Checking In

A couple of things to discuss:

-Start with the Carmelo trade. When you consider that this league is driven by superstars and you need more than one on your team to have a chance to win, the move was a no-brainer. That's the objective analysis. Emotionally, the guys who were dealt were all players that I liked. When I consider how many players I didn't like on the Knicks over the past decade, this season was very refreshing to have a fun team with players who I enjoyed watching. So, it's sad to see them go. Nevertheless, this team is positioned to be a great team eventually. They are not there yet, and some pieces are still needed, buy they'll get there.

-The multifamily space is a little confused. The biggest players are selling in secondary and tertiary markets, to focus on the core institutional strongholds. But, they are listing those assets at absurd prices. Moreover, financing has become a tremendous stumbling block to getting deals across the finish line. The rise in interest rates has been significant from that standpoint, even though rates are still relatively low. I think there are more problems ahead.

-Finally, I came across this interview with Jim Rickards on King World News. There are parts where it seems a little conspiracy theorist -- still, I think the first two-thirds do a good job of describing the problems and why more debt monetization is in store:

http://www.kingworldnews.com/kingworldnews/Broadcast/Entries/2011/2/26_Jim_Rickards.html