Friday, April 2, 2010

Trains, Planes and Derilict Taxis Driven by Derilicts in One U.S. State Capital

Every generation mourns. It's not just family or friends but people who we have admired either for what they stand for or what they accomplished or contributed.  My first feeling of mourning was for JFK whom my mother told me was going to be a catalyst for big, positive change in America (and whom I saw up-close when he was on the campaign trail and always remembered how the audience, at an outdoor venue in Rego Park, New York, would almost not let him talk as their exuberance for him could not be contained; he stood on the podium for many minutes with a huge smile, just saying 'Thank you" over and over again).  My most recent and continuing experience with mourning is about my father.  But mourning over a 'figure' as opposed to a family member or friend, while different, nevertheless reminds us of the uncertainty and brevity of life, or perhaps of this life.  It's particularly poignant when someone 'young' dies as happened this week when David Mills, a highly respected TV writer and producer, died of a brain aneurysm at age 48.  He was shooting a scene for the show“Treme”, which he created, at Cafe du Monde in the French Quarter of New Orleans and was sitting in a director’s chair when he suddenly slumped over. He was taken to Tulane Medical Center, where he died without regaining consciousness. “He was talking to someone who turned away for a minute, and when he turned back, David was just, well, gone,” said one of his colleagues.  Blam!  Just like that.  I find that reading the obituary section of the New York times is a wonderful way to learn about people albeit after they have left.  Some of the anecdotes that are written in those columns are wonderful snapshots of a person, whether they contain a quote from the person themselves or from someone who knew them well.  When I first discovered the book "Type A Behavior and Heart Disease" in 1985, one of the exercises recommended for those who wanted to rehabilitate themselves from Type A behavior was to write your own obituary from time to time.  The idea was to see how you saw yourself and whether you were happy about that and how others might see you.  To this date I have still not written my own but I have had modest success with my own Type A rehabilitation program.  All of which is to say that as we experience or read about people passing on, our time is also tick, tick, ticking away.  And each day we have the opportunity to choose how we want to be remembered and do something about it.  Maybe writing our own obit from time to time is something to think about.


Since Butler beat Syracuse in the NCAA's I've been rooting for them.  Now that they're in the final four which is being played in their hometown of Indianapolis, it's becoming a great story for the media; comparing the situation to the movie "Hoosiers" (one of my very favorites).  It's cool when art resembles real life and also cool in the reverse.  And, as I do believe in destiny, I have a feeling that they are going to win.  I'm a sucker for stories like this!


Here's a good summary of the MIPIM conference.


While I had seen this (and maybe even shared it with you already) I got it this week from  my friend, Pepijn Morshuis of The Ibus Group in the Netherlands and wanted to share it with you again.
 "At a Washington, DC Metro Station a man with violin played 6 Bach pieces for about 45 minutes. During that time approx. 2000 people went through the station. After 3 minutes a middle aged man slowed his pace and stopped for a few seconds and then hurried on. 4 minutes later the violinist received his 1st dollar. A woman threw the money in the hat without stopping and continued to walk. 6 minutes: A young man leaned against the wall to listen to him, then looked at his watch and started to walk again. 10 minutes: A 3yr old boy stopped but his mother tugged him along hurriedly. The kid stopped to look at the violinist again, but the mother pushed hard & the child continued to walk, turning his head all the time. This action was repeated by several other children. The musician played continuously for an hour. Only 6 people stopped and listened for a short while. The violinist was Joshua Bell, one of the greatest musicians in the world. He played one of the most intricate pieces ever written, with a violin worth $3.5m. 2 days before he had sold out a theatre in Boston. Joshua Bell playing incognito in the Metro Station was organized by the Washington Post as part of a social experiment about perception, taste, and people's priorities. The questions raised was "In a common place environment, at an inappropriate hour, do we perceive beauty? Do we stop to appreciate it? Do we recognize talent in an unexpected context?" So – stop and smell the roses this weekend!"

On the road....
April 5-9:  West Coast
April 12-14:  Dallas for the UBS Client Conference
April 16-21:  Vacation in Tuscany
April 22-23:  Venice for the INREV annual conference
May 13-15: North Palm Beach, FL for the annual Homer Hoyt Institute/Hoyt Fellows conference
July 13-16: Laguna Beach to attend the NMS Real Estate Roundtable


Photo:  An erie photo of the Empire State Building early this week. 








These are my views and not that of my employer.

Friday, March 26, 2010

Spring PREA with Henry Kissinger

Well, Syracuse beat themselves last night. It's been a wild tournament hasn't it? 

There are things going on in the world today that are stretching our ability to forgive. Forgiveness is one of most important things we can do to progress as a society and as individuals. But, failure to be responsible or hiding under the robes of an institution when innocent young people are being abused...well, I don't know about that. But this week, when face to face with Henry Kissinger, I felt like I forgave him for what he did to promote and extend the Vietnam war which caused thousands more young Americans to die. My interaction with Dr. Kissinger was at the Spring Pension Real Estate Association meeting in Boston. He and Charlie Rose were the opening act. His talk and most of the questions asked were about world affairs but, sitting at a stage-left front table, I got to ask him a question: "Dr. Kissinger, as you look back on your life, is there anything you wish you had done differently?" He and Charlie both laughed and Kissinger, looking directly at me, said "I better have a good answer for that question because if I say "No" I'll sound like an arrogant bastard!" But watching Kissinger up close reinforced my belief that one of the keys to staying alive and ‘with it’ for a long time is keeping your mind active. Clearly he has a big advantage to most in that country and industry leaders still seek his advice. But many senior citizens have experience that we can learn from and the mutual benefit of being asked to share and learning from what is shared should be nurtured more. I'm working on an idea on this subject.

There were 700 people at PREA this week. I believe it was the largest ever turnout for their spring conference. The atmosphere may have been a little too buoyant but we are an optimistic industry aren't we?  There were some very good panel discussions and PREA should be congratulated.


Here are just a few of my takeaways. If you'd like a copy of all of them (for whatever they're worth) just let me know and I'd be happy to send them to you. But, in the future, it'd be worth your while to attend a PREA conference. The whole institutional real estate world was there!


Spring PREA Notes & Quotes

I. Henry Kissinger/Charlie Rose


a. The Mao generation in China and some after that are more Yuppie than Wall Street; they don’t interfere with government if the government lets them make a lot of money.


b. An important part of diplomacy is consultation before a meeting so that parties that may disagree know what the parameters are in advance so that there are no surprises


c. As a leader you are judged on your ability to translate what you say into concrete action


d. The art of diplomacy is to get your adversary to want what is in the common interest.


II. Roy March Panel


a. David Simon on retail:


i. 2010 will be tough


ii. the demand for retail space will not be strong enough to absorb all the store closings


iii. Highest demand for retail space is on the outlet side of the business


iv. Full-price retail: too many stores, obsolescence, not enough demand, prospect for significant new development doesn’t exist for the foreseeable future


b. Alan Leventhal on office:


i. Short term no significant improvement; fundamentals are very weak


ii. In early 2010 leasing is coming from the healthcare, education and technology sectors


iii. We want to see no new supply for a long time because it’ll be a slow recovery


c. Barry Sternlicht on hospitality:


i. Nothing will get built going forward for a while


ii. This is not a normal recovery from a recession. Right now the U.S. is behaving as if it’s on steroids


iii. When I left Starwood in 2005 I told the board, “Elmer Fudd could run this company.”

iv. Collusion amongst the hotel companies (on room rates) would surprise people


III. Debt Panel: Dean Adler/Tom Barrack

a. Only the existing borrower can approach the FDIC to restructure their loan but they have to use outside capital to do it

b. At each level of the capital stack the challenge is to get to the asset without going through a competitive auction process

c. All the talk about buying distressed debt has been about pricing; people are not talking about the execution capability necessary to realize the value

d. The FDIC is good because they’re a willing seller; but right now there are too many willing buyers who are driving prices up

e. If there is a way to get involved with the borrower you have a chance to get to the asset without going through the competitive bidding process

f. If you hold real estate long enough it will disappoint you



Tidbits from RCA's Month in Review:

  • The commercial property investment market continues to improve at a modest pace. 
  • Increasing sales activity is set to continue into March 
  •  Any encouraging signals in the investment market need to be tempered by the continued and heavy stream of properties falling into default, foreclosure or bankruptcy.
As in the title of one of my favorite childrens books says, "Could Be Worse."









On the road....




March 30-31: New York
March 31: Cincinnati
April 1: Albany, New York
April 5-9: West Coast Trip
April 11-14: Dallas to attend the UBS Investor Conference
April 16-21: Tuscany (Vacation)
April 21-23: Venice for the annual INREV Conference
May 13-15: North Palm Beach, FL for the annual Homer Hoyt Institute/Hoyt Fellows conference
May 17: Cleveland
July 13-16: Laguna Beach to attend the NMS Real Estate Roundtable






Photo: Sean Felix auditioning for a
vacuum cleaner commercial (just kidding!)









These are my views and not that of my employer.





Friday, March 19, 2010

Spring has sprung


It’s hard to believe that another week is gone and I’m writing to you again.  I guess that I’m thinking about that unit of time in terms of what I accomplished this past seven days, what conversations I had, what I learned, what I saw and what I didn’t do.  In the last category, one of the things I’ve been delinquent about is a request from one of my daughters-in-law to document as much as I remember about growing up so that her son, my grandson, will be able to know more about his family.  I have done it as memories have surfaced but think that I need to be a little more diligent about that project.  I have also still not seen the very vocal frog that's been living in the pond in front of our house for some time.  He, I don’t know why I assume it’s a he, talks to us, knows when we’re around and is able to keep his whereabouts secret.  And as I type this now, he/she is saying “Welcome to the day.  Isn’t it a great morning?”  One accomplishment this week was the closing, not without some last minute angst, a refinancing of our home mortgage (4.65%/30 year fixed) which, as you might imagine, underwent a much higher level of underwriting than in the past.  But it did get closed (although I had to spend quite a bit of time on the phone with the new lender (who is also the old lender) and every time I called hearing their ‘on hold’ messages about how much they focus on customer service and would I be willing to take a customer survey after the call when all I wanted to do was understand why, if they are so focused on customer service, did I have to call seven times and speak with supervisor upon supervisor to actually get something done.  Another accomplishment was the arranging of meetings, some as far out as mid-May but with everyone's schedules being so hectic at this time of year I felt good about that.  And, not least, I learned more about myself and what makes me tick:  the eternal journey.

I had some interesting conversations ranging from the usual in my average week of trying to find the needle in the haystack of institutional real estate investors, the challenges posed by the Internet of being a parent of a 12 year old boy, the shortage of pension funds in attendance at MIPIM this year, and how to attract more attendees to an industry conference this coming fall.  But overriding all of that was something more predictable and yet beautiful:  the coming of spring.  For all my life I’ve lived in climates that have multiple seasons and while I love the Fall, the Spring has always been my favorite.  I was talking with someone this week who described it simply, “Spring brings hope.” And seeing the buds on the trees start to turn into leaves and the perennial stuff start shooting up from the ground and everything being so green makes me feel renewed as well.   But it’s also an indication that another season has passed and time is marching on.  Talk of things happening in the 1Q10 better happen soon or they’ll slip into 2Q10 or beyond. But, as much as we’d like to think we do, some of those things we have no control over; we can only do our best to make them happen.  Perhaps what is most obvious is how little control we have over anything in our lives. Maybe giving up and letting go, doing the right thing, being a good friend, smiling a lot and not taking ourselves too seriously are on the path to happiness and self-fulfillment.  But if we measure ourselves on daily accomplishments we will be disappointed, time after time.  So, as you move into your weekend, don’t be too tough on yourself, enjoy the spring (if you’re in a climate where spring has sprung) or just “Picture yourself, on a boat on a river, with tangerine trees and marmalade skies” and smile.  Trust me.  You’ll feel better, about everything.

 I just learned about an excellent offer that RCA (Real Capital Analytics) makes to academics (students and faculty).  If you qualify, you can go here and sign up to receive free RCA Trend Reports.  Matt Stone at RCA tells me that they have a number already taking advantage of this but if you are a student you should check it out and if you know someone who is a student or a faculty member please feel free to forward this on to them.  

Some stuff from MIPIM reported on Creopoint 
 1.  2/3 of attendees surveyed by a student group from the University of Wisconsin plan to hire in ...2011.
2.  Investors are moving away from risk to hard core

And other MIPIM stuff reported by REP regarding a JLL presentation on EMEA
1.    The money is chasing very limited product in light of alternative asset returns.
2.     Whilst the market will remain equity driven, new players are emerging and there will be greater polarisation and differentiation between the best and worst performers.
3.  Investors who proved themselves trustworthy and stuck to successful strategies in the downturn will be tomorrow’s winners and will attract an increasing share of capital flows.” 

Restaurant of the week:  Boulevard, One Mission St, San Francisco, CA (415 543 6084).  Located in the 1889 French-style Audiffred Building, one of the few structures spared from the 1906 earthquake and fire, this place is a throw-back to the black and white photos of that era but the food is modern, simple and clean and the decor is totally cool.  Ask for a table in the front so you can get the view of the Bay Bridge. 



Photo:  Container Freighter, finishing what must've been a long journey, passes under the San Francisco Bay Bridge very close to the end of their journey (Yesterday).


On the road....

March 19-22:  Northern California
March 23:  Rock 'n roll jam with some industry rockers in an unnamed Boston suburb
March 24-25: Boston for PREA's Spring Conference
March 26-30:  New York
March 31:  Cincinnati
April 1: Albany, New York
April 5-9: West Coast Trip
April 11-14: Dallas to attend the UBS Investor Conference
April 16-21: Tuscany (Vacation)
April 21-23: Venice for the annual INREV Conference
May 13-15: North Palm Beach, FL for the annual Homer Hoyt Institute/Hoyt Fellows conference
May 17:  Cleveland
July 13-16: Laguna Beach to attend the NMS Real Estate Roundtable


Good luck to Jimmy Boeheim and the Syracuse Orangemen!
 






These are my views and not that of my employer.



On the road....

March 19-22:  Northern California
March 23-25: Boston for PREA's Spring Conference
March 26-30:  New York
March 31:  Cincinnati
April 1: Albany, New York
April 5-9: West Coast Trip
April 11-14: Dallas to attend the UBS Investor Conference
April 16-21: Tuscany (Vacation)
April 21-23: Venice for the annual INREV Conference
May 13-15: North Palm Beach, FL for the annual Homer Hoyt Institute/Hoyt Fellows conference
May 17:  Cleveland
July 13-16: Laguna Beach to attend the NMS Real Estate Roundtable
 






These are my views and not that of my employer.

Friday, March 12, 2010

Not on the road to MIPIM

For many years, March has meant the MIPIM conference in Cannes.  This year is the first in quite a while that I won't be attending.  Last night, I caught the end of the movie, "The Reader."  It reminded me that I was first introduced to the book, "The Reader" by a Dutchman named Onno Husken.  Onno had founded The Ibus Group and was active in AFIRE.  There was one legendary AFIRE dinner at which I was randomly seated at a table full of Dutch...Onno being one of them.  It was a dinner that I will never forget and I still see Koos Gerlofs and his wife who were also at that table that night and we always laugh about it.  Although I had never met any of my table mates before, we had so much fun, perhaps for some at other envious tables, too much fun and Onno was the ringleader.  We sang.  We were loud.  Other tables looked at us but in the end, we enjoyed ourselves and isn't that what dinners at conferences are all about?  Onno and I became friendly. He had a Christmas ritual of sending a book he loved to a number of people.  I became one of the members of that list and one year he sent "The Reader."  It is a brilliant book and I have always loved it (but like with many movies, the book is better than the movie).  One Christmas, there was no book from Onno.  After a while I wrote him an email.  The reply I got was from one of his colleagues.  Onno had died of aggressive cancer around the holidays.  I was very sad.  Onno was full of life.  During one MIPIM, Onno grabbed me and said, "I need to introduce you to someone."  We walked around Le Palais looking for some Dutch guy named Marinus.  But we didn't find him.  After I learned that Onno had died, I tracked down this guy that he had wanted me to meet.  Marinus Dijkman is the publisher of those wonderful full color yearbooks such as "Europe Real Estate."  Onno knew something:  Marinus and I became fast friends and have been for many years.  We can only be grateful that Onno knew that we should meet and knew that we would find a friendship with each other.  And isn't that what being a member of the global commercial real estate community is all about?  Finding friends in foreign lands that you might never have met if it weren't for circumstances and the desire of someone to help others connect?  I will miss MIPIM this year as I have a good number of people, both in Europe and elsewhere, who I got to know during the years when I was really "On the Road" as a member of Institutional Real Estate, Inc. 

I know there are some of us who have thought about writing a book in our lifetime.  I know I have and believe I will someday.  But it's a dream that not too many of us will ever be able to realize.  However, one of our brethren has accomplished just that and it's a novel to boot.  I bought it and read it last week on a long train ride.  It's a murder mystery in which the main character is a real estate investment banker.  But that's just the backdrop to a truly engaging and well-written story, one that provided suspense and held my attention right up to the end.  So, I heartily recommend it to you. The book's name, "Waking Up."  The author:  Joe Traum, formerly with Eastdil and Nomura and whom I am fortunate to call my friend.

Two dogs:  I'm certain that my dog, Sherwood (top) is really my grandfather, Herman Silverman.  When I look at Sherwood I see Herm.  I've never seen more expressive eyes on a dog before; they're eyes of the ages; they're the eyes of an old soul.  The dog below is one that I saw this morning in the lobby of a well-known Manhattan skyscraper.  It's made of stainless steel but nevertheless has the feel of what it is:  a balloon dog; and, you can't help but smile when you see it.

Final word on resumes:  terrasearch Partners has a very good 'resume primer' on their website.
BTW, here's their opinion on the subject we've been debating:  "A bullet point with personal interests is good. It may help you make a connection."

Restaurant of the week:  Marrakesh, 235 E. 53rd Street, New York (6464.837.0501).  A tiny place (it's downstairs) serving really good middle eastern cuisine.  I had the lentil soup and the veggie couscous.


On the road....

March 13-22:  Northern California
March 23-25: Boston for PREA's Spring Conference
April 1: Albany, New York
April 5-9: West Coast Trip
April 11-14: Dallas to attend the UBS Investor Conference
April 16-21: Tuscany
April 21-23: Venice for the annual INREV Conference
May 13-15: North Palm Beach, FL for the annual Homer Hoyt Institute/Hoyt Fellows conference
July 13-16: Laguna Beach to attend the NMS Real Estate Roundtable





These are my views and not that of my employer.

Friday, March 5, 2010

Resumes: On track?

Last week's column generated a good number of responses about the resume thing. I thought I'd share some with you given that there seem to be two distinct camps on this:

-I like a resume that somehow tells me something special about that person. I think this can also be useful to the interviewers because it gives them an interesting and non-threatening way to begin the interview.

-It doesn’t really make a difference, though I think it serves to remind the interviewer that the candidate really doesn’t have much experience and is using his or her “life experience” to fill white space. However, since jobs are like needles in haystacks these days, perhaps you might be sitting across the desk from the one CFO in America who is also a salsa dancer.

-I agree with you; total rubbish and should not be on a resume. If a person to person interview goes so well that a potential employer wants to know more about you, fine. But not on the resume.

-These interests are risky to state. I am not sure that I want to hire a guy with an 8 handicap. I know where he will be every minute he/she can.Every once in a while it maybe handy but the risks are not worth it.

-I have on mine "Enjoyed working through anger issues while in prison"

-Yes, MBA career services instruct candidates to put these kinds of interests on their resume. The belief is that it will show a recruiter that the interviewee is not an MBA automaton that can just crunch numbers and make Excel models. I list two interests at the bottom of my CV and they have come up in interviews to help break the ice and to create a relationship beyond just job function. I’m interested in hearing what others think as some of these examples are too extreme in my opinion.

-My Uncle Bill said never hire a guy with a single digit handicap, he will be spending too much time on the golf course.

-50/50 on the interests, could help, could hurt, wouldn't use unless I had deep inside background (rare) of who I would be talking too.

-It was suggested by my career adviser in grad school (advice i chose not to take) as it could create something "non-work" to discuss at the interview to explore how personalities and interests mesh, beyond someone's skills and experience related directly to the job. But it is risky at the same time.

-Including outside interests has become the norm because it shows that candidates are well rounded, have interests outside of their day to day job and shows dedication or discipline in other activities that may or may not help them in the workplace. At least with my experience it can be a talking point to break the ice which can help get the conversation for an interview off to a solid start. Many of your top organizations like to see that candidates include this and you never know if may be something that sets you apart from an already competitive group of candidates. I have never heard of it doing harm as long as it's not political, gender or race specific which I would hope is just common sense for folks.

-I think this "Interests" thing in the resumes is a good thing, puts more of human dimension on these candidates, perhaps making for some good conversation or an ice breaker

- I have hired and fired a lot of people in my time and I have to say that I’ve found that this section offers a more telling glimpse into the “person” that you are hiring more than a lot of other things on their resume. We all want to hire the best person for the job and often times I’ve found that you can get a really good idea about the person’s work habits and how they will blend with your corporate culture by understanding what it is that they do with their free time. In talking about these types of things in the interview setting, I have often found that it’s a lot easier to get them to relax and build a rapport with them which in turn creates a setting in which they feel that they can act more naturally vs giving a typical interview performance. At the end of the day, a good interviewer needs to understand psychology.

-The only "interests" we screen for are those that "give back" to the community. Might be teaching; mentoring; acting as a docent; language/translation services for the infirm, etc. Beyond that, we don't care - but if it seems to be a "commercial" activity that could compete with or replace the interest in our business, it might be considered a negative. On balance, I agree with you - that stuff is better saved for a personal interview when there is a direct engagement between people.

-I find that these 'interests' are all a little bit over the top and scream of egoism (just my opinion). Not impressed. Maybe I am missing something, but this is coming from an entrepreneur. Candidates are there as part of a competitive process to land a job and join a team. Performance, awards and achievements speak to me more than interests, unless it is on a Linkedin profile.

-Generally, in my opinion, the placement of Interests at the bottom of a resume is a good thing. Fit is a difficult component to gauge and having some added insight into the person behind the facts typically serves to enlighten a reader. One word of caution: frivolous items such as "people watching" "exploration of cultures" can work against the message of being focused and action oriented.

-In answer to your question about “Interests” on a resume. It is mildly entertaining and might spark a brief discussion, but it would have extremely minimal bearing on the hiring decision. In fact, it could detract. If a guy maintains an “8” handicap in golf, I’m think he’s golfing more than he’s working!

-I believe that commanalities secure business relationships, establish trust and as much as I loath to admit it people invariably trust those that are most similar to them. I think personal interests are ever more important, especially in an environment where there is little to differentiate those with school and qualifications.

Someone mentioned to me that it might be more of a generational thing.  Given that many people of certain age groups are exposing themselves on various social networking sites, and that these sites are more and more being accessed by everyone from a potential employer to a potential date to a potential borrower the mention of interests and hobbies in a resume may just be a non-event.  Anyway, thanks to everyone who wrote to me on this.  I appreciate hearing from you.

Restaurant of the week:  Graziella, 116, rue McGill, Montreal, Quebec (514-876-0116).  http://www.restaurantgraziella.ca).  Very delicate cooking in a hip high-ceiling space.  Nice pris fixe lunch menu.

Photo:  Looking out the back of the Amtrak train from New York to Montreal yesterday. 


On the road....

March 8: St. Louis
March 16: New York for the IPD USA Index Launch
March 23-25: Boston for PREA's Spring Conference
April 1: Albany, New York
April 5-9: West Coast Trip
April 11-14: Dallas to attend the UBS Investor Conference
April 16-21: Tuscany
April 21-23: Venice for the annual INREV Conference
April 26-20: London
May 13-15: North Palm Beach, FL for the annual Homer Hoyt Institute/Hoyt Fellows conference
July 13-16: Laguna Beach to attend the NMS Real Estate Roundtable





These are my views and not that of my employer.

Friday, February 26, 2010

A Snow Day In New York-Schools Are Closed: Yippee!

When I was growing up a snow day like today was a treat.  School was closed and after we dug out as many cars as we could for $5.00 a car (hey, it was a long time ago) we'd take our Flexible Flyer sleds to the "Green Jungle" where there was a pretty steep hill and you had to both navigate the trees on the way down and then stop, by dragging your feet, before crashing into the big boulder at the end of the run.  We also used to have great snowball fights in ths Safeway (supermarket) parking lot where the plow guys (on orders from my father who managed that shopping center) would pile the snow really high in a certain corner of the lot for us.  We would build what we thought of as forts and then teamed up for battle.  Years later I vividly remember my sons and I walking through the woods behind our house in Short Hills, NJ to the Municipal Par-3 golf course and creating one of the last great sledding runs which we enjoyed on these plastic things that went really good.  In the mid-90's my wife and I decided on the spur of the moment to take the train into Manhattan and have dinner at a place we loved down in the Village.  It was a big snow and the cab we took from the train station could not navigate the streets.  We got out and walked.  It was a beautiful night and very romantic.  It was more than just the external beauty; it was the joy of the spontaneity.

Last week I mentioned that I had seen what looked like 1 million square feet of industrial space vacant on the NJ Turnpike.  An old industry friend, Doug Haynes of Alexander Summer Company in New Jersey wrote to correct me:  It's more like 12 million square feet, depending on what section of the highway you're talking about.  Last year at Exit 8A alone it was more than 1 million square feet!

Recently I've had the opportunity to see a number of resumes of people in the masters programs of some of the top business schools in the country..  I was a little surprised to see that many included "Interests" or "Additional Information" sections at the end.  I was never coached to include these type of things as there is a risk that you'll turn someone off.  Here are some examples:

  • Interests:  fishing (inshore, offshore and fly) and guitar
  • Climbing high points
  • In the process of visiting every U.S. state with my wife
  • Interests include golf (maintain 8 handicap) and international travel (visited 35 countries)
  • Other interests include running, fitness instruction, constructing puzzles and volunteering with at-risk youth
  • Visited historic and modern architectural landmarks throughout Europe
  • Accomplished competitive sailboat racer
  • Interests:  Architecture and Design; International Travel; Football; Skiing: Golf; BBQ Grilling
  • Interests include new urbanism
  • Motorcycle enthusiast, enjoy golfing and working with youth
  • Enjoy Boston Red Sox, Notre Dame football, cooking Italian and personal investing
  • Enjoy skiing, reading historical fiction, exploring local restaurants
  • Interests include pickup basketball, documentary film, architecture, reading, travel and boxing
  • Active trader in equity and derivatives markets
  • Over five years performing salsa dance in Mexico, Spain and US
  • Interests include free-market economics, coaching/mentoring, collegiate athletics, weight training, nutrition and my three year-old chocolate Labrador Retriever.
  • Active top secret security clearance with full scope polygraph
  • Interests : running, basketball, volleyball, golf, general aviation, flamenco guitar, economic theory
  • Interests:  Long-distance running, traveling, tennis, Trojan football and snowboarding
  • Reader, avid golfer and novice fly-fisherman, also enjoys dog training and learning the culinary arts
  • Interests:  Teaching my nephew basketball, mentoring, cooking, boxing, playing poker, studying Hinduism and learning Hindi (my fiancee is Hindu)
  • Interests:  Electric violin, acoustic guitar, tennis, golf, basketball, cartography, orhestral music, wildlife conservation
First of all:  I have no doubt that each and every one of these is sincere and true.  What I'm not sure about is why these folks have felt that they should include these kind of things in their resume. Or is this just another case of a sense of transparency of full disclosure or diversity?  A casual acquaintance from some time back told me that when he went to interview for an IT job with a major corporation the person interviewing him saw that he used to be a professional musician.  When the interviewer found out that the blues band this guy played organ in was a well known national act (whom he particularly liked) it didn't hurt him in the interview process, not one bit.  But I have not, in all the jobs I've had, once had my 'Interests' play any role in the process of being offered a job.  These resumes that I pulled these bullet items from suggest that some schools are coaching their students to use "interests" as a way of engaging a potential employer.  What do you think?  Is this a good thing?  Is it helpful?  Does it make a difference, either way?

Final item:  Headlines from RCA's Month in Review report published yesterday:  More Positive Signals, But a Bumpy Ride Ahead:  Strong sales and price gains mix with sluggishness




On the road....

March 4-7:  Montreal
March 16:  New York for the IPD USA Index Launch
March 23-25:  Boston for PREA's Spring Conference
April 1:  Albany, New York
April 11-14:  Dallas to attend the UBS Investor Conference
April 16-21:  Tuscany
April 21-23:  Venice for the annual INREV Conference
April 26-20:  London
May 13-15:  North Palm Beach, FL for the annual Homer Hoyt Institute/Hoyt Fellows conference




Photo:  West 88th Street, Manhattan @ 7:15am today.




These are my views and not that of my employer.

Sunday, February 21, 2010

UNC Real Estate Challenge Winner: Correction

Sorry.  The University of Chicago won the UNC Real Estate Challenge last week.  Due to a little too much sake I make an error.

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