Long WeWork, Short Airbnb?

Long WeWork, Short Airbnb?

Real estate’s two greatest unicorns offer important lessons about the meaning of “tech”, the future of venture investment, and the lasting power of real assets — and real liabilities.  WeWork epitomizes everything people hate about startups. It “reinvented”...
Can ‘We’ Work? Perspectives on WeWork’s IPO

Can ‘We’ Work? Perspectives on WeWork’s IPO

WeWork combines an impressive trajectory with significant risk. Other public companies offer valuable insights about its business model, liabilities, governance, and valuation.  Welcome to the desert of the real. Jean Baudrillard coined the term in 1981 to describe a...
Is Technology Good or Bad for REITs?

Is Technology Good or Bad for REITs?

Real Estate Investment Trusts are popular with retail and institutional investors. In a tech-powered world, REITs face new competitors and instability, but also an opportunity to use their scale to become stronger than ever. My latest piece was published by EPRA, the...
Technology vs. Real Estate: Private Equity Fights Back

Technology vs. Real Estate: Private Equity Fights Back

Funds are investing in technology companies in order to remain competitive and create new synergies. In part 1 of this series, we examined how the traditional private equity fund model is undermined by technologies that democratize access to capital and information,...