Just started Peter Thiel’s book about start-ups. Among the more interesting arguments in the book is about competition. Thiel argues that competition is a bad thing for businesses, because economic theory teaches us that, in competitive markets, profit is competed down to zero. Instead of entering into competitive markets, Thiel advises striking out into new
One of the iron-clad rules I learned while doing the Better Dwellings portfolio is about to be turned on its head by the city council. Here’s the rule: Never buy a building with a non-conforming unit. I learned that rule the hard way at 2117 Clinton St., where we got whacked on a SCEP inspection.
Yesterday, Curbed had an article about the proposed DTLA people-mover, which is apparently going to travel about the speed of a walking human. I’ve been a supporter of the project for a while, because I love Broadway and want it to continue to improve. But I’ve changed my mind, and here’s why: Two days ago,
Last night, I walked over to the Last Bookstore, bought an interesting old novel for $6, walked home and read it. What does this have to do with real estate? Everything. Regular readers know I’m constantly banging on about density. I can’t stand the way city planning works in LA and I’m up on my
Our business generally obeys a truism about investing: It’s relatively easy to generate market-beating returns with small amounts of money, but very difficult to do so with large amounts of money. Because we were capital-starved in the beginning, and needed to generate market-beating returns to attract more, we tuned the Adaptive model to generate market-beating