What could declining birth rates mean for long-term real estate demand?
For decades, the real estate market has operated with a powerful structural tailwind behind it. That tailwind is population growth. As more people entered the economy, new households formed, cities expanded and demand for housing grew. The modern housing market has essentially evolved around the expectation that this pattern will continue. However, today, demographic outlooks […]
We’re focusing on crypto prices, but missing the progress in infrastructure
Crypto has a remarkable ability to distract people. Every rally becomes a revolution and every crash seems to merit a funeral procession. But underneath all that hype, there is something far more interesting we should be paying attention to. To my mind, the real headline story is not the swings and roundabouts of the digital […]
Have we misunderstood what “normal” interest rates look like?
People today talk about 6–7% mortgage rates as though they are extreme. But if we zoom out, these rates are actually much closer to long-term historical averages than the unusually cheap borrowing environment that followed the 2008 financial crisis. For more than a decade, the U.S. economy became accustomed to near-zero interest rates, quantitative easing […]
Is early success dangerous for entrepreneurs?
In the fierce world of startups, we all obsess over failure. We’re taught to fear the idea that flops, the market that ignores us, the bank account that hits zero, the pitch that goes sour. But after scaling several ventures, I’ve realized that winning too early might be the trap that nobody warns you about. […]
Find a job you love, and you’ll never work a day in your life
A common saying in business circles is “Find a job you love, and you’ll never work a day in your life.” It’s often attributed to Warren Buffett, though it actually dates back centuries to Confucius. Despite its age, the quote still resonates, because at some level, most people have felt it. That feeling when you’re […]
The digitization of finance and the rise of stablecoins
At its most basic level, finance is a system for moving value. Every transaction, whether domestic or cross-border, relies on a network of institutions, protocols and processes working together to facilitate that movement. For decades, this system has relied on intricate layers of infrastructure that (for modern standards) can be slow, complex and heavily dependent […]
Is New York City on the verge of a structural downturn?
New York City has long been regarded as one of the world’s most resilient economic strongholds. It has weathered financial crises, shifts in industry and periods of outmigration before, and each time it has found a way to adapt and recover. This has created a confidence that New York will always find its footing, no […]
The value of thinking in an AI-driven world
Artificial intelligence is fast becoming an integral component of business operations and decision-making processes. It boosts efficiency, lowers costs, and transforms how information is processed and improves the speed and accuracy of decision-making. Discussions about AI tend to focus on these advantages, and often include the expectation that new employment opportunities will naturally arise as […]
Migration patterns are reshaping the value of U.S. real estate
It’s a mistake to think of the U.S. real estate market as a single, unified system, where prices and demand move in unison. This view ignores a fundamental truth. Housing in the U.S. has always been a local issue, pushed and pulled by regional economics, demographics and supply constraints that are very rarely aligned. This […]
The emotional volatility of entrepreneurship
When market discussion turns to volatility, it typically means how fast prices jump around. These quick ups and downs can really sway what investors feel and lead to a lot of uncertainty about where things are headed. Starting a business entails a significant degree of emotional volatility, a topic that is not always discussed. As […]