Opportunity, Drifting, and Courage

“We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.” That’s how Warren Buffett described his investment strategy in a 1986 letter to shareholders. It’s easy to understand, but hard to implement because it...

Learn the Market

To make good apartment investment decisions you must know the market as well as your values and investment goals. Without your own market knowledge, you’re at the mercy of your broker and you’re not in control of your own wealth building. Aim to learn two things....

California is Conflicted

California is conflicted about building rental housing for our low-income residents. Not everyone can live in paradise. Life is not fair. Will we admit that we’re not willing to pay to subsidize our less fortunate neighbors? California would like for someone else,...

What if?

Crisis happens when we must make important decisions quickly in uncertain times. The information is incomplete and conflicting. The relative importance of various factors differ from what used to be true. The lucky and the wise do amazingly well. The unlucky and the...

How much does it cost?

Life is full of trade-offs. We’re fighting the coronavirus pandemic. So, we trade the economic cost of “flattening the curve” against the lives saved. We trade the debt we leave for our grandkids against mitigating economic disruption. Acknowledging these trade-offs...

So, is it the end of the world, yet?

Last week a nervous rental owner told me that he expected 75% of his tenants would not pay their April rent. Yesterday he told me that that all rent was paid. Last week more than a dozen rental owners were terrified they would have to borrow money when the residents...