At every turn, there is another story about shortages in affordable housing.  Part of that is a story about inflation, but part of it is a story about bad policy.  Like any rational investor, we have looked into affordable housing because we generally love exploiting mismatches in supply and demand. Read More

We’ll gladly get on board and criticize the Fed for any number of things.  Money printing in the months following the initial shock of Covid, not raising rates after the Global Financial Crisis, chickening out late in 2018 during the “Taper Tantrum”…the list goes on.  But to suggest that the ills of the banking system...Read More

The Federal Reserve raised Fed Funds Rates another quarter of a point last week to a full 5% We’re including the chart this week because we believe the chart gives us some perspective on where we’ve been, where we are, and perhaps even what’s “normal”.  Believe it or not, 5% is pretty normal!!!!  But it...Read More

It’s not often that we’re going to agree with what Jim Cramer says on CNBC, so soak this in.  The issues we have seen with SVB, Credit Suisse, Signature and even Silvergate are anti-inflationary.  These problems, though each has their own nuance, are likely to increase bank scrutiny on every new loan that is issued. ...Read More