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Private Investment Brief
@ThePIBnyc
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Real estate alpha thought question: Consider all the NYC office buildings mentioned in this article—10 Hudson Yards, Time Warner Center, Chelsea Market, 245 Park, 787 Seventh, Citigroup HQ, and the PaineWebber Building...: wsj.com/articles/warne…
Now ask yourself: At a given, constant initial cap rate—say 6%—which of these buildings would you have most wanted to buy from the initial developer and then hold forever? Show your work! More on real estate alpha here: privateinvestmentbrief.com/blog/alpha-in-…
BTW, you have to laugh at how the article complements the real estate prowess of the "very smart" Fortune 500 companies that were early tenants/owners of the Hudson Yards. Don't they realize that they were on the opposite side of the table from the GOAT himself, Stephen Ross?!
FWIW my personal choice would be the Paine Webber Building, which normal New Yorkers just call 1285 Sixth Avenue. I'm partial to Class A buildings that hover quietly below "trophy" status and that help to create new office districts.
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Private Investment Brief
@ThePIBnyc
I've always had a vague and idle suspicion that the "real" reason Berkshire Hathaway never repurchased its own stock during the company's 1965-1998 "glory years" was that Buffett thought he could do better retaining and investing Berkshire's cash. In other words, while...
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Private Investment Brief
@ThePIBnyc
Time for a speculative hypothesis......I wrestle with my background as a Buffett-worshipping value investor on the one hand, and the seductions of the "neo-value investing" movement on the other. By "neo-value investing" I mean the attempt to invest in modern tech companies...
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Some days I wake up thinking it's impossible (even for Buffett himself) to be a true Buffett acolyte and a tech investor at the same time—the sector is just too uncertain and if value investing is about anything, it's about certainty. But then some days I wake up thinking it...
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Private Investment Brief
@ThePIBnyc
Do you guys remember when Berkshire Hathaway nearly put fresh equity capital into Coty in order to help finance Coty's acquisition of Avon Products? I dare say that would have been a mistake all around. Not even the Oracle could have foreseen the rise of Kylie Jenner and the...
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