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Happy Friday,
First issue of this thing. Five bullets, no filler, done before your coffee is.
What's moving in the market — The 10-year climbed from 4.49% on July 2 to 4.58% this week, its highest since mid-May, and the 30-year is back over 5% (CNBC, Trading Economics). Here's the chain: rates are the cost of capital, and the cost of capital sets what buyers can pay. In growth markets, debt adds value. Right now it works in reverse, and refusing to accept that changes nothing. Sellers have two honest moves: sit on the property and wait, or adjust the price, transact, and keep your strategy moving. Everything else is a temper tantrum over things outside your control.
What I'm thinking about — Why we prefer long suffering over a quick response. In this business, it shows up as extend and pretend: kick the loan down the road, hold the asset at yesterday's value, wait for a market that may never come back. Accepting the market you're actually in hurts once. Pretending hurts every month. The faster you accept reality, the faster you get to respond to it.
What I'm listening to — The 50th Law by Robert Greene and 50 Cent. The one thing it gets right: turning bad into good is a method, and 50's own story is the proof. Take the worst thing sitting in front of you, in a deal or otherwise, and make it the raw material for your next move.
What I learned this week — Patience, specifically in deployment. I've been rolling out improvements across the business, and my instinct is to ship everything at once, quickly. Changes land better in sequence: one system, let it settle, then the next. Decide fast, deploy with patient intentionality.
Quote I'm pondering — "The impediment to action advances action. What stands in the way becomes the way." Marcus Aurelius, Meditations. He wrote that while running an empire through a plague. It holds up fine at 4.58%.
Leave it better than you found it.
— Ryan
P.S. I keep one advisory slot open each month for an owner or investor who wants a second set of eyes on a deal or a portfolio. Reply to this email if you want it.
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