Outsourced Research

Our Research is Different. 

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

  • 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.

  • 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?


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.



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  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.


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.


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.

  • 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.