Trying to make a video of that amazingly famous blood orange sunset in the #Mediterranean.

No filters needed here!
Maltese cliffs and that amazing sunset 🌅
Good food with good wine and a good view = good times!

🌊 ☀️ 🦞 🐟 🏝 🍷
Mediterranean isn’t only a holiday destination but a wonderful place live a long, healthy and happy life.

No wonder people here live to “forever”. No one here cares about your start up, flight to space or your Forbes list number.

Only the olive oil! 😂👌🏽
According to Bloomberg, two Mediterranean countries rank the highest on its Health Index (quality of health care and life expectancy).

But those living here know the Mediterranean islands are even better.

Highest quality of food, stress free & most desired living standards.
Where would I live if I was starting all over again?

#Singapore the best country in the world right now confirmed by all rankings like eduction, health care, living standards, tech advancement, etc.

This city offers incredible opportunities during the Asia century.
In the second place I would consider Nordic countries as they also offer incredible quality of life, health care, education, and job/business opportunities.

Throw in Switzerland and Dubai there too.

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More from @TihoBrkan

10 Sep
To become a great investor, focus on a multidisciplinary mindset (become a generalist).

"Most of us study something specific and don’t get exposure to the big ideas of other disciplines. We don’t develop the multidisciplinary mindset that we need to accurately see a problem."
"An engineer will often think in terms of systems by default.

A psychologist will think in terms of incentives.

A business person might think in terms of opportunity cost & risk-reward.

Through their disciplines, each of these people sees part of the situation."
Applying a "multidisciplinary mindset" forces inspiring portfolio managers to have knowledge in psychology & human behavior, ancient & modern history, fundamental securities analysis, accounting, macroeconomics, experience in negotiating, running a business, and so much more.
Read 10 tweets
7 Sep
Our portfolio allocation is somewhat planned, but to a great extent very much accidental, as it's based upon "value" offered in different assets, regions & capital stack positions at any given time in the cycle.

In other words, it is more of an art than science.
It can be added that many other market participants do not behave under such mandate, since they are far more authoritarian in their allocation approach.

Rather than searching for value currently on offer, they'll keep buying overpriced assets as it's within their comfort zone.
Flexibility & patience are our edges to mitigate risks & outperform.

As public equities become overpriced we're likely to sidestep into real estate. And when it becomes overpriced, we'll consider special niches like litigation funding, mezzanine debt, or distressed PE deals.
Read 5 tweets
5 Sep
US gov subsidies mortgage lending. At that point, rates drop meaningfully. Credit is extremely easy to get. It leads to constant boom & bust cycles.

In the AU, UK, Singapore, NZ & parts of the EU, private lenders fill the funding gap & demand appropriate levels of compensation.
Furthermore, the tax code dictates how capital allocators behave in the real estate market in general.

In the US, equity is the preferred way of playing because it has exemptions on CGT via 1031. Plus depreciation advantages, too.

No other country has that... many sophisticated players, who try to gauge the risks (and not just the rewards), switch between equity & debt allocations.

Equity has more upside but comes with more risk & higher taxes (unlikely in the US). Debt has less upside, more downside protection & lower taxes.
Read 4 tweets
5 Sep
One of our favorite strategies is a bridging or mezzanine loan as a 2nd registered lien, yielding over 15% pa (we did even up to 22%).

These are very attractive investments benefiting from experienced sponsors, great locations & collateral asset backing.

Few examples. 👇
Read 5 tweets
31 Aug
If we think in probabilities we conclude US stocks rarely crash or underperform for long periods. Most of the time, it's a good bet.

However, this might be one of those rare times just like 1929, 37, 68, 99 & 2007.

Is the probability in the bull's favor, by taking a bet here?
Clearly not. But the chart by @TaviCosta has some drawbacks.

1. made by an investor who is biased: favors gold over stocks for many years

2. situation looks risky but could get even worse, especially because it's in CB's interest

3. while I doubt it, could end up a non-event
How are we playing things at this stage?

Despite being extremely expensive by any historical metric, US stocks could continue to rally. I would never bet against them, that's a sucker's game.

Instead, we are focused on uncorrelated alternative assets & are also buying things...
Read 9 tweets
30 Aug
Many investors have decided markets cannot be beaten.

“Even Warren Buffett is often wrong” with his investments, they say.

But to quote George Soros, “it’s not whether you're right or wrong, but how much money you make when you're right and how much you lose when you're wrong.”
We study great investors like Soros, Buffett, Munger, Icahn, Tepper, Ackman, Druckenmiller, Burry, Lu…

not as gurus who will get everything right, but to analyse how they managed to execute large wins, when probability was in their favour, by making concentrated bets.
If you want an average return for 40 years with a nest egg in your 401k at retirement, index funds are good for you.

If you want extraordinary returns, you will only need a few “sure things” or home runs in your lifetime.

Everything else can be small losses or break evens.
Read 5 tweets

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