Mark to Market vs. Mark to Fantasy
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 9 December 2022
⏱️ 30 minutes
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Summary
It’s a crazy time in the ‘bizarro’ world when we have questions that we do about 2023’s economic health, the earnings environment, and financial markets liquidity, and yet one of the biggest stories in financial media for the week centers around a couple of obscure income real estate portfolios. Indeed, one could argue it is truly a ‘bizarro’ world when what appears to be one of the largest frauds and wealth evaporations in history (FTX) provides a pretty glowing media tour while some of the most successful wealth creation and capital markets success in history is given the third degree by the same people.
But today’s Dividend Cafe is not about Blackstone or Starwood or FTX or CNBC, or any other particular asset manager, crypto scam, or media outlet. Rather it is about a broad issue in financial markets that is not understood, needs to be understood, and has no chance of being understood given the fact that the people doing the educating do not understand.
So let’s jump into the Dividend Cafe. Mark this moment. The lesson will not prove to be over-valued.
Blog post here: https://bahnsen.co/3iNX8IJ
Links mentioned in this episode: TheDCToday.com DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the Dividend Cafe weekly market commentary focused on dividends in your portfolio and dividends in your understanding of economic life. |
| 0:13.0 | Hello and welcome to the Dividend Cafe. I am extremely excited to talk to you today about a topic that has all of a sudden dominated |
| 0:23.0 | the media. |
| 0:24.2 | And it isn't about the Fed directly. |
| 0:26.6 | It isn't about the economy directly. |
| 0:28.9 | It's not going into the public stock market. |
| 0:32.5 | And yet has become one of the dominant stories the last week or so. |
| 0:36.8 | And a quick context. |
| 0:39.6 | And I'm going to spend most of my time explaining why this context matters to the broader |
| 0:44.6 | principles we're here to talk about. |
| 0:46.5 | But there's a couple of what's called non-traded real estate investment trust that have gotten a lot of attention in the press this week. |
| 0:58.5 | And there's a lot of questions right now about illiquid assets, particularly real estate, |
| 1:03.9 | and how an investor may be impacted by how it is marked and what the real value is. |
| 1:11.6 | And could the marks go lower and can people get access to their money? |
| 1:15.4 | There's this whole discussion about liquidity, valuation in the world of real estate. |
| 1:21.0 | And yet we're talking about in some cases asset managers that have been some of the greatest wealth creators in history inside of capital markets. |
| 1:35.2 | And then you look at the other story that it's competing against for headline and for media time around this FDX crypto implosion where there's DOJ investigation, |
| 1:48.1 | house investigation. |
| 1:50.3 | It seems to most analysts, inevitable that there's significant criminal charges coming and just |
| 1:57.9 | billions upon billions of dollars of eroded wealth. |
| 2:04.2 | And these two stories don't quite seem to be comparable to me. |
| 2:09.3 | So if you're not familiar with all of it, don't worry about it. |
... |
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