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UPP Forms Strategic Partnership With Schroders Capital in European Logistics

Pension Pulse -

IPE Real Assets reports University Pension Plan Ontario buys stake in Schroders Capital’s Dutch industrial portfolio

Schroders Capital and University Pension Plan Ontario (UPP) have formed a European logistics and industrial real estate investment partnership.

As part of the new partnership targeting Northwestern Europe, the Canadian pension fund has acquired an interest in Schroders Capital’s portfolio of industrial logistics and warehousing assets in the Netherlands.

Financial details were undisclosed.

Peter Martin Larsen, senior MD and head of private markets, UPP, said: “We are delighted to establish this partnership with Schroders Capital. The partnership supports our strategy to build a resilient, income-generating real estate portfolio by partnering with leading real estate specialists focusing on markets with strong fundamentals.

“By partnering with Schroders, we are strengthening our European real estate platform while positioning ourselves to deliver reliable, long-term, inflation-linked returns for our members.”

Nick Montgomery, global head of real estate, Schroders Capital, said: “We are thrilled to welcome UPP as a strategic partner and investor in our logistics and industrials portfolio.

“UPP’s long-term approach and strong focus on responsible investment are closely aligned with our own values. This partnership exemplifies growing institutional confidence in our platform and underscores the relevance of our pan-European, sector-focused strategy for secure and sustainable returns.”

Pieter Akkerman, co-head of real estate Netherlands and portfolio manager, Schroders Capital, said: “There is a clear opportunity set in this sector and our strategy aligns with the long-term occupational trends in logistics and industrial sectors.

“The growth of e-commerce from the expansion of online shopping, supply chain resiliency, the tight supply of quality assets and increased sustainability standards are all driving investment opportunities across AAA-rated European economies.

“We have an established portfolio, delivered by a team with local operational expertise across the Netherlands and Germany, combined with the global capabilities of the Schroders Capital platform.”

Earlier today UPP issued a press release stating it has formed a strategic partnership with Shroders Capital in European logistics and industrial real estate​:

Schroders Capital and University Pension Plan Ontario (UPP) have formed a strategic partnership to invest in high-quality logistics and industrial real estate across Northwestern Europe.

This partnership combines long-term capital and sector expertise, with a shared focus on long-term value creation and embedding material environmental, social, and governance considerations into asset management to support effective risk management and long-term pension security. It also supports UPP’s strategy to build a well-diversified real estate portfolio focused on stable, long-term returns for members.

Schroders Capital’s real estate team focuses on a range of mid-sized, urban, industrial logistics assets in high-demand locations, including income-generating land and last-mile distribution. They pursue long-term steady returns correlated to inflation through a mix of capital gains and income, delivered by a team of more than 50 real estate professionals, harnessing strong local operational expertise across core markets and a strong track-record of outperforming the industry benchmark since managing the assets in 2006.

Peter Martin Larsen, Senior Managing Director and Head of Private Markets, UPP, said:

“We are delighted to establish this partnership with Schroders Capital. The partnership supports our strategy to build a resilient, income-generating real estate portfolio by partnering with leading real estate specialists and focusing on markets with strong fundamentals. By partnering with Schroders, we are strengthening our European real estate platform while positioning ourselves to deliver reliable, long-term, inflation-linked returns for our members.”

Nick Montgomery, Global Head of Real Estate, Schroders Capital, said:

“We are thrilled to welcome UPP as a strategic partner. UPP’s long-term approach and strong focus on responsible investment are closely aligned with our own values. This partnership exemplifies growing institutional confidence in our platform and underscores the relevance of our pan-European, sector-focused strategy for secure and sustainable returns.”

Pieter Akkerman, Co-Head of Real Estate Netherlands and Portfolio Manager, Schroders Capital, said:

“There is a clear opportunity set in this sector and our investment thesis aligns with the long-term occupational trends in logistics and industrial sectors. The growth of e-commerce from the expansion of online shopping, supply chain resiliency, the tight supply of quality assets and increased sustainability standards are all driving investment opportunities across AAA-rated European economies.

We have established capabilities delivered by a team with local operational expertise across the Netherlands and Germany, combined with the global capabilities of the Schroders Capital platform.

We’re pleased in the trust placed in us by UPP.”

Alright, very quickly, this is another great partnership for UPP which will allow the an to expand its European real estate portfolio in the all important logistics (industrial) space. 

Schroders Capital is a large global alternatives firm specializing in private markets and it has over $111 billion asset under management with a particular focus on European real estate.

The firm publishes excellent investment insights and I did read their latest on the European real estate market where I noted this:

For the industrial sector, the uncertainty over tariffs and manufacturing weakness seen earlier in 2025 led occupiers to exercise caution, but with recovering exports prospects should improve. Prime rents remained broadly unchanged over Q4 2025 and occupier demand remains well supported by structural drivers such as growing e-commerce penetration and expectations that government-led investment on defence and infrastructure will further stimulate logistics space requirements.  

You'll also recall Sophie van Oosterom, their former Global Head of Real Estate, is now the global head of real estate at CPP Investments

In short, it's an excellent firm with a great reputation and UPP has now acquired an interest in its portfolio of industrial logistics and warehousing assets in the Netherlands.

Pieter Akkerman (featured above), co-head of real estate Netherlands and portfolio manager, Schroders Capital, is a seasoned investor with solid credentials in charge of that portfolio:

Pieter is Co-Head Real Estate Netherlands at Schroders Capital, having joined in February 2022 after 10 years as managing director at Cairn Real Estate since 2011. Pieter started working in 2001 as an analyst within investment banking for Lehman Brothers before joining ABN AMRO MeesPierson in 2005 where he became managing director Real Estate (in 2008) responsible for all real estate investment funds and strategies.

Schroders Capital is the private markets investment division of Schroders, one of the world’s leading asset managers. It offers investors a local approach to investing across a broad range of private asset strategies, supported by a global perspective.

Schroders Capital is one of Europe’s largest real estate managers with deep real estate expertise on the ground across real estate sectors. The business aims to deliver superior risk-adjusted returns, portfolio diversification and positive impact in investors’ portfolios. Investment strategies are offered in a broad range of open and closed ended funds, listed REITS, specialist funds, joint ventures, separate accounts and global real estate securities. 

Peter Martin Larsen, Senior Managing Director and Head of Private Markets, UPP, is striking the right partnerships to invest in private markets globally and I'm sure this one will prove to be another great one over the long run.

When it comes to private markets, you absolutely need to establish the right partnerships to be successful over the long term.

Below, Pieter Akkerman, co-head of real estate Netherlands and portfolio manager, Schroders Capital, takes part in a Real Asset Media panel discussion which took place back in 2022.

trading books pdf

Economy in Crisis -

Navigating the financial markets demands knowledge‚ and thankfully‚ a wealth of trading books in PDF format are readily available․ These resources offer accessible learning‚
bridging skill gaps for both novice and seasoned traders seeking to refine their strategies and enhance market understanding․

The Challenge of Finding Reliable Free Resources

Locating trustworthy‚ complimentary trading books in PDF format presents a significant hurdle for many aspiring traders․ The internet‚ while abundant with options‚ is often cluttered with broken download links‚ outdated information‚ and resources of questionable quality․ A weekend search can quickly devolve into a frustrating maze‚ consuming valuable time and potentially leading to misinformation․

Many free offerings lack the depth or accuracy found in paid publications‚ and some may even be designed to lure users into scams or promote ineffective strategies․ Distinguishing between valuable insights and misleading content requires careful scrutiny and a discerning eye․ The sheer volume of available material makes it difficult to identify genuinely helpful resources‚ demanding a cautious approach to online PDF downloads․

Successfully navigating this landscape necessitates identifying reliable websites and exercising vigilance against outdated or deceptive materials‚ ensuring a solid foundation for your trading education․

Why Use PDF Trading Books?

PDF format offers unparalleled convenience and accessibility for trading books․ These digital resources eliminate the need for physical storage‚ allowing traders to build a comprehensive library on any device – laptops‚ tablets‚ or smartphones․ This portability enables learning on the go‚ during commutes‚ or while traveling‚ maximizing time efficiency․

Furthermore‚ PDFs facilitate easy searching‚ allowing quick access to specific concepts‚ strategies‚ or keywords within a book․ Features like highlighting and note-taking enhance comprehension and retention‚ creating a personalized learning experience․ Many PDFs are downloadable‚ ensuring offline access even without an internet connection․

The availability of free PDFs democratizes trading education‚ removing financial barriers for beginners and providing continuous learning opportunities for experienced traders seeking to expand their knowledge base and refine their skills․

Essential Trading Books for Beginners (PDF Downloads)

Starting your trading journey? Foundational PDF books‚ like Toni Turner’s guide and “Simple Trading‚” provide crucial basics for understanding markets and building confidence․

Toni Turner’s “A Beginner’s Guide to Day Trading”

Toni Turner’s “A Beginner’s Guide to Day Trading” is a highly recommended starting point for aspiring day traders․ This PDF resource‚ frequently available for free download‚ meticulously breaks down the complexities of day trading into manageable concepts․ It covers essential topics such as risk management‚ chart reading‚ and developing a trading plan․

Turner’s approach is particularly praised for its clarity and practicality‚ avoiding overly technical jargon that can overwhelm newcomers․ The book emphasizes the importance of discipline and emotional control – crucial elements for success in the fast-paced world of day trading․ It doesn’t promise overnight riches‚ but rather a realistic roadmap for building a sustainable trading strategy․

Readers will find valuable insights into identifying profitable trading opportunities and understanding market dynamics․ The guide also touches upon the psychological aspects of trading‚ helping beginners overcome common pitfalls and maintain a rational mindset․ It’s a cornerstone resource for anyone looking to enter the world of day trading with a solid foundation․

“Simple Trading” Book – A Foundational Resource

“Simple Trading” is widely considered a foundational text for traders of all levels‚ and its PDF version is a popular free download․ This book champions a minimalist approach to trading‚ focusing on identifying high-probability setups and executing them with precision․ It de-emphasizes complex indicators and strategies‚ advocating for a streamlined‚ rules-based system․

The core philosophy revolves around trading with the trend and capitalizing on clear‚ unambiguous market signals․ It teaches readers to recognize key price patterns and understand the underlying forces driving market movements․ Many traders appreciate its emphasis on risk-reward ratios and proper position sizing‚ crucial for long-term profitability․

This resource is particularly valuable for those overwhelmed by the abundance of information and conflicting advice in the trading world․ “Simple Trading” offers a refreshing perspective‚ promoting a disciplined and logical approach to the markets․ It’s a practical guide that empowers traders to make informed decisions and avoid common emotional biases․

Understanding Basic Chart Patterns (PDF Guides)

Mastering chart patterns is fundamental to technical analysis‚ and numerous free PDF guides are available to help traders identify these visual representations of market sentiment․ These guides typically cover classic patterns like head and shoulders‚ double tops/bottoms‚ triangles‚ and flags‚ explaining their formation and potential implications․

Learning to recognize these patterns allows traders to anticipate potential price movements and make more informed trading decisions․ PDF resources often include detailed diagrams and real-world examples‚ illustrating how these patterns manifest in various market conditions․ They emphasize the importance of confirmation signals‚ such as volume spikes or breakouts‚ to validate the pattern’s reliability․

Beyond simple identification‚ these guides often delve into the psychology behind chart patterns‚ explaining why they work and how traders can leverage them to their advantage․ Understanding the underlying market forces driving these formations is crucial for successful application․ These resources are invaluable for building a solid foundation in technical analysis․

Intermediate Level Trading Books (PDF)

Elevate your skills with PDF resources exploring advanced techniques‚ quantitative strategies‚ and high-probability setups for more sophisticated trading approaches․

Advanced Techniques in Day Trading (PDF)

Delving beyond the basics‚ advanced day trading necessitates a refined understanding of market dynamics and sophisticated strategies․ PDF resources focusing on this level often dissect high-probability setups‚ risk management protocols‚ and psychological discipline – crucial elements for consistent profitability․ These guides frequently explore nuanced chart patterns‚ order flow analysis‚ and the implementation of algorithmic trading concepts․

Expect to encounter detailed breakdowns of specific trading methodologies‚ including scalping‚ momentum trading‚ and reversal trading․ Furthermore‚ these materials emphasize the importance of backtesting strategies and adapting to changing market conditions․ Resources like “Advanced Techniques in Day Trading: A Practical Guide to High Probability Day Trading Strategies and Methods” (Stock Market Trading and Investing Book 2) provide practical insights into maximizing potential gains while minimizing exposure to risk․ Mastering these techniques requires dedicated study and consistent practice‚ transforming theoretical knowledge into actionable market expertise․

Quantitative Trading – Exploring Algorithmic Strategies (PDF)

Quantitative trading represents a data-driven approach‚ utilizing mathematical and statistical models to identify and execute trading opportunities․ PDF resources in this domain delve into the intricacies of algorithmic trading‚ backtesting‚ and optimization․ These materials often require a foundational understanding of programming languages like Python‚ alongside statistical analysis techniques․

Expect to find explorations of time series analysis‚ regression models‚ and machine learning applications within financial markets․ Documents available for download frequently cover topics such as automated order execution‚ portfolio rebalancing‚ and risk management using quantitative methods․ The document advertised for sale and exchange of trading strategies exemplifies the demand for these advanced techniques․ Successfully implementing algorithmic strategies demands rigorous testing and continuous refinement‚ transforming raw data into profitable trading signals and automating the trading process․

High Win Rate Day Trading Setups (PDF)

Day trading demands precision‚ and resources focusing on “high win rate” setups aim to provide traders with actionable strategies for maximizing profitability․ PDF guides in this category typically dissect specific chart patterns‚ candlestick formations‚ and technical indicators believed to signal high-probability trading opportunities․ However‚ it’s crucial to approach such claims with healthy skepticism․

These materials often showcase examples of successful trades and outline precise entry and exit rules․ Expect to encounter discussions on risk-reward ratios‚ position sizing‚ and trade management techniques․ The “High Win Rate Day Trading Setups” document specifically focuses on strategies for trading cryptocurrencies‚ demonstrating the adaptability of these techniques across different markets․ Remember‚ no strategy guarantees consistent wins; diligent backtesting and adaptation to changing market conditions are paramount for success․

Advanced Trading Concepts & Resources (PDF)

Delving deeper‚ advanced trading requires mastering company analysis and portfolio management․ PDF resources offer insights into fundamental trading‚ valuation‚ and strategic asset allocation for experienced traders․

Company Analysis & Fundamental Trading (PDF Resources)

Understanding the financial health of a company is paramount for long-term trading success․ Numerous PDF resources delve into the intricacies of fundamental analysis‚ equipping traders with the skills to evaluate businesses beyond simple price charts․

These guides typically cover key financial statements – balance sheets‚ income statements‚ and cash flow statements – teaching you how to interpret ratios like Price-to-Earnings (P/E)‚ Debt-to-Equity‚ and Return on Equity (ROE)․ PDF materials often provide step-by-step instructions on building financial models to project future earnings and assess a company’s intrinsic value․


Furthermore‚ you’ll find resources dedicated to understanding industry dynamics‚ competitive advantages‚ and macroeconomic factors that influence company performance․ Learning to identify undervalued companies with strong fundamentals is a cornerstone of value investing‚ and these PDF guides provide a solid foundation for this approach․ They empower you to make informed decisions based on solid research‚ rather than speculation․

Portfolio Management Strategies (PDF Guides)

Successful trading extends beyond individual stock picks; it requires a robust portfolio management strategy․ Fortunately‚ several PDF guides offer insights into constructing and maintaining a well-diversified portfolio aligned with your risk tolerance and financial goals․

These resources explore concepts like asset allocation‚ diversification‚ and risk management․ You’ll learn how to determine the appropriate mix of stocks‚ bonds‚ and other asset classes to optimize returns while minimizing potential losses․ PDF guides often detail various portfolio construction techniques‚ including Modern Portfolio Theory (MPT) and tactical asset allocation․

Furthermore‚ they cover essential topics like rebalancing‚ tax-loss harvesting‚ and performance measurement․ Understanding how to monitor and adjust your portfolio over time is crucial for long-term success․ These PDF materials provide practical tools and strategies to help you stay on track and achieve your investment objectives‚ fostering disciplined and informed decision-making․

Specific Trading Styles & PDF Resources

Different traders favor distinct approaches; PDF resources cater to these preferences‚ detailing day trading‚ swing trading‚ and positional strategies for focused learning․

Day Trading Strategies (PDF Downloads)

For those captivated by the fast-paced world of intraday trading‚ numerous PDF resources unlock proven strategies․ Toni Turner’s “A Beginner’s Guide to Day Trading” provides a solid foundation‚ covering risk management and trade setup essentials․

Further exploration reveals guides focused on high-probability setups‚ aiming for consistent wins․ These often delve into specific chart patterns – double tops‚ triple tops – signaling potential reversals․ Understanding these patterns‚ as detailed in available PDFs‚ is crucial for quick decision-making․

Advanced techniques‚ also found in downloadable formats‚ explore scalping‚ momentum trading‚ and breakout strategies․ These resources emphasize the importance of discipline‚ speed‚ and a well-defined trading plan․ Remember‚ successful day trading requires continuous learning and adaptation‚ making these PDF downloads invaluable tools․

Swing Trading Techniques (PDF Resources)

Swing trading‚ capturing profits from short-term price swings‚ benefits greatly from dedicated PDF resources․ While day trading demands constant attention‚ swing trading allows for more flexible time commitments‚ focusing on identifying trends that unfold over days or weeks․

Many downloadable guides emphasize the importance of fundamental analysis alongside technical indicators․ Understanding company performance‚ market sentiment‚ and economic data can significantly improve trade selection․ Resources often highlight key indicators like moving averages‚ RSI‚ and MACD‚ explaining their application in identifying potential swing trades․

Effective risk management is paramount․ PDFs dedicated to swing trading frequently detail position sizing‚ stop-loss placement‚ and profit target strategies․ Mastering these techniques is crucial for protecting capital and maximizing returns in this popular trading style․

Where to Find & Download Trading Books in PDF

Numerous websites offer free trading books in PDF format‚ but caution is advised․ Prioritize reliable sources to avoid scams and outdated information‚ ensuring quality learning․

Reliable Websites for Free Trading PDFs

Locating trustworthy sources for free trading PDFs requires discernment․ Several platforms consistently deliver valuable content․ BookSee․org‚ for instance‚ hosts a collection including Toni Turner’s “A Beginner’s Guide to Day Trading‚” offering a solid foundation for newcomers․

Additionally‚ exploring platforms dedicated to financial education can yield results․ Many trading communities and forums curate lists of free resources‚ often linking to downloadable PDFs covering various strategies․ Websites featuring sector analysis and articles‚ sometimes provide complimentary e-books on trading․

Remember to cross-reference information and prioritize well-known authors or established institutions․ While free resources are abundant‚ verifying the content’s accuracy and relevance is crucial for informed decision-making․ Always be mindful of copyright and terms of use when downloading and utilizing these materials․

Caution: Avoiding Scam & Outdated Resources

The internet‚ while a treasure trove of information‚ also harbors unreliable sources․ When seeking free trading PDFs‚ vigilance is paramount․ Be wary of websites promising guaranteed profits or employing aggressive marketing tactics – these are often scams designed to exploit novice traders․

Furthermore‚ many freely available PDFs may be outdated‚ reflecting market conditions that no longer exist․ Strategies effective in the past may prove disastrous today․ Always check the publication date and critically evaluate the content’s relevance to the current market landscape․

Prioritize resources from reputable authors and institutions․ Cross-reference information with current market data and established trading principles․ If a resource seems too good to be true‚ it likely is․ Protecting yourself from misinformation is as crucial as acquiring knowledge․

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AIMCo's CIO on Their New Strategy Focused Less on Directs

Pension Pulse -

AIMCO's CIO Justin Lord spoke with Sarah Rundell of Top1000Funds on their new strategy focusing on cost, efficiency and less directs: 

Efficiency, cost savings and less direct investment in private equity are key tenets of investment strategy at C$182 billion ($133 billion) Alberta Investment Management Corporation (AIMCo) under the leadership of new chief investment officer, Justin Lord.

Lord has been at AIMCo for 14 years, climbing the ladder to lead the public markets division before he was promoted to the helm in July last year, tasked with steadying the ship after a tumultuous 2024 when the provincial government of Alberta terminated the entire 10-member board and its CEO Evan Siddall citing underperformance and rising costs. [See Chaos at AIMCo as politicians take control].

In an interview from AIMCo’s Edmonton offices, Lord tells Top1000funds.com that centralising the investment process has been a key focus in his first six months as CIO, particularly around liquidity management in a quest to boost efficiency across the platform, add value and increase investment performance for the pension funds, endowments and insurers AIMCo serves.

“Sometimes efficiency is the easiest form of alpha,” he says.

Liquidity management supports both efficiency and the ability to allocate capital when attractive opportunities arise, he continues.

Positioning the portfolio

Lord is comfortable with AIMCo’s current liquidity levels in the context of today’s valuations and does not view markets as broadly overvalued. Still, he notes that the rapid evolution of AI presents both significant opportunity and emerging risk, and is an area the investment teams are monitoring closely alongside inflation, geopolitical volatility and trade uncertainty.

These risks aside, he believes three main factors will support asset values and markets in 2026.

AI and the proliferation of technology across industries will continue to drive capital expenditure and support growth and earnings expectations in large cap equities; a shift in monetary policy as the Federal Reserve moves to cut rates will impact asset values and fan favourable fiscal and regulatory conditions that support global economic activity.

“These factors – AI, lower rates and favourable fiscal and regulatory conditions – will ensure the continuation of earnings growth, certainly in public equities,” he reflects, adding that tactically, AIMCo remains close to home in its target asset mix.

“Where we see opportunities to deviate from our target asset allocation include infrastructure, pockets of private credit in respect to current credit spreads, and also, to some extent, real estate over the next couple of years.”

Perhaps one of the most significant changes is underway in private equity where AIMCo will increasingly chip away at direct investment in favour of fund and co-investments in a strategy designed to better tap the benefits of collaboration with private equity partners. In 2023, around 36 per cent of the private equity program was in direct and co-investments and around 64 per cent in funds.

Direct investment requires AIMCo’s own due diligence yet leading private equity firms have developed sophisticated operating platforms with expertise in areas like digitisation, supply chain management, AI applications and nurturing talent that help create value in the underlying portfolio companies on the platform, he says.

“Through fund and co-investment, we can tap into GP management capabilities that successfully operate the underlying business.”

Lord believes the diversification benefits of private equity are particularly pronounced today given private equity has underperformed public markets and benchmarks. “We view private equity as a diversified return generator in the portfolio but even more so today given the backdrop of concentration and current valuations in large cap, liquid public markets.”

He’s also bullish on opportunities and returns picking up as liquidity returns to private equity in general.

Like in private equity, he believes private credit represents a significant growth opportunity but given tighter spreads and increased competition, is being selective in this key driver of long-term value.

While other Maple 8 institutions develop a total portfolio approach, Lord explains that AIMCo’s key objective is to meet the management of individual client portfolios. Because each one has a unique and different objective, risk appetite and nuance to consider, it makes TPA challenging.

“If anything, TPA is at a client level at AIMCO where we are focused on portfolio management for individual clients to reflect their circumstances regarding risk, portfolio construction and strategies like rebalancing and hedging,” he says.

Costs were also at the heart of the decision to scale back AIMCo’s international expansion and close recently opened offices in Singapore and New York. [See AIMCo sheds more costs with NYC, Singapore offices the latest casualties]

Lord maintains that AIMCo can provide value to its clients and access to opportunities without boots on the ground in these locations. Offices in Edmonton, Calgary, Toronto and London secure the coverage and access to the curated relationships AIMCo seeks in the US, Europe and Asia, he says.

“A geographical footprint divided between Calgary, Edmonton, Toronto and London is optimal to continue to deliver opportunities.”

He does float the idea, however, of “additional internalisation” of AIMCo’s public markets operations in Alberta and Toronto. London primarily houses private asset class teams.

Lord points to high client satisfaction scores as proof that AIMCo’s investment strategy and refreshed governance is delivering for client funds.

The recent confirmation of former Alberta civil servant Ray Gilmour as CEO is a force of stability rather than symbolic of the asset manager being drawn closer to the government and political pressure.

“With the board and executive positions filled, including the recent announcement of Ray Gilmour’s permanent appointment as our CEO, there is certainly a sense of optimism within the organisation to start the year.”

Lord is also quick to rebuff any suggestion that the asset manager will bow to political pressure to invest more in Alberta: risk and return priorities must be met before investing more in AIMCo’s backyard.

“AIMCo is operationally independent from the government through all aspects of our business. Particularly as it relates to our autonomy over investment decisions which are guided by our internal processes, sound financial principles and our clients’ long-term objectives,” he concludes.

Great interview with AIMCo's CIO Justin Lord to kick off a busy week ahead.

Justin is a no nonsense, practical kind of investment professional who focuses on delivering consistent outcomes.

That's the sense I got when I discussed mid-year results with him back in August, he's a solid CIO with extensive public markets experience who will lean on his private market teams as needed in this role.

As far as the new strategy, it seems very sensible to me, they will adopt the partnership approach that CPP Investments, PSP Investments and others have, focusing solely on fund investments and co-investments to lower fee drag.

And unlike other large pension funds, no foreign offices in New York, Singapore and other places, only Edmonton, Calgary, Toronto and London.

The emphasis is on delivering cost efficient outcomes utilizing existing personnel.

Now, the devil is always in the details and how you execute this strategy.

Also some nuances I need to discuss here.

The article above states in 2023, "around 36 per cent of the private equity program was in direct and co-investments and around 64 per cent in funds." 

Co-investments are a form of direct investing but when they say direct, they mean purely direct where AIMCo owns a majority stake.

Going forward, more co-investments where they own a significant minority stake (49%) and they will rely on their partners to add value to these investments, not the internal team. 

The private equity team led by Peter Teti will continue to negotiate with the right partners, secure great co-investment opportunities and make sure they deliver solid long-term returns and maintain an adequate allocation to the asset class.

Turnaround time in co-investments will be critical and it doesn't matter where they are located as long as they can analyze deals quickly and be a trusted partner when the GPs offer them a co-investment.

That's the way I see this, over time the ratio of fund investments to co-investments will be 60/40 and may even 55/45 if all goes well.

But direct investments where AIMCo takes a controlling stake are over and I think this is the right strategy.

Lastly, I am so tired of people peddling their great "total portfolio approach" and it was refreshing to read this from Justin:

“If anything, TPA is at a client level at AIMCO where we are focused on portfolio management for individual clients to reflect their circumstances regarding risk, portfolio construction and strategies like rebalancing and hedging,” 

When you have a lot of clients like AIMCo, BCI, La Caisse, your total portfolio approach needs to be base don each client's needs and liabilities.

Alright, let me wrap it up by saying it's good Ray Gilmour is now officially the CEO and they can put the who "AIMCo purge" behind them and focus on executing on their strategy and delivering consisten results.

Below, Blackstone President and COO Jon Gray joins 'Squawk Box' to discuss the company's quarterly earnings results, investing in AI, dealmaking environment, state of the AI boom, real estate market, and more.

Gray aslo talked to Bloomberg saying he expects a strong deal environment amid an economy that looks pretty good this year. Speaking with Dani Burger on "Bloomberg Open Interest," he also comments on the fears of an AI bubble and what he sees as risks to the markets.

backyard guide to the night sky

Economy in Crisis -

Embark on a cosmic journey! Discover the wonders above with a beginner’s guide, navigating constellations and planets from your own backyard, starting tonight.

Why Stargazing is a Rewarding Hobby

Stargazing offers a unique connection to the universe, fostering a sense of wonder and perspective often lost in daily life. It’s a remarkably accessible hobby, requiring minimal equipment to begin exploring the celestial sphere from your backyard. Historically, constellations served as vital navigational tools and calendars, linking us to generations past who also gazed at these same stars.

The pursuit of astronomy encourages patience, observation skills, and a deeper understanding of our place in the cosmos. Identifying planets, nebulae, and galaxies provides a profound sense of accomplishment. Furthermore, it’s a fantastic way to disconnect from technology and reconnect with nature, offering a peaceful and meditative experience under the vast night sky. It’s truly a rewarding pastime!

Essential Equipment for Beginners

Starting your stargazing journey doesn’t demand expensive gear! A good first step is simply your eyes – allowing them to adjust to the darkness is crucial. However, binoculars are an excellent, affordable upgrade, revealing details invisible to the naked eye. A red-light flashlight preserves your night vision, essential for reading star charts or adjusting equipment.

For more serious observation, consider a telescope. Refractors are good for planetary viewing, while reflectors offer larger apertures for fainter deep-sky objects. Beginner astronomy guidebooks, like Sky at Night Magazine’s Beginners Guide to Astronomy, are invaluable resources. Finally, downloadable star chart apps for your smartphone can significantly aid in constellation identification and navigation.

Understanding the Night Sky

Unlock celestial secrets! Learn to interpret patterns, navigate using constellations – historically calendars – and explore the 88 officially recognized formations above.

Constellations: Patterns in the Stars

Imagine connecting the dots! Constellations are recognizable patterns formed by stars, offering a fantastic starting point for navigating the night sky. Historically, these groupings weren’t just beautiful sights; they served as vital calendars and navigational tools for ancient cultures.

Learning constellations transforms stargazing from simply seeing stars to knowing them. Familiar shapes like Orion, the Hunter, and Ursa Major, the Great Bear, become celestial landmarks. They provide a framework for locating fainter stars, planets, and deep-sky objects.

Beginners will find immense satisfaction in identifying these stellar figures, unlocking a deeper connection with the cosmos. A comprehensive star atlas is an invaluable tool, detailing each of the 88 constellations and their seasonal visibility.

The 88 Officially Recognized Constellations

A cosmic catalog! The International Astronomical Union (IAU) officially recognizes 88 constellations, each representing a defined region of the sky. These aren’t just arbitrary groupings; they cover the entire celestial sphere, ensuring every star falls within a constellation’s boundaries.

While ancient cultures recognized different patterns, the IAU’s standardization provides a universal language for astronomers and stargazers alike. Learning these constellations isn’t about memorizing every star within them, but understanding their shapes and locations.

A complete star atlas provides detailed entries for each of these 88 constellations, aiding in identification and exploration. Monthly sky guides further assist in locating them based on the time of year, enhancing your backyard stargazing experience.

Navigating with Constellations

Celestial landmarks! Constellations serve as invaluable navigational tools in the night sky. Historically, they were used as calendars and for orientation, and today, they remain essential for beginner stargazers. By learning to identify key constellations like Orion and Ursa Major, you establish familiar reference points.

Once you locate a prominent constellation, you can use it to “star-hop” – systematically moving from brighter stars to fainter ones, ultimately finding your desired celestial object. This technique requires patience and practice, but it’s incredibly rewarding.

Understanding constellation shapes and relative positions unlocks the wonders of the night sky, transforming a seemingly chaotic expanse into a navigable map.

Using Star Charts and Apps

Modern tools for ancient skies! While constellations provide a foundational understanding, star charts and astronomy apps significantly enhance navigation. Comprehensive star atlases detail each of the 88 officially recognized constellations, offering monthly sky guides showing how the night sky appears throughout the year.

Digital apps, available for smartphones and tablets, provide real-time views of the sky based on your location and time. Simply point your device at the heavens, and the app identifies stars, planets, and constellations.

These tools are invaluable for beginners, offering a user-friendly way to discover and learn about celestial objects, bridging the gap between theory and observation.

Monthly Sky Guides

June’s celestial events await! Witness the Milky Way’s rise, bright Venus in the mornings, and a rare Mercury evening appearance – a spectacular show!

June’s Celestial Spectacles

June unveils a breathtaking panorama for backyard stargazers. As days lengthen, the Milky Way begins its ascent in truly dark skies, offering stunning views of our galaxy’s core. Early risers will be rewarded with a brilliant Venus gracing the eastern horizon, shining as the “Morning Star.”

However, June presents a rare treat: Mercury makes a fleeting evening appearance! Look westward shortly after sunset to catch this elusive planet alongside a delicate crescent moon. This conjunction provides a unique opportunity for observation. Don’t miss the chance to witness these celestial wonders from the comfort of your own backyard. Remember to consult a star chart or astronomy app for precise timings and locations.

The Milky Way’s Visibility

June marks the beginning of prime Milky Way viewing season! As twilight fades, look towards the eastern horizon for the faint, ethereal glow of our galaxy. Optimal viewing requires escaping significant light pollution, so seek out darker locations if possible. Even from suburban backyards, a subtle band of light may be visible.

The Milky Way appears as a hazy, irregular streak across the night sky, composed of billions of stars. Binoculars can enhance the view, revealing countless individual stars and dark nebulae. Remember, the darker your skies, the more spectacular the display. Patience and dark adaptation are key to fully appreciating this cosmic wonder. Enjoy the breathtaking beauty of our galactic home!

Planetary Viewing Opportunities ⸺ Venus & Mercury

June 2026 offers exciting planetary views! Venus dominates the early morning sky, shining brilliantly as the “Morning Star.” Look east before sunrise for a dazzling spectacle – it’s often the brightest object besides the Sun and Moon. Mercury presents a rarer opportunity, appearing in the evening sky, though lower on the horizon.

Finding Mercury requires a clear, unobstructed view and observing shortly after sunset. Binoculars can aid in locating this swift planet. Both Venus and Mercury exhibit phases like the Moon, visible through a telescope. Observing these planetary displays connects you to the broader solar system and the dynamic movements of celestial bodies.

Identifying Planets

Spotting planets is rewarding! Learn to distinguish Venus, Mars, Jupiter, and Saturn by their brightness, color, and steady light—unlike twinkling stars.

Venus: The Morning Star

Venus often graces the eastern horizon before sunrise, earning its nickname “The Morning Star.” It’s incredibly bright, easily visible even through light pollution, and appears as a brilliant, unwavering point of light. Unlike stars, Venus doesn’t twinkle as much due to its proximity to Earth. Observing Venus requires looking towards the east shortly before dawn; timing is crucial!

Its phases, similar to the Moon’s, are visible through a telescope – from crescent to gibbous. Because of its thick atmosphere, Venus reflects sunlight exceptionally well, making it a spectacular sight. Keep an eye out for Mercury nearby during certain times of the year, as they often appear close together in the morning sky. Observing Venus is a fantastic starting point for planetary exploration!

Mars: The Red Planet

Easily identifiable by its distinctive reddish hue, Mars is a captivating target for backyard astronomers. The color stems from iron oxide – rust – on its surface. While not as brilliantly bright as Venus, Mars becomes particularly prominent during opposition, when Earth passes between Mars and the Sun, bringing it closer.

Through a telescope, you might discern surface features like polar ice caps and dark regions. However, detailed observation requires stable atmospheric conditions and a higher magnification. Mars’ visibility varies greatly depending on its orbital position; check astronomy resources for optimal viewing times. Look for it in the eastern night sky, often appearing as a steady, reddish “star.” Patience and clear skies are key to spotting the Red Planet!

Jupiter and Saturn: Gas Giants

Jupiter and Saturn, the solar system’s majestic gas giants, offer stunning views even with modest telescopes. Jupiter, the larger of the two, displays prominent cloud bands and the Great Red Spot – a centuries-old storm. Its four largest moons – Io, Europa, Ganymede, and Callisto – are easily visible as tiny points of light, changing positions nightly.

Saturn is famed for its spectacular ring system, composed of ice particles and rock. While the rings appear solid, they are incredibly thin. Observing Saturn requires a bit more magnification, but the view is truly rewarding. Both planets are brightest during opposition, so consult an astronomy guide for optimal viewing opportunities. Look for them rising in the eastern sky!

Deep-Sky Objects

Venture beyond planets! Explore nebulae – stellar nurseries – and distant galaxies, plus sparkling star clusters, revealing the universe’s breathtaking scale from your backyard.

Nebulae: Stellar Nurseries

Witness the birthplaces of stars! Nebulae are vast, interstellar clouds of gas and dust, often illuminated by newborn stars within. These cosmic clouds are where stars are born, collapsing under gravity to ignite nuclear fusion.

Some nebulae, like emission nebulae, glow with vibrant colors due to ionized gases. Others, reflection nebulae, scatter starlight, appearing as hazy patches. Dark nebulae block light from behind, creating silhouettes against brighter backgrounds.

Popular nebulae visible with binoculars or telescopes include the Orion Nebula (M42), a stunning stellar nursery, and the Lagoon Nebula (M8). Observing these ethereal structures offers a glimpse into the dynamic processes shaping our universe, a truly awe-inspiring experience for backyard astronomers.

Galaxies: Island Universes

Explore beyond our Milky Way! Galaxies are colossal systems of stars, gas, dust, and dark matter, held together by gravity. They come in various shapes: spiral, elliptical, and irregular. Our own galaxy, the Milky Way, is a spiral galaxy, appearing as a hazy band across the night sky.

Through telescopes, you can observe other galaxies as faint, fuzzy patches of light. The Andromeda Galaxy (M31), our nearest large galactic neighbor, is a popular target for backyard astronomers.


Studying galaxies reveals the vast scale of the universe and the processes of galactic evolution. Each galaxy is an “island universe” containing billions of stars, offering a humbling perspective on our place in the cosmos. Observing these distant worlds sparks wonder and fuels further exploration.

Star Clusters: Groups of Stars

Witness stellar gatherings! Star clusters are gravitationally bound groups of stars, born from the same molecular cloud. There are two main types: open clusters and globular clusters. Open clusters are relatively young, containing a few hundred to a few thousand stars, appearing loosely bound and often found in the galactic plane.

Globular clusters are ancient, densely packed spherical collections of hundreds of thousands or even millions of stars. They reside in the galactic halo.

Binoculars or a small telescope can reveal several bright open clusters like the Pleiades (Seven Sisters). Globular clusters, like M13 in Hercules, are stunning targets for larger telescopes, showcasing a dazzling concentration of stars. Observing these clusters provides insight into stellar evolution and galactic structure.

Light Pollution and Dark Skies

Minimize artificial light! Excessive brightness obscures faint celestial objects. Seek darker locations or reduce backyard lighting for optimal stargazing experiences.

The Impact of Light Pollution

Light pollution dramatically affects our view of the cosmos. Excessive and misdirected artificial light scatters in the atmosphere, creating a skyglow that washes out faint stars and deep-sky objects. This impacts not only astronomical observation but also wildlife, ecosystems, and even human health.

The glare reduces contrast, making it difficult to discern subtle details in constellations and nebulae. It disrupts nocturnal animal behaviors and can interfere with our natural circadian rhythms. Unshielded lights direct illumination upwards, wasting energy and contributing to the problem. Recognizing the detrimental effects is the first step towards mitigating light pollution and reclaiming the beauty of a truly dark night sky. Simple changes, like using shielded fixtures and reducing unnecessary lighting, can make a significant difference.

Finding Dark Sky Locations

Escaping light pollution often requires venturing beyond city limits. Fortunately, resources exist to pinpoint truly dark locations. The International Dark-Sky Association (IDA) designates Dark Sky Parks, Reserves, and Communities, offering exceptional stargazing opportunities. These areas actively protect their night skies through responsible lighting policies.

Online light pollution maps, such as those available through Dark Site Finder, visually represent sky brightness levels, helping you identify nearby dark zones. Consider state parks, national forests, and remote rural areas. Remember to check accessibility, safety, and any required permits before your visit. Even a short drive can dramatically improve your view of the stars, revealing a breathtaking panorama previously hidden by urban glow. Preparation is key for a successful dark sky adventure!

Reducing Light Pollution in Your Backyard

Minimize your contribution to light pollution and enhance your stargazing experience! Simple changes can make a significant difference. Shield outdoor lights, directing illumination downwards instead of upwards and sideways. Use warm-colored LED bulbs with low wattage; they’re less disruptive to night vision and wildlife.

Motion-sensor lights are ideal, activating only when needed. Avoid excessive brightness – a little light goes a long way. Encourage neighbors to adopt similar practices. Consider turning off unnecessary outdoor lights altogether. Even small adjustments collectively create a darker, more star-filled sky. Embrace the darkness and rediscover the beauty of the cosmos from your own backyard!

Time and the Night Sky

Explore how time dictates celestial events! “At night” historically marked a specific time, while prepositions like “in,” “at,” and “on” nuance nocturnal observations.

The Origin of “At Night”

Delving into linguistic history, the phrase “at night” emerged when night was perceived as a distinct, defined period. Early usage likely stemmed from a need to pinpoint time, differentiating it from the daylight hours. Before precise timekeeping, “night” functioned as a temporal marker itself.

This contrasts with modern usage where we often specify times within the night. The preposition “at” indicated a point in time – the arrival of night. Interestingly, the context of its origin suggests a simpler understanding of nighttime, a clear demarcation between day and darkness.

Understanding this historical context enriches our appreciation for the night sky, reminding us of humanity’s long-standing fascination with tracking time and celestial events.

Using Prepositions: “In,” “At,” and “On” the Night

Navigating nighttime descriptions, prepositions subtly alter meaning. “At night” generally denotes a habitual action or a general time – “I stargaze at night.” “In the night” often describes events within the duration of the night, focusing on happenings – “A meteor shower occurred in the night.”

However, “on the night” specifies a particular, defined night, often linked to a significant event. For example, “On the night of the full moon, visibility is best.” This precision is crucial when documenting observations or recalling specific celestial occurrences.

Choosing the correct preposition enhances clarity when sharing your backyard stargazing experiences, ensuring accurate and evocative descriptions of your nocturnal adventures.

Resources for Further Learning

Expand your knowledge! Explore astronomy guidebooks, online resources like Sky at Night Magazine, and publications to deepen your understanding of the cosmos.

Beginner Astronomy Guidebooks

Dive deeper with essential reading! Several excellent astronomy guidebooks cater specifically to beginners eager to explore the night sky. Publications like “Sky at Night Magazine ౼ Beginners Guide To Astronomy 2017” offer user-friendly introductions, complete with monthly sky guides and constellation maps. These resources are invaluable for navigating the celestial sphere and understanding seasonal changes.

Older classics, such as “Stars: A Guide to the Constellations,” also provide a solid foundation in stellar identification. Look for books featuring clear star charts and explanations of astronomical concepts. A comprehensive star atlas, detailing all 88 constellations, is a worthwhile investment. These guidebooks empower you to confidently observe and learn about the universe from your backyard, fostering a lifelong passion for astronomy.

Online Astronomy Resources

Expand your knowledge digitally! The internet provides a wealth of free and accessible astronomy resources for backyard stargazers. Numerous websites offer interactive star charts, planet position calculators, and detailed information on constellations and deep-sky objects. Explore online astronomy communities and forums to connect with fellow enthusiasts and ask questions.

Many websites feature regularly updated articles on current celestial events, such as meteor showers and planetary alignments. Utilize astronomy apps for your smartphone or tablet to identify stars and planets in real-time. These digital tools complement traditional guidebooks, enhancing your observing experience and providing a dynamic learning environment. Embrace the power of the internet to unlock the secrets of the night sky!

Astronomy Magazines (e.g., Sky at Night)

Delve deeper with print and expert insights! Astronomy magazines, like Sky at Night, offer comprehensive monthly sky guides, detailed articles on celestial objects, and stunning astrophotography. These publications provide invaluable resources for both beginner and experienced stargazers, offering a curated view of the night sky’s current events.

Sky at Night, specifically, features user-friendly guides to navigating constellations and identifying planets, often including practical tips for backyard observing. Benefit from expert advice on equipment reviews and observing techniques. Subscribing to an astronomy magazine delivers a consistent stream of knowledge directly to your doorstep, fostering a deeper connection with the cosmos and enhancing your stargazing journey.

The post backyard guide to the night sky appeared first on Every Task, Every Guide: The Instruction Portal
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Metals Sink After Trump Taps Kevin Warsh for Fed

Pension Pulse -

Rian Howlett ,  Karen Friar and Laura Bratton of Yahoo Finance report the Dow, S&P 500, Nasdaq slide to cap volatile week and month, metals sink after Trump taps Warsh for Fed:

US stocks slid on Friday as President Trump said he would nominate Kevin Warsh to lead the Federal Reserve, against a background of a rising dollar and a screeching halt to 2026's roaring metals rally.

The S&P 500 (^GSPC) and the tech-heavy Nasdaq Composite (^IXIC) fell 0.4% and 0.9%, respectively, recording another down session for tech stocks. The Dow Jones Industrial Average (^DJI) dropped 0.4%.

Despite Friday's volatility, all the gauges notched slight January gains. The Dow and Nasdaq both posted their third straight losing weeks, while the S&P 500 snapped its losing streak, rising 0.3% over the past five days.

Markets are calculating the potential impact after Trump said he has chosen frontrunner Warsh as the US central bank's next chair. The former Fed governor has a hawkish record on interest rates but has recently voiced support for cuts — which Trump has aggressively campaigned for.

The dollar (DX-Y.NYB) rose on the prospect of Warsh as the Fed's leader. Meanwhile, gold (GC=F) and silver (SI=F) plunged, putting the brakes on runaway rallies. Gold fell below the $5,000 level, while silver sank as much as 25%, its biggest daily drop on record.

In addition, the watch is on for the next trade move from Trump, who threatened to hit Canadian aircraft imports with a 50% tariff. The US would also decertify all new jets from the likes of Bombardier (BDRBF), Trump said, claiming Canada has used certification hurdles to effectively ban the sale of US Gulfstream jets. Meanwhile, Mexico is facing new levies after Trump promised to impose new tariffs on countries providing oil to Cuba.

On the earnings front, Apple's (AAPL) shares rose after the iPhone maker's results closed out a mixed bag of Big Tech reports for the week. While its quarterly profit topped estimates, fueled by record phone sales, its CEO Tim Cook warned the global memory shortage would hit future margins.

 Meanwhile, shares in Sandisk (SNDK) rose 5% following upbeat forward guidance from the data storage company. Oil producers were another highlight on Friday's docket with Exxon (XOM) and Chevron (CVX) beating earnings estimates by slim margins. Results from American Express (AXP) and Verizon (VZ) were also in focus. 

Lisa Kailai Han, Alex Harring and Pia Singh of CNBC also report S&P 500 falls for third straight day as speculative silver trade unwinds, but ends month positive:

Stocks retreated on Friday as technology shares remained in a funk, even as investors largely approved of President Donald Trump’s pick of Kevin Warsh to lead the Federal Reserve. Still, the S&P 500 squeaked out a January gain, despite Friday’s losses and volatile trading this month.

The broad index fell 0.43% to finish at 6,939.03, its third straight down day. The Dow Jones Industrial Average pulled back 179 points, or 0.36%, to settle at 48,892.47. The tech-heavy Nasdaq Composite underperformed, dropping 0.94%, to end the day at 23,461.82. All three indexes fell more than 1% at session lows.

“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” said Trump in a Truth Social post.

Warsh’s selection was likely to ease concern about Fed independence because of his experience as a Fed governor and strong stance at times against inflation. While he is likely to push for lower rates in short term as Trump wants, the financial markets view him as someone who wouldn’t always follow the president’s direction and maintain credibility for monetary policy.

The U.S. dollar rallied and U.S. Treasury yields held steady, signaling that investors appeared satisfied with Trump’s pick.

“Kevin Warsh’s nomination for Fed Chair is exactly what markets were hoping for, as he’s a steady hand, well known in market circles and is expected to maintain the independence of the central bank, which is critical for markets,” said Richard Saperstein, chief investment officer of Treasury Partners. “Most importantly, Warsh faces few hurdles when it comes to being confirmed by the Senate.”

But other variables threw cold water on stocks in the session.

Spot gold and silver dropped around around 9% and 28%, respectively. Over the past year, gold and silver futures have soared about 67% and 142%, respectively.

Retail investors have piled into trades tied to the precious metals, especially in recent weeks as a speculative bubble formed. The iShares Silver Trust (SLV), a popular choice among individual traders, plunged more than 28% in Friday’s session, its worst day on record. Such a move can be indicative of forced selling, given that fundamentals rarely change on a trade so quickly, according to Matt Maley, chief market strategist at Miller Tabak.

“This has been the hottest asset for day traders and other short-term traders recently,” Maley said. “There has been some leverage built up in silver. With the huge decline today, the margin calls went out.”

Still, investors continued to parse through earnings reports.

Apple swung between gains and losses despite beating fiscal first-quarter expectations and reporting a significant surge in iPhone sales. That follows Microsoft’s 10% post-earnings drop on Thursday, marking its worst day since 2020 and wiping out more than $350 billion in market cap. KLA Corp lost more than 15% on Friday after its forecast suggested a deceleration in growth.

But outside of tech, Verizon shares surged nearly 12%, marking their best day since 2008. The telecommunications giant beat analyst expectations and provided a strong full-year outlook for earnings.

Despite Friday’s weakness, the major averages recorded a positive month. The S&P 500 and Dow logged gains of 1.4% and 1.7%, respectively, for January, while the Nasdaq notched a 1% gain. The small cap-focused Russell 20009 jumped more than 5% in the month.

Chloe Taylor of CNBC also reports silver plunges 30% in worst day since 1980, gold tumbles as Warsh pick eases Fed independence fear:

Gold and silver prices plunged Friday, as President Donald Trump’s nomination for the next chair of the Federal Reserve, Kevin Warsh, appeared to relieve concerns about the central bank’s independence and sent the dollar soaring.

Spot silver was down 28% at $83.45 an ounce, trading near its lows of the day. Silver futures plummeted 31.4% to settle at $78.53, marking its worst day since March 1980.

Meanwhile, spot gold shed around 9% to trade at $4,895.22 an ounce. Gold futures dropped 11.4% to settle at $4,745.10.

The sharp moves down were initially triggered by reports of Warsh’s nomination. However, they gained steam in afternoon U.S. trading as investors who piled into the metals raced to book profits. Metals were also under pressure as the dollar spiked higher, making it more expensive for foreign investors to buy gold and silver and spoiling the theory that metals would replace the greenback as the globe’s reserve currency.

The dollar index last traded around 0.8% higher.

“This is getting crazy,” said Matt Maley, equity strategist at Miller Tabak. “Most of this is probably ‘forced selling.’ This has been the hottest asset for day traders and other short-term traders recently. So, there has been some leverage built up in silver. With the huge decline today, the margin calls went out.”

Trump picks Warsh

National Economic Council Director Kevin Hassett had been the favorite to replace Powell for some time, but Warsh became the front-runner in prediction markets in recent days.

In a note on Friday morning, Evercore ISI’s Krishna Guha said the market was “trading Warsh hawkish.”

“The Warsh pick should help stabilize the dollar some and reduce (though not eliminate) the asymmetric risk of deep extended dollar weakness by challenging debasement trades – which is also why gold and silver are sharply lower,” the firm’s vice chairman said.

“But, we advise against overdoing the Warsh hawkish trade across asset markets – and even see some risk of a whipsaw. We see Warsh as a pragmatist not an ideological hawk in the tradition of the independent conservative central banker.”

Claudio Wewel, FX strategist at J. Safra Sarasin Sustainable Asset Management, told CNBC’s “Squawk Box Europe” on Friday that a “perfect storm” of geopolitical tensions had helped precious metals move higher this year, pointing to the U.S. capture of Venezuelan President Nicolás Maduro and Washington’s threats to use military force in Greenland and Iran.

More recently, he said, speculation over who would be nominated as the next Fed chair had been influencing metals markets.

“The market has clearly been pricing the risk of a much more dovish contender, that’s been largely helping the gold price along with other precious metal prices. Over the last 24 hours, the news flow has changed a little bit,” Wewel said, prior to Trump’s announcement.

‘Even good assets can sell-off’

Gold and silver both enjoyed record-smashing rallies in 2025, surging 66% and 135%, respectively, over the course of the year.

Coeur Mining lost 17%. Silver ETFs were dragged into the action, with the ProShares Ultra Silver fund last seen more than 62% lower. The iShares Silver Trust ETF lost 31%. Both funds were headed for their worst days on record.

Precious metals have been on a stellar rally over the past 12 months, amid broader market volatility, the decline of the U.S. dollar, bubbling geopolitical tensions and concerns about the independence of the Federal Reserve.

Katy Stoves, investment manager at British wealth management firm Mattioli Woods, told CNBC on Friday morning that the moves were likely “a market-wide reassessment of concentration risk.”

 “Just as tech stocks — particularly AI-related names — have dominated market attention and capital flows, gold has similarly seen intense positioning and crowding,” she said. “When everyone is leaning the same way, even good assets can sell off as positions get unwound. The parallel isn’t accidental: both represent areas where capital has flooded in based on powerful narratives, and concentrated positions eventually face their day of reckoning.”

Meanwhile, Toni Meadows, head of investment at BRI Wealth Management, contended that gold’s run to the $5,000 mark had happened “too easily.” He noted that the unwinding of the greenback had supported gold prices, but that the dollar had appeared to stabilize.

“Central bank buying has driven the longer-term rally but this has tailed off in recent months,” he said. “The case for further reserve diversification is still there though as Trump’s trade policies and intervention in foreign affairs will make a lot of countries nervous about holding U.S. assets, especially those countries in the emerging markets or aligned to China or Russia. Silver will mirror the direction of gold, so it is not surprising to see falls there.”

Alright, another wild week on Wall Street which ended with a good old fashion selloff in precious metals.

Last week I discussed how silver and gold took off after Davos highlighted geopolitical tensions and and warned to be wary of parabolic moves (ie. never chase them higher, especially when they go full vertical).

Yesterday I went over IMCO's World View 2026 and stated the slide in the US dollar was overdone and I was expecting a snapback.

I know the dollar slid earlier this week after Trump's comments but even that signalled to me that something was afoot.

Call it the "Warsh effect", call it what you want but the Trump administration manipulates markets and you have to almost read right through their statements if you plan on making money. 

Of course he picked Kevin Warsh, the best choice by far, Scott Bessent made sure of that and I'm sure top hedge funds were advised ahead of time (that's why they charge the big fees!). 

So the dollar rallied and metals sold off but they were due for a major reckoning, including copper:


 

 

Now, to be clear, these weekly charts remain bullish as long as price remains above 10-week exponential moving average and weekly MACD is positive and trending up but when you have such a steep red candle like today, it typically means something has fundamentally changed.

We shall see, I expect more volatility next week and it's not all about Kevin Warsh and geopolitical tensions, there's strong demand for metals, especially copper where billionaire investor Robert Friedland warns the world has an insatiable thirst for metals, from surging military budgets to AI data centers and the greening of the global economy, but it does not have a credible way to supply the metals it intends to consume over the next few decades.  

On the daunting scale of copper the world needs to produce over the next two decades, he states:

“You can’t build electric cars and windmills and solar and have a modern military without these metals. So, there’s a reason why underwater power cables are so expensive. That’s what it looks like when you put up a windmill offshore Nantucket Island and you want to bring that electricity and be green. It’s all copper, copper, copper, copper, copper. Copper right now, we’re expecting that to be a $270 billion a year market by tomorrow morning. And where’s this metal going to come from? There’s no copper inventory at all.”

“How much copper are we using? We’re consuming 30 million tonnes of copper a year, only 4 million tonnes of which is recycled. That means to maintain 3% GDP growth…..now listen carefully, with no electrification…this is with burning oil and gas. To maintain global 3% GDP growth, we have to mine the same amount of copper in the next 18 years as we mined in the last 10,000 years (combined). In the next 18 years, I’ve got to mine the same amount of copper as we mined the last 10,000 years…without electrification, without data centers, without solar and wind and the greening of the world economy. You people have no idea whatsoever what we’re facing. You’re dreaming. 

He might be right but price action of copper and other metal shares can experience violent volatility as this all plays out.

Alright, let me wrap it up with some stock market action.

Here are this week's top-performing US large cap stocks (full list here):


When you see Verizon (VZ) and AT&T (T) among the top performers, you know it's not a great week (I can kick myself for selling Deckers Outdoor too soon!). 

Below, George Heppel, BMO, joins 'Closing Bell Overtime' to talk the steep drop in metal commodity prices.

Next, Jeremy Siegel and Tom Lee join Closing Bell to discuss Kevin Warsh's nomination as Fed Chair and the move in gold and silver today.

Third, the Investment Committee debate what the Warsh pick means for the market and your money.

Fourth, Jay Hatfield, founder, CEO, and portfolio manager at Infrastructure Capital Advisors, joins BNN Bloomberg to discuss gold and silver prices moving amid trade tensions.

Lastly, Kevin Warsh, President Trump's choice for the next Fed Chair, was in conversation on federal monetary policy and the role of the Federal Reserve during the 2025 Reagan National Economic Forum in Simi Valley, California.

IMCO's World View 2026

Pension Pulse -

Derek Decloet and Layan Odeh of Bloomberg report the US dollar has lost its shine and that's a problem for pension funds:

Treasury Secretary Scott Bessent stepped in to stop the slide in his country’s currency, telling CNBC earlier today: “The US has always had a strong dollar policy.” The Bloomberg Dollar Spot Index rose for the first time in a week.

An exception to the greenback’s rally was the loonie, which stayed strong after the Bank of Canada and Federal Reserve both opted to hold rates steady. The Canadian dollar is now at its highest level against the buck since October 2024, which is nice for cross-border shoppers and vacationers — though there are fewer of them these days.

A stronger currency is a complicating factor in the Canadian economy. Some export-driven manufacturers prefer a softer loonie. Among other things, it can help cushion the blow of tariffs. Canadian pension funds, stuffed to the rafters with US-dollar assets, also have some decisions to make on how to hedge their currency and political risks. 

As it happens, Investment Management Corp. of Ontario, a big manager of government pensions and other cash, published its annual world outlook report today. Currency risks are a feature of the new environment of trade wars and geopolitical threats, IMCO said, and investors might do well to explore the Swiss franc and Japanese yen (and gold, of course) as places to diversify.

“Investors may need to contemplate what a rebalanced global economy — where the US plays a different role — means for their portfolios,” IMCO Chief Strategist Nick Chamie said. “This includes rebalancing exposures away from the US to take advantage of increasing opportunities elsewhere.”

On Wednesday, IMCO released its World View 2026:

Positioning portfolios for resilience as globalization fractures and volatility rises

TORONTO (January 28, 2026) – The Investment Management Corporation of Ontario ("IMCO") today releases the IMCO World View 2026, its annual flagship research publication that helps guide long-term investment strategy across its multi-billion-dollar portfolio.

This year's report underscores the speed at which deglobalization is happening, driven by a rise in protectionist policies and tariffs, led primarily by the U.S., while governments around the world seek to reassert economic control. IMCO's Investment Research and Economics team expects the pace of this transition to amplify market volatility and materially influence long-term portfolio construction.

The report distills complex economic, market, and policy developments into six core themes and six corresponding investment implications, offering a framework to navigate a more polarized and unpredictable global economy.

"Our World View framework cuts through global economic and market complexity as a cornerstone of IMCO's research-driven investment process," said Nick Chamie, Senior Managing Director, Head of Total Portfolio and Capital Markets and Chief Strategist of IMCO.

Highlights from the IMCO World View 2026:

Accelerating trends:

  • Deglobalization: President Donald Trump's second term has intensified Washington’s interventionist and competitive approach, quickening the global shift away from open, integrated markets as countries recalibrate their economic models.
  • Policy inflection: U.S. policymakers are increasingly turning to policy intervention to reshape global trade and financial flows, using tools ranging from fiscal stimulus and tariffs to currency measures, subsidies, and other novel approaches.

Steady trends:

  • Addressing inequality: Governments have shifted some attention away from this social concern, focusing instead on boosting economic growth through industrial and fiscal stimulus, though inequality remains persistent and politically consequential.
  • Disruptive technologies: Rapid adoption of artificial intelligence and advances in electric vehicle batteries highlight their growing impact across various industries.
  • Evolving market structures: While growth moderates in private markets, the investable universe is shifting, expanding retail investor access to previously exclusive private markets.

Decelerating trends:

  • Climate change and sustainability: Rising energy demand and security concerns have temporarily shifted focus away from environmental priorities, though the need for clean energy adaptation amid the energy transition remains.


Key implications for investors:

  • End of low for long: Geopolitical uncertainty and economic reshoring may fuel inflation and shape monetary policy, making broader currency diversification, shorter duration fixed-income and safe-haven assets like commodities more attractive.
  • Heightened volatility and dispersion: Concentrated markets and high valuations, combined with U.S. efforts to disrupt the status quo are setting the stage for market swings. A “macro-aware” asset allocation framework alongside risk-hedging strategies can help strengthen portfolio resilience.
  • Capital investment boom: Rising capital spending, particularly in energy, defence, and AI infrastructure, is creating opportunities to invest in critical infrastructure and companies tied to nation-building projects.
  • Expanding role of private investments: Private markets support long-term value creation and help reduce short-term portfolio volatility, while giving institutional investors access to a broader set of investment opportunities.
  • Managing unintended exposures: Growing popularity of passive investing is intensifying market concentrations, heightening the need for diversified strategies.
  • Innovation and flexibility: A weakening of traditional market dynamics calls for greater adaptability and resiliency in portfolio construction.

Read the IMCO World View 2026

A little more context:

The World View is our flagship annual publication, used to inform IMCO’s long-term investment strategy and positioning across a multi-billion-dollar portfolio.

The report distills complex global economic, market, and policy developments into six core themes and six corresponding investment implications, providing a clear framework for navigating the global investment landscape. Developed by IMCO's in-house economics team, with input from IMCO’s investment teams, it delivers practical, actionable insights.

In the IMCO World View 2026, we assess whether recent developments are consistent with each theme or implication's momentum accelerating, decelerating or remaining stable. We also consider whether the developments underlying a change in momentum warrant a reconsideration of the trend's validity. This evaluation is a cumulative process that assigns more weight to momentum assessments that persist for several years. For each theme, we discuss what we're monitoring. For each implication, we discuss potential investor actions.

Importantly, an assessment of slowing momentum does not mean that we see the Theme or Implication fading away. 

I highly suggest you take the time to read the full report here, it's not too long, well written and flows well from topic to topic (admittedly, I have an economics and market background, so for me it was a nice read). 

The two most interesting sections for a macro buff like me were "Inflation and Uncertainty as Policy Outcomes" on page 14 and "Diverging Policy Paths, Diverging Market Outcomes" on page 16.  

I note the following:

 The acceleration in U.S. efforts to address global imbalances, combined with Trump’s unpredictable and unconventional approach, could weigh on the USD in the years ahead while potentially lifting inflation and bond yields. To help manage the resulting risks and
opportunities, investors can:

  • Shift fixed income exposure to shorter maturities, given the potential for yield curve steepening. This potential appears especially pronounced in the U.S., where an increasingly-politicized Fed could weigh on yields in the short end, while policy risks and uncertainty contribute to wider term premia – and thus yields – at longer maturities. Tariffs and a weaker USD could add further impetus for higher U.S. yields if they boost the cost of imports, with knock-on effects to inflation more generally.
  • Explore potential alternatives to the USD as a store of value and safe haven during periods of market stress. Possibilities include currencies such as the Swiss franc and the Japanese yen, in addition to traditional safe-haven assets such as gold.
  • Consider assets tied to production and the physical economy, including in strategically important areas such as AI- and energy-related infrastructure, technology and health care. Given that you “need stuff to make stuff”, opportunities could arise in commodities, materials, energy and other natural resources as governments look to build their country’s productive capacity while securing supply chains. Many of these assets tend to fare relatively well through inflationary periods, providing a potential complement to other inflation-sensitive assets such as real return bonds.  

And this: 

To manage risks and opportunities presented by rising volatility and widening dispersion, investors can:
  • Incorporate a “macro-aware” approach to asset allocation that potentially benefits from identifying winners and losers in the shift towards a rebalanced global economy – one in which the U.S. plays a different role than investors have become used to over the past several decades.
  • Rebalance geographic exposures away from the U.S. to take advantage of opportunities in countries and regions pursuing new, often fiscally-supported, growth strategies. Doing so could also help limit concentration and valuation risks arising from recent “U.S. exceptionalism” and outperformance. Canada’s response to recent trade and geopolitical pressures emanating from the U.S., including a renewed focus on large nationally-strategic infrastructure projects and a reduction in interprovincial trade barriers, could widen the breadth of investment opportunities domestically.
  • Adopt tail risk hedging strategies that can help limit drawdowns through extreme market moves and events. Since such strategies become more expensive when uncertainty and expected volatility are elevated, consistently monitoring market conditions can help identify opportunistic implementation windows. Potential avenues to limiting left tail risk include the use of derivatives, owning safe-haven assets that tend to outperform through market drawdowns, reducing exposures to high-risk assets, and diversifying across asset classes, risk factors, and geographies. 

There's a lot more so I recommend you really take the time to read the report here.

I commend Nick Chamie, Senior Managing Director, Head of Total Portfolio and Capital Markets and Chief Strategist of IMCO and his team for producing this report.

It is worth noting that IMCO is the only large Canadian pension fund that produces this type of macro/ market outlook every year and publishes it and I commend them for that.        

It's not easy, it forces you to really sit with all the teams and think through all the major themes.

Obviously Nick Chamie has the final say but as he states below, it was a collaborative effort. 

Again, sticking your neck out isn't easy, a lot can happen over the course of the year and trends can shift abruptly.

One trend I'm keenly focused on right now is whether the slide in the US dollar is overdone.

My indicators tell me we are closer to the end of the downtrend and I expect the greenback to snap back. When that happens, you'll see the rally in silver, gold and copper fade.

That's more of a cyclical call, but even structurally, I have a very hard time being short US dollars even with everything going on with deglobalization. 

Also important to understand you can't have a very weak US dollar without stoking inflation fears because import prices will rise.

By the same token, you can't have a very strong euro, yen, Canadian dollar because it will impact their exports.

All this to say, people get carried away with their currency calls, I just find there are too many dollar bears out there and that tells me the trend can reverse fast.

Anyways, I need to take the weekend to reread this report more carefully but I definitely recommend you do so as well and even discuss it with your economics and capital markets and private market teams.  

Below, Nick Chamie, Senior Managing Director, Head of Total Portfolio and Capital Markets and Chief Strategist of IMCO discusses their Wold View and how they all worked on it to understand the trends and major themes impacting their investments.

Next, Joyce Chang, JPMorgan Chair of Global Research, Tom Lee, Head of Research at Fundstrat Global Advisors, and Michelle Caruso-Cabrera, CEO of MCC Global Enterprises, discuss dollar weakness, debasement, metals momentum, EM optimism, and crypto’s delayed response.

Third, Barry Knapp, Ironsides Macro, and Michael Gapen, Morgan Stanley chief U.S. economist, join 'The Exchange' to discuss the Federal Reserve, the dollar and much more.

Fourth, A prolonged weakening of the dollar brings with it a number of dangers for the US economy, according to Robert Kaplan, vice chairman at Goldman Sachs Group Inc.

“It is true, a weaker dollar boosts exports. However, the United States has $39 trillion of debt on its way to $40 trillion plus, and when you have that much debt, I think stability of the currency probably trumps exports,” he said in an interview on Bloomberg Television.

“I actually think the US is going to want to see a stable dollar and wants to see stability. They want to be able to sell the long end of the Treasury curve: a stable dollar helps,” he said.

QuadReal Expands its European and US Logistics Portfolio

Pension Pulse -

Valor and QuadReal recently committed to deliver a 10,000 sqm cross-dock logistics hub in South Paris: 

Valor Real Estate Partners (“Valor”), Europe’s leading last-mile logistics specialist, has acquired, on behalf of its joint venture with QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company, a 10-acre site, which includes a 6,500 sqm vacant cross-dock property, in Fleury-Mérogis, south of Paris.

In line with the JV’s value-add strategy, Valor will undertake a comprehensive ESG-led refurbishment of the existing space and add a 3,500 sqm extension, delivering a state-of-the art, cross-dock logistics hub. Totalling 10,000 sqm, the property will be ideally suited for 3PL, parcel delivery, and distribution occupiers in what is Europe’s dominant e-commerce centre.

Specifications will include a 1/109 sqm door ratio, 9-metre clear heights, vehicle yards ranging from 33 to 53 metres, and extensive car and HGV parking. Other enhancements will include the installation of LED lighting, new external cladding, a redesigned and expanded service yard, and the full refurbishment of the office accommodation.

The lack of new cross-dock supply in Paris has kept vacancy rates close to 1% over the last few years. Fleury-Mérogis is a prime infill logistics location for the city, as it benefits from excellent connectivity, including direct access to the A6 corridor, and close proximity to key distribution nodes including Orly Airport and the Rungis International Food Market.

Following the successful speculative development of Valor Park Marly, a 10,000 sqm cross-dock hub that was let ahead of practical completion in 2023, this transaction further underlines Valor’s position as a leading cross-dock specialist in France, where it currently owns and manages c. 70,000 sqm of cross-dock space.

Victor Massias, Partner Head of Developments at Valor, said:This transaction builds on our proven track record in the Paris cross-dock market and reflects the JV’s conviction in highly supply-constrained, infill logistics locations where this type of product is scarce. Fleury-Mérogis benefits from exceptional fundamentals and through a comprehensive refurbishment and extension programme, we will deliver a future-proof, ESG-compliant asset aligned with the evolving requirements of last-mile and parcel delivery occupiers.”

Thomas Blangy, Senior Vice President at QuadReal, said: This transaction further strengthens our already compelling portfolio in the Greater Paris region, one of France and Europe’s most important logistics markets. With this asset’s excellent connectivity and the clear scope for value-add improvements both in terms of its sustainability credentials and from an operational perspective, this transaction is firmly in line with our global investment strategy of targeting top quality assets in high growth urban logistics hubs across Europe and the UK.”

Valor was advised by Oudot (notary), Simmons & Simmons (Real Estate/Tax/Structuring), Les Ateliers4+/CEMR (technical/refurbishment), and CBRE (broker).

Also worth noting at the beginning of the year, Valor and QuadReal expanded their Berlin footprint with the acquisition of modern ultra-urban logistics asset from Aurelis Real Estate:

Valor Real Estate Partners (“Valor”), Europe’s fastest-growing last mile specialist, has acquired an urban logistics asset from Aurelis Real Estate in Berlin on behalf of its joint venture with QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company. The transaction further expands the joint venture’s footprint in one of Europe’s most dynamic ecommerce centres.

The asset is a 6,000 sqm ultra-urban logistics property in Berlin’s Charlottenburg-North submarket. The modern cross-dock facility offers extensive yard space is occupied by GO! Express & Logistics on a long-term lease. It is strategically located in proximity to two of Berlin’s major consumer centres – CBD West and the city centre – whilst also providing excellent outbound access via the A111 and A100.

The transaction follows a  €91 million commitment from the JV in December 2025 to acquire a 26,000 sqm urban logistics asset and adjacent development site in Berlin’s North-East Berlin submarket of Lichtenberg.

Vincent Lampe, Senior Vice President, Valor commented:This is a rare opportunity to acquire a modern ultra-urban logistics asset in one of Berlin’s most competitive and under-supplied sub-markets. This acquisition delivers secure long-term income and further expands our footprint in one of our high conviction markets where the development of ecommerce, sustained population growth and  limited land for development will all support future demand for modern, well-located logistics space.”

Thomas Blangy, Senior Vice President at QuadReal, added:This transaction builds on the JV’s recent momentum and, following our €91 million deal in December, further strengthens our portfolio in what is Germany’s dominant e-commerce centre. With the property’s proximity to two of Berlin’s major consumer centres and its excellent transport links, this transaction is firmly in line with our global investment strategy of targeting high growth urban logistics hubs in key markets across Europe and the UK.”

Valor was advised by Schilling, Zutt & Anschuetz (Legal), Rider Levett Bucknall (Technical). Colliers acted as sell-side broker. 

Not much I can add here except to say that QuadReal has teamed up with Valor, Europe’s fastest-growing last mile specialist,to acquire some great logistics properties in Paris and Berlin.

As Thomas Blangy, SVP at QuadReal states, these transactions are transaction is firmly in line with QuadReal's global investment strategy of targeting top quality assets in high growth urban logistics hubs across Europe and the UK.

In fact, QuadReal’s UK lending platform just completed two transactions totalling £86.4m:

QuadReal Property Group (QuadReal), a global real estate investment, development and operating company, has completed £86.4m of loans across two transactions via its newly expanded lending platform, taking its total direct lending in the UK to over £110m.

The first transaction was a £56.5m loan to Heitman to refinance an eight asset, 492,260 sq ft self-storage portfolio located across Birmingham, Sheffield, and Stafford, and managed by Space Station, the oldest self-storage operator in the UK. Six of the assets are operational and currently in a lease up phase, while one completed in July 2025 and the other is estimated to complete in March of this year. All the schemes are institutional grade, purpose-built, or high-end conversions, and were specifically selected based on the strong local catchment, accessibility, and visibility. Importantly, there are no new self-storage facilities under construction in any of the three cities.

The second transaction is a £29.9m loan to Fiera Real Estate and Wrenbridge to fund the development of a 219,749 sq ft logistics facility in Reading. Construction on the scheme, which will offer six suites across five buildings, commenced in December 2025 and is due to complete in December 2026. The facility is located to the south of the city, adjacent to the M4 motorway and within a 90-minute drive of 18.9 million people, as well as Heathrow and key port cities such as Bristol, Southampton, and Bournemouth.

The transactions take the total direct lending by the platform, which was launched in the UK in October 2025, to over £110m, after it provided a £25.5m facility to Fiera Real Estate and Harleyford Capital to fund the development of 180,000 sq ft of institutional Grade A logistics space at Watford Works, London in October.

QuadReal intends to commit over £2.5bn over the next three to five years across the UK and Europe, and has direct control over all decision making. The expanded platform follows the success of QuadReal’s North American debt business, which currently manages over £[12]bn in investments.

Derek Richter, Vice President, Real Estate Debt, said: “These transactions represent an important milestone in the growth of our lending platform, and demonstrate our confidence in the UK market. While we are committed to growing our platform, we remain disciplined, and will only progress transactions that are aligned with our global investment strategy and core convictions. With strong sponsors and attractive sector fundamentals, these high quality, well-located sites are firmly in line with that strategy and we look forward to working with Heitman, Fiera, and Wrenbridge as they execute their business plans.” 

And it's not just in Europe and the UK. 

In December, QuadReal announced a $495M strategic industrial partnership with LaSalle: 

QuadReal Property Group (“QuadReal”), a global real estate investment, development and operating company, has formed a strategic partnership with global investment manager LaSalle Investment Management (“LaSalle”) that will recapitalize a US$495M portfolio within QuadReal’s direct U.S. industrial platform.

The high-quality, state-of-the-art US industrial portfolio includes 11 assets, totaling 3.3M sq ft across major population centers near critical infrastructure in five states including Georgia, Pennsylvania, New Jersey, Texas and Washington state. LaSalle will acquire a 49% interest in the portfolio, with QuadReal retaining majority ownership and continuing to manage the assets on behalf of the partnership.

“This partnership capitalizes on QuadReal’s direct operating capabilities, the very intentional portfolio we have built, and it reinforces our deep conviction in the Industrial sector,” said Jamie Weber, Head of Americas for QuadReal. “We look forward to deepening our relationship with LaSalle, a likeminded and long-term oriented investor.”

“Expanding our presence in key U.S. logistics markets is a core part of LaSalle’s investment strategy,” said Stuart Sziklas, Global Portfolio Manager, LaSalle Investment Management. “This transaction allows us to access a high-quality portfolio in markets with strong fundamentals, while creating long-term value.  We’re pleased to work alongside QuadReal and look forward to future opportunities together.”

The partnership terms also provide for an additional capital commitment from LaSalle for the acquisition of similarly high-quality, well-located industrial assets. This leaves a significant runway to expand its real estate investment portfolio in partnership with QuadReal.

QuadReal’s high-conviction investment strategy and international experience have established the firm as a top 20 real estate investor globally. Industrial is a high-conviction sector for QuadReal, with the firm’s US portfolio amounting to 23.5M sq ft of industrial space and global industrial portfolio of 156.3m sq ft. 

Denis Lopez and his team at QuadReal are firing on all cylinders, acquiring prime assets all over the world investing wisely across their capital structure.

I don't cover them enough but always looking at their transactions closely, they're doing great work.

Below, Spencer Levy talks with Panattoni’s Robert Dobrzycki and CBRE’s Jack Cox as they unpack Europe’s logistics sector. Gain insights into CRE trends, investment opportunities, and market outlook (June, 2025).

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