Editor’s Note: On Tuesdays we turn the spotlight outside of Porter & Co. to bring you exclusive access to the research, the thinking, and the investment ideas of the analysts Porter follows personally.
Last week, we introduced you to one of Porter’s oldest friends, someone he has known for almost 20 years, traveled the world with, done deals with, and worked alongside closely.
(If you missed Porter’s introduction to Ronan McMahon, you can read it here.)
Recently, Porter and Ronan sat down to discuss the global real estate market, capital flows, what the rising tide of liquidity means for hard assets, and how you can benefit from it with Ronan’s top five places to invest in 2025.
Their conversation is here if you missed it.
And in today’s Spotlight, Ronan is stepping in to explain why he’s not worried about increasing global uncertainty and is actually preparing to profit from it.
This is the same advice Ronan is sharing with his private clients, republished exclusively for Porter & Co. Enjoy.
The Calm Investor’s Edge:
Why I Don’t Worry When Uncertainty Hits the Markets
By Ronan McMahon
Right now, many folks are sitting on their hands.
They’re nervous. Unsure of what’s coming next. The headlines are a drumbeat of economic gloom—rising inflation, potential recession, war, trade tensions…it’s enough to make anyone feel like pulling the covers over their head and waiting for the world to sort itself out.
But the truth is, no one knows what’s going to happen.
No economist. No news anchor. No talking head. And certainly not your brother-in-law who dabbles in crypto and sends you articles about the end of the financial world.
The pretty beach town of La Paloma, Uruguay—one of the safest and most stable countries in the world. Nearby is where I’m working on an incredible deal on beachfront homes. (Ensure you never miss a RETA deal.)
Perhaps every generation thinks its moment is the most volatile in history—but uncertainty isn’t a glitch in the system; it is the system. War, inflation, recessions, pandemics, political upheaval—they’ve all happened before. And they’ll happen again.
These things have been a regular backdrop to the world during the 17 years since I founded RETA. And our best buying moments have usually been when others were paralysed by uncertainty…because that’s the moment our group buying power has maximum value…
Let’s remind ourselves that right now:
- The stock market is near historic highs.
- Real estate is pretty much at historic highs.
- The dollar is near historic highs.
And right now too, mobile people are flocking to the internationalised places where we are deeply connected and have done so well. Uncertain times supercharge the push and pull factors that fuel the growth of places like Lagos, Portugal, where we’ve just had an incredible deal…like Cap Cana in the Dominican Republic…like Mexico’s Riviera Maya, Cabo, Spain’s Costa del Sol and so on…
These beautiful, well-connected places suck in mobile people from right across the globe even more so in times like these.
The world moves in cycles. Crisis follows boom. Boom follows bust. But through it all, certain strategies—like owning real assets—endure.
Real estate has outlasted empires, stock market crashes, currency collapses, and confidence crises. Why? Because people will always need places to live, work, and gather.
Buildings don’t vanish with a tweet.
Stocks can fall 90% overnight. Currencies can be inflated away. But a well-chosen piece of real estate still grows food, houses people, or creates income.
And if you wait for certainty, you’ll wait forever.
I’m not saying take big risks. Far from it…
Yucalpeten was a RETA-only deal on the coast close to the colonial city of Merida in Mexico. I launched this deal during Covid, a hugely uncertain period, but we buy into big long-term trends. Today RETA members are sitting on uplifts of $246,600.
I’m not a speculative guy. I’m more often accused of being too risk averse and conservative in my investments.
I only like deals that—even if things don’t work out—I’ll still do OK.
And the best way I know how to find those deals is buying real estate ahead of big transformations in RETA deals. Off-market.
Get the right real estate deal positioned ahead of growing demand and with supply constraints on top of that, it’s a formula for values to soar…
I’ve been doing this for 17 years with RETA and a few more before that.
My whole life and portfolio is real estate. I own virtually no stocks, I own no gold, nor crypto. I have no collectible coins, no cellars of fine wines nor classic cars.
Instead, I own properties around the world. I travel. I scout for opportunities to invest in real estate globally. And— almost all the time—I make a profit.
And—crucially—I sleep well at night.
I don’t wake up at 4 a.m. to check the headlines. And that peace of mind—the ability to sleep well while others worry—isn’t just a feeling. It’s backed by history…both the history of RETA and the history of real estate investing itself…
The stunning rooftop of Singular Dream in Playa del Carmen. RETA members bought from $265,304 for two-bed condos with rooftop pools and concierge services. Today, condos are listing for as much as $574,322—a $309,000 uplift.
What I’ve learned from history is why, in times like these, I re-double my efforts with what I know works. I don’t need perfect timing. I need good fundamentals, long-term trends, and a little patience.
That’s the real investor’s edge.
So while the noise gets louder and most people freeze, I keep moving—quietly, strategically, and with conviction. Because history doesn’t reward the panicked. It rewards the prepared.
And right now, there are more smart, global real estate opportunities than most people realize—if you know where to look.
Take Lagos, Portugal where land is so scarce and demand so ferocious I thought we’d never see another RETA-grade deal. And yet we’ve just had a stunning opportunity. RETA members have locked down condos that I believe will see gains of €311,500 five years after delivery and gross rental income of over 11%—that’s €56,000 a year.
Or take our Crystal Garden deal in Cap Cana. I bought alongside members and am more excited than ever. Cap Cana is the kind of vast micro‐state of luxury that will do well in good times and bad and always come out stronger. I recently heard from the developer that retail prices for similar condos RETA members could buy for $382,400 are now $470,000—That’s an uplift of $87,600.
We know where to look! Here’s a taste of deals I’m working on right now…
- Beachfront Uruguay: I’m working on a potential deal to lock in true beachfront homes on Uruguay’s breathtaking Atlantic coast. This tiny country may fly under the radar, but it’s a standout—South America’s wealthiest nation per capita (IMF) and its most democratic (The Economist).
Safe, stable, and strikingly beautiful, Uruguay is a haven of golden and cream-colored beaches, luxury resorts, and laid-back bohemian towns. I like to call it “the Portugal of South America.” In one of these charming beach towns, a trusted developer contact is planning to build stunning stilted homes—set right over the sand. This particular beach is so peaceful and untouched that the country’s former president owns a home here. If this deal comes together, he’ll be one of our closest neighbors.
I’ve walked this site myself. So has my scout, Ciaran Madden, who visited in December. We were both blown away. If everything stacks up, this could be something. - Panama’s Pacific: Along Panama’s Pacific Riviera a stunning master-planned community has emerged on miles of beachfront. RETA members are already sitting on six-figure uplifts here and enjoying an incredible lifestyle too. This is by far the nicest stretch of beach this close to booming Panama City. Another RETA-only deal looks close…
- Europe’s New Riviera: It’s almost impossible to find a true RETA-grade opportunity on Europe’s New Riviera. Majestic mountains tumble into three shimmering bays, rimmed by storied Venetian towns—and developable land here is vanishingly scarce. But we’re plugged into a developer who got in early, secured a prime site, and is now preparing a deal exclusively for us. If it meets RETA’s high standards, you’ll be the first to know.
Montenegro’s Bay of Kotor is Europe’s New Riviera. I’m working on another deal for RETA here.
- Colonial Mexico: I’m deep into something truly exciting in San Miguel de Allende—Mexico’s highland gem known for its colonial charm, thriving arts scene, and year-round spring-like climate. We’re looking at a potential deal in a unique community just a short stroll from the historic center. If it comes together, the get-in price will be around $280,000—remarkable value for a lifestyle this rich.
San Miguel is a stunning colonial town with perfect weather. And later this year we may have an exclusive off-market deal in a community walking distance to the center at a RETA-only price around $280,000.
- Costa Rica: As you know I recently spent time scouting along Costa Rica’s Gold Coast, around the town of Tamarindo. We’ve already had an incredible deal farther up the coast, in March last year members could lock down a home in Playa Flamingo from just $286,000. On my recent visit I was told these are now $80,000 more. Not bad for six months! Anyhow…I was back looking for more deals, and I think I may have one coming. Stay tuned.
- Puerto Vallarta: I’m circling a potential deal in Puerto Vallarta, just minutes from the vibrant marina. This is one of Mexico’s most sought-after coastal cities—where cobbled streets meet upscale dining, luxury yachts, and golden Pacific beaches. If this comes together, we could be looking at exceptional value in a prime location with strong rental potential. More soon…
I mentioned that I look to history to keep calm and centered amid the tumult of turbulent times. Both the history of real estate investing and RETA.
Well, in 2017, when a team of expert economists from the Federal Reserve Bank of San Francisco studied the return of four major investments from 1870 to 2015 (that’s 150 years of data crunching), they discovered that real estate came out on top. They looked at treasury bills, bonds, equities, and real estate.
Residential real estate, not equities, has been the best long-run investment over the course of modern history. And although returns on housing and equities over the long term are similar, the volatility of housing returns is substantially lower.
Essentially, this means that with real estate you can have the benefits of stock market appreciation, while protecting yourself from the same levels of volatility. And that’s something especially important in any retirement portfolio.
While the stock market generally does recover from crashes, it takes time. Time you might not be able to afford if you’re planning to start drawing from your savings soon. For this reason, the rule of thumb is that you should be diversifying away from stocks and other volatile assets as you get closer to retirement.
And RETA deals aren’t just all old real estate…
You lock in the benefit of your typical average real estate that these numbers are based on…plus you put yourself in the right market at the right stage, plus the best in class developer…plus our group buying power…
Add it all up to super charge…
I truly learned the value of a global perspective in real estate investing during the global financial crisis.
Back in 2008, the world panicked. Markets crashed. Fear ruled.
I went another direction—to the beaches of Brazil.
And while everyone else froze with uncertainty, I was buying condos in north east Brazil that were doubling in value during construction.
There was no financial crisis in northeast Brazil. The area was booming as it emerged as a strategic logistics, tourism, and manufacturing center with a strong agricultural hinterland.
In total, during that time in Brazil I bought six condos pre‐construction, two lots, a car park, and a multi‐unit residential building.
This was a classic explosion of new middle‐ and upper‐class story thanks to a global boom in what this region is rich in…logistics and trade, tourism, and agri and energy commodities.
I looked on while news footage in my hotel showed downcast bank employees carrying their stuff out of abandoned offices in the States.
Then, in Brazil, I went back to making money.
The lesson was clear to me…
When you take a global view with your investing there are always exits. Always windows of opportunity. (I’d argue this is true of your personal life as well.)
When the U.S. and Europe were crashing and burning, Brazil’s real estate market was actually booming.
Take a look at this chart:
My success in Brazil is the reason I’m writing to you today. Because it’s the reason I launched Real Estate Trend Alert—which hit 17 years old this month!
I was looking for a club like ours to join. Couldn’t find one, so started my own.
I saw back in 2008 that there was so much opportunity and no one was talking about it! Instead, everyone was talking about the exact opposite: The end of the world.
Back to today, and uncertainty is gripping many people. Everyone’s worried.
But we stay constant…we stay focused.
We know we always have opportunity somewhere. We just need to look everywhere and get ahead of the big transformations.
Our simple idea? If we act as a group, we unlock deals no one else ever sees.
Out of every crisis in the past 17 years RETA has emerged stronger. Every crisis has ultimately played into our hands. Think of the deals that we had during Covid!
The core pandemic years were 2020 to 2022, with ripple effects continuing into 2023–2024 in different ways (travel, health systems, economic recovery).
Covid was a hugely uncertain moment…but we buy into big long-term trends. Things that can be very uncertain in the immediate short term can look like sure things when you take a longer-term perspective—that’s the game we play.
Take Lagos, the historic beach town on Portugal’s Algarve that draws people in from all over the world…
In August 2021, I brought our group a deal in the Dona Maria community overlooking the marina in Lagos, Portugal. This is one of the premier communities in downtown Lagos. RETA members could own two-bed condos here from €575,000. A two-bed condo there has since listed for €849,000. That’s €274,000 more.
One RETA member purchased a penthouse in Dona Maria for €1.1 million. In 2024 the penthouse listed at double that—€2.2 million.
RETA members who bought in our Lagos deals are sitting on huge uplifts and generating big rental income.
The following month, September 2021, as the Delta variant of Covid surged, I brought members a deal close to the stunning colonial city of Merida on Mexico’s Yucatan Peninsula. It was a deal on two-bed condos in a marina and beach community called Yucalpeten. Members of our group saw the potential and acted decisively. Today members are sitting on uplifts of $246,200.
Or think of the opportunities we uncovered in Spain and Ireland due to real estate meltdowns and the global financial crisis…
In your February 2012 issue of RETA, I recommended a two-bedroom apartment in Dublin’s financial district listed for €135,000 (about $179,000 at the time). I wrote, “Your tenants will be nurses, tech workers (in Google or Facebook), young accountants and lawyers, in their mid to late twenties.
Today, two-bedroom apartments in the same area sell for €395,000. That’s a 184% gain on capital appreciation alone. And that doesn’t include the rental income you could have collected every single year. Last time I checked apartments like these in Dublin rent for around €2,300 per month and up.
In 2012 I recommended apartments in Dublin, Ireland. For any RETA member who acted then capital appreciation alone could look like 184%.
In 2013 the trigger event in Spain was similar to Ireland—fire-sale auctions held by the country’s newly created bad bank, SAREB.
Banks started selling condos at as much as 80% off right across Spain.
And yet on the Costa del Sol the demand outlook was stronger than ever. This is where northern Europeans come for vacation and retirement. All the big demographic trends were in favor of the Costa del Sol bouncing back massively from the crisis. And so I brought a host of fire-sale deals on the Costa del Sol to RETA.
To give you a brief sample…
- Gain of €102,100—I bought members the chance to buy a fire-sale deal in the pretty marina town of La Duquesa in 2013. RETA members could buy here from €86,900. A few years back, one of these condos sold at €189,000—a gain of €102,100.
- €125,000 uplift: In 2015, I brought RETA members a deal in the Señorio de Gonzaga community in Marbella. One member who bought here for €129,000 sold a few years back for €254,000—that’s €125,000 more.
- Gain of €191,000: In 2016, I brought RETA members an opportunity to own luxury homes in a golf community called Ibergolf. A home a RETA member bought here for €179,000 in 2018 was sold in late 2023 for €370,000.
Over 17-years our club has grown in size and bargaining power.
We’ve seen a lot of change…
We’ve prospered through good times and bad…
Right now I’ve never felt more confident as an investor. We have a strategy that’s prospered in some of the biggest storms, and booms, in modern history.
My scout Eoin Bassett had his boots on the ground in Panama last September. Here he’s getting a tour of Santa Maria Golf and Country Club where he inspected a two-bed condo (below) that a RETA member bought in a RETA-only deal in October 2020 for $268,200. It’s renting monthly for $2,600—a gross yield of 11.6% and worth $368,000.
Inside a RETA member’s rental in Panama’s most prestigious golf and country club bringing in $31,200 annually, with an uplift in capital appreciation of $99,800. When I launched this deal the world was in a deep-wave of Covid and a U.S. presidential election loomed.
Our RETA formula works.
When markets wobble, wealth can evaporate fast.
Real estate is different. It’s tangible, it’s useful, and it holds intrinsic value.
And if you own the right real estate in the right place, it can even thrive during a downturn.
Real estate is a wealth builder. That’s not opinion—it’s data.
Like I say, the Federal Reserve Bank of San Francisco studied 150 years of data across the world’s top economies. Their conclusion? Residential real estate had the best long-term, risk-adjusted return of any asset class.
Better than stocks. Less volatile. And with more flexibility.
You can hold it, rent it, flip it, refinance it, even live in it. You can pass it on to your kids. Try doing that with a tech stock or a Bitcoin wallet.
Inflation is eating savings alive. That’s not theory—that’s fact. But here’s the thing: inflation can work for you if you own the right kind of real estate.
As costs rise, so do rents. As building becomes more expensive, your existing property becomes more valuable. And if you’re locked into low, fixed-rate financing? You’re paying back your loan with cheaper dollars.
Real estate isn’t just numbers on a screen. It’s a place you can stand in, rent out, or retreat to.
I love spending winters in my Cabo condo. Watching whales from the terrace. Walking on golden sand beaches. When I’m not using it, it pays for itself.
I bought that condo when the RETA price was $336,156 in our off-market deal. I’ve since seen a similar unit listed at $650,000. That’s $313,844 more than I paid.
And important: Because supply is limited, and building new stock takes time and capital, well-located real estate often holds its value better than paper assets. Especially in desirable destinations with growing demand.
Investing isn’t about rushing in. It’s about knowing where to look, when to act, and how to structure your deal.
You need a system. A strategy. And a steady hand.
That’s what I’ve built over two decades. That’s what I hope RETA gives you.
And in uncertain times like these, it’s what can make all the difference between feeling paralyzed… and feeling prepared.
Because while no one knows exactly what the future holds, I do know this:
There’s always opportunity somewhere.
We just have to know where to look.
It’s a good way to prepare, because we have some big deals coming: Stay tuned!
To ensure you don’t miss a single RETA deal I urge you to take me up on this invitation I’ve set up for Porter & Co. exclusively!