by Ross Bowler | Dec 1, 2025 | Market Commentary
Watching Investment Bubbles Deflating
Over the last couple of years, the only thing that has exceeded the magnitude of Artificial Intelligence’s (AI) potential is the Fear of Missing out (FOMO) driven frenzy to invest in AI. Evidence that the mania might be peaking came with the 09/30/25 IPO of Fermi Inc. (FRMI), a REIT start-up that is “pioneering the development of next-generation electric grids that deliver highly redundant power at gigawatt scale, required to create next-generation artificial intelligence.”
by Ross Bowler | Oct 24, 2025 | Market Commentary
Changes
Since 2018, Simon Bowler has produced the data-laden report, which we call The State of REITs, monthly (it’s published elsewhere but resides on the 2MC website for your easy access). Early in the process of gathering numbers for the October edition, he noted that the long-observed higher multiples in favor of large caps had broken, and that shares were now trading more independently of size. Looking closer, it got stranger still.
by Dane Bowler | Oct 7, 2025 | Market Commentary
Americold Gets Cheap Enough to be Interesting Americold’s (COLD) stock price is down 65% in the last 5 years. This sort of move is unusual for a business that is so necessary and stable in the long-term sense of the word. In any short window of time, cold storage...
by Ross Bowler | Sep 19, 2025 | Market Commentary
Market Commentary | September 18, 2025 Resuming the Path to Lower Interest Rates After a seemingly interminable 9-month pause, on September 17th, Jerome Powell’s Central Bank cut the Fed Funds rate by 25 basis points. As real estate is considered one of the most...
by Dane Bowler | Aug 27, 2025 | Market Commentary
Market Commentary | August 24, 2025 Potential Signs of a Value Renaissance Value and growth have bounced cyclically in and out of favor for the entire history of the stock market, often in unpredictable fashion. Outperformance of value or growth over the other varies...
by Ross Bowler | Jul 30, 2025 | Market Commentary
Market Commentary | July 29, 2025 Persistence, Perseverance, and Patience Pay Off Being dedicated REIT investors, we try to cover and analyze every issue in our universe. For City Office REIT (CIO), that has meant a quiet following of the issue since its 2014 IPO....
