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Every two weeks, I share my writing on investing, career transitions, meaningful work, parenting, living intentionally, and other topics that engage me.

I'm still trying to figure stuff out.

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Field Notes

When I launched Beyond the Cove, it was really just a way to sharpen ideas by putting them into words and then out into the world. Writing helps me reflect on stuff and figure out what I actually believe.

What I didn’t expect was how much I would enjoy the conversations that followed. That’s been a bonus and something I sincerely value, especially as I further disengage from social media.

Thank you for reading, replying, texting, and reaching out. It has made this feel a lot less like talking into a vacuum.

This month marks three years of consistent writing.

Back in May 2022, I restarted the newsletter after what I thought would be a short break, maybe 1-2 months. That break turned into nine months. I don’t want to make that mistake again.

With my predecessor now retired, my daughter graduating from high school, and some other personal and professional projects keeping me busy, the next few months will be packed.

I know, we’re all busy. I usually spin plates relatively well, but I might be hitting my limit.

So, rather than step away from this regular dialogue, I’m going to experiment a little. I’ll try some shorter formats that are quicker to write and, hopefully, just as interesting for you to read.

Today, I am starting with the first experiment, Field Notes. I’ll just mention a few small things I noticed lately that made me think, smile, or look twice.

Maybe they’ll do the same for you.

Thanks again for being part of this experience. Let’s see where this takes us.

As always, I welcome any feedback or ideas. Just hit reply.

• Housing Priced in Gold Last week, I read a newsletter that argued that US housing looked cheap, which seemed absurd on the surface. The writer suggested the problem was a monetary illusion driven by a depreciating US dollar. The more I thought about it, the less crazy it seemed. On some level, he has a point. As you can see below, US home prices have rarely been lower when priced in gold. However, the idea is interesting but not practically useful since US employees earn their wages in dollars, not gold. Perhaps the bigger takeaway is the reminder that investors cannot just sit in cash. Between depreciation and debasement, that’s the only way to lose value. Am I thinking about this right?

• A Fiction Book I recently read Remains of the Day by Kazuo Ishiguro. It’s a story about a butler reflecting on his life’s work, but it’s so much more. The movie starring Anthony Hopkins and Emma Thompson, which I watched after reading the book, disappointed me by comparison. The short but complex book hit on so many significant themes on my mind lately, including our attachment to work, dignity, and regret. The insights between the cracks hit home.
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• Reading with AI Along the same lines, I started re-reading Dante’s Inferno as a daily practice, one canto per day. To make the poetry more accessible to my modern brain, I use ChatGPT to prepare me. The simple prompt or Canto VII was, “I’m reading Longfellow’s translation of Dante’s Inferno. I’ll ask you for a short summary of each canto to help provide context for what I’m about to read. Let’s start with Canto VIII.”
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  The response was super helpful to provide context and guide my reading:

• A better second question I’m readjusting to being in an office environment. Instead of asking "How was your weekend?" I tried asking, "What was the best part of your weekend?" The answers were way more interesting than the usual, “Great. How was yours?”
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• Feed 15 for $20 The smoker will always be better, but in a pinch, pulled pork in a slow cooker delivers a better result than you might expect. It couldn’t be much easier. And at $12 for a 6-pound bone-in shoulder, you can feed a crowd for $20, including buns and coleslaw. Plus, the leftovers heat up surprisingly well in the microwave. Lots of recipes online - this is the one I used.
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• Rec League Adult Volleyball On Wednesday and Sunday evenings, my wife and I play volleyball with a bunch of locals who are about as old and mostly as bad at volleyball as we are. The quality of play can be ugly at times, but I always feel better afterwards. I hadn’t realized how much I missed team sports, even at this level. The physical activity and building relationships with people in our wider community are all big positives.
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• Wilder Things I recently discovered Max Joles' newsletter Wilder Things, and it's been a breath of fresh air. We met through Nexus Maine, a community for Maine entrepreneurs, and his writing immediately resonated. Max shares his creative journey during his career transition with a refreshing openness. He puts ideas into the world without overthinking, embracing vulnerability, and letting serendipity guide him. His piece "Opening the Seed Vault" contains 62 creative sparks he's pursuing, while "Clam Chowder and Other Small Dreams" (pictured below) reveals the joy of embracing modest but meaningful aspirations. His willingness to share unpolished ideas reminds me why I started writing in the first place.

Thanks for reading. Hope a few of these sparked something for you, too.

See you next time.

Other Stuff

Alpha Isn't Timing the Cycle. It's Outlasting it. This interview with Greg Bates, President and CEO of GID Investment Advisors, a $35B AUM diversified real estate developer/investor/operator, is a must listen for any real estate investor. Not only does Greg share valuable insights into current market trends and a compelling case to buy quality multifamily and industrial assets today, but Greg also offers honest reflections on his career path and his authentic leadership style. Admittedly, I'm biased. For years, Greg has been a friend and extraordinary mentor in my real estate journey.

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​Watch the interview (59 minutes)

The Great European Rotation This short piece from Verdad Capital highlights the case for European stocks, particularly European microcaps. The case for some international exposure feels more compelling than it has in years, especially after the recent snap-back in the US. Europe (and EM and much of Asia) have had lower valuation multiples for years and perhaps for good reason. But now, in addition to the valuation case, you have favorable capital flows, fiscal stimulus in many markets, and a credible case for dollar weakness. I would think more US investors might question whether zero international exposure is appropriate in this context. And, if more international is the right answer, they should carefully evaluate whether cap-weighted or hedged ETFs offer the exposure they want. As ever, this is not investment advice, but prudent encouragement to ask questions.

​Read the essay (4 mins)

Give Now, Not Later I've been fascinated with the non-traditional idea of transferring at least some of your wealth while you're still around since I read Die with Zero by Bill Perkins. In this short essay, Nick Maggiuli riffs on the idea of helping your beneficiaries when they need it most, typically when they're in their 20s or 30s. Maggiuli references research from UPENN that shows, "the age range at which someone is most likely to receive an inheritance is 56-65." This age is increasing as we live longer. Perkins' ideas have deeply influenced my thoughts on estate planning and personal finance. This particular strategy resonates, and it's one I plan to act upon.

​Read the article (6 mins)

And a Farewell Photo...