What I’m Reading
Fire Sale? Some publicly traded REITs are taking advantage of their shares trading at a discount to net asset value and buying their own shares. The private market premium is pervasive and has sparked debate over whether REITs are undervalued, private markets are overvalued or somewhere in-between. Morningstar
Unintended Consequences: A Santa Monica city ordinance that bans fast food eateries along the city’s famed Third Street Promenade is inadvertently targeting to-go sales at local restaurants at a time when takeout and delivery are all that’s allowed. LA Eater
Signs of Life: Office sales are starting to slowly tick up after plunging when the pandemic hit. Private equity funds have been among the most active buyers. WealthManagement.com
It’s Complicated: The relationship between interest rates and asset valuation is a lot more complex and nuanced than conventional wisdom suggests. The Capital Spectator
Chart of the Day
US high yield spreads have round-tripped back to 2018 levels.
Source: The Daily Shot
WTF
Lost Key: An estimated 20% of outstanding Bitcoin – currently worth around $140 billion — appears to be in lost or otherwise stranded wallets, according to the cryptocurrency data firm Chainalysis. The story in here about the guy with $220MM on a hard drive vault who forgot his password and is now down to his last two tries before it deletes the contents is stressful just to read. NY Times
Furred Reich: A circus is under fire for dressing monkeys and goats up in Nazi uniforms because Russia. Daily Mail
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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