More office space is currently sitting empty in the United States than at any point since 1979, said Moody’s Analytics, which began tracking office leasing vacancies that year. The surplus of office space is mainly due to the massive shift in how employees show up for their jobs following the COVID-19 pandemic. For many workers,
The troubled commercial real estate market is bracing for a record amount of maturing loans, boosting the prospect of a surge in defaults as property owners are forced to refinance at higher rates. In 2023, $541 billion in debt backed by office buildings, hotels, apartments and other types of commercial real estate came due, the
Fewer US existing homes are selling today than at any point since 2010. The 3.78 million annual rate from December was even below the lowest level of sales during the 2020 covid shutdowns (4.01 million). The 4.09 million existing homes sold during 2023 was the lowest activity we’ve seen since 1995. Why are home sales
Neighbourly Pharmacy (NBLY) – Merger Arbitrage – 16% Upside This is an intriguing non-binding stage merger arbitrage opportunity in Canada. While the market is skeptical about transaction closing, I think there is a solid chance that the situation will successfully play out in the coming weeks or months. NBLY is a C$700m market cap Canadian
1) We are short Jin Medical International Ltd $ZJYL, a China Hustle-style charade. Jin sells wheelchairs and parts in China. In 2022, its revenues fell 8% to just $19M. $ZJYL trades at ~45x revenues. At reasonable “peer” levels of 1-6x sales, $ZJYL shares fall 90% or more. 2) $ZJYL went public in March 2023, underwritten
We saw Jason Wild of [Terrascend (TSND.CN)] gobbling up stock all of 2023. This [month] we note insiders bought at Tilray Brands (TLRY). Granted it’s not a pure play cannabis company anymore (they bought a craft beer basket from BUD in 2023, e.g. ShockTop, RedHook, etc), but the CFO’s spouse bought ~$37K worth, the CEO
Divergence (noun): the situation in which two things become different. Karl Pearson, a brilliant mathematician born in the 19th century coined the phrase, “correlation does not imply causation”. We as humans, have yet to teach our machines this. Most gold trading is done by algorithms today. The algorithms started selling gold bullion because they were
Quietly, the outlook for gold is improving. We say quietly because gold recently attained a new all-time high price of $2,077 per ounce and yet there has not been much fanfare. In part this is because the new all-time high did not hold, but nonetheless gold has reached a new all- time high in every