Extraordinary Physical Assets Alluvial's Dave Waters on finding and investing in the irreplaceable

A company that owns centuries-old jasmine fields, luxury resorts on the French Riviera, and a tugboat manufacturer. My conversation with @alluvialcapital.bsky.social now live on L.E. 👇

Manifest The Inevitability of Trade, Trump & Tariffs

Like Anton Chigurh tells Carson Wells, "You should admit your situation. There would be more dignity in it."

Trade wars and tariffs as an inevitability on L.E. 👇
www.lewisenterprises.blog/p/manifest

"We speculate that the fintech boom will stamp an exclamation point on the culminating phase of this aging credit cycle. Some will lose their money, but all will participate in a living seminar on the nature of money and the distinction between money and credit." - GRANT'S

Fredrick Weyerhauser obit 1914 "He knew lumber and men."

Wild that every decent size asset manager pays a trader or "head of macro" a top quintile salary just to send a morning note out of copy-paste Bloomberg headlines and a chart from their prime broker.

Promise and Peril REIT Themes for 2025

As REITs enter 2025, historic valuation gaps and sector divergence create compelling opportunities despite continued volatility. Examining why this could be a pivotal year for real estate investors on L.E.👇
www.lewisenterprises.blog/p/reits-2025

This is an interesting theory I hadn't considered, but does the malinvestment actually take any money out of the system?

"The good times, too, of high price almost always engender much fraud...people are most credulous when they are most happy; and when much money has just been made, when some people are really making it, when most people think they are making it, there is a happy opportunity for ingenious mendacity."

31% of the time, the market never falls more than 5% below the ATH.

@colemanrhawkins.bsky.social

December 30th, really? just throw the damn towel already 2024.

Bluebeard - Kurt Vonnegut (1987)

The Most Important Thing Year-end thoughts on making money, volatility, inflation & Build-a-Bear Workshop

Must-read article not only for investing, but indeed for living.

Again, @lewisenterprises.bsky.social remains, to my mind, one of the most adroit and stylistically gifted commentators in our community, broadly construed, of people working in and “doing” finance.

open.substack.com/pub/lewisent...

I have crossed the Rubicon into Real America™️ dispatches to follow...

Already pursuing this strategy

Any tips for deluding yourself into believing your mustache looks good?

Wendell Berry vibes

Wasn't the entire thing basically like "here's an interesting idea but it's not really practical"

a great weekend and end-of-year reading by Hunter!

Prob my favorite one of the year, felt like he was talking directly to me

The Most Important Thing Year-end thoughts on making money, volatility, inflation & Build-a-Bear Workshop

I recently told a friend my theory that most investors aren't motivated by money, he said "Obviously, otherwise we'd go sell medical devices!"

www.lewisenterprises.blog/p/the-most-i...

December is all about having an 8:30 call to talk about working on a draft, of an outline, for a report.

I'm in the archives! Reading about Jeffry Picower

Love 2 consume media, this is so great

Industrial REIT multiples are getting pretty beat up. Most of these trading in the mid-5s cap rate range

This was immensely enjoyable.

seems like the big lesson to learn is that improving material conditions in an already-affluent society doesn't guarantee political stability like everyone expects in retail politics, sometimes quite the contrary even

Lmao

"we must adopt a Fukuyamist-straussian outlook informed by Kaleckian political economy to deal with post-materialist politics in the age of the attention economy" I mutter as the nurse ups my chlorpromazine dosage

> ERISA establishes fiduciary standard
> Fiduciary standard installs passive investing
> Asset management fees compress
> Dodd-Frank opens non-bank lending
> Asset mgrs become debt originators
> Savers equitize debt origination
> Demand for debt outpaces demand for equity
> Returns on debt decline