Healthcare Well Positioned to Hedge Against Downturns

Employment growth is one of the key indicators of the economic cycle in the U.S. It drops off just ahead of a recession, falls to negative in the trough and bounces back in recovery. Most industries follow this pattern, except for one – healthcare. U.S. healthcare employment has grown continuously since 1990. From 7% of

Ocado, I&L and the FTSE 100

In the latest reshuffle of the FTSE 100, Ocado was elevated to the index, after its share price nearly quadrupled in the past 12 months. It is currently valued at £7 billion, although its sales are just £1.5 billion and it made a pre-tax loss of £0.6 million last year. This share price surge was

Spencer’s Summer Reading List

“Why would you want to read when you got the television set sitting right in front of you?” –Harry Wormwood, “Matilda” Summer is here! While you are at the beach, in the mountains or sitting on the porch, it’s also the best time of year to catch up on your reading. If you haven’t figured

Global Rents and Capital Values Rise

2018 has registered a very healthy start with strong global GDP growth and historically low G7 unemployment rate[1]. The global economy is poised to record the fastest growth (3.1%) in seven years, driven by the turbo charged U.S. economy and continued strength in emerging Asia. Occupier demand is robust due to rising consumer confidence and

The Texas Two Step

My father was a partner in a big New York law firm, a member of the New York University Law Review and he raised two great kids. But of all his achievements in life, he was perhaps proudest of being a 1960 graduate of Stuyvesant High School in New York City. Nine years after his

The Sad Story of Global Inflation

Whatever the popular story of the time, the reason that cycles come to an end is that central banks raise interest rates to suppress inflation. Initially, business and consumer confidence prevents interest rates from having an immediate effect. Later, leverage and over-expansion on two or three sectors of the economy usually cause a bigger decline

L.A. is #1

Who is #1? Kershaw or Koufax? Answer: Trick question. BOTH as L.A. itself ranks #1 again on our Americas Investors Intentions Survey 2018. Why did I also find L.A. so attractive in my Select LA Presentation on Thursday? Let me count the ways: 1. Office Using Job Growth. Every story begins and ends here and L.A. is one of

What Time Is It?

Does anybody really know what time it is? Does anybody really care? – Robert William Lamm, singer, songwriter and

The Day the Earth Will Stand Still

“Michael Rennie was ill the day the Earth stood still, but he told us where to stand” – Richard O’Brien, Writer/Actor, aka “Riff Raff” in The Rocky Horror Picture Show Perhaps there is no more fitting occasion to explain the difference between capitalism and Marxism than the 200th birthday of Karl Marx this month. Capitalism

China’s Consumers are a Major Global Opportunity

Since China’s economic take-off in 2000, investment has driven GDP while the contribution of consumers’ spending diminished. This is common in export-oriented economies, but China’s low private consumption has continued for over a decade, setting it apart. There are many factors behind this: the uncertainty created by the transition from full-blown communism caused households to