Concentrate to Build Wealth, Diversify to Protect It
Lesson #5: Diversify For a long time, I relied heavily on a single strategy I believed in and went all in. It worked. Until it didn’t. It’s impossible to predict the future. No matter how strong the thesis, no matter how compelling the data, no matter how good the track record looks. Markets don’t reward conviction […]
The Truth About High Returns: Risk Never Disappears — It Just Hides
Lesson #3: Big Returns Carry Inherent Risk We had a 12-year track record with an average IRR of 42% through 2023. Strong numbers, but even the best track records don’t make you immune to risk. When conditions changed, the downside showed up fast. Big returns always carry inherent risk, and history is no guide to […]
How Leadership Decisions Helped Reduce Losses and Protect Investor Value
After outlining what happened and why the market turned so quickly, this update focuses on the leadership decisions and operational actions taken to reduce losses and protect investor value during one of the most challenging real estate cycles in decades. Context Matters: Timing and Market Reality Approximately 80% of the portfolio was acquired in 2021 […]