One simple definition of risk is that it’s the “possibility of loss or injury.” And that’s generally how most of us think about it — it’s a bad thing that needs to be managed, minimized, and sometimes avoided all together. While true, this recent memo… Read More
Reading Howard Marks’ investment memos is up there with reading Paul Graham’s essays. You just need to do it. Howard’s latest is about “taking the temperature” of the market and I think you’ll find the lessons invaluable for everything from equities to residential real estate.… Read More
Earlier this month, Howard Marks published a memo called “Sea Change“, where he argued, among other things, that it is “nearly impossible to overstate the influence of declining [interest] rates over the last four decades.” In fact, he goes on to say that he would… Read More
Sometimes I stop and think to myself, “my god, I’ve been writing my daily blog for over 9 years. That’s a huge commitment. Should I stop? Is it really worth it?” But of course I do think it is worth it, mostly because I enjoy… Read More
I know that this is supposed to be a blog about building cities, but it’s also a blog about real estate and I have heard that people sometimes do things like invest in real estate. So here is a terrific memo by Howard Marks (of… Read More
I am sure many of you are getting tired of the news. I know I am. But it turns out that when you’re in a global pandemic and you spend the entirety of your day looking at Zoom — while fidgeting your leg, I might… Read More
BRANDON DONNELLY 