Why I started the Newsletter:

To learn about and invest in real estate companies by reading a newsletter offers benefits at first glance. First, there are no management fees. And eliminating these is important since management fees are (much) higher than you think. Second, unmotivated by performance fees, the editor, perhaps, offers an original, unique and unbiased research. Third, the investor retains the freedom to manage his or hers wealth. But I was appalled when I read the fine line (read: disclaimer) on some of the popular investing newsletters. Here is an example: 

“We, along with our friends and family, may hold, purchase, or short position in securities mentioned on our website or in our newsletter, and will not disclose this information to readers, nor the time position in which the securities were acquired,” notes one editor of a popular investing newsletter. “We may also liquidate shares in profiled companies at any time without notice and at will.”

This obvious conflict of interest should not be an acceptable practice. Especially since it is easy to eliminate. So I set out to write a different investing newsletter.  

How is it different? First, your interests and mine are aligned. With over 80% of my net worth held in portfolio companies, I eat what I cook. Second, I place your interests before mine. Because I consider a paid-subscriber a client, I publish the newsletter first, and transact on my own account after. Third, I do not receive any third-party arrangement, such as referral fees, soft dollar and advertisements, nor do I seek to do business with portfolio companies. What I write is, dare I say, a genuine work of real estate research.

My goals:

My first goal is to grow your understanding in real estate investing. Reading, in real-time, about real estate market activities and the value of real estate companies will not only allow me to assist you in becoming a well-informed investor, but will also sharpen your analytical and reasoning abilities. And to paraphrase the late Walter Schloss: you never know real estate before you own it. (To be clear: I consider owning a share in a REIT an ownership of real estate).  

My second goal is that the value of the portfolio companies will be higher than NAREIT Index over a five-year period. Put differently, my goal is that a dollar invested in the portfolio companies would be worth more than a dollar passively managed by the ETF, over a five-year period. Yet, you must keep in mind that I am not a financial advisor, nor do I aspire to become one. The real estate portfolios of companies should be viewed as mere ideas, not as investment advice that is tailored to your unique financial needs.

How does it work?

The Real Estate Newsletter, published every month, includes a practical report on either a real estate company, an asset class, or an investing concept. In addition, every quarter, the Newsletter updates and reviews portfolio companies. It includes an update on portfolio companies’ operating performances, financial positions, industry outlooks and what can be done about them. As a paid-subscriber, I am available to answer your questions at any time.

For whom the newsletter is intended:

If you are interested in growing your knowledge in real estate, the Newsletter is for you. Because I prefer to illustrate investing concepts by drawing real world examples, the Newsletter follows real estate companies. And if this Newsletter improves your knowledge in investing, then I shall not have toiled in vain.

How do I find ideas?

The process is straightforward, but not simple. I sift through public filings, such as annual reports and financial statements, found in websites, such as Edgar. Most of the time, I do not do much but read, because typically great companies are trading at even greater prices. But every once in a while - at best, three to four times a year - I find a company that is reasonably priced and run by wonderful management. I then carefully analyze its financial footnotes, press releases, and transcripts of conference calls. Most of the analyses is done by pen and paper.

It may be an archaic, Sisyphean manner of finding investment ideas. But it is the one with which I feel most comfortable. 

I then write about it in the Newsletter. The report includes an expected timeline, target price and what I feel would be an adequate return. The investing report includes both a qualitative discussion and a quantitative discussion. And once either the target price or the target date arrives, I review the position and make a suggestion about how to proceed. Rarely will I sell a position before either one of the two criteria are met.

My background:

I serve as a Vice President and Senior Research Analyst at Silvergate Bank, a commercial bank. I participate in the acquisition, disposition and financing of residential and commercial real estate properties.  Since 2009, my focus has been on acquisition analyses, financial due diligence and asset management assignments across various asset types, such as office, hotel, retail, land and construction. Prior to that, I managed a portfolio of real estate properties developed by my grandfather. I graduated from Chapman University with a Masters degree in Business Administration, and I earned the Chartered Financial Analyst (CFA) credential.   

As an active CFA charterholder, I committed to following the CFA Institute Code of Ethics. In brief, I attest, each year, to act with integrity, competence and diligence; to place the interest of clients above my own personal interest; to use reasonable care and exercise independent professional judgment when conducting investment analysis; to practice and encourage others to practice in a professional and ethical manner; to maintain and improve my professional knowledge; and to strive to do the same for the well-being of others.

Cordially,



Noam Ganel