The news cycles have been chock-full for the past several months. It seems like every day we are hit with new statistics, revelations, or insights. Many, such as the war in Ukraine, a hurricane in Florida, or the election cycle, provide most of us little
As I sit down to write the September Insight, it is the afternoon of Thursday the 29th. With the Insight scheduled to be distributed tomorrow afternoon, this puts me well behind the normal distribution process. Frankly, I have been procrastinating. Not because there isn’t anything
Disclaimer: Economics, and therefore investing, is at times impacted by politics. Politics are by nature controversial – and even more so in today’s polarizing environment. This Insight will be wading into the impact of recent political events on investing and wealth building. There is no
“Recession is when a neighbor loses his job. Depression is when you lose yours.” Harry S Truman “People stop buying things, and that is how you turn a slowdown into a recession.” Janet Yellen “Up until the Depression, recession had a moral character. It was
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“Ninety eight percent of statistics are made up.” Kim Harrington “Statistics can be made to prove anything, even the truth.” Anonymous “Facts are stubborn things, but statistics are pliable.” Mark Twain A couple years ago I was involved with a council that was discussing water
April was one of those months where there was so much going on in the finance and economic world that it is difficult to do a deep dive into anything in particular. Please forgive the relatively shallow depth of this Insight as I touch on
Our guest writer this month is Dennis Lanni. Dennis is our partner in the Debt Liquidity Fund, and one of the sharpest debt pros we have ever come across. He began his career in 1998 as a Stock Options Market Maker on the Pacific Stock Exchange
We, or at least I, take investing and economics highly seriously. This is probably a mistake, and I should take life and myself less seriously in general. Then there are other times when the world reminds us that most of which we/I think is important
A PB&J sandwich has become almost as American as apple pie, even to the point of becoming part of cultural vernacular. When two things go well together, it is like PB&J. No one talks about just a peanut butter sandwich, and very few eat jelly
Rob joined Altus in June 2022 bringing with him an extensive background as a real estate entrepreneur. He been a general partner on multiple real estate deals and funds in a variety of markets, with a portfolio value totaling more than $100 million. He has owned and sold multiple businesses in his career prior to joining the Altus team.
Rob earned his Bachelor of Arts degree in Economics from San Diego State University. Rob is an avid sailor in the San Diego region where he races competitively in a variety of offshore and inshore yachting regattas. He resides in San Diego, CA with his wife and two young children.
Andrew joined Altus Equity in February of 2017 following 16 years working in and around the financial markets, the last ten spent overseeing the Operations of Securities Broker-Dealers. Years spent working with multiple asset classes, adjusting to changing business models, and seeking dynamic solutions to problems facing the Investor, have given Andrew an eye for detail, proven communication skills, and a determination to find investment value in the marketplace. A background of success, ranging from Corporate Finance with a Fortune 500 company, to the lively and uncertain world of a Securities Trader, has provided Andrew with a unique perspective and skill set that he’s eager to apply to the opportunities facing Altus today.
A resident of Austin, Texas for over 17 years, Andrew was born, raised and educated in Iowa, earning a B.B.A in Finance from the University of Iowa. He holds FINRA Series 7, 24, and 57, as well as several state securities licenses.
Forrest Jinks is Founder and Chief Executive Officer of Altus Equity Group, Inc., where he also serves as the Chief Investment Officer and is a member of the Board of Directors. He has over 20 years of real estate investment and general business experience; and has successfully guided Altus as a sponsor on multifamily, industrial, BFR, and retail properties as well as starting or investing in businesses across other industries. Forrest is best known for his creative deal making collaborating across stakeholders to maximize alignment through the investment life cycle. Mr. Jinks prides himself on applying entrepreneurial experience to all elements of the business in a commitment to provide optimized returns to investors and shareholders.
He is active in his community, having served on several non-profit boards and is active in coaching youth sports. He is a graduate of Cal Poly San Luis Obispo where he graduated cum laude with BA in finance and economics. Forrest is a competitive water skier who loves basketball, traveling and spending time with family and friends. He currently resides in Morgan, Utah with his wife Melissa and three children.
Ian joined the Altus team in September 2022. As Director of Lending, Ian Tavelli is tasked with growing Altus into a world-class private money lending platform. Ian’s background in banking analytics, cash flow and strategic growth combined with his entrepreneurial spirit and leadership skills provide him with the knowledge and expertise to develop and expand the Altus lending business. Ian is the former President and CFO of Tavelli Company. During his leadership tenure at the family-owned business, Ian interfaced with clients, set up debt collection processes and oversaw all operations for the company.
Prior to running the collection agency with his father, Ian had worked in the credit and banking industry. He served as Assistant Vice President and Loan Officer in charge of business development at North Valley Bank prior to its merger with Tri Counties Bank where he had served as Relationship Manager. Ian earned his B.S. in Global Business Finance from Arizona State University. Ian resides in Santa Rosa, CA with his wife and young children.
James joined the Altus team in June 2022. He lives and pursues his career in multi-family and commercial real estate asset management with a simple precept that has been guiding him for years; “In order to be a true leader, one must serve and give to others”. James is laser focused on providing stable cash flows with long-term capital appreciation. He brings an ‘outside-the-box’ point of view and premier customer service to his property management relationships, tenants, and outside service providers.
James pursued Architecture at Arizona State University and has completed formal training in many real estate focused areas including income-producing property optimization, repositioning, private lending, property management and negotiation. James loves cooking, hiking, and spending time with his family. He lives in San Diego with his wife and two young children.
Michelle joined Altus in the Summer of 22, bringing her experience in real estate investment, banking, and mortgages. She also worked several years as a business analyst in the fitness industry. Her communication, collaboration and problem-solving skills all lend to her ability to support the various segments of the Altus Team.
Michelle earned her B.A. in Rhetoric and Communications from University of California, Davis, and M.B.A. with an emphasis in Finance at San Diego State University. During her personal time Michelle keeps busy as a mom of two teenagers, where there is never a dull moment.
ay joined the Altus Equity team in October 2021 as a Senior Accountant. He is a licensed CPA in South Carolina and North Carolina. Prior to joining Altus, he spent his career in accounting at PricewaterhouseCoopers, Duke Energy, and Peay & Associates. Ray graduated from Clemson University with a bachelor’s degree in Financial Management and the University of Alabama with a master’s degree in Accountancy.
Ray lives on Fripp Island, SC with his wife, Jessica, and their five children. He greatly enjoys working with real estate, and plays tennis, watches Clemson football, and spends time with his family on the beach in his spare time.
Marie joined Altus Equity Group in 2020 after 11 years working in real estate, the last four as a Controller for a southeastern multifamily development company. Marie has extensive experience in accounting and asset management which has equipped her with an arsenal of skills conducive to aiding in Altus’ trajectory. She is best known for her passion of the industry and ability to assess and solve problems. Marie is a graduate of Clemson University with a BS in financial management with an emphasis in real estate. She resides in Travelers Rest, South Carolina with her husband, Dave, and their two children.
Kathleen Joyce Kusiak has worked in the real estate industry since 1988. In addition to managing the real estate development process, Kathleen has been responsible for procuring investments, asset management, business development, capital markets, and strategic planning.
Prior to launching Alta Properties LLC in 2007, Kathleen started a consulting company offering strategic planning and business development services to real estate related companies and worked as a third-party development manager–developing such projects as Cisco Systems’ New England campus.
Alta Properties is an opportunistic real estate investor/developer that acquires properties throughout New England, the Mid-Atlantic and select other states– across all major asset classes, focusing on opportunities for capital appreciation.
Alta Properties typically partners with experienced operators and developers who have expertise with specific property types. Alta’s portfolio includes hotels, office buildings, medical office, assisted living, industrial, mixed-use, high-rise, and apartment buildings. Its portfolio is nearly 3 million square feet of space with a total market value of a half billion.
Kathleen earned a BA in Economics and Psychology from Dartmouth College and an MBA from Boston College. She lives in Massachusetts and Florida, is a wellness enthusiast (and has run more than a dozen marathons), and has two “adult” children.
Eric joined Altus Equity as a Senior Accountant in June of 2021. He is a licensed CPA in the state of South Carolina and is a member of the South Carolina Association of CPAs. Prior to joining Altus, he worked in public accounting for 7 years gaining experience in tax, audit, and financial reporting.
Eric graduated from Clemson University with bachelor’s degrees in Accounting and Financial Management and a master’s degree in Professional Accountancy. He resides in Duncan, SC with his wife Meredith and two children. Their family loves animals, they have a dog and two cats. He is an avid Clemson Tigers fan and a season ticket holder for the football program.
Sebastian joined Altus as an intern his sophomore year in college in the Fall of 2018. He then joined the team full-time as an Analyst upon graduating in the Summer of 2021. While pursuing a Business Administration degree with a concentration in Finance at Sonoma State, he played an active role in the Student Managed Investment Fund for 2 of his 4 years. Working with asset management, Sebastian focuses on finding problems and solutions that may arise within our operations.
Sebastian currently resides in Utah with his wife who he met his freshman year in college and 2 kids. He enjoys doing outdoor activities with his family, running and archery.
Garrett joined Altus in the summer of 2021 after graduating from Chico State University. He received his Bachelor of Science in finance while earning a minor in entrepreneurship. During his time as an undergraduate, he was the treasurer of the Kappa Sigma Fraternity and a member of the investors club. Garrett works as an acquisition’s analyst focusing on broker relationships and evaluating real estate opportunities.
Garrett lives in Petaluma California, and volunteers as a football coach at St. Vincent de Paul high school. He enjoys golfing and spending time with his mini-Australian shepherd.
Peter Simon is an accomplished litigator and trial lawyer who handles all types of general and business litigation, with an emphasis on real estate and complex business disputes. He has successfully tried numerous cases in both federal and state courts and has substantial appellate experience with extraordinary writs and state court appeals. He has both defended and prosecuted class and collective actions involving a variety of topics, including ERISA, construction defects, the Fair Labor Standards Act, California wage and hour laws, and unfair competition laws. Peter solves problems by seeking answers where other lawyers wouldn’t even think to look. Naturally positive and upbeat, he’s nonetheless a competitive person who believes in fighting for a win each and every time.
Peter primarily handles high-value cases for clients with complex business issues. Peter’s ideal client values an open, communicative client-lawyer relationship and appreciates the need for creative solutions. Peter is an easygoing guy and gravitates toward clients with a sense of humor. He primarily serves clients in northern California. He enjoys taking cases on contingency, because he loves to gamble, and it ensures everyone is on the same page.
On evenings and weekends, you’ll find Peter coaching his kids on the soccer field. He’s an avid outdoorsman who loves to fly fish, hike, and camp. He was raised in the Alexander Valley and now lives in Santa Rosa with his wife and three children.
As investing becomes more and more impacted by government policy, the likelihood increases that Altus Insight content may at times seem political in nature, but this is definitely not Altus’s intent. Investing can be as much emotional and psychological as it is analytical, and the best investors are constantly questioning their assumptions in search of blind spots. We hope readers can read the Insight in the spirit of fostering thought and conversation, with the hope that all of us might continue to become better investors. Please feel free to share your brainstorms and conversations with us, as this is the best way for all of us to learn and grow. Thank you for your interest in the Altus Insight.
Amy Grams started her career at PricewaterhouseCoopers in San Francisco, where she worked with a wide variety of both private and public clients in the technology, manufacturing and services industries. In 1996 she jumped at an opportunity to work at one of her clients, Hewlett Packard. There she spent her first three years managing the Planning & Reporting department of one of the largest divisions in HP, until the division was spun-off with many others into what became Agilent Technologies (and is now Keysight Technologies today).
At Agilent, Amy quickly progressed from Division Controller of the Signal Analysis Division, an R&D and manufacturing organization, to a senior management position as Global Field Controller for the $2.5B Electronic Products & Solutions Group. Reporting to the Global VP of Sales, Amy provided oversight for a $350M annual cost structure, a challenging position she began just as the tech bust occurred in 2001. During her tenure she provided leadership and financial guidance throughout multiple restructuring programs.
In 2002, Amy became the Operations Manager for the Wireless Business Unit, where she worked directly with the Business Unit VP to translate higher-level business objectives and strategies into measurable operational plans.
She left Agilent in 2006 to be a stay-at-home mom, where she also kept busy running a side business as a nutrition coach. She resumed her accounting career in 2016 when she joined Somersault Snack Company of Sausalito, CA as a senior accountant/analyst. There she managed most of the company’s day-to-day accounting and worked with the sales organization to analyze sales and help prioritize the company’s in-store trade spending and merchandising investments.
When Somersault was sold, she moved on to become Controller at Coast Landscape Management in Napa, before joining Altus Equity in late 2017.
As a native Oklahoman, Joan acts as an adviser, educator, and consultant to property owners seeking to repair failing properties with the goal of profitability. She is a driven and self-directed management professional with 30 years of experience. She is skilled in coordinating vendors and teams to deliver high quality service and achieve resident satisfaction objectives. Her experience consists of multiple fields including tax credit, rural development, HUD, conventional, military, student housing and commercial management. Her expertise lies in stabilizing properties that struggle due to occupancy and revenue failures. She strives daily to exceed the owner’s expectations. She provides a commitment to work hard, listen and follow through. While providing excellent customer service, she builds solid relationships with vendors/owners and management companies, and more importantly, maintains relationships by communicating effectively.
Kent Borowick joins Altus Equity with more than 20 years’ experience working with both private and institutional real estate investors. He specializes in the management and repositioning of real estate assets and has experience with all major product types including multifamily, retail, office and mixed-use properties.
Kent is a graduate in Mechanical Engineering from Stanford University, and also holds an MBA and PhD in Statistics from Baylor University. Prior to joining Altus, he served as the Chief Financial Officer for a publicly traded firm providing technological solutions and customized programs to the social services industry.
Kent enjoys the outdoors and is often seen walking OPD’s (Other Peoples Dogs). He also enjoys live music and travel.
Lauren is a California native born in Oakland. She joined the Altus team in July of 2018. Her career has spanned from retail to senior living. She has a degree in Art, and in her free time she enjoys practicing photography. She is a California Notary, and keeps the Altus office running smoothly. She is the “Swiss Army Knife” of Altus Equity.
Mark G. Nelson is co-Founder and Executive Chairman of Altus Equity Group, Inc., where he drives business strategy and organizational development. Over his thirty plus year career, Mr. Nelson has served as a Board member and strategist for a myriad of start-ups and established businesses in the human capital, real estate and technology industries. He is the former President and Chief Operating Officer of the Nelson Family of Companies, and during his two- decade tenure with the firm, the company grew from $10 million to over $400 million in revenues. Mr. Nelson started his career in the San Francisco office of Price Waterhouse Coopers (PWC) and is a CA Certified Public Accountant. He is an avid philanthropist, currently serving as a Trustee for Dominican University of California and is the former Board Chairman of the Sonoma Mountain Business Cluster (Rohnert Park, CA) and Bread and Roses (Larkspur, CA). Mr. Nelson received his BS in Accounting from University of San Francisco.
He is a published author, songwriter and musician, and a dedicated family man to his wife Stacy and two sons.
Raised, educated and having spent the majority of his career in the State of Ohio, Michael relocated to Sonoma County in 2005. Michael has held countless roles, from entrepreneur, businessman, investor, philanthropist, to political activist. As a businessman and entrepreneur, Michael served as a primary shareholder and Chief Executive Officer of two public companies and half a dozen private enterprises, including CEO of the largest franchising photo retailer in North America (450 locations). Michael’s keen sense of strategy, coupled with creative problem solving skills and strong listening ability, has led many to coin him a “resourceful deal maker” and “financial engineer”. He loves people and win-win relationships. Since moving to Sonoma County, Michael has been an active investor including multiple Altus investments and a mentor to early stage companies.
Michael received his B.S. and J.D. degrees from The Ohio State University.
Prior to joining Altus, Chad worked in the commercial real estate field for over 12 years. Specializing in the sale of investment real estate assets throughout the United States, Chad was responsible for working with developers, property owners, REITS, and high net worth private equity investors. He facilitated relationships with commercial lenders on behalf of his clients for the acquisition and disposition of ~$500M of properties in 37 different states.
Chad also has an extensive background in 1031 exchanges, investment property evaluation, buyer and seller representation, and sale-leasebacks involving national retail corporations. Altus is fortunate to have someone of Chad’s caliber on the team as his strong communication skills and ability to develop and maintain business relationships will support our investors in making informed investment decisions.
In his life outside of commercial real estate, Chad successfully founded and sold a wine-oriented company that specialized in highly sought-after wines, with a focus on international selections. He currently resides in Sonoma, California and is very active in his community. While not at work, he enjoys spending time with his wife and two young boys.
