Intelligent, Innovative Investing™

Pathfinder Report – May 2016

Pathfinder Report – May 2016

CHARTING THE COURSE

The Secret to Success – Hard Work or Luck?

By Mitch Siegler, Senior Managing Director

Mitch SieglerAsk a self-made man or woman about the secret of success and you’re likely to hear “hard work,” “true grit” and the like. E.B. White said “Luck is not something you can mention in the presence of self-made men.” Ask a really successful person in business, politics, art, athletics, medicine, science – whatever – and more often than not, you’ll hear them attribute their success, at least in part, to luck.

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FINDING YOUR PATH

The Millennial Dilemma: “I Like the House, but I Don’t Have the Dough.” (Or “This is All I Can Get for $2,500 a Month?”)

By Lorne Polger, Senior Managing Director

Lorne PolgerMy oldest graduates from college this weekend. It is a very proud parent moment. She is a responsible, successful, hard-working, driven young woman. I know that success will her follow on her path, wherever that takes her. Can’t ask for much more than that.

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GUEST FEATURE

Best Practices at Work AND at Home

By Brent Rivard, Managing Director

Brent RivardDo you find that your business and personal lives sometimes blend and blur into one? I find myself discussing real estate with our investors one minute and negotiating the pickup of kids from school another. Although my wife and kids don’t always like for me to apply business principles to our home life, there are great examples where best practices in business apply perfectly to best practices at home.

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GUEST FEATURE

Inflation – Be Careful What You Wish For

By Damon Gascon, Vice President of Regional Planned Communities, Lewis Management Corp. and member of Pathfinder Partners Advisory Council

Damon Gascon“In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could.”
– Rudiger Dornbusch

For the past seven years, central bankers have bombarded the world with unprecedented levels of acronyms – Quantitative Easing (QE), Zero Interest Rate Policy (ZIRP) and Negative Interest Rate Policy (NIRP), which has produced a significant amount of inflation in equities, real estate and bond prices, particularly in relation to income and GDP growth. Now, all that money printing has begun to spill over into core consumer prices.

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ZEITGEIST – SIGN OF THE TIMES

Commercial Real Estate Acquisitions Poised to Rise in 2016

Several pension funds and other large institutions have recently increased their portfolios’ real estate allocation creating more sources of capital for commercial real estate in the U.S. Many public pension funds have increased their real estate targets from 5% in 2011 to approximately 10% today. Additionally, foreign investors continue to look to U.S. real estate as a safe haven – in 2015, foreign investment in U.S. commercial real estate totaled $93 billion, almost double the 2007 level of $48 billion.

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TRAILBLAZING: BAHIA VISTA TOWNHOMES

New, Affordably Priced San Diego Townhomes

BahiaJonathan Swift, the 18th-century writer of Gulliver’s Travels said, “Vision is the art of seeing what is invisible to others.”

Today, when we stand on Ada Street in Chula Vista, south of downtown San Diego and gaze up at our newly built, Mediterranean-style townhomes just a mile from the coastline, we scarcely recall the formerly empty one-acre lot. When we acquired the parcel in May 2013, we saw beyond an empty space and envisioned new, well-constructed townhomes with quality finishes and thoughtful floorplans located in an area undergoing significant revitalization.

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NOTABLES AND QUOTABLES

What Lies Ahead

“What’s behind you doesn’t matter.”
– Enzo Ferrari, Italian engineer and entrepreneur

“The fundamental nature of exploration is that we don’t know what’s there. We can guess and hope and aim to find out certain things, but we have to expect surprises.”
– Charles H. Townes, American physicist

“The most reliable way to forecast the future is to try to understand the present.”
– John Naisbitt, American author

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