Every essay I publish lives here first. Newsletters are for distribution; a site you own is for permanence. Excerpts travel, but the full argument, the corrections, and the links should sit at a URL that does not change.
What you will find here
I write about three things, and they overlap more than people expect.
Capital formation
The mechanics of how real estate deals actually get funded — who signs, who underwrites, and where the friction still sits more than a decade after crowdfunding was supposed to remove it.
Property and technology
PropTech is not a category, it is a set of unglamorous fixes: better underwriting data, faster diligence, cleaner investor reporting.
Cross-border investing
Most of my recent work sits between New York and Southeast Asia. The gap between how the two regions price risk is the most interesting arbitrage I have seen in years.
How often
Less often than a newsletter cadence would demand, and only when I have something I would defend in a room full of operators.