October 6th – Ridin’ High

What I’m Reading

Ridin’ High: While the general election may still not be officially settled, one clear winner has emerged: recreational marijuana.  Ballot measures passed in New Jersey, Arizona, South Dakota and Montana to legalize the adult use and sale of recreational cannabis, while Mississippi and South Dakota (in a separate measure) legalized medicinal marijuana for the first time. Once each state’s program and regulations are set up, more than a third of the total U.S. population will be able to legally buy cannabis. This is great news for industrial and retail landlords in markets where legalization has passed.  

Bold prediction: in the next election a major candidate from one party will include nationwide legalization as part of their platform.  Bisnow

Don’t Call it a Comeback: After plunging in the early days of COVID, co-working memberships are soaring again thanks largely to work-from-home fatigue.  The Burn-In

Bazooka: The Fed has already pledged to keep interest rates low for an extended period of time.  Now the central bank is turning its focus towards more asset purchases as a lack of further fiscal support, coupled with likely post-election gridlock makes it the only game in town.  Over the past decade, the Fed’s asset purchase strategy has lowered long-term rates an estimated 100 basis points.  Wall Street Journal

Hunkered Down: Beleaguered retailers face another threat during the all-important holiday season: Americans who may be distracted or anxious as they await results in the presidential race.  CNBC

Cornerstones: Restaurants have been crucial in drawing the young and highly educated to live and work in central cities. The pandemic could erode that foundation as smaller, unique eateries shut down and larger corporate offerings survive.  NY Times

Charts of the Day – Election Edition

The Treasury market was fascinating on election night.  You can pretty much see the exact point where the market realized that we were going to have divided government for the next two years. 

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Source: @SoberLook

This one is a sight for sore eyes.  Prop 21 (expanded rent control) failed by a spectacular margin, failing to get a majority in a single California county.  Apparently, the one thing that Democrats and Republicans can agree on is that rent control is a terrible idea.

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Source: Chris Tourtellotte

WTF

Finger Lickin’ Good: An Idaho man has been blacklisted by Yellowstone National Park authorities after attempting to cook chickens in the hot springs of the off-limits thermal area. NY Post

Size Matters: A man pulled a gun on a driver who told him he had a small penis during a Halloween dispute because Florida. FL Keys News

Basis Points – A candid look at the economy, real estate, and other things sometimes related.

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