The Case for Boring Assets
Why the least exciting parts of the portfolio are carrying it.
Self-storage, infill industrial, manufactured housing, grocery-anchored retail. None of them headline a conference. All of them have quietly outperformed flashier sectors through the repricing.
Durability Beats Narrative
Boring assets share a profile: sticky demand, low capex intensity, and pricing power that does not depend on a growth story holding. In a market that punished narrative, that profile became the whole point.
The lesson is not to chase whatever was boring last cycle. It is to weight durability of cash flow far more heavily than the pitch deck wants you to.
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