DB/DC, REITs & Youtube

Leo Kolivakis is a voracious reader and passionate writer.  He is an independent analyst based in Montreal whose opinions on matters relating to retirement savings and pension plans are highly valued.  Leo and I met a few years back via our blogs.  His is called Pension Pulse.  It’d be worth your while to check it out as, in addition to his regular commentary, his blog home page offers a plethora of links, as Leo puts it “This blog is a one stop center for information and insight pertaining to pension funds and financial markets. It is intended for a wide audience, including plan sponsors, pension fund managers, board of directors, government supervisors, financial reporters, individual investors and most importantly pension plan beneficiaries who want to understand where their contributions are being invested and how their pension plans are being managed.”

What follow are some excerpts from his post yesterday:

• Financial officers are increasingly switching private sector pensions from defined-benefit to defined contribution plans, even with the economy on the upswing, according to a study released Wednesday.  "The 2008 crisis may have been the final straw for senior finance officers", said a representative of the consultant, Towers Watson.
• "While plan sponsors may not be able to afford to make changes right now, many are working on strategies to de-risk or even exit when the financial position of their plans improve."

·    

·        For purpose of definitions:  Defined-contribution plans pay out on retirement according to the investment’s performance, while defined-benefit plans promise a set monthly amount calculated according to a retiree’s average salary and years of work. Defined-contribution plans tend to be less risky for employers, but depend on the worker’s ability to manage his or her own investment portfolio.

·      “We have our work cut out for us to try to deliver a better return on assets than market value,” said the CEO and CIO of one of Canada’s largest public pension funds.  He said pension fund returns have been “barely positive” over the past 10 years and doesn’t expect much better over the next five, adding Canadian pensions will be more difficult to fund as they come to maturity in the near future.  “60 is the new 40,” the CEO/CIO joked but was serious when he urged a discussion of public policy to address the fact that Canadians no longer follow the traditional path of graduating from school, getting a job, contributing to a pension and retiring at age 65.

In one of his recent posts, Leo wrote the following:  “Now, getting back to the topic of Canadian companies fleeing DB plans. As I wrote in my last comment, I believe that most Canadian companies shouldn't be in the defined benefit pension business at all. Instead, companies should transfer this risk to existing and new public sector pension plans and have professional pension fund managers manage these retirement funds.  Most Canadian companies have terrible DB plans, which are severely underfunded. It's hardly surprising to see them opt out of DB plans and switch over to DC plans, placing the retirement onus entirely on employees. This is why I believe we should scrap private DB plans altogether, and create new public DB plans to manage these assets.  Again, I believe companies should worry about their business, not pensions. We have some of the world's best pension fund managers in Canada who can worry about pensions. Employees need to have the peace of mind that comes with a well-managed DB plan. Period, end of story. The trend of switching over to a DC plan will only ensure more pension poverty down the road. It's high time Canada takes the lead in crafting better pension policies, ensuring more people retire with dignity."

This is pretty heady stuff.  But, it’s real and it is a similar story in the U.S.  People should be able to retire with dignity but we’ve become an entitled bunch. It’s how we’ve grown up and it may just be that we all have to start taking more responsibility for our own financial futures (I wish I had thought of that twenty years ago!).  The world has changed and continues to change around us.  And even with as many Peter Pan genes as I have, there’ll be a time, “Further on up the road” when I’ll be dealing with this kind of stuff too.  (BTW:  This version of “Further on up the Road”, written by Joe Medwich Veasey and Don D. Robey brings together two guitar gods:  Jeff Beck and Eric Clapton.  You will like it.

Last night, I met a young real estate journalist for the first time.  He found me through this column.  We had a hamburger at The Burger Joint inside Le Parker Meredien Hotel in New York.  I’d never heard of it but he’s a huge burger fan and scours the world for ‘the best burger.’  This is a true hole-in-the-wall and a classic New York place.  The burger was real good and it’s worth a visit just to experience the scene.  Anyway, he’s been covering commercial real estate, actually REITs, for less than a year and yesterday, along with a couple of hundred others, he attended the 16^th annual REIT symposium hosted by New York University’s Schack Institute of Real Estate.  He asked me a simple but poignant question:  “From what I heard today, it seems like things are getting better in the commercial real estate business.  Is that true?”  Well, I had my answer for him, given with my usual disclaimer, “I don’t know if I’m right or wrong but here’s my best shot.”  What are your thoughts?

A couple of weeks ago I wrote about starting to implement some of the organizational tools from a book called “Getting Things Done.”  I am here to report that simply the stuff I have done regarding managing my “Inbox” is working…just as advertised!

Final note:  For as long as I can remember, on the best of nights, I've slept six hours.  It seems like the right number of hours for me even though all the reports say that you your body needs at least eight hours…. Hey, that’s one-third of your life!  Anyway, very early this morning when I wrote this column I went on to Youtube to find “Further on up the Road” mentioned above.  Youtube is one of the greatest inventions of our time, especially if you’re into music.  It gives you the chance to follow your heart by ‘stream of consciousness’ surfing.  So, just an example of where things led me:

‘Cause We’ve Ended As Lovers’; Somewhere Over The Rainbow(one of my favorite songs ever) and can be heard over the closing credits of the movie,  Finding Forrester; 'Time Has Come Today'…a crowd favorite of the band I was in ‘in the day’, Everyone;  and a couple of others from early Everyone set lists:  Groovin’ is Easy; 1982 A. I could go on and on but, enough for one morning.

Final thought:  Over the years, as I've either said or heard a phrase, I'd say, "Hey, that would be a good name for a band."  Well, it's been many years since there were taboos of sorts on band names and on lots of things for that matter.  So today, in the spirit of freedom of speech I share with you some of the names of bands playing in New York this weekend.  The Black Lips, The Dead Milkmen, The Go! Team, Handsome Furs, The Hold Steady, Joan as Police Woman, Mr. Dream, Old 97's, TV on the Radio. 

Due to something coming up at the last minute, I had to cancel my trip to the Villanova Real Estate Challenge, which is happening today.  I’ll get a report on it and share it with you next week. 

On the road....

Apr. 13-15: Venice, Italy to attend the INREV Annual General Meeting.

Apr. 20-29:  New York

May 1-4:  San Diego to attend the CRE (Counselors of Real Estate) Conference

May 9-10:  New York

May 12-14: North Palm Beach, FL for the annual meeting of the Homer Hoyt Fellows.

May 16-17: New York

May 22-25:  Miami Beach, FL to attend the NCPERS (National Council of Public Employees Retirement Systems) Conference.

June 6-10: London to moderate a panel at the PERE Forum-Europe.

Photo: Too many of me.  Public space in Le Parker Meredien Hotel, New York.

These are my views and not that of my employer. 

 

TEXpers, IMN Consultant Congress, Glioblastoma Multiforme

I've never been a fan of April Fool's stuff (I know, I'm a stick in the mud) so you won't find anything like that here today.

This past week I attended two industry conference so I have some real content (actually too much) as opposed to those weeks when I'm struggling...

TEXpers (The Association of Texas Public Employees Retirement Systems).  About 500 people in Austin, Texas.  There were many trustees of public pension plans. Individual presentations were limited to 20 minutes which I think is a great idea although panels, out of need, should be no more than 45 minutes (which they were here).  There was a lot of talk about protecting the principal while achieving the all-mighty 8% return.  And, there was a lot of talk about some funds looking at allocating to real estate for the first time (and not just in REITs).  

Those of you who’ve followed me for a while know that I love hearing good keynote speakers, particularly those that are outside of our industry.  This week, I got to hear an interesting guy named Garrison Wynn is a motivational speaker (The Truth About Success) and a former stand-up comedian.  He was both entertaining and insightful as he conveyed some of the things he's learned from interviewing thousands of successful people:

• People don't choose the best ideas; they choose the ones they're comfortable with.
• The truth about trust.
• If people feel listened to they will quickly trust you.
• We're more likely to agree with someone who agrees with us first.
• We trust people who we know are being who they are)
• There is more than one way to do everything
• It's important to help people look good to whom they want to look good to.
•  It doesn’t matter how smart you are if no one understands what you’re talking about.
• Spend time with your best people.  They have options; they’ll leave.
• If you believe in your own value it's easier to show your value to others.

I like stuff like this.  It’s suggestions about self-awareness and what I’ve found is the first step in making changes is that you need to be aware of  and honest about what you feel you want to change about yourself.  Change is not easy.  It takes time to break old habits and embrace new ones but the mere fact that you recognize that there are things you’d like to change about yourself is a victory.

Now a few words about IMN's Consultant Congress.  It was a huge success; huge in the number of people who attended (about 100) but in the value people took away.  There was an excellent turnout of consultants (aka "The Gatekeepers") and many in the audience attended just to get a chance to say hello and exchange a business card with them.  There is clearly more money being allocated to real estate by pension funds, endowments and foundations and while a lot of it is headed into the very competitive 'core' space, talk was of value-add and even opportunistic money starting to flow.  Good news for those of us on the want-to-be-a-recipient side.

For those of you who either are emerging managers or are thinking of emerging, here is some good stuff that came from one of the presenters at IMN:

Emerging Managers:

 *   "People say this is a personality business; I say it's a story-telling business."
 *   "Track record doesn't lie."
 *   "What brought these people together? Where's the bond?"
 *   "How committed are they personally?  How committed were they personally to their last organization?
 *   "A lot of great operating partners are crummy managers."
 *   "You have to understand the dynamics of the management team."
 *   "Is there a dominant person in a meeting?"
 *   "Have they worked together in the past?"
 *   "Reference checks and background checks are very important."
 *   "Emerging managers should emphasize their track record."

Finally....a long-time and close friend of ours has Glioblastoma Multiforme. It's a very aggressive brain tumor and it's inoperable.  Only one out of four survives two years. While from Montreal, she lived in Guatemala for many years and has, over the past four years or so, lived and worked in Geneva.  She loves music.  She's one of the most talented writers I've ever known and she is at a very high level of Scrabble player...you can't beat her!  My wife is over there visiting her now and I hope to get there this spring.  She has been reading my column for many years and while I don't know if she is able to use a computer, I just wanted to mention in my column how sad, I am; how sad we both are.  Friends of hers have been trekking to Geneva from all over the world to visit her.  How does one measure the impact of one's life if not for the love that overflows, especially in difficult times.  We have a problem in the world and we seem more intent on spending money on wars than on medical research but I don't want to slip into politics here or now.  Anyway, if you do get to read this D.C. I want you to know that Jay and I will be together this weekend and we will toast to you and talk about you (your ears will be burning for sure!) with great love.  Our energy is directed to you.  Tenir le coup.

Photo:  World Trade Center, New York taken March 30, 2011.  Tower steel is now above floor 60.

New York Car Service Recommendation:  LR Transportation.  718-737-5898 (lr_transporation@yahoo.com).  Mention my name and you won't be 'taken for a ride!"

On the road....

Apr. 7-8:  Villanova, PA to serve as a judge for the DiLella Center for Real Estate, Villanova Real Estate Challenge.

Apr. 13-15: Venice, Italy to attend the INREV Annual General Meeting.

Apr. 20-29:  New York

May 1-4:  San Diego to attend the CRE (Counselors of Real Estate) Conference

May 9-10:  New York

May 12-14: North Palm Beach, FL for the annual meeting of the Homer Hoyt Fellows.

May 16-17: New York

May 22-25:  Miami Beach, FL to attend the NCPERS (National Council of Public Employees Retirement Systems) Conference.

June 6-10: London to moderate a panel at the PERE Forum-Europe.

These are my views and not that of my employer. 

Not on the road

I’ve been on a vacation of sorts this past week.  While just staying home I served on a jury for he second time in my life.  This was a criminal case and while I’m not allowed to discuss it I can tell you that the dynamics of the jury deliberation, just like the one in Newark, NJ many years ago was not at all unlike that in “Twelve Angry Men.”  Also, the performance by the court appointed defense attorney and the junior district attorney were both so poor that it was troubling.  If this is the calibre of legal professionals that our system is being entrusted to we are in bad shape.  

Followed my own advice I completely unplugged from work.  I did read and have started implementing some organizational tools from a book called “Getting Things Done.”  What attracted me to it were some of the Zen concepts suggested here:

• “If your mind is empty, it is always open for anything; it is open to everything.”  Shunryu Suzuki

• Clearing the mind and being flexible are key.

• Anything that causes you to overreact or under-react can control you and often does.
• Responding inappropriately to your e-mail, our staff, your projects, your unread magazines, your thoughts about what you need to do, your children or your boss will lead to less effective results than you’d like.

• You’ll need to get in the habit of keeping nothing on your mind.
• The real issue is how to make appropriate choices about what to do at any point in time.  

I have already started my re-organization program and now need to re-program myself to have it work for me.  But, given that my mind never seems to rest, I’m open to this approach as a way to find some peace and use my time efficiently.  One of the best quotes in the book is from Will Rogers:  “When you find yourself in a hole, stop digging.”

Yesterday would have been my mother’s 87th birthday.  Her name was Lorna Rene Silverman Felix.  She was a woman who was ahead of her time.  Very ambitious and entrepreneurial.  I guess my brother and I get our entrepreneurial spirit from her although Jay has had his own law practice for many years while I’ve only dabbled in being an entrepreneur but that doesn’t dim the spirit part of it.  My mother was the artistic one in the family; she loved Broadway shows and was responsible for there being a piano in our apartment from early on.  She owned her own travel agency for many years and traveled the world.  I’m sure that my wanderlust comes directly from her.  She died at 68 from brain cancer.  She and I had a strained relationship for many years but near and at the end not only did I do the right thing but she knew I was there for her.  Sometimes, perhaps many times, we have only one opportunity to make the right choice and if we don’t we may not ever be able to forgive ourselves. At least that’s how I feel about it.  It was too bad we didn’t get more time, just to be friends.

Pinetop Perkins died this week at 97.  He was among the last surviving members of the first generation of Delta bluesmen and lived in Austin, Texas.  A pianist, I had known Pinetop’s name for years but until about three years ago I had not seen him perform.  It was that night in Austin, on a business trip with two colleagues that we wandered in the back door of a club off an alley.  There was a band on stage which had a pretty old pianist/vocalist front and center.  He played and sang no more than a handful of songs.  I must admit, I had to ask who he was but you knew he was someone special.  After he finished, he set himself up sitting behind a little table near the restrooms and while smoking cigarette after cigarette, and sold his own CD’s.  A sideman for most of his career, Mr. Perkins did not release an album under his own name until his 75th year. From then until his death he made more than a dozen records on which he was the leader. “I grew up hard,” he said in a 2008 interview. “I picked cotton and plowed with the mule and fixed the cars and played with the guitar and the piano.”  Originally a guitarist, Mr. Perkins concentrated exclusively on the piano after an incident, in 1943, in which a dancer at a juke joint attacked him with a knife, severing the tendons in his left arm. The injury left him unable to hold a guitar or manage its fretboard.  Like he said, he grew up hard.  He was an original. (Portions of this are taken from the New York Times obituary).

A friend of mine sent me an email about a property for sale in the town I live in.  Last Friday, I contacted the broker saying I would sign the non-disclosure and would like to see the package.  He wrote back saying his ‘assistant’ would get it to me on this past Monday.  I haven’t heard a thing.  I wonder if the seller of that property (btw, it’s a pretty substantial retail property) knows that this is how their broker is responding to an interested party.  Probably not.

Promotional mention of the week:  On March 30 in New York, the conference producers, IMN are holding it’s (and to my knowledge the industry’s) first Consultant Congress.  It’s a one day affair and they’ve assembled a strong cast of characters from both tier one and tier two consulting firms.  I’ve been asked to moderate a panel which will discuss real estate allocations.  I mention event because it may be an opportunity for you to meet some consultants who you haven’t yet met and also hear about how they’re viewing the real estate world and the kind of advice they’re giving their clients.  Some of the consulting firms who will be represented there include Hewitt EnnisKnupp, Segal Advisors, NEPC, Russell, Mercer, Rogers & Casey, PCA, Courtland, Evaluation Associates, Hamilton Lane.  Kudos to  IMN for thinking ‘outside the box’ and trying new conference ideas.

Special Opportunity:  Many of you who have followed me on the road for a number of years may remember my trip to Liberia in the winter of 2006/2007.  I went with The MacDella Cooper Foundation which helps orphans.  Based on a plan which she developed that year, The MacDella Cooper Academy opened in December 2010.  It has 55 boarding students between the ages of 5 and 10 years old.  Many of these children are sponsored as they do not have funds of their own.  The Academy is looking to fill an important position at the Academy.  MacDella sent me the following job description:
You are a hard working person with a heart to serve others,
especially children. You have several years of solid teaching
experience (primary) and are a careful administrator with strong
interpersonal and management skills. You are passionate and
pioneering and you are interested in giving back to a region in
tremendous need. You are inspired by the responsibility of managing
a campus of 55 students and 10 adult staff members as your team.
If this sounds like you... we have your perfect mission!  This position is responsible for supervising kindergarten and primary
school operations, delivering professional development programs,
and improving student achievement. This role includes collaborating
with staff and management teams. Candidates must have strong
problem-solving skills and be flexible, adaptable to the West African
environment.
This will be a one-year assignment and includes:
A monthly stipend
On campus housing
A vehicle
Three meals per day
I believe there is some flexibility about the teaching credentials.  If my life was not so complicated these days I would do this.  My experience with the children of Liberia was life-changing.  This is a chance to really make a difference.  If you are interested, please send your resume with full contact information and three references to:  macdella@macdellacooper.org

Winery of the week:  Kitchak Cellars (http://www.kitchakcellars.com), Napa, CA.  One of the cool things about hanging around Napa is that once in a while you randomly meet someone in the wine industry.   Just the other night, eating dinner at the bar in one of my favorite Napa bistros, the couple next to me offered me a glass of the wine they had brought.  I accepted a small taste.  It was really good.  I got into a conversation with Patricia and Peter Kitchak of Minneapolis and Napa. In addition to winemaking, Peter, get this, has been in the commercial real estate industry for about the same number of years as me. We knew some people in common.  Because the most I know about wine is whether I like it or not, Peter and I talked real estate.  Anyway, they make about 1,000 cases per year and it’s good stuff.  

On the road....

Mar. 27-29:  Austin, Texas to attend the TEXPERS (Texas Association of Public Employee Retirement Systems) conference.

Mar. 30: New York to attend and moderate a panel at IMN's inaugural Real Estate Investment & Search Consultants Congress.

Apr. 7-8:  Villanova, PA to serve as a judge for the DiLella Center for Real Estate, Villanova Real Estate Challenge.

Apr. 13-15: Venice, Italy to attend the INREV Annual General Meeting.

May 12-14: North Palm Beach, FL for the annual meeting of the Homer Hoyt Fellows.

May 16-20:  New York

June 6-10: London to moderate a panel at the PERE Forum-Europe and have some other meetings.

These are my views and not that of my employer. 

Don't confront me with my failures as I had not forgotten them.

This past Monday IPD (Investment Property Databank) held their US Quarterly Results (2010Q4) event in New York at one of the coolest and most functional venues I've been at in a long time-NASDAQ MarketSite overlooking Times Square (see photo below).

Steve Cochrane of Moody' Analytics, mentioned some of their findings:

·      Job growth will both accelerate and expand over a wider range of industries.

·      Businesses are much more upbeat-sentiment seems to be improving.

·      De-leveraging is in full swing.

o   Household liabilities have fallen by $930Mn since peaking two years ago.

o   Credit spigot is opening for both households and small businesses.

o   No major markets, other than Las Vegas, Phoenix and possibly Miami, are in recession.

o   The only states still in recession are Nevada and Mississippi.

o   The strongest markets now are: Boston, Washington, Dallas, Seattle, San Jose.

o   The market is improving but not pulling along as many properties.

·      Top performers by property type:

1.   Retail: Super-regional centers

2.   Office: CBD

3.   Apartment: Garden

4.   Industrial: Warehouse and Flex space.     

Bob White (RCA): “Competition will heat up for leasing space in class B & C buildings bought at discount”.

David Brooks, Op-Ed Columnist for the New York Times, was the opening keynote speaker at the PREA Conference this week in Washington, DC.  I’m hardly political and don’t even know on which side of the fence Brooks resides but I like him. 

 Here are a few of my takeaways:

·      65% of Americans say that America is in decline.

·      People want change but they can’t find the type of change they’re willing to accept.

·      In 80 years, Obama will be the unit of measurement for self-confidence.

·      The Tea Party came in and used Abbey Hoffman means to achieve Norman Rockwell ends. (Abbot Howard "Abbie" Hoffman (November 30, 1936 – April 12, 1989) was an American social and political activist who co-founded the Youth International Party ("Yippies").  Norman Percevel Rockwell (February 3, 1894 – November 8, 1978) was a 20th-century American painter and illustrator. His works enjoy a broad popular appeal in the United States, where Rockwell is most famous for the cover illustrations of everyday life scenarios he created for The Saturday Evening Post magazine for more than four decades.

·      One way to induce humility is to write a column for the New York Times

·      We live in an overconfident society

·      Most things are about character and values and not about legislative shifts.

·      Humility:  You have to admit how much you don’t know.

·      Beware of your own weaknesses.

On the last item.  I’ve been aware of my own weaknesses for many years.   As Jackson Browne says in one of my favorite of his songs, These Days,  “Don’t confront me with my failures for I had not forgotten them.” With each chapter in my career I learn about new weaknesses but then again I take with me some strengths that I’ve previously developed.  It’s all about evolving as a person isn’t it?

I work in an industry craving improvement.  A sign? There were 850 people at the Mandarin Oriental Hotel in Washington, DC this past week for the PREA Conference.  850!  I believe that is a record.  Another record, although I didn’t officially take attendance was the number of placement agents that were there.  Is that a direct indicator that things are normalizing to what they were?  On that subject, over the past 18 months there has been a lot of talk about “Lesson’s Learned.”  I have heard that mentioned by panelists almost as much as I’ve heard the dreaded “Extend and Pretend.”  From what I saw and heard this week, combined with what I’m seeing and hearing in general, a number of the “Lessons Learned” have already been forgotten like some formulas that you had to memorize in school just to be able to pass an exam.

I was standing around chatting with some true industry veterans.  They read this column and know who they are so I don’t want to give them a swellhead by referring to them as anything more….but they are.   There was consensus that one of the biggest lessons ‘not learned’ is the idea of following the crowd.  Sure, one of the alignments that fund managers pursue is to align their strategy with the wants and needs of investors (and consultants).  I guess that’s the simplest rule for a successful business:  give the customer what they want and keep them satisfied.  Of course, the key alignment is the alignment of financial interests between investors and managers (and amongst investors and then we get into the subject of club deals but I'll leave that for another day).  

But isn’t one of the key lessons that we’re supposed to have learned discipline?  Remember the kitten that jumped up on the stove and burned its paw:  it never, ever did that again.  I think, one of the things that we should have learned, and this holds true for all things in life, is that if something seems too good to be true, it probably, or at least may not, be true.  We won’t know whether the investment decisions being today are good ones until a few years down the road and my crystal ball is as cloudy as yours.  But, distress cannot be cured overnight and maybe the fact that some prime properties in prime cities are getting 35 bids should be a orange or amber alert (The United States government' national threat level is Elevated, or Yellow and for all domestic and international flights, the U.S. threat level is High, or Orange [which it’s been since November 26, 2008]).  Another topic for a discussion at cocktail time.

Things are not back to the way they were in 2006/7 (and part of ’08) but it’s sure interesting to see into what strategies investors are putting their money. How much of it is ‘betting with the house.”   And, who is really behind those recommendations? Regardless, I believe that when we look back 2011 is going to be seen as an historic year in the commercial/institutional real estate world. 

So, that’s my commentary.  Here is some real information from Real Capital Analytics

·      Commercial property sales in February increased by 45% from one year earlier, slightly slower than the 56% year-over-year gain recorded in January.

·      In the first two months of the year, sales volume has topped $17.6 billion, with the office and retail sectors recording the greatest increases in activity.

·      Across all property types, cap rates remained relatively unchanged from January to February. Alongside of these results, other metrics presage a continuation of the improving trends in the investment markets.

·      New property offerings exceeding $18.0 billion in February reached their highest monthly level since October 2008.

·      Asking prices of these new offerings appear to be roughly in line with recent sales trends, indicating sellers are both motivated and realistic.

·      The closing of the pricing gap between buyers and sellers is reflected in rising sales volumes and a surge in pending transactions.

·      At the end of February, at least $22.5 billion of transactions were reported in contract in addition to Blackstone's pending $9.4 billion acquisition of Centro Properties' US shopping center portfolio and the even larger merger between AMB and Prologis.

Internships/Jobs:  Like many of you, I’ve always made time to talk with people who are looking to get into the real estate industry, get back into it or are simply looking for their next job.  Most of us have been there before.  I’ve met some very talented people in the past couple of months.  Some are in real estate MBA programs and are looking for a summer internship.  If your company has any openings for summer interns or are looking to fill a position, please let me know, as I may be able to steer a good candidate your way.  There is no fee involved in this.  However, if something works out you can buy me a nice glass of wine from the Napa Valley somewhere on the road.  Thanks.  We’re all in this together.

Congratulations to my friend, Jim Valente who recently joined IPD as Director of Performance and Risk Analysis.

Word of the week: Trifercation

On the road....

Mar. 27-29:  Austin to attend the TEXPERS conference.

Mar. 30: New York to attend IMN's inaugural Real Estate Investment & Search Consultants Congress and moderate a panel called “REAL ESTATE ASSET ALLOCATION: WHAT IS YOUR CURRENT VIEW? IS IT TIME TO INCREASE OR DECREASE ALLOCATION? Esteemed panelists: Catherine Polleys, Principal, HEWITT ENNISKNUPP, INC.; Justin C. Mallis, Senior Research Analyst, SEGAL ADVISORS, INC; Martha S. Peyton, Managing Director - Global Real Estate, TIAA – CREF; Peter Lewis, Real Estate Resource Group.

Apr. 7-8:  Villanova, PA to serve as a judge for the DiLella Center for Real Estate, Villanova Real Estate Challenge.

Apr. 13-15: Venice, Italy to attend the INREV Annual General Meeting.

May 12-14: North Palm Beach, FL for the annual meeting of the Homer Hoyt Fellows.

May 16-20:  New York

June 6-10: London to moderate a panel at the PERE Forum-Europe and have some other meetings.

Photo: Taken from the IPD event at NASDAQ MarketSite in Times Square, New York.

These are my views and not that of my employer.