Hard Asset Memo #1 "Not All 15% IRRs are Created Equal" will likely go down as my favorite (repost). It examines risk-adjusted returns in a manner that can be easily understood. It highlights how cheap MF REITs were earlier this year $MAA $CPT . Sign up at hardasset2023@gmail.com

If this company can just figure put a way to generate cashflow

Join millions who have switched to Grok.

Allegedly a 4.8% cap rate multifamily deal hits the tape . $101mm or $360k/unit 280 units @jayparsons

Deal/transaction volume in my portfolio lately @ProfPaulNary . 1) $ELME sold $1.6 billion of MF .2) $AIV sold $740mm of Boston assets .3) $DRR.U sold for $10.80 per share .4) $REXR targetted by Elliott .5) $BHR initiate sale process (picked up shares today) .6) $GIL bought $HBI.

We shared this 2025 Hunches memo with our subscribers earlier this year where we mentioned that warehouses are interesting and specifically called out $REXR . If someone at Elliott is reading my memos, I'd appreciate a success fee of some sort

One of the best ways to improve your real estate investing skills is to pay attention to your neighborhood and surrounding . Look at the public transportation, coffee shop/restaurant, people, demographics, can you feel the energy and the "lust in the air" of young 20s yr olds?.

REIT investors looking at the premium paid for spectrum of $SATS

405lbs at 154lb bodyweight . Enter him in the NYC mayoral contest .

It is kind of crazy to see the S&P 500 put up roughly 14% CAGR in the past 11-12 years which is 4% higher annually than the 10% CAGR going back over 100 years. @compound248 and I talk about how 14% over 20-30 years put most investors into HoF categories.

Found on VIC

Sources of investment edge shifts over time. At one point, having a Bloomberg terminal was likely a huge edge. Being in NYC with access to dinners etc was likely another edge some 15 years ago. I feel like the current edge is finding and curating really good Twitter follows.

Best case I knew was a girl who got a 1,600 from an initial low 1,400 and she studied her butt off. Don't think she had an expensive tutor. I did not grow up in that kind of town. Lots of blue collar, teachers/cops. If a kid is willing to study that hard, s/he is ambitious!!!.

My recruiting hack is to look for candidates with. 1) High SAT scores .2) Not as impressive college GPA .3) Good written sample .4) Good interview (could be hours) and go for a walk and talk on the beach. If you think SAT scores doesn't matter, think again. Yes, SAT scores can be.

For the compounder podcasts, can we talk about compounders before they go on a 500% run? . My favorite is this $APP podcast .

I'm compiling a list of names that will benefit the most from rate cuts, some of these moved quite a bit today already, but likely more upside . $CLPR up 7.2% levered MF REIT 9.4% .$AMBP up 1.4% levered alumin can 10.8% divvy.$NXRT up 3.8% levered MF REIT 6.3% divvy.$BLDR - up.

Somedays you wake up and you realize your shitcos aren't shitco enough . (I'm kidding, having a good day. But that 4% on the Russell is wild!).

My analyst and I have a healthy debate every week on whether dumpster diving for deep value is the best use of our time/resource. 10 days - 3 take privates. $WOW by Digital Bridge.$HBI by $GIL.$DRR.U by Morgan Properties. Maybe we should be dumpster diving - famous last words.

Holy #@%$*&(^^, $1.74 bn down to $345 mm and the AAA getting impaired . @thepupil with the headline . Asset quality and location doesn't matter until it does

@codylittlewood Have to tag @PrivateEyeCap with this take private. It was all a dream, I used to read Word Up! Magazine

Dream Residential $DRR.U is being taken private for $10.80 USD . Always fun to time stamp these investments memos followed up by actual take privates. Shout out to @codylittlewood for some valuable introductions . E-mail hardasset2023@gmail.com to sign up

These $PLTR threads over at Wallstreetbets better be in the Smithsonian one day . Shakespeare much? @compound248