If I had to describe the general mood of our Editorial Advisory Board members and our readers: No one is overly enthusiastic about the opportunities and a majority are concerned about the downside risks. The multiple elephants in the room center around the current political landscape. Tariffs, trade wars, spending cuts and Federal Reserve policy combine to create extreme uncertainty.

Looking deeper into the science of uncertainty, research shows how the human brain responds on a biological level.

The body’s response all goes back to the amygdala region of the brain. This region activates in response to uncertainty, immediately perceiving it as a potential threat and triggering the release of stress hormones. I think we are seeing a lot of amygdala regions in hyperdrive right now in the real estate investment universe.

Many of the themes discussed in March (pre-Liberation Day) at our in-person Roundtables also came up during the Editorial Advisory Board Meeting