Thought Leadership

Fool's gold: mining for “true” value in the US commercial real estate debt market


Michelle Russell-Dowe

Michelle Russell-Dowe

Head of Securitized, US Fixed Income

See all articles
Jeffrey Williams, CFA

Jeffrey Williams, CFA

Fund Manager

See all articles

Distinguishing between income oriented investments with a safer risk profile and investments which offer yield, but have highly binary potential outcomes, is crucial in today’s lower yielding environment. The concept of proper compensation for risk should have been the primary lesson learned post global financial crisis.But after nearly 10 years, the market has lost its memory and many investors are now combing through riskier securities in a search for yield. In many cases, we believe investors will end up with “fool’s gold”.

Read the full report

Fool’s Gold 6 pages | 814 kb

download