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Why Owning the Pipe Is Always Better Than Owning the Product
Build the toll road. Let others pay to drive on it. In a world currently obsessed with launching products, building apps, or selling shiny new things, the real money has always been in owning the pipe—the system that every other product relies on. Apple doesn’t just sell iPhones; it takes a cut of everything that…
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The Death of the Middleman: Why Vertical Integration Is the New Alpha
We’re entering an era where middlemen are a liability—a tax on margin, speed, and control. In every sector, the most dominant players aren’t just optimizing—they’re owning the entire stack. From sourcing to delivery, from data to distribution, from capital to content—vertical integration is the new alpha strategy. Whether it’s Tesla ripping out the auto dealer…
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Are Family Offices Ditching Funds again?
For decades, family offices have played by the same rulebook: park capital in private equity funds, let someone else manage the deals, and wait for the check to come in the mail. But that model is starting to crack—again. More and more family offices are taking back control and going direct—deploying capital into real estate,…
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Are Family Offices Running Away From Real Estate?
Family offices have traditionally relied on real estate as a cornerstone investment due to its stability, inflation resistance, and long-term wealth preservation benefits. However, after nearly two decades of working closely with a family, I’ve observed a significant evolution in investment strategies. While single-tenant net lease, multifamily, office, and retail assets once dominated portfolios, there’s…
