Landmark Links September 10th – Disappearing Act

Homer disapearing

Must Read: According to a new report on affordable housing from the UCLA Siman Center for Real Estate, naturally occurring affordable real estate, defined as class-B and class-C housing with below market rents, is disappearing as a result of value-add investment and a lack of new affordable housing development – thanks to restrictive zoning and soaring costs.

Economy

This is Not Sustainable: The number of babies born in the US last year fell to a 32-year low.  The reason?  It’s nearly impossible to afford having kids due to the wild inflation of child care expenses, which now costs almost twice as much per year as in-state tuition for a 4-year public college.  Having children would be un-affordable for more than 90% of the state’s population, using 7% of a family’s income as the maximum outlay.

The Other Side of the Story: Today’s low interest rates could have a lot to do with technology putting downward pressure on costs.

Not Good: America’s fastest growing job – healthcare aid – pays only about $24,000 annually.

Commercial

Drip, Drip, Drip: The latest from WeWork is that there seems to be no takers at the drastically-reduced valuation of $20 billion, which means that the number is going to have to drop further if (and this is becoming a bigger “if” by the day) the company still comes public. In addition, the co-working giant is now facing an even bigger problem – talent.  Top employees go to startups and often take less salary in exchange for getting equity and a big capital event at the IPO.  WeWork has now raised around $12 billion but isn’t worth that much – therefore no pop.  Look for top employees to head for the exits once this becomes more obvious. CEO Adam Neuman effectively looting the company for $700MM while the SoftBank-fueled valuation was sky high was a major red flag here.

Hoarding: Sam Zell and Equity Group Investments are sitting on a record amount of cash and aren’t seeing anything attractive to invest in at the moment.

Dry Powder: Self storage REITs are circling acquisition opportunities as a glut of new product has caused lease-up rates to slow.

Secular Growth Story: The rise of e-commerce and evolution of the supply chain have industrial real estate owners confident despite talk of an impeding economic downturn and the ongoing trade war.

Residential

Crickets: Home bidding wars have hit an 8-year low as buyers lose confidence in the market.  See Also: Weekly mortgage refinances are falling despite lower interest rates.

Hold Out: Middle men have taken a beating in the past couple of decades as technology allows sellers to go direct to the consumer.  One notable outlier is US realtors when home sellers still pay nearly double what is customary in other developed countries.  However, that could be about to change as several lawsuits are targeting anti-competitive behavior and commission fixing where agents force sellers to agree what they will pay a buyers broker upfront.

Soon to Emerge? The Treasury Department has unveiled a partial plan to bring Fannie Mae and Freddie Mac out of conservatorship but leave a government-backed lifeline in case of another crash.  However, the plan is relatively short on details and the executive branch will probably need to go it alone as Congress is unlikely to act – especially in an election year.

Profiles

Planting the Flag: A decade ago, US banks caused a crisis.  Today, they are dominating international finance like never before thanks to a pullback from European rivals.

Told Ya So: A new study published in the British Medical Journal found that vegan and vegetarian diets may increase the risk of a stroke.

Round Trip: Cord cutting and un-bunding has been all the rage in entertainment over the past few years.  However, enough platforms are creating original content now that re-bundling will be necessary.

Chart of the Day

Older home owners are increasingly opting for the mobility of renting over the stability of owning.

renters by age

Source: John Burns Real Estate Consulting

WTF

Golden Shower: An inmate awaiting sentencing for attempted murder doused a prosecutor with urine because Florida.

Collateral Damage: An activist who goes by the name “Mythical Mia” on social media ‘rescued’ 16 rabbits from a farm but caused the death of nearly 100 more in the process because Vegans.

I Thought That This Was America? A bank accidentally transferred $120k into a couple’s  bank account and the couple is now facing felony charges for spending it.

Landmark Links – A candid look at the economy, real estate, and other things sometimes related.

Visit us at Landmarkcapitaladvisors.com

Landmark Links September 10th – Disappearing Act

Landmark Links September 6th – Taking the Plunge

belly flop

Lead Story: Like many of you, I’ve been closely monitoring the impending catastrophe that is the WeWork IPO.  Over the past year, WeWork’s largest investor, SoftBank committed to invest $4 billion in the company and spend $1 billion to buy shares from employees and existing investors at an obscene value of $47 billion.  What is often misunderstood about this investment is that it was mostly just smoke and mirrors since it was made as preferred equity.

Now WeWork is about to kick off its road show and investors are pretty much universally balking at the nosebleed price tag that the company is aiming for in its public offering.  As a result, parent company We Co. is considering cutting its valuation ask by more than half – from $47 billion to $20 billion.  IMHO, that is a good start but not nearly enough.  This thing is probably worth $2-3 billion based on price to sales metrics and could maybe get to $10 billion under the most insanely bullish scenario.  Typically such a chilly reception would mean that the IPO would be put off to a later date but WeWork’s relentless burn rate likely means that it will have to go forward with the IPO unless SoftBank makes another massive investment.

See Also: Real estate billionaire Sam Zell on WeWork – “Every single company in this space has gone broke.”

Economy

False Signal? Long-term bonds have been on a tear in recent weeks with yields tumbling enough to heighten fears of a possible recession ahead.  However, a substantial portion of the move may have come from large purchases from pension funds and insurers that sell annuities and needed to buy treasuries in order to keep their portfolios balanced.  See Also: Negative interest rates are toxic to a financial system built upon the concept of positive interest rates.  And: The recent experience of Japan suggests that negative interest rates decrease, rather than increase immediate and medium-term expected inflation.

Leaving a Mark: Tariffs are beginning to put a noticeable dent in consumer sentiment as the measure fell to its lowest level since October 2016.

Winners and Losers: The decade-long economic expansion has enriched a substantial portion of the American population.  However, the bottom 50% of all US households still has 32% less wealth, adjusted for inflation, than in 2003.

Commercial

Not Seeing the Benefit: The Opportunity Zone program was supposed to direct capital into under-invested regions.  However, so far much of it has gone to higher-end projects in already-gentrifying areas.

Alternate Use: Some builders are swapping cement for hemp in an effort to reduce pollution.

Risk Transfer: The most charitable way to look at WeWork’s terrible balance sheet – they have the 3rd largest lease commitments of any company in the world – is that it takes  lease liabilities onto its balance sheet so that corporations can avoid having them on theirs.

Residential

Sign of the Times: An investment banker and his wife are buying a new $15MM mansion in Silicon Valley’s ritzy Hillsbourough and planning to tear it down and build an even larger one.

Demand Driver: Student housing is worth more at football schools in so-called Power Five conferences according to a new report from CBRE.

Further Afield: Large multi-family investors searching for yield are starting to take a closer look at affordable housing and smaller markets.

Profiles

In the Palm of Your Hand: Online gamblers now account for about 80% of all legal wagers on games in New Jersey, which surpassed Nevada for the first time in May in monthly sports bets, according to figures released by the two states.

Gig Economy: Restaurants that are facing a labor shortage are turning to on-demand services for line cooks, dishwashers and other trained workers.

In Another League: The NFL season is about to begin and Forbes published their annual valuations for every team in the league.  The actual values are relatively meaningless since it’s impossible to predict the exact circumstances of a bidding war when a team comes up for sale – and they almost always undershoot on this.  The more fascinating numbers were on the operating income side.  The Cowboys were the at the top of the league in this category at $420MM (they unsurprisingly were the most valuable team as well at $5.5 billion).  However, the next highest team was the Patriots at $240MM and no one else came in above $176MM.  This is even more incredible when you consider that the Cowboys haven’t made it past the divisional round of the playoffs since the early part of the Clinton administration.

Chart of the Day

Who says that we are losing buying power? An hour of work buys more alcohol today than it has at any time in history.

Image

Source: @cullenroche

WTF

Giddy Up: An American Airlines passenger took a miniature horse on a flight as a comfort animal.  Say what you will about this but I’m actually pretty impressed that Sarah Jessica Parker still flies coach.

Waterproof: A woman in the path of Hurricane Dorian plastic wrapped her home rather than evacuate because Florida.

Problem Solved: A trailer park resident claims that the Navy could stop hurricanes by dumping a large amount of ice in the ocean because Florida. This could actually work so long as the naval ships dropping the ice don’t get too close to the edge of the earth and fall off. (h/t Mike Byer)

Landmark Links – A candid look at the economy, real estate, and other things sometimes related.

Visit us at Landmarkcapitaladvisors.com

Landmark Links September 6th – Taking the Plunge

Landmark Links September 3rd – All Inclusive

Garbage Truck

Must Read: Companies are securitizing everything not tied down as investors’ ravenous  search for yield continues to ramp up and so-called “Whole Business Bonds” catch on:

Franchised companies like burger restaurant Jack in the Box Inc. and massage provider Massage Envy are increasingly selling unusual bonds backed by most of their business. By pledging key assets like royalties, fees, and intellectual property to bondholders, companies can win investment-grade credit ratings on their debt and slash their financing costs, making their bonds higher quality even if their overall companies are still relatively risky.

Economy

Out Front: 2019 is shaping up to be the first year that women make up the majority of the college-educated labor force.

Not as it Seems: Despite a lot of talk to the contrary, interest rates are actually on the high side from a historical standard once inflation and taxes are taken into consideration.  See Also: Can the US resist the pull of negative interest rates around the world?

Trickle Down? The rich have cut their spending on everything from homes to jewelry, sparking fears of a trickle-down recession that starts at the top. (h/t Steve Sims)

Overburdened: Oil and gas bankruptcies are growing as investors lose their appetite for shale and smaller drillers, which account for sizable part of U.S. oil production, are struggling to pay off hefty debt burdens.

Commercial

Where the Rubber Meets the Road: Opportunity zones launched with high expectations about investment in under-served communities.  However, a lack of clarity caused the program to stall out early on.  The rest of 2019 will be critical to the program’s success or failure.

Pullback: For the first time in seven years, overseas investors in office buildings and retail space became net sellers of properties, according to a new report from Real Capital Analytics, which tracks the sector.

Residential

Snap Back? Goldman Sachs is projecting somewhat of a housing rebound for the second half of 2019.

Market Shift: Regulators are moving to allow a majority of U.S. home purchases to be conducted without licensed appraisers as algorithms take over.

Profiles

Black Market: Traditional drug dealers are still formidable competitors in U.S. states where cannabis is legal. Local regulations and huge markups from high taxes are leading to less revenue than initially projected.

Low Barrier to Entry: LaCroix won the bubble water battle but larger competitors are stepping up their marketing in the sparkling water space and present a serious challenge.

Playing the Long Game: LeBron James’s choice of Nike over Reebok – even though the latter offered $28MM more initially – could result in him making $1 billion.

Chart of the Day.

Self Fulfilling?

Source: Goldman Sachs, @Amdalleq

WTF

Royal Flush: A man was arrested for brandishing a machete and threatening to “chop” another man after he didn’t flush the toilet because Florida.

Holster It: Residents are being warned not to shoot guns at hurricane Dorian because Florida.

Hey Ladies: An obese Iowa man was arrested for following a woman around a Walmart on a scooter with his genitals exposed.

Landmark Links – A candid look at the economy, real estate, and other things sometimes related.

Visit us at Landmarkcapitaladvisors.com

Landmark Links September 3rd – All Inclusive

Landmark Links August 30th – Expecting the Unexpected

pooh

Must Read: The 2008 recession yielded housing bargains in subsequent years.  However, that recession was somewhat of an historical anomaly where the housing market going into free-fall caused the recession – not the other way around.  Statistically, that’s highly unlikely to happen this time around.  In addition, the dearth of supply or new housing production in the market suggests that those waiting for a another significant price correction in the housing market may be in for an unpleasant surprise and the next recession could end up mirroring those in the early 1980s or early 2000s where housing prices actually rise.

Economy

No Good Options: Plunging yields have put already-underwater pension funds in the unenviable position of having to buy negative-yielding bonds in order to keep their portfolios balanced.  And you thought that funding deficits were bad before.

Storm Clouds: Falling RV sales (typically a reliable leading indicator) are pointing towards a high probability of recession for 2020.

Foot in the Door: Treasury secretary Steven Mnuchin has indicated that the US is open to issuing ultra-long bonds as some other countries have done in order to take advantage of extremely low interest rates.  But See: The US is spending more on debt in GDP terms even as other advanced countries spend less.

Commercial

Mislabeled: WeWork doesn’t pass any of the basic tests of what qualifies an entity to reasonably be considered a technology company (h/t Stone James). See Also: One of WeWork’s early investors (other than CEO Adam Neuman) runs a fund that leases buildings to the workspace giant, raising conflict-of-interest concerns.

Squeezed: As minimum wages rise, owners and occupiers of hotel, warehouse and retail properties are being forced to rethink their business models.

Not Getting Better: NYC’s Department of City Planning’s recent Storefront Vacancy Report suggests that the city is in a retail leasing crisis.

Residential

Hot Potato: Flippers are selling homes to each other now in Long Island’s red-hot house flipping market where wholesalers are taking over.

Elephant in the Room: The Trump Administration has stated that they want to bring Fannie Mae and Freddie Mac out of federal conservatorship and are scheduled to release a plan after Labor Day.  However, there are still a lot of questions about how viable this will be for either the mortgage bond market or Congress.

Wow: Rising spreads in the agency debt market that are offsetting the fall in bond yields have some multi-family borrowers looking to an unlikely source of debt financing – CMBS.  My initial read on this is that the small savings in cost can’t be worth the headache of CMBS but apparently it is for some.  See Also: Despite talk of a market peak, rising rents and stable-to-falling financing costs have allowed multi-family to remain attractive.

Profiles

Different Playing Field: Amazon’s tiny profits are a feature, not a bug as the company continues to invest in ways that build itself a bigger moat against competitors.  But See: Amazon has ceded control of its site to independent merchants and the result is thousands of banned, unsafe or mislabeled products.

Alternative Revenue Sources: A new study finds that police in communities facing economic decline have been shifting arrests towards crimes and misdemeanors with greater potential for revenue rather than greater social harm.

Smoke and Mirrors: Yes, the Amazon rain forest is burning. However, nearly everything that you are hearing about it from the 20 year old pictures (from locations not even in the Amazon), to deforestation claims to wildly inaccurate statements about net oxygen generation, are incorrect.

Charts of the Day

US home owners now have $6.3 trillion of equity that they can tap.

Source: Black Knight

Refinance activity is surging thanks in part to falling interest rates.

Source: The Daily Shot

WTF

What a Way to Go Part I: An Indian man survived a lightening strike, only to suffocate to death when villagers insisted on treating his injuries by covering him in cow poop as a superstitious treatment for the burns.

What a Way to Go Part II: Sex robots with ‘coding errors’ could be prone to violence and could strangle humans.  The downside is that this is going to be the next frontier for hackers looking to kill someone.  The good news is that the obituaries are going to be epic.

Selling Yourself: A Nashville realtor is in hot water after posting a picture of himself in a sex act with a woman on a listing.

Landmark Links – A candid look at the economy, real estate, and other things sometimes related.

Visit us at Landmarkcapitaladvisors.com

Landmark Links August 30th – Expecting the Unexpected

Landmark Links August 27th – Danger Lurks Below

170803-paddleboarders-surrounded-sharks-01

Must Read: Bond yields have been falling for quite a while and the Fed is cutting short term rates.  Conventional wisdom is that this is good for borrowers using floating debt.  However, some floating rate borrowers will be surprised to learn that their loans are little more than a riskier version of fixed rate financing due to high interest rate floors.  Lenders have been aggressively pushing rate floors, often close to the index rate on the date of loan closing.  This means that the borrower effectively takes on all of the risk of higher interest rates when yields increase but gets none of the benefits when yields decrease.  (h/t Steve Sims and thanks to our friends at Derivative Logic!)

Economy

A Step Too Far? Germany issued a 30-year bond with a negative yield last week and pretty much no one was interested in buying it.

Storm Clouds: McKinsey is seeing ominous signs of another Asian debt crisis. After examining the balance sheets of more than 23,000 companies across eleven Asia-Pacific countries they found that firms in most of Asia face “significant stress” in servicing debt obligations with corporations using a predominant share of their earnings to repay debt.

Can’t Quit You: The US/China trade war should be great for Vietnam – and indeed, the country has seen a large increase in interest from global companies.  However, a relatively small population and sub-par infrastructure mean that it will take years for it – or any other southeast Asian country for that matter – to replace China as the world’s factory floor.

Commercial

In This Together: Opportunity zones were created to spur development in distressed neighborhoods, but developers in some areas are struggling to find tenants for their new properties. Their savior may be another rising trend in commercial real estate: co-working.

Disappearing Act: Snapchat played a major role in transforming Venice Beach from a gritty Los Angeles hippy enclave to gentrifying Silicon Beach, earning the wrath of locals in the process.  Now Snap has moved to Santa Monica, giving their opponents what they asked for and leaving vacant buildings in their wake. The question now is what comes next.

On the Hunt: Developers and investors are growing weary of the longest expansion in American history and are beginning to prepare for the opportunities that will present themselves in the next downturn.

Residential

Flipped: The inverted yield curve is doing something unusual to mortgages –  sending ARM rates above traditional 30-year fixed in some cases.

Momentum: The average apartment occupancy rate in the U.S. rose to 96.2 percent in July, up 40 basis points from the year before, according to RealPage. That’s the highest the occupancy rate has been since 2000.

Profiles

Added Color: Employers are seeing a surge in Generation Z CVs containing photos and illustrations – and in some cases even bitmoji’s.

Long Decline: The number of foreign students in the United States has been falling and it has as much to do with declining birth rates abroad as it does with current politics.

The Gamble: How Elon Musk fooled investors, bilked taxpayers and gambled Tesla in order to save SolarCity.

Chart of the Day

China’s demographics are the stuff of economic nightmares.

Source: Yardeni Research

WTF

Hold My Beer: A 62 year old woman arrested for drunk driving asked cops if they wanted to place a bet on what she registered on a breathalyzer test because Florida.

Strange Hobby: An elderly man with a bizarre castration obsession was busted by cops for allegedly performing a botched, at-home surgery on another man whom he met through a site on the dark web for those with eunuch fetishes because Florida.

Hot Wheels: A drunk man stole an electric courtesy cart from Walmart and drove nearly a mile until the battery died and he was apprehended by the police because Florida.

Landmark Links – A candid look at the economy, real estate, and other things sometimes related.

Visit us at Landmarkcapitaladvisors.com

Landmark Links August 27th – Danger Lurks Below

Landmark Links August 23rd – More Fuel?

Gasoline_On_Fire_24082018144132-7kbFdqgHq

Must Read: Counter to conventional wisdom, the yield curve inversion could actually be good for the commercial real estate market this time around as the return spread between property and bonds widens.

Economy

Pick and Choose: It’s not difficult to find indicators that are currently signalling a recessionBut See: A decade of trying to recover from the Great Recession has distorted most of the indicators that we used to assess economic growth and job creation beyond recognition.

Twist of Fate: This is quite an opening sentence from Bloomberg’s John Ainger about sovereign bond yields in Spain and Portugal:

Less than a decade ago, investors could barely be compensated enough to hold the bonds of Spain and Portugal for fear the nations could be severed from the European Union. Now, they are a hair’s breadth away from having to pay for the privilege.

See Also: A ‘wall of new money’ is fleeing negative rates for American credit with a positive return.

Opportunity Knocks: With bonds near record lows again, it would sure make sense to extend the duration of the national debt as well as borrow to repair our crumbling infrastructureBut See: Despite super-low yield, countries are not rushing to issue century bonds.

Commercial

In the Clouds: The rise of co-location service providers, which lease space in data centers to cloud services has led to a booming market in the space.

Downward Pressure: Life companies are feeling the pressure to tighten their spreads thanks to competition from other lenders but have held firm so far this year, often adding flexibility on prepay penalties instead.

Gordian Knot: Zombie malls are typically difficult to re-develop due to restrictive covenants.  Eminent domain could be the answer.

Residential

Race Past the Bottom: Jyske Bank A/S, Denmark’s third-largest lender is now offering a mortgage with a rate of NEGATIVE 0.5% before fees.  You read that correctly, they are now paying you to buy a house.  Don’t get too excited though since the banks that offer this since widespread adoption will almost definitely be offset by negative retail deposit rates.

Inefficient: It now costs $700k PER UNIT to build low-income transitional housing in Los Angeles.  By way of comparison, the median sale price for a home in LA county is “only” $618k.  I’m going to go out on a limb and assume that this is not a sustainable way to provide housing for homeless people.

Bargain Basement: A massive 157 acre undeveloped parcel atop Beverly Hills known as “The Mountain” was listed for $1 billion a few years ago.  It didn’t sell and its lender just purchased it with a credit bid of just $100,000 – far less than the $200MM said to be outstanding on the property.

Don’t Call it a Comeback: The strict lending requirements that were put in place after financial crisis are starting to erode as the mortgage market starts to open up to riskier borrowers once again.

Profiles

Rise of the Clones: There are now 175 online mattress companies. However, most of them are selling the exact same mattresses and are only differentiated by marketing and branding.

Filtered: In huge news for the cannabis industry, online advertising giant Weedmaps said earlier this week that it will stop advertising unlicensed retailers.  See Also: Cannabis restaurants are coming to California, with ‘budtenders’ and ‘flower’ service.

Invaders: Once discarded as pets that got too large, there are tens of thousands of  non-native pythons in the Florida wild, attacking animals and damaging ecosystems – and the quest to stop them has become a collective crusade

Chart of the Day

Source: Washington Post

WTF

Just Happy to See Someone?  A man was arrested for tying to steal two packs of ribeye steaks by sticking them down his pants because Florida.

Thirsty: A woman broke into a closed bar and drank until employees showed up the next morning because Kentucky.

We Are Doomed: Alligators have apparently learned to climb fences and we are all going to die because Florida.

Party Time: Five elderly men and an 85 year old woman were arrested for having an orgy in a Connecticut conservation area. (h/t Charlie Welsh)

Landmark Links – A candid look at the economy, real estate, and other things sometimes related.

Visit us at Landmarkcapitaladvisors.com

Landmark Links August 23rd – More Fuel?

Landmark Links August 20th – Preparing for Battle

soldier_squirrel

Must Read: Next Year’s election season in California is setting up to be an epic  battle thanks to a proposition that would strip commercial buildings of their Prop 13 protection (while maintaining it for residential properties).  As you can imagine, commercial landlords are not about to take this lying down.  I’m working on a much longer blog post to analyze the proposition that I’ll be posting soon.

Economy

Reading the Tea Leaves: Excellent commentary on inverted yield curves and recessions from Dr. Ed Yardeni of Yardeni Research:

(I)nverted yield curves do not cause recessions. In the past, they’ve predicted credit crunches caused by Fed tightening. So investors on the lookout for a recession should instead pay attention to credit availability. Recession-watchers should keep an eye on bank credit metrics—specifically, net interest margin, charge-offs and dividends, and business loans. Right now, those metrics aren’t signaling a credit crunch.

See Also: The yield curve inverting is a bigger deal when it occurs during a rate-hiking cycle.

The Real Story: Forget about the yield curve inversion.  The fact that investors are willing to take a ton of duration risk to push the 30-year Treasury below 2% is a bigger negative indicator for economic growth.

Headwinds: Issues with the global economy go a lot deeper than tariffs and trade wars – shrinking populations in developed economies mean that global growth rates are highly likely to fall and economists need to redefine the benchmarks success.

Commercial

No End In Sight: Rents in the San Gabriel Valley industrial market are up 17% year-over-year after a run of epic growth that goes back to 2012.

Stuck in the Mud: Four legislative bills that pushed for the elimination of capital gains tax and full conformity for opportunity zones have stalled because California elected officials don’t fully understand the program.  Truly stunning (I really wish that there was a sarcasm font).

Residential

Healthy Recovery: US mortgage debt has hit a record, eclipsing the 2008 peak. However, the homeowner equity situation is A LOT healthier than it was a decade ago and home withdraws remain muted.

One Stop Shop: Flyhomes, which seeks to disrupt the housing industry by allowing buyers to make offers through its website while offering mortgage, title, escrow and home improvement services just raised a whopping $141MM  led by some of the biggest names in Silicon Valley and on Wall Street.

A Move in the Right Direction: In a move to roll back crisis-era rules, the FHA is going to start backing more low-down-payment loans to first-time condo buyers by approving individual units in buildings that aren’t certified

Profiles

Second Hand: The market for high-end vintage clothing is booming as garage sales and thrift shops shed their ‘bigger-idiot-theory’ past.

Garbage In, Garbage Out: Discounted Cash Flow models or DCF’s are only as good as the information used to build them – and that information is often not very good.

The Claw is the Law: How hard seltzer went from a novelty item to taking over the US as a summer alcoholic beverage of choice.  I still can’t figure out how its any different from Zima, TBH.

Chart of the Day – WeWork S-1 Edition

WeWork’s org chart appears to be written in hieroglyphics…either that or they borred it from Enron.

file1-1

This one is from Byrne Hobart’s long-form Medium post about the S-1.  If you want an even-handed analysis, its the best out there.

file-14

And finally, this gem from Rani Mola and Shirin Ghaffary at ReCode showing We Work versus its closest competitor, IWG which is profitable and has nearly 2x the gross revenue of WeWork, yet has a fraction of the valuation.  Thank SoftBank!

file2-1

WTF

Fall is in the Air: There is now (for a limited time only – and only available in Walmart) such a thing as Pumpkin Spice Spam.  No, seriously.  Still better than pineapple pizza though.

How I Want to Go: A California man has died after participating in a taco-eating contest at a minor league baseball game.  No word as to whether or not he won.  RIP.

Combustible Relationship: A New Jersey woman torched a man’s home after she came over for a 4am booty call that fizzled when he fell asleep before she arrived.  Great to see my home state representing in the WTF section this week!

Landmark Links – A candid look at the economy, real estate, and other things sometimes related.

Visit us at Landmarkcapitaladvisors.com

Landmark Links August 20th – Preparing for Battle