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Outsourced Research

Our Research is Different. 

It is cutting edge, independent, stimulating, and affordable.

 
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  • Outsourced Research is objective, thought-provoking, non-mainstream real estate research.

  • Our unique research focuses on the most critical issues facing institutional investors, their investment committees and their managers.

  • We blend corporate finance, fixed income, portfolio management, factor risk and Monte Carlo simulation, derivatives and embedded options, and real estate economics.

  • We speak truth to capital:  Managers can read what we are telling their investors.

  • Outsourced Research is a virtual debating forum.  

  • We deliver visibility as well as controversy through our papers, podcasts, webinars, and town halls.

 
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  • We work closely with managers, but our primary focus is their investors.

  • Outsourced Research appeals to investor CIOs, investment committees, and heads of real estate, who participate in manager selection and capital allocation.

  • Small- to medium-sized firms regard Outsourced Research as a cost-effective and flexible substitute for an expensive research department.

  • Other firms, especially larger ones, with established research departments that focus primarily on property markets, regard Outsourced Research as a valuable supplement.  

  • Outsourced Research challenges the received wisdom, advances new ideas, and delivers cutting edge research within a virtual forum that combines managers with investors.

  • We connect Investors, Preferred Solution Providers and Managers, reduce the information disparity between investors and managers, and encourage the exchange of big ideas through on-line networking.

Value Proposition

Creating a small, fully staffed research department with data and software is expensive.  Why do it?  Are there ways to reduce costs and increase flexibility, while enhancing research quality?

 
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Randy Can Say It. Maybe You Shouldn't.

  • Investors have lots of concerns, but their investment committees, CIOs, and staffs are reluctant to express ideas that are controversial, unpopular or just too novel.
     

  • Similarly, managers avoid controversial topics that could endanger their franchise or impede the growth of AUM.

  • Our readers suggest topics and we write evidenced-based Strategy Reports on the topics of greatest urgency and interest.
     

  • Outsourced Research does not flinch. We write what others can't or shouldn't.
     

  • Click here to suggest topics, no matter how controversial, for Outsourced Strategies and the Outsourced Blog.

 

Deliverables

Subscribers receive all Outsourced Research:

Outsourced Research is a virtual debating forum.  We deliver visibility to managers and investors alike through our papers, blog and webinars.

 

Our research products include the following:

  • Outsourced Strategies.  Our flagship publication explores topics and seeks deep, even controversial insights that most research ignores.

  • Quarterly Pocket Chartroom.  The Chartroom is an extensive collection of graphs and tables spanning the real economy and real estate capital markets.

  • Outsourced Mini-Chartroom.  The Mini is a short, annotated collection of compelling graphs and tables that subscribers receive at the beginning of every month.

  • Outsourced Blog, or Wise Words is critical, no-holds-barred forum.  If you have a question or a good idea, or if you just disagree, then join the blog at www.zislercapital.com.  You need not be a subscriber to join the Outsourced Blog.  You can contribute anonymously if you prefer and as often as you please.  Let’s have a conversation.  We will respond within 24 hours. 

  • Outsourced Webinars.  Dr. Zisler moderates stimulating debates between top investors and their managers.  We post all webinars. 

  • Outsourced Podcasts.  One-on-one chats with academicians, investors and industry leaders focus on “What investors need to know about . . .”  In case you have no time to read Outsourced Strategies, we create Outsourced Podcasts for each Outsourced Strategy, our version of talking books.  We post all Podcasts. 

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Outsourced Webinars and Podcasts

  • We deliver visibility and promote networking between capital users and capital sources using Outsourced Webinars and Outsourced Podcasts.

  • Posted live public webinars and podcasts are people magnets; they educate, motivate and even delight.  

  • We also schedule non-pubic, off-the-record, virtual meetings that encourage a frank interchange of ideas.

  • Virtual presentations create virtual proximity for experts in a globalized world; we are Outsourced Research without borders.

  • Our cutting-edge, at times non-mainstream, research provides superior content.

  • Outsourced Research with the help of our expert participants challenge the received wisdom as well as our own ideas.

  • Outsourced Research bridges expert knowledge with practice.

  • Managers, Preferred Solution Providers, and Investors play an essential role in shaping our research agenda.

  • Twice a year we hold these virtual events to explore new ideas and propose future research: 

    • 1.  Outsourced 5 on Five Investors,

    • 2.  Outsourced 5 on Five Managers, and

    • 3.  Outsourced 10 and Ten All.  

  • Our podcasts summarize Outsourced Strategies.

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Outsourced Strategies

Ideas for Busy Investors and Managers

Image by Andre Benz

What is liquidity? Is New York more liquid than smaller MSAs?

We publish each year 16-20 tightly written, four- to six-page topical papers. We solicit subscriber suggestions and feedback.

Topics include the following:

  • Inflation in three parts:  (1) Macroeconomic causes of inflation, and (2) property and REITs; (3) property sub-classes and inflation sensitivity

  • Leverage in two parts:  (1) Does leverage increase risk-adjusted returns before and after fees?  and (2) does deal leverage offset the pension fund’s fixed income allocation?   

  • Cap rates are not interest rates:  US and MSA perspectives on the determinants of cap rates

  • Illiquid assets:  Serial correlation, return smoothing, the liquidity premium and asset allocation.

  • Is single tenant net lease a substitute for corporate bonds?  Should pension funds allocate a portion of their bond allocation to net lease REITs or property? 

  • Neighborhood retail centers:  Forecasting short – and medium-term performance of this unique property type

  • Efficient asset allocation:  A model portfolio of leveraged property and senior debt

  • LP and GP performance in a structured deal with exit cap rate uncertainty:  Core versus opportunistic deals

  • Public pension funds:  Property asset allocation with different liabilities and funding statuses

  • Benchmarks and manager compensation in two parts:  (1) The Lake Wobegon effect, agency issues, benchmarks and tracking error, and (2) a Monte Carlo analysis of optimal manager compensation structures

  • Which works best for the LPs and the GPs:  Active or passive real estate strategies?

  • A critique of private equity funds:  Fees, benchmarks, and misaligned interests

  • Lease escalation clauses are not valued properly:  How Monte Carlo analysis can uncover hidden value in volatile markets.

  • Do most public pension funds under-perform pure passive strategies?  

  • Naïve and true diversification at the property class and MSA levels

  • Do gateway and growing cities offer better liquidity and risk-adjusted returns than small cities? 

  • Do we overpay for size, density, and growth?

  • If diversification is not free, do pension funds suffer from excess diversification?  

  • Multi-asset portfolio allocation (with property) including shortfall constraints:  What constitutes a wealth-preserving, conservative property portfolio

  • What’s wrong with the IRR, NPV and equity multiple?  The challenge of side constraints and uncertainty

  • The future of the post-COVID office sector:  Labor markets, property, and technology

  • Should investors leverage core funds or invest in opportunistic funds?  Which offers the best risk-adjusted return?  

Click here to suggest topics, no matter how controversial, for Outsourced Strategies and the Blog.

 

Quarterly Outsourced Pocket Chartroom

Ideas for Busy but Curious Investors

  • The Pocket Chartroom: Compendium of graphs, bulleted commentary, updated model portfolios, performance and a topical essay

  • We feature macroeconomics, capital markets, property capital flows, performance, and risk analytics for property classes and MSAs.

  • Our graphs and tables span the global capital markets with a real estate focus.

  • Outsourced Research publishes the Chartroom in January, April, July, and October.

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Does Asian capital affect LA property pricing and volatility?

 

Outsourced Mini-Chartroom

Ideas for Busy Investors and Managers

Construction Crane

Will strong fiscal stimulus lead to inflation and overbuilding?

  • At the end of every month, we post and email Outsourced Mini-Chartrooms with over one hundred capital markets and real estate performance indexes that compare today’s performance with that of the previous month, quarter, and previous year.

  • We analyze the latest data, reach out to world-class experts, and add our two cents.

  • Our ideas are fresh, timely and topical.

  • Outsourced Mini-Chartrooms help generate meetings with current and prospective clients.

Outsourced Resources

The following are Outsourced Resources.  For access, click Resources.

 
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  • Outsourced Library (Subscribers Only)  Subscribers download current and past deliverables.

    • Outsourced Strategies

    • Outsourced Pocket Chartroom

    • Outsourced Mini-Chartroom

    • Outsourced Podcasts

    • Outsourced Webinars

  • Free Stuff (Open Access).  Get to know us.

  • Third Party Curated Research (Open Access)  We pick some of the more interesting and provocative research papers from managers, investors, solution providers and consultants.

  • Favorite Graphs of the Month (Open Access)  We feature some of the more compelling charts of the month and welcome contributions from readers.

  • Randy’s Bookshelf:  See what Randy has been reading recently.