Improving Fundamentals Meet Macro Headwinds

Thanks to the Clockwork team for including a few thoughts from me on real estate at the halfway point in their Summer Solstice Report. 

I’ve found over time that investors and managers who can find ways to improve operations at existing assets during periods of uncertainty in the capital markets will be rewarded, as returns in sideways/choppy markets will be driven by income as opposed to appreciation. 

Similarly, adding high conviction assets when most buyers are sidelined may feel risky in the moment, but great once sentiment flips. 

Clockwork Private Markets Report - 2026 Summer Solstice Edition