Institutional Real Estate Europe

November 1, 2011: Vol. 5, Number 10

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From the Current Issue


A Dummy’s Guide to Risk: Like Pornography, You Know Risk When You See It

Risk is one of those elements of the real estate world that, more often than not, is viewed from the rearview mirror. In many ways, it is similar to hearing a big THUMP while driving down the road. The first thing you do is look in the mirror to see what you’ve just hit (hopefully it’s nothing more than the neighbour’s dog that’s been keeping you awake for the past two months). Risk is defined by three simple questions: What is it? Who owns it? What are you doing about it? The answer to the last question is, in turn, a byproduct of the answer to the first two questions.


Fright Fest II: We’ve Been Here Before, and We Didn’t Think We’d Be Back Here Again

Daily reports of downgrades and rumours of defaults in Europe all bring to mind the frightening fall of the global financial system that began three years ago with the collapse of Lehman Bros on 15 September 2008. It feels like a “slasher” movie sequel — with an intensely scary set-up, an early victim or two, all ending in a bloody mess. This is a film we have seen before and don’t want to see again.


On the Road to Recovery: The March Disasters Affected Japan’s Economy and Real Estate Markets, but the Country Has Largely Returned to Normal Service

The 9.0 magnitude East Japan Great Earthquake that occurred on 11 March 2011, 373 kilometres north-east of Tokyo, was the fourth largest earthquake in the world since 1900. A massive tsunami that followed the earthquake caused tremendous damage as well as a crisis at the Fukushima Daiichi nuclear power station near the coast in northern Japan. The immediate impact of the disasters on the economy was negative. Supply was disrupted and spending fell. However, it is expected that there will also be a positive boost to the economy as rebuilding gets underway.


Take Note: The Advent of Major Regulatory Change in the United States Will Require Alternative Asset Managers to Stand Up and Be Counted

Investors in real estate funds may be confused by some of the regulatory changes occurring in the United States — particularly those requiring advisers to register with the US Securities and Exchange Commission (SEC). At the most basic level, investors may wonder whether they should care about what’s going on and how much time it will take to figure out what really matters. All of this is part of the fallout from the Dodd-Frank Wall Street Reform and Consumer Protection Act, the US law passed in 2010.


Shop Talk: A Conversation with Michael Useem

In his new book, The Leader’s Checklist,Wharton management professor Michael Useem presents a collection of 15 principles that can help leaders navigate successfully through even the most difficult circumstances. Using such milestone events as the rescue of the 33 Chilean miners in 2010, the collapse of AIG in 2008 and the surrender in the American Civil War of the Confederate Army at Appomattox in 1865, Useem illustrates the difference between good and bad leadership, and how to achieve one’s own personal leadership success.

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