Conservation efforts to improve red squirrel numbers in mid Wales are being undermined by developers, writes Lorna Brazell of the Cambrian Mountains Society I was interested to read about the efforts being debated to conserve England’s embattled red squirrel population ( ‘On a knife edge’: can England’s red squirrel population be saved?, 6 February ). In view of the inexorable spread of the greys ...
Conservation efforts to improve red squirrel numbers in mid Wales are being undermined by developers, writes Lorna Brazell of the Cambrian Mountains Society I was interested to read about the efforts being debated to conserve England’s embattled red squirrel population ( ‘On a knife edge’: can England’s red squirrel population be saved?, 6 February ). In view of the inexorable spread of the greys across Great Britain, it was actually a surprise to learn there are still reds anywhere as central to the island as the Lake District. But it was also a disappointment to find that the article overlooked Welsh red squirrels entirely – despite the significant success of efforts to conserve them on Ynys Môn and the presence of a significant, genetically distinct population here in the Cambrian Mountains. Reds are, as you mention, the most-missed threatened mammal species of Great Britain, so we cannot afford to ignore any of their few remaining fastnesses. Ideally, we would also be taking concrete steps to protect those places from further erosion of habitat or human disturbance. Continue reading...
DISCLAIMER: This note is intended for US recipients only and, in particular, is not directed at, nor intended to be relied upon by, any UK recipients. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Please read our full disclaimer here . hapabapa/iStock Editorial via Getty Images For The Brave Or Self-Hating Investor Only Amaz...
DISCLAIMER: This note is intended for US recipients only and, in particular, is not directed at, nor intended to be relied upon by, any UK recipients. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Please read our full disclaimer here . hapabapa/iStock Editorial via Getty Images For The Brave Or Self-Hating Investor Only Amazon ( AMZN ) stock has underperformed the index since the CEO job was taken up by Andy Jassy. This is a total return chart since his ascendancy to the CEO position vs. the SPY and QQQ ETFs, of which Amazon is a part. Jassy Era Amazon vs. Index Returns (YCharts.com) And this is in the back of investors' minds as they contemplate Amazon stock right now. Can this CEO navigate the challenges of (1) growing a retail business in a new environment where supply chains have more friction and the economy has potential headwinds, whilst also (2) continuing to generate free cash flow from the compute-cycles business, which was a genius move a decade ago (free money from existing infrastructure, yay!) but now has the same capex headache as the other bigs? Not easy. Amazon put in a decent quarter just now. AMZN Fundamentals (Company SEC Filings, Cestrian Analysis) Revenue growth accelerated a little, now +12.4% on a TTM basis, cash balances are up (now $57bn net cash), and for the time being, unlevered pretax FCF (yes, after capex) remains positive, albeit with only 2% TTM margins, and they are falling. The revenue guide is unexciting but fine—a small slowdown on a quarter vs. PY quarter basis, a slight acceleration on a TTM basis. I think there are four reasons to be bullish on this stock right now. Firstly, I think the US equity markets are going to climb up from here. Not every day, not without volatility, not easy-up, but up. That can be a tailwind for AMZN stock. Here's how I think the S&P 500 may play out. SPY Stock Chart (TrendSpider, Cestrian Analysis) Secondly, Big Tech has reall...
Love triangles make compelling viewing entertainment, but the hottest trio right now isn't airing on a popular network or one of the leading streaming services. The must-watch love triangle of the season happens to be the one involving three of the media companies themselves. Netflix (NASDAQ: NFLX) has had a deal in place to acquire most of Warner Bros. Discovery 's (NASDAQ: WBD) assets since Nove...
Love triangles make compelling viewing entertainment, but the hottest trio right now isn't airing on a popular network or one of the leading streaming services. The must-watch love triangle of the season happens to be the one involving three of the media companies themselves. Netflix (NASDAQ: NFLX) has had a deal in place to acquire most of Warner Bros. Discovery 's (NASDAQ: WBD) assets since November. Both parties signed off on a $72 billion deal that is worth closer to $83 billion on an enterprise value basis for the streaming and studio assets. Warner Bros. Discovery would spin off its linear networks and less lucrative media businesses before the wedding ceremony. Image source: Getty Images. Continue reading
Bar blockers | Unlikely book recommendation | Ask AI | The proliferation of potholes | Divine intervention Queues in pubs ( Letters, 6 February )? Hallelujah! Now perhaps elderly women of 5ft 1in will be able to get a drink. I’m not sure which are worse, the big blokes who wave their £20 notes over your head or the ones who, having bought a drink, just stay leaning on the bar. Queueing? Bring it o...
Bar blockers | Unlikely book recommendation | Ask AI | The proliferation of potholes | Divine intervention Queues in pubs ( Letters, 6 February )? Hallelujah! Now perhaps elderly women of 5ft 1in will be able to get a drink. I’m not sure which are worse, the big blokes who wave their £20 notes over your head or the ones who, having bought a drink, just stay leaning on the bar. Queueing? Bring it on. Mine’s a large house red, please. Rosemary Chamberlin Bristol • Paul Dacre’s characterisation of a certain book as “written to appeal to a certain section of the Guardian readership” was presumably intended as a put-down, but I took it as a recommendation ( Flashes of anger but Paul Dacre keeps his head before court cut-off, 11 February ). Can we get more of the same from this unlikely source of advice? Mark de Brunner Harrogate, North Yorkshire Continue reading...
Protesters are enjoying greater freedom of expression since Nicolás Maduro’s downfall despite lack of regime change Protesters have taken to the streets of cities across Venezuela in the latest sign of an embryonic political shift after Nicolás Maduro’s recent downfall. Student demonstrators gathered on the campus of the Central University of Venezuela in Caracas on Thursday to demand the release ...
Protesters are enjoying greater freedom of expression since Nicolás Maduro’s downfall despite lack of regime change Protesters have taken to the streets of cities across Venezuela in the latest sign of an embryonic political shift after Nicolás Maduro’s recent downfall. Student demonstrators gathered on the campus of the Central University of Venezuela in Caracas on Thursday to demand the release of all of the country’s political prisoners, the return of exiled activists and a full transition to democracy. “Who are we? Venezuela! What do we want? Freedom!” they shouted. Continue reading...
Earnings Call Insights: Rollins, Inc. (ROL) Q4 2025 Management View Jerry Gahlhoff, President and CEO, highlighted that Rollins "achieved a milestone of $3.8 billion in revenue" for fiscal 2025 and reported "double-digit revenue, earnings and cash flow growth," though he noted a "tougher finish to the year in the fourth quarter" due to early winter weather, especially impacting onetime projects. O...
Earnings Call Insights: Rollins, Inc. (ROL) Q4 2025 Management View Jerry Gahlhoff, President and CEO, highlighted that Rollins "achieved a milestone of $3.8 billion in revenue" for fiscal 2025 and reported "double-digit revenue, earnings and cash flow growth," though he noted a "tougher finish to the year in the fourth quarter" due to early winter weather, especially impacting onetime projects. Organic growth in recurring and ancillary services, representing over 80% of revenue, was "above 7% for both the quarter and the year." Gahlhoff emphasized strong customer retention rates, healthy underlying markets, and significant investments in talent development and cross-brand collaboration, stating, "Servant leadership is the foundation of these sessions which are designed to help leaders enhance skills for personal development, team development and business growth." He also referenced the acquisition of Saela and 26 additional tuck-in deals, noting Saela's performance "has continued to exceed our expectations and integration has progressed very smoothly." Kenneth Krause, Executive VP & CFO, stated, "We delivered robust revenue growth of 11% for the year with strong growth across each of our service offerings. Organic growth was 6.9% for the year, while acquisitions continue to be a meaningful part of our growth profile." Krause reported "adjusted EBITDA grew by 10.8% to $854 million," and "operating cash flow of $678 million and free cash flow of $650 million, up 11.6% and 12.1%, respectively, versus last year." He noted that "quarterly EBITDA was $194 million and EBITDA margin was 21.2%." Krause also confirmed continued investments for long-term value creation and a "robust M&A pipeline." Outlook Krause shared, "We continue to expect organic growth in the range of 7% to 8% with additional growth from M&A of at least 2% to 3%." He added, "We anticipate that cash flow will continue to convert at a rate that is above 100% again in 2026." Gahlhoff expressed confidence in...
Earnings Call Insights: International Flavors & Fragrances Inc. (IFF) (IFF) Q4 2025 Management View CEO Jon Erik Fyrwald stated that "IFF's fourth quarter and full year 2025 results reflect a continued focus on disciplined execution and improvements across the business to further strengthen our position in the market." Fyrwald highlighted the completion of several divestitures and the launch of th...
Earnings Call Insights: International Flavors & Fragrances Inc. (IFF) (IFF) Q4 2025 Management View CEO Jon Erik Fyrwald stated that "IFF's fourth quarter and full year 2025 results reflect a continued focus on disciplined execution and improvements across the business to further strengthen our position in the market." Fyrwald highlighted the completion of several divestitures and the launch of the sale process for the Food Ingredients business, emphasizing the strategy to "sharpen our portfolio so we can focus on high-value innovation-driven businesses." Fyrwald reported that "our net debt to credit adjusted EBITDA [is] down to 2.6x" and noted, "Our increased investments in innovation and commercial capabilities and CapEx and productivity initiatives are delivering today and making us stronger for the future." The CEO also underscored margin expansion and profitability improvements, stating, "On a consolidated basis, our overall profitability improved in 2025 as we delivered 7% EBITDA growth with 100 basis points of margin expansion through volume and productivity gains as well as favorable net pricing." CFO Michael Deveau commented, "In the fourth quarter, IFF generated revenue of nearly $2.6 billion with growth in nearly all divisions," and added, "EBITDA totaled $437 million for the fourth quarter, a 7% increase, primarily driven by volume growth and our ongoing productivity initiatives." Outlook Deveau provided 2026 guidance, stating, "For the full year 2026, we expect sales to be in the range of $10.5 billion to $10.8 billion, representing comparable currency-neutral growth of 1% to 4%." The company expects full year 2026 EBITDA between $2.05 billion and $2.15 billion, representing comparable currency-neutral growth of 3% to 8%. Deveau noted, "We expect Taste, Health & Biosciences and Scent will continue to drive our top line growth, supported by new wins and our innovation pipeline." Management indicated that cash generation will be a key priority for 2026, w...
matdesign24/iStock via Getty Images Written by Nick Ackerman, co-produced by Stanford Chemist The High Income Securities Fund ( PCF ) is a closed-end fund that was taken over by activist group Bulldog Investors in 2018. That transformed the fund into a hybrid fund with significant diversification. The largest allocation is to closed-end funds, but special purpose acquisition vehicles also comprise...
matdesign24/iStock via Getty Images Written by Nick Ackerman, co-produced by Stanford Chemist The High Income Securities Fund ( PCF ) is a closed-end fund that was taken over by activist group Bulldog Investors in 2018. That transformed the fund into a hybrid fund with significant diversification. The largest allocation is to closed-end funds, but special purpose acquisition vehicles also comprise a larger allocation as well. From there, they have exposure to some business development companies, preferred securities, and other small allocations. With a significant allocation to other CEFs, this creates a fund that is at least partially a fund of funds approach, allowing for what are around 100 holdings to actually be exposure to thousands of other underlying positions. That can come with expenses on expenses, which is always the downside, but it can also create a situation where investors can get discounts on discounts. In this case, PCF is trading at a substantial discount to its net asset value—which is also a characteristic of some of its largest holdings. PCF Basics 1-Year Z-score: -0.88 (based on NAV reported on 02/06/2026) Premium/Discount: -11.50% (based on NAV reported on 02/06/2026) Distribution Yield: 11.43% Expense Ratio: 1.64% Leverage: N/A Managed Assets: $131 million Structure: Perpetual PCF's investment objective is "to provide shareholders with high current income." To achieve this objective, the fund "will seek to generate sufficient cash from interest, dividends and other distributions, and liquidity events such as self-tender offers, mergers or liquidations from portfolio securities to enable the Fund to make high monthly distributions to shareholders." To be a bit more specific, they note that the fund will: invest primarily in income producing or dividend paying U.S. and non-U.S. investments, such as investment grade and below investment grade (high yield/high risk) debt securities, fixed or variable rate income securities, real estate investmen...
imaginima/iStock via Getty Images Markets continue to remain remarkably resilient here in 2026. Cryptocurrencies have lost nearly $2 trillion in overall value since peaking in October. Precious metals have been very volatile, with silver having its biggest daily move in late January , since Jimmy Carter was in the White House. The housing sector continues to be moribund , and CRE CMBS delinquency ...
imaginima/iStock via Getty Images Markets continue to remain remarkably resilient here in 2026. Cryptocurrencies have lost nearly $2 trillion in overall value since peaking in October. Precious metals have been very volatile, with silver having its biggest daily move in late January , since Jimmy Carter was in the White House. The housing sector continues to be moribund , and CRE CMBS delinquency rates continue to increase. Trepp - January 2026 A new AI program from Anthropic ( ANTHRO ) recently triggered what was dubbed as 'SaaSpocalypse,' wiping out more than $275 billion in market value in a day. Shiller PE Ratio (Multpl) Despite this, the Dow, NASDAQ, and S&P 500 remain near all-time highs and continue to trade at extreme valuation levels as the AI Revolution pushes the major indexes ever higher. Investors appear to be content to ignore history on two fronts. The first is not understanding how every major technology paradigm shift has played out in U.S. history. Whether it was the buildout of the national railroad network, electrification, or the birth of the internet, these events have played out in a similar fashion. Here are the six stages. 1. A new technology emerges, and several innovators embrace this development early. 2. The technology gains traction, and more players enter the market. 3. They raise huge new sums of capital to spend on this new technology. 4. The enthusiasm and spending connected to this paradigm shift trigger a huge boom in the stock market and boost the economy. 5. This invites even more spending, increasingly leading to a stunning misallocation of capital. 6. The bubble inevitably pops. Many players go bankrupt, and a few champions emerge from the rubble. However, for every Amazon ( AMZN ) , there are several Pets.coms and Webvans. Understanding AI, Company Filings Meta Platforms ( META ), Alphabet ( GOOG ) , Amazon, and Alphabet ( GOOG ) plan to spend nearly $700 billion on capex in 2026, up sharply from approximately $350 billion in...
Shares of leading public sector software company Tyler Technologies (NYSE: TYL) are down 15% as of noon ET on Thursday after the company reported fourth-quarter earnings. Sales and adjusted net income grew 6% and 8% during Q4, but fell well short of Wall Street's consensus. Management guided for 8% sales growth in 2026 -- a far cry from its 15% annualized growth rate over the last five years. On t...
Shares of leading public sector software company Tyler Technologies (NYSE: TYL) are down 15% as of noon ET on Thursday after the company reported fourth-quarter earnings. Sales and adjusted net income grew 6% and 8% during Q4, but fell well short of Wall Street's consensus. Management guided for 8% sales growth in 2026 -- a far cry from its 15% annualized growth rate over the last five years. On top of these underwhelming results, the software industry remains in turmoil as the market weighs which SaaS companies will be most disruptible by AI. This industrywide threat and Tyler's disappointing results have sent the stock down 55% from its 52-week high. While it makes sense for an AI-enamored market to pare back expectations for many software stocks, I think its reaction to Tyler Technologies' stock has gone too far. Serving a wide array of customers across the public sector -- local, state, and federal governments, corrections facilities, schools, public safety offices, etc. -- Tyler probably isn't as disruptible as most SaaS stocks. These are highly regulated areas that require strict security standards, protecting Tyler's leadership position in the niche. Furthermore, there isn't much incentive for government employees to develop new apps or processes that could displace the company over the long haul. Image source: Getty Images. Continue reading
Daniel Wright/iStock Editorial via Getty Images In this article, I will be revisiting my estimates and my targets for Hapag-Lloyd ( HPGLY ). In my last few articles on the company, which is secondary to my largest shipping company coverage in A.P. Moller Maersk ( AMKBY ), I've typically held a very neutral rating. This has paid off quite well for me over the past 12 months, with 3 articles coverin...
Daniel Wright/iStock Editorial via Getty Images In this article, I will be revisiting my estimates and my targets for Hapag-Lloyd ( HPGLY ). In my last few articles on the company, which is secondary to my largest shipping company coverage in A.P. Moller Maersk ( AMKBY ), I've typically held a very neutral rating. This has paid off quite well for me over the past 12 months, with 3 articles covering the business in 2025. While you could have made some short-term profits by buying in March and selling off after the bounce in June, I doubt that there are many investors who managed this, given the volatility and the state of things in the shipping sector. Since my article in March, HPGLY is down 7%, with the market up double digits. Since my article, with the same rating, in July, it's also down. Since my latest article, which Seeking Alpha published in October of last year, the company is up single-digits - but the market is up more. You can find that article here. Seeking Alpha Hapag-Lloyd article returns It's fair to characterize shipping as one of the most globalized and complex ventures in existence. It's further fair, I believe, to say that if you buy any of the larger shipping businesses at a good price, a general upswing is bound to bring you some good profits. The trends in this industry are complex. I have been paying more attention to the entire sector for about 3-4 weeks now because on January 15th, Maersk announced that it will start using the Suez and Red Sea route again in January. This marks a distinct difference in the sector, because Maersk and other shipping businesses, obviously including HPGLY, have been avoiding the route due to significant threats from Houthi rebels. These attacks and the resulting freight delays and issues have caused a significant increase in freight prices and freight issues. Why? Because roughly one out of ten containers traverses the Red Sea/Suez, and the closure of that means that ships had to take a detour over the Cape of ...
A UK childcare worker who filmed himself sexually abusing youngsters at a nursery where he worked and downloaded over 26,000 indecent images of children was on Thursday jailed for 18 years. Vincent Chan, 45, who admitted a raft of 56 charges including sexual assault, was described in court as “every parent’s worst nightmare”. Passing sentence, Judge John Dodd told him he was guilty of an “utterly ...
A UK childcare worker who filmed himself sexually abusing youngsters at a nursery where he worked and downloaded over 26,000 indecent images of children was on Thursday jailed for 18 years. Vincent Chan, 45, who admitted a raft of 56 charges including sexual assault, was described in court as “every parent’s worst nightmare”. Passing sentence, Judge John Dodd told him he was guilty of an “utterly wicked, perverse and depraved” campaign of sexual abuse. “You became a sexual predator and someone...
Alina Humeniuk/iStock via Getty Images I’m downgrading Micron Technology, Inc. ( MU ) to a Hold, as I think the risk-reward just turned unfavorable. Since hitting the $455.5 level, the stock has been down over 6%, as that level has become the next resistance. I’m not downgrading the stock to a Sell yet, as I think it could still have some fuel in the tank, especially following the presentation at ...
Alina Humeniuk/iStock via Getty Images I’m downgrading Micron Technology, Inc. ( MU ) to a Hold, as I think the risk-reward just turned unfavorable. Since hitting the $455.5 level, the stock has been down over 6%, as that level has become the next resistance. I’m not downgrading the stock to a Sell yet, as I think it could still have some fuel in the tank, especially following the presentation at the Wolfe Research Auto, Auto Tech, and Semiconductor 2026 Conference. It sent the stock up over 10% on Wednesday and another 4% after investors got a much-needed relief regarding the company’s roadmap, but I’ll get to that in a second. Seeking Alpha While the fundamental story for AI-driven demand remains intact, I think a period of consolidation is overdue. What I’m trying to say is investors are better off on the sidelines at current levels, as memory prices face a potential air pocket after their meteoric rise. Memory is cyclical, and there is no escaping that. We’ve seen this film before: the industry rushes to add capacity, only for demand to stabilize and leave high-priced inventory sitting on the shelves. What’s really saving Micron now is its shift towards high bandwidth memory, or HBM, and HBM4 acceleration provides a safety net that makes selling at current levels premature. However, for new money, buying at the $420 to $430 range, just under that $455.5 ceiling, offers a poor margin of safety. We need to see if the stock can successfully retest support levels around $380–$390 or if it needs to trade sideways to digest these massive gains before the next leg up toward $500. The Wolfe Research Conference: Takeaways Management showed strong confidence in the roadmap on the conference call. Not only did they meet investor expectations, but they also dismantled the recent bearish rumors of technical delays. CFO Mark Murphy said the following: And let me, at this time, address some recent inaccurate reporting by some on our HBM4 position. We have been in high-volume p...
Getty Images Shares of SOLV Energy ( MWH ) have seen a strong public debut, with shares jumping 20% higher after a strong price process. Investors are upbeat on the provider of infrastructure services to the wider power industry, although the focus is strongly on the construction of solar parks and battery systems. I can understand the enthusiasm given the positioning of the business, yet falling ...
Getty Images Shares of SOLV Energy ( MWH ) have seen a strong public debut, with shares jumping 20% higher after a strong price process. Investors are upbeat on the provider of infrastructure services to the wider power industry, although the focus is strongly on the construction of solar parks and battery systems. I can understand the enthusiasm given the positioning of the business, yet falling revenues in recent years create some doubts, although growth returns in 2025 and margins have seen impressive gains. While all this is to be applauded, I do not feel comfortable enough to pay a current premium, given the lumpy results in the past, making me take a wait-and-see-approach in this offering here. Infrastructure Services to the Power Industry SOLV Energy provides infrastructure services to the power industry. These include a wide variety of services such as engineering, testing, procurement, construction, actual commissioning and operations, maintenance, and repowering. This basically covers the lifecycle of such underlying power assets, with the company providing all-in solutions under a single roof. Founded in 2008, the company claims in its S1-filing that it has constructed some 500 power plants ever since, with a combined generating capacity of 20 GW, which very well might be true. That does not mean that all this work was performed by SOLV while calling solar farms a power plant seems a bit exaggerated. The company claims particular strength in solar, as well as high-voltage stations. In fact, specialized expertise is claimed in designing, building, and maintaining both larger-scale solar parks and battery storage projects. The company claims to have a backlog of another 18 GW. These are dazzling numbers, but so is the need for additional capacity. Referred to in the filing: Market research firm Wood Mackenzie pegs new generation capacity required in the coming decade at about 65 GW per year, with the market share of solar and battery parks (or a combination...
What happens when a Hall of Famer moves from the hardwood to ownership? Grant Hill breaks down how experience as a player changes the way one builds a franchise -- including culture, leadership and legacy. (Source: Bloomberg)
What happens when a Hall of Famer moves from the hardwood to ownership? Grant Hill breaks down how experience as a player changes the way one builds a franchise -- including culture, leadership and legacy. (Source: Bloomberg)
The hours-long closure of El Paso airspace stemmed from the use of an anti-drone laser deployed by Customs and Border Protection, according to reports from The New York Times and the Associated Press . Sources tell The Times that CBP officials didn't give the Federal Aviation Administration "enough time to assess the risks to commercial aircraft," leading to the abrupt shutdown. On Wednesday, the ...
The hours-long closure of El Paso airspace stemmed from the use of an anti-drone laser deployed by Customs and Border Protection, according to reports from The New York Times and the Associated Press . Sources tell The Times that CBP officials didn't give the Federal Aviation Administration "enough time to assess the risks to commercial aircraft," leading to the abrupt shutdown. On Wednesday, the FAA closed the airspace around El Paso International Airport, citing "special security reasons." The move impacted commercial flights and emergency medical transportation. Though the agency initially said the closure would last 10 days, it reopened … Read the full story at The Verge.
The Good Brigade/DigitalVision via Getty Images When Opendoor Technologies Inc. ( OPEN ) stock was making waves last year, I thought the company’s valuation made little sense. Last September, I highlighted 2 reasons to sell OPEN stock and never look back. I thought Opendoor’s core business was deteriorating behind the curtains. I also believed its capital-light pivot will not address profitability...
The Good Brigade/DigitalVision via Getty Images When Opendoor Technologies Inc. ( OPEN ) stock was making waves last year, I thought the company’s valuation made little sense. Last September, I highlighted 2 reasons to sell OPEN stock and never look back. I thought Opendoor’s core business was deteriorating behind the curtains. I also believed its capital-light pivot will not address profitability challenges for quite some time. Since then, OPEN stock has declined by over 50%. A couple of months later, in November 2025, I published another article discussing why the housing market decoupling story told by Opendoor’s new CEO fails to capture the whole truth , as this new strategy forces the company to rely on transaction volume to secure growth. After an evaluation of the macro outlook for the real estate sector, I am changing my stance on OPEN stock as I believe it satisfies my conditions to qualify as a high beta play on the expected recovery of the housing market. Institutional Sentiment Is Shifting The U.S. real estate sector has gone through a lot of pain in the past few years. Several reasons have contributed to these challenges, including persistently elevated mortgage rates (peak rates of around 8% in 2023), a surge in home prices that limited affordability, and inventory shortages that led to a housing shortage of anywhere between 2 million and 5 million units, depending on the data source. These challenges limited institutional investments in the real estate sector as a whole in the past few years. Today, interestingly, institutional sentiment seems to be shifting in favor of a recovery. Recent macro studies and published research reports signal that a recovery of the real estate sector is on the cards this year. According to PERE’s Perspectives Study for 2026, 45% of institutional investors are willing to deploy more capital into real estate investments this year compared to 2025. According to PERE, this would be the highest level of capital deployment int...