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MoodyP's avatar

Very nice. I just read the entire article to my wife as we drive to Cadillac to see our youngest.

“The huge number of all-cash sales means that this default cycle will likely be very different than the last”.

Maybe. You are likely correct. But I’m in the feral camp that a large % of the all cash sales, we’re not actually that. From a real estate transaction basis they looked that way. But the money was borrowed somewhere, against an equity portfolio, vaulted gold, equity in another property, or for institutional investors short term cap ex loans. We shall see how it plays out.

I have about 25% NAV in equities and I have been reducing positions across the board over the last week. Other than my 100% speculations by weeks end my equity exposure will be down to less that half of what it was. I had a great quarter, up until the last couple weeks and that was enough for me.

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