Backwards Alpha
The WSJ's latest hit piece on Bilt reads like a masterclass in missing the forest for the trees. While Wells Fargo executives whine about losing $10 million a month on their rent rewards partnership, they're completely blind to the $10.75 billion valuation Bilt just secured
Backwards Alpha
Let me tell you about the most unsexy investment thesis that's been quietly crushing it while everyone else chases the latest AI meme stock or crypto narrative. I just finished reading Fundrise's Q2 2025 letter, and honestly, it reads like a love letter to everything I
Backwards Alpha
Last week at a family office conference in Miami, I watched three different portfolio managers explain why they’re loading up on the highest-yielding dividend aristocrats as “safe income plays” in the current rate environment. The room nodded along in agreement. That’s when I knew I had my next
Backwards Alpha
I’m going to tell you about the most expensive education I’ve ever received: how I lost $1.2 million in SPACs, why I was simultaneously completely right and catastrophically wrong, and why this disaster became the foundation of my most profitable investment strategy. This isn’t a redemption
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