Walled Gardens Vs Open Source

Not too many people remember this but there were actually two visions for the Internet in the early days.

One was to have large tech firms build closed ecosystems that would allow users to access content, media, & other on-demand online services.
The other was a more decentralized vision that would be dominated by open-source protocols such as HTTP, TCP/IP, and SMTP.

Anyone could build on top of these protocols – be it websites, apps etc.

We all know which vision won. It was Open Source (Web 1.0)
Somewhere along the way, as we transitioned to Web 2.0, the ethos around decentralization was lost and power accumulated to closed networks such as Google, Facebook and the likes.

The result: a group of random product managers in Silicon Valley exercising too much control 👇 👇
This is why we need Web 3.0 -->

A decentralized future that combines the best aspects of Web 1.0 & Web 2.0.

A web that is better for all participants & users. Not just the platform owners.

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More from @manoj033

11 Oct
The beauty about real estate as an asset class is in it’s idiosyncrasies.

The key is "Portfolio Construction" with optimum risk-return characteristics.

A thread 🧵 on portfolio allocation & sizing within an institutional real estate portfolio 👇 👇 👇
Different real estate sectors come with different risk-return tradeoffs.

So to begin with, we need a framework to evaluate the quality of each sector.

I use 4 variables:

1) Operating Margins
2) Average length of stay
3) GDP Correlation
4) Technology disruption

Let's dig in.
1) Operating Margins

One of the easiest way to assess operating risk within a property type is through the 'operating margin' metric.

The higher the operating margins, the lower the operating risk, which is sometimes reflected in a lower cap rate for that asset class.
Read 15 tweets
15 Sep
The Single Family Rental (“SFR”) Gold Rush: An Institutional Thesis

Since the pandemic began, over $15B of equity has been raised by different institutions to invest into the SFR space.

A mega thread on why we might be entering a golden age of Institutional SFR Investing 👇👇
1) The Great Decoupling

A key reason why institutions like Blackrock are able to bid up home prices and buy 1000's of homes is that 'cap rate valuation' has decoupled from 'retail valuation'.
In other words, a large stabilized portfolio of cash flowing SFR is being valued much higher than the retail value of those individual homes (i.e. value if they were vacant & sold one-by-one to the owner occupant).
Read 24 tweets

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