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Every two weeks, I share my writing on investing, career transitions, meaningful work, parenting, living intentionally, and other topics that engage me.

I'm still trying to figure stuff out.

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Let's Work Together

You may have read my recent essay, “Problem Solving,” which describes how I’m approaching what comes next for me professionally. Since then, and inspired by valuable conversations with key thinking partners, my search has focused on testing a new business idea I call Cove Advisory. This business would initially provide support services to a small handful of emerging managers, RIAs, and family offices on a flexible basis. Think fractional COO that enables principals to prioritize investing and client work.

Based on many conversations, I know smaller, fast-growing firms want and need this service. But I don’t know yet if they’re willing to pay for it at a rate that supports a business.

Second, I’m discussing full-time leadership roles in and around investment management broadly defined. And in case you’re wondering, I’m not only open to spending time in the office, I’m excited to do so.

I love speaking with new people and exploring ways I might impact organizations by leveraging my skills and experience. If you think there’s someone I should meet, I welcome an introduction.

For more, see the updated "How We Can Work Together" section at the bottom of this email.

Happy Clams

It’s 5:50 on Saturday morning, and I’m already late.

For the past few years, almost every day, I wake up at 5:20 on the dot without an alarm. It’s a bit odd, but I kinda like it.

After brewing my coffee, I sit at the kitchen table and run through my morning ritual. During the week, I have at least an hour before James, the next riser, joins me in the kitchen.

I get at least two hours to myself on the weekend since the rest of my family can sleep in a bit, like normal people.

My weekend mornings usually invite extensive journaling, reading, or reflection. But my plan for today is different. With a busier calendar than usual, I need two hours of solitude to write an essay for my newsletter.

Already 30 minutes behind schedule, I get the coffee going and set up shop at the kitchen table.

It’s 6:30. I’m grasping for inspiration.

It’s been a significant week on the job search front. One new idea has gained traction. Others are emerging. But you don’t want a bi-weekly update on my job search. The thought even bores me!

What can I share?

It’s now 7:15, and I’ve moved to the back porch. It’s a bit cooler this morning, and a gentle, welcome rain starts to fall. It’s been weeks since we’ve seen any precipitation. I take another sip of coffee and grab a pencil and a notebook.

I sketch an idea that’s been bouncing around in my head. The job search process has felt a bit like a portfolio optimization problem. Roles have risks and expected returns that can be estimated. There are trade-offs, constraints, minimum bounds, and overrides.

It’s now 7:30. My wife, Liza, joins me on the porch with her mug. We discuss a request from our daughter’s guidance department to help them complete her college recommendation. But then we decide to wait, so I return to my essay.

I write a bit more, meandering about nothing in particular. I’m searching for an unexpected spark of inspiration. And then James arrives on the porch.

Liza tells me about a new movie with George Clooney and Brad Pitt. For some reason, I decide to engage.

“Why does it seem like all women universally acknowledge these two guys as the most attractive men in the world, and there’s no close second?” I have no idea why this topic warrants a discussion, let alone a debate.

For the record, I like both of these actors. I loved Oceans 11.

Liza mentions a male actor, Glen Powell, who she believes is on the same level, which is, of course, absurd. I’ve never heard of this guy, ever, which she can’t believe.

James, 15, has never heard of Clooney or Pitt. But it’s enough to engage him. He’s slowly drawn into the conversation.

He chimes in with a critical comment about MrBeast. I mentioned that I’ve read recently how his video creation process is incredibly analytical and professional.

Liza’s annoyed that I know MrBeast but not Glen Powell.

Then, the conversation wanders into more random territory.

James asks, “Why do people measure heart rate from wrists rather than points closer to the heart?”

And then, “Do you think all doctors order hand sanitizer from the same company?”

These are sincere questions. He’s a curious kid. Fortunately, I’m not afraid to say, “I don’t know. Let’s find out.” I say that a lot.

It’s now close to 8 am. I’m not making much progress.

Liza asks, “Do you know where the expression ‘Happy as a clam’ comes from?” We’re stumped. Apparently, the original line was “Happy as a clam at high tide (when birds can’t eat them)” and then simplified at some point along the way. Now we know, and so do you.

By 8:15, it’s time to get moving. I take a deep breath. I’ve got nothing. On my screen, I see a few random sentences. False starts.

That’s when I remember these random conversations aren’t the distraction from the work. They are the work.

James is already a sophomore. Our daughter is a senior. Before long, it’ll only be me and Liza.

We know we’ll miss the things that drive us crazy today. The sneakers strewn across the family room floor. The circuit boards on the kitchen table. The dishes, so many dishes, left in the sink.

Hopefully, by then, I’ll still wake up at 5:20, or some days a bit later, to read, write, and reflect. But life will be much quieter. And that’s when I’ll really miss these moments with the kids.

That’s all well and good, I think. I’m here today, happy as a clam.

But I still have to write an essay.

That’s when it hits me.

I just did.

Other Stuff

Investors say the worst is over for commercial real estate According to a survey by John Burns Research, investors in commercial real estate believe the worst is over. They expect asset values to increase in most sectors except for offices due to lower interest rates. Multifamily investors are optimistic about growth prospects, driven by a strong labor market and potential rate cuts. Now, will investors be right? That's the trillion-dollar question.

​Read the report (3 mins)

Are We Too Impatient to Be Intelligent? Rory Sutherland, vice chairman of Ogilvy in the UK, discusses how society prioritizes speed over value and the negative impact of this mindset on decision-making and human preferences. It highlights the importance of slowing down, considering efficiency versus value, and the need to reevaluate our obsession with time-saving.

​Read the essay (14 minutes)

A Swim in a Pond in the Rain I've meant to read this book for years. Finally, I gave it a chance. And, wow! This book is a masterclass on short stories by George Saunders, a celebrated novelist and Syracuse professor. Fortunately, I chose to listen to the Audible version, which is read by the author. It's like you're sitting in the front row of the graduate-level class on Russian short stories he's taught for over 20 years. I strongly recommend this one to anyone interested in storytelling or becoming a better reader. It's also wonderful if you simply want to enjoy a few classics by Chekhov, Turgenev, Tolstoy, and Gogol more deeply.

​Link to the audiobook (not an affiliate link)

And a Farewell Photo...

How We Can Work Together

Hi, I’m ​David​. This newsletter is a passion project that helps me stay connected with thoughtful people like you.

I spent 25 years in institutional equities as an analyst, portfolio manager, and salesperson. In 2022, I joined Circa, a seed-stage rent payment startup, as COO. I left Circa in 2024 as part of our successful exit to ​Stake​, a larger private company in the proptech space. Also, since 2019, through ​Cove Investments​, I've been an active multifamily real estate investor for myself and on behalf of others.

Here are three ways we can work together:

1. The Right Full-Time Role: I’m exploring full-time roles working with great people where I can leverage my skills and experience in 1) managing relationships and processes, 2) evaluating, distilling, and communicating complex opportunities in simple terms, and 3) building teams and developing staff. This could be in the broader investment world, but it might also be in a new industry altogether.
2. Limited Engagements: I’m also available for specific projects and fractional work. If you’re a business leader, investor, advisor, or family office looking for additional resources to help with business operations and management, investment analysis, due diligence, process optimization, or evaluating new products or opportunities, let’s discuss how I can help.
3. Cove Investments: I focus on smaller properties in the DC Metro, a massive niche most investors overlook. Investment opportunities offered through Cove are only available to accredited investors in my network.

To learn more about any of the above, click to schedule a one-on-one call to see if we're a good fit.