$SPORTS - Sports teams are scarce assets with technology-enabled growth potential, representing consumer opportunities that can scale from local to global markets
$HOUSING - Affordable housing presents the biggest supply-demand dislocation in the market with a 7 million unit shortage, creating significant investment opportunities despite societal and economic risks
$LIVE - Live experiences have become increasingly valuable post-COVID as younger generations seek authentic offline interactions away from screens and phones
$AI - AI is creating significant dispersion and alpha opportunities across sectors, with the key being identifying good versus bad business models rather than blanket exposure
Bearish:
$REALESTATE - The real estate sector faces massive recapitalization needs due to problematic vintages from 2019-2022 that are now stuck with unsustainable valuations
$DIRECTLEND - Direct lending's anticipated golden era in 2022 lasted only 14 months, demonstrating how quickly market opportunities can evaporate