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Naval There is nothing more dangerous than a charismatic communist.

I guess we went with the latter 🙄

New post: REITs, tokenization & the future of real estate liquidity open.substack.com/pub/philbak/p/…

$SLG 97% by value, 88% by sqft in NYC office $NYC 100% in NYC office & retail

Capitalism makes Socialism takes

“Price discovery” is no longer the feature, but the bug. Get with the “private “volution Phil Bak . open.substack.com/pub/philbak/p/…

“REITs were the first bridge between physical real estate and financial securitization. Tokenization is the next. Both serve the same goal: unlocking real estate for investors and giving real estate operators the capital they need, on terms they can live with.”

Most interesting part of any pricing model is the epsilon. The residual. The remainder. The error term. The noise. The unexplained. The things we can't quantify. The things we don't fully understand. The mystery. The intangibles. That's the stuff that is worth exploring.

weekends are for memes

Benjy with the genius move

FULL PODCAST: Hunter Hopcroft dissects why passive indexing fails in real estate, builds a case for economic realism in “a world the Keynesians built” and shares reflections on writing and the role of AI in modern finance.

can someone show me on this chart where they passed the “inflation reduction act”?

Never met a happy Jew-hater

If the algo incentivized elevating the conversation, just imagine how elevated the conversation would become. Elon Musk

When building startups, the market rewards action. When investing, the market punishes action.

I regret to inform you that after several years on this app I have come to discover that you’ll find no enlightenment in these outrage algos. Read a book instead. Goodbye.

On being true to yourself: philbak.substack.com/p/something-th…