https://www.pieternelissen.com/work daily 1.0 2018-07-06 https://static1.squarespace.com/static/5a1b48c690bcceacbe6baca4/t/5a1f7d9d085229745ef6c010/1512013223906/andrew-butler-325931.jpg Work https://static1.squarespace.com/static/5a1b48c690bcceacbe6baca4/t/5a1f6f5b24a694adca72479b/1512009563650/ Work - In 1934’s Security Analysis, Benjamin Graham and David Dodd argued that out-of-favor stocks are sometimes underpriced in the marketplace, and that investors cognizant of this phenomenon could capture strong returns. Conversely, the duo theorized, prices for widely popular stocks often are buttressed by high expectations and could be vulnerable if these expectations prove too enthusiastic. The philosophy espoused by Graham and Dodd is now widely known as value investing, and the unpopular “value” stocks they advocated often are associated with companies experiencing hard times, operating in mature industries, or facing similarly adverse circumstances. Alternatively, typically fast-growing “glamour” companies frequently function in dynamic industries with a relatively high profile. This stark contrast in attributes leads to a natural question: which stocks have performed better, value or glamour? Read Full Article https://static1.squarespace.com/static/5a1b48c690bcceacbe6baca4/t/5a1e13d0f9619afa6ad46ed8/1511920611304/hugo-sousa-259183.jpg Work https://static1.squarespace.com/static/5a1b48c690bcceacbe6baca4/t/5a1f84abec212d3c97fd31d6/1512015030534/nathan-dumlao-432134.jpg Work https://static1.squarespace.com/static/5a1b48c690bcceacbe6baca4/t/5a1f6b03c830253d32d0c6e5/1512008451012/ Work - Real estate investors are still in search of the most appropriate benchmark. Regardless of the asset class, the ability to generate superior investment performance is the measurement that separates good investors from great investors. In most asset classes, performance is easily compared and contrasted against a commonly agreed upon investment universe or an appropriate index of investment opportunities. But in private real estate, investors face the dilemma of attempting to evaluate performance without the benefit of a commonly agreed upon benchmark, as globally-comprehensive real estate return comparisons still remain elusive. This article, which is based on a larger Partners Group research piece, examines the indices available to today’s global real estate investor and aims to give an overview of their origins, their comprehensiveness, and their strengths and weaknesses. However, it is our belief that despite greater real estate index availability today than ever before — with differing constituent sets, fund strategies, property type inclusion parameters and regional characteristics — absolute returns comparisons often provide investors with the most pragmatic solution to benchmark the performance of their real estate portfolios. The absolute return benchmarking approach evaluates the return of a property over a certain period of time relative to a fixed target number and is a methodology with the significant advantage of simplicity. Read Full Article https://static1.squarespace.com/static/5a1b48c690bcceacbe6baca4/t/5a1f6c098165f5ee9e4b25e7/1512008713722/ Work - Private Real Estate With market sensitivity and late cycle volatility likely to continue, we have sharpened our focus on making investments in robust property types and still see the greatest potential in real estate that can be adapted to accommodate shifts in demand. Market overview Low interest rates and limited development pipelines have continued to attract yield-seeking capital to the real estate asset class. Private real estate allocations have grown consistently over the past few years and are expected to continue to increase in 2016. This is at least partially attributable to the double digit total returns provided by global real estate in 2014 and 2015. Increasing allocations combined with record levels of dry powder are putting pressure on managers to source opportunities and deploy more capital over the next twelve months. The weight of this capital in the market suggests there is unlikely to be any significant pullback in asset values absent a global recession, the risk of which we currently deem to be relatively small. Read Full Article https://static1.squarespace.com/static/5a1b48c690bcceacbe6baca4/t/5a1f221c8165f518b0a31674/1511989795557/corey-agopian-306180.jpg Work https://static1.squarespace.com/static/5a1b48c690bcceacbe6baca4/t/5a1f8300e4966bb1ff20c2a5/1512014599156/luke-carliff-182852.jpg Work https://www.pieternelissen.com/resume daily 0.75 2020-07-15 https://static1.squarespace.com/static/5a1b48c690bcceacbe6baca4/t/5a1f449e085229745eecde78/1511998646295/joanna-kosinska-129039.jpg Resume https://www.pieternelissen.com/contact daily 0.75 2017-11-30