Special Report

Highlights Several malls are likely to fail in 2020 and 2021, but the overall economy will emerge unscathed … : Although lenders will recover a good bit less than par and equity holders will be wiped out, the losses will not…

Special Report

Dear Client, I am on vacation this week. Instead of our regular report, we are sending you a Special Report from my colleague Jonathan LaBerge. Jonathan explores the risks posed to commercial real estate and the banking system from work…

Special Report

Highlights COVID-19 shutdowns have intensified the pressure on the original “everything stores,” … : A combination of factors has been weighing on department stores since at least the early 2000s. Pandemic store…

Highlights Portfolio Strategy The Fed’s extremely easy monetary backdrop along with easy fiscal policy remain the dominant macro themes, and they will continue to underpin the equity market. We remain constructive on the equity…

  We continue to recommend investors avoid the S&P real estate sector. For investors seeking defensive protection we would recommend hiding in the S&P health care sector instead, as we highlighted in our mid-March report…

Special Report

Highlights Commercial rents have fallen in real terms, revealing that the commercial property price rally has been fueled exclusively by low rates. Limited upside for rents and an upward direction for future rates are two significant…

  Underweight Similar to utilities, REITs have come to the forefront lately as they have populated the top return sector ranks. Importantly, today several key factors signal that investors should shed public market real estate…

Dear Client, Instead of our regular weekly report next Monday, this Friday November 22, you will receive our flagship publication “The Bank Credit Analyst” with our annual investment outlook. Our regular publication service…