare system is consolidating into fewer, bigger players. This is being driven largely by economics…
Shopping Centers are full of businesses again. The retail vacancy rate has fallen to 5.7%, which is the lowest it’s been since 2007 (according to Cushman & Wakefield).
The good news… Inflation is down a bit over the last few months. The bad news… it’s still remarkably high. +6.5% year-over-year from..
Business news has been turbulent recently. Crypto busts, layoffs, inflation, corporate earnings – it has been a rough year for many families, and a hit for many investors.
Few things are more important in business, and in life, than good judgment. Believe it or not… Judgment is a skill that we learn and cultivate. It isn’t a personal..
To paraphrase Mark Twain, sorry for writing such a long letter, I would have written a shorter one, but I didn’t have the time. Don’t worry, this piece isn’t actually long. I have..
Fear of vacancy runs deep for many commercial property owners. A looming lease termination date means uncertainty, and often difficult negotiations.
Energy is getting more expensive and more complicated. So much of what fuels our economy is cheap, reliable energy…
We’re officially in a bear market now and a recession seems likely. A lot of people have been asking me what this means for real estate and how they should be investing.
If you have ever seen a bicycle race, you probably noticed the strange phenomenon known as the peloton. Most of the racers group together in a single big mass.
The current stock market sell-off has many investors asking themselves: Where will the bottom be? At first glance, placing a bet on this might sound like gambling.
Warren Buffet once said price is what you pay, value is what you get. As prices rise in real estate and across the US economy, it helps to keep this in mind.
Location, location, and location. This cliche is as valid today as it was years ago. But over time, the value of a given location changes…
People are not born great investors, business leaders, or even musicians. It’s a process of continuous learning, and honing of natural talent.A critical aspect of learning is..
The pandemic is giving the United States a big stress test, and I think we’re passing, maybe even with flying colors. There is much to feel optimistic about.
When a lease termination date approaches, many commercial real estate property owners will sell, rather than risk vacancy or face difficult negotiations..
Recent events have offered strong reminders of how fragile economic ecosystems can be. The pandemic has badly hurt a lot of businesses, not to mention..
These days, legions of investors hang on the every word of celebrity CEOs and business gurus. But no matter how brilliant Elon Musk or some guy..
The recent GameStop episode on Wall Street serves as a powerful reminder of the difference between investing and gambling. Gamblers sometimes win big, but..
The great Warren Buffet once said that you don’t need a super high IQ to be a great investor. What you need is the right temperament.What exactly is the right..
As a professional investor, people constantly ask for my take on the markets or particular investment moves. I can’t evaluate everybody’s ideas, but I can..
Some people intend to work until they die. Everybody else had better be preparing for retirement.Unfortunately, many American households aren’t saving enough.
There’s an old saying that economists have predicted nine of the last five recessions. Downturns are inevitable, but when it comes to the US economy, the..
There has been a lot of debate recently about how much money should be spent upfront investing in vaccine options to fight the virus, how to spend it, and who..
In a time when people are suffering, there’s something uncomfortable about people who win when the markets lose. But even if profit from others’ failure is..
There’s an old saying in poker. Look around the table. If you haven’t figured out who the patsy is within 5 minutes, you’re the patsy.In recent months, there has been..
Mixed economic indicators and volatile markets lead many to tread lightly in making investment decisions. These conditions also create great opportunities..
SoftBank’s Vision Fund will very likely end up becoming a cautionary tale. All investors can take valuable lessons from their mistakes.For those who..
Financial markets have been volatile recently. That might not change for a while. What is a savvy investor to do?To understand the right moves..
In the midst of the current crisis, we can get ahead of ourselves thinking about the long term.Now is a time to largely focus on..
There’s an ongoing debate about the goals of investing.Focus on making money vs. prioritizing environmental and social progress along with financial returns?
Data doesn’t lie. But does it tell the truth?The current fixation on data analytics suggests that data is the only basis for sound..
Investors care more than ever about the environmental and social impact of companies they invest in.In the big picture, this is progress..
Supply-and-Demand is a key factor in real estate investing.When we look at Supply, we ask ourselves: How much developed..
Most people are really bad at thinking clearly and rationally about (uncertain) future events.No surprise — our brains evolved to make snap judgements..
People often forget that the world is complex, and outcomes are hard to predict.Simple explanations for cause-and-effect can be..
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..
I’m always watching demographic and economic trends. It’s one way we unearth high value deals from across the US.A very interesting trend that continues to pick up..
Nobody wins in a trade war.For the last few years, I’ve been keeping my eye on the trade situation, looking for signs of how it might affect the economy. While the US has..
Is real estate a simple fixed asset, or can it be something more like a service? That is the fundamental question WeWork is asking with their upcoming IPO.
Social engineering in housing is a failure. America’s top tier cities are increasingly unaffordable for middle class renters. Ironically, the problem seems to be..
Oversight is supposed to be the primary purpose of a board of directors, but I don’t know if that’s really what they’re doing. From Boeing’s terrible blunder..
Berkshire Hathaway is taking a multibillion dollar write-down on Kraft Heinz, a recent major acquisition. This is surprising for fans of Berkshire’s legendary..
Long term investing is all about risk assessment. Many companies, particularly public ones, are overlooking something important. Risks of a changing climate may be..
Alliance recently closed out another great deal: $2 million profit and 25% IRR for our investors. This deal highlights some of our team’s great strengths, and I am..
America remains the most productive, innovative, and wealthy country on Earth. We’re home to world leading industries, with global talent and capital. What’s our..
As a parent with one kid in college and two more approaching college-age, the quality of their education is always on my mind. As an investor, I also see that..
In today’s world, we’re bombarded with information from every direction. With more books, articles, studies, and datasets that ever, we should be getting..
Amazon is hunting for a new headquarters site and offering a huge boost to their eventual host. Wherever they go, Amazon would immediately become one..
My years in business have taught me that relationships pay. To reap those dividends, you first need to find the right people and invest in making connections.
People who know me know that I appreciate risk takers and entrepreneurs. Their willingness to dream big and go all-in on their beliefs drives us all forward.
Nobody likes thinking about bad scenarios. Illness, death, property destroyed by flooding — these are uncomfortable subjects. Many avoid planning for trouble..
Negotiation is at the heart of the real estate investing. Doing it well requires sound analysis and and an understanding of your counterparty’s motivations.
We live in a time of great uncertainty, and smart people are wondering where they should put their money to weather any coming storms. More on that later.
Business today is more demanding than ever. Information is king, and everybody wants quick responses. Long hours, instant responsiveness, and lots of coffee can..
There’s an old saying that says trust is earned in drops and lost in buckets. In life and in business, every single encounter or transaction is an opportunity to put..
I love the saying no risk, no reward. It’s equally true for investing and for a life well lived. If you’re not in the game, you can’t win anything, and taking too little risk is
When you’re ready to make a real estate investment, there are a lot of bases you need to cover, but none is more important than financing.
College is supposed to educate our kids and make them ready for a competitive world, but is the system working? I’m shocked by the lack of basic skills in..
When I hear friends talking up the wonders of index funds, I have conflicted feelings. On one hand, it’s great that they want to invest. On the other hand, index..
Everybody knows the old saying in real estate: location location location. In my deal-making part of the industry, there’s another version: reputation
Recently, I’ve received messages from our readers asking for more details on how our ideas translate into real returns for investors. To illustrate how Alliance..
Thank you to all the readers who wrote in last week after we published our story about the hospital investment that turned into a big win.
There’s no avoiding it — we’ve live in a volatile time in American politics. Despite the polarization and frustration, there is still at least one key area where Americans..
There has never been a better time for getting things done. With new tools, a savvy businessman can do more work, better, faster, and cheaper than ever before.
Alliance invests heavily in the South — areas that have just been battered by back-to-back major hurricanes. As the affected communities work to put their..
After receiving a great response to earlier stories about real Alliance deals, I’d like to share another high level picture of one of Alliance’s great recent investments.
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