Every two weeks, I share my thoughts about investing, career transitions, meaningful work, parenting, living intentionally, and other topics that engage me. I'm in my fifties and still trying to figure stuff out.
Beyond the Cove - Work Works, Moving Home, and Dream Keyboard
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Welcome. 👋 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. Was this newsletter forwarded to you? See past articles and subscribe here. Work WorksLast Wednesday, my daughter and I attended the premiere of "THROUGH," a documentary about MaineWorks, a placement agency that exclusively helps people with felony convictions and those recovering from substance abuse find jobs. The film and discussion afterward revealed the personal stories of MaineWorks’ founder, Margo Walsh, and several program participants. As I listened from my comfortable seat in the Portland Museum of Art, I was struck by how MaineWorks impacted the lives of the broad constituencies assembled. MaineWorks is not your typical placement agency. For example, every Friday at 6 am, the entire organization meets around a fire to share experiences and provide support. For some former addicts and ex-cons who arrive at MaineWorks, it's a second chance to restart their lives. For many, it's their last chance. Of course, the approach doesn’t work for everyone, but MaineWorks’ success rate is greater than skeptics expect. And they often succeed where all other attempts have failed. The Founder: Healing Through Helping Earlier in her career, Margo Walsh was crushing it as a recruiter in the Investment Banking Division at Goldman. But inside, she never felt quite right and couldn’t soothe her pain without drinking. Eventually, she hit the wall. After blacking out, she summoned the courage to confront her alcohol abuse once and for all by checking into rehab. Through the recovery process, she learned the power of service to others. Back in her home state of Maine, she volunteered at the Cumberland County Jail’s pre-release center. Over time, she showed that proper support and better job opportunities provided a path to redemption.
This effort formed the foundation of what would become MaineWorks. Today, Margo remains a force of nature who is adored by everyone who meets her. Her work changes lives every day. She’s built a growing business, a certified B-Corp no less, that provides desperately needed labor to the construction industry in Maine, New Hampshire, and Massachusetts. Margo founded MaineWorks to help others, but in the process, Margo transformed into an inspirational community leader. Justin Downey After the screening, Margo called Justin Downey to the stage to share a few words. Justin, a program participant featured in the film, described his path to MaineWorks as the final straw. At that time, he said, “When I met Margo… I’d been through hundreds of programs. I’d been in solitary dozens of times. Nothing worked. I knew I was sitting there with two options: I’d be dead or locked up for life."
Yet, on Wednesday evening, years later, there he was. Justin candidly addressed a packed auditorium. His attendance alone demonstrated the power of MaineWorks, but his words and heartfelt emotion offered a glimpse into what’s possible. He described his reaction when he first heard about MaineWorks, “So, there’s a company that only hires drug addicts and ex-cons. That’s my kinda place.” He figured it was worth a shot, though his expectations couldn’t have been lower. He explained that Margo was the first person who didn’t tell him what to do. She looked into his eyes and asked what he needed. She helped him get a job. And she continued to show up for him, as did the rest of the team. After speaking for more than 10 minutes, Justin’s voice became more unsteady and emotional, probably reflecting the pain of his journey. He concluded by quoting Nietzsche: "Only great pain, the long, slow pain that takes its time, compels us to descend to our ultimate depths... I doubt that such pain makes us 'better', but I know it makes us deeper." Justin stepped away to silence. Then, applause. Conclusion As I left the auditorium, I processed a wide range of emotions. I was inspired by the personal stories of transformation, humbled by the challenges faced by those seeking redemption, and hopeful that programs like MaineWorks can provide a path forward. The event underscored the complex societal issues surrounding substance abuse, incarceration, and the need for second chances. I was also reminded that work can provide an extraordinary conduit for positive personal and social change. Transformation and growth may emerge by performing meaningful work in service to others, like Margo. Or, as in Justin's case, we may find the help we need through the most basic virtues of work itself: accountability and connection to others. As I navigate another career transition and my daughter begins to contemplate her future career path, the evening offered an inspiring reminder of how work can shape who we become. In the common and elusive quest for “work-life balance,” work carries a largely negative quality. Often, the unstated goal is really about minimizing work in favor of other pursuits, from grand ambitions to Netflix bingeing. It strikes me that work deserves a bit more credit as a force of good. In this newsletter, I’ve frequently written about the dangers of all-consuming work and the importance of respecting boundaries. I stand by those warnings. The siren call of ambition is tempting. However, it’s important to properly acknowledge work’s positive contributions too. At Maine MaineWorks, and for many of us, work works. Other Stuff2024 Midyear Multifamily Outlook In the "2024 Midyear Multifamily Outlook" by Freddie Mac Multifamily, the report indicates a softer market in the near term, highlighting potential challenges while signaling signs of stabilization ahead. While acknowledging strains on rental affordability, I noted a few points of interest in exhibit 2 shown below: 1) since 2020, the cost of the median monthly mortgage payment is up 101% vs. a 19.6% increase in monthly rent (rent up but MUCH less), and 2) over the same period, average rent is up 19.6% vs wage growth of 22.6% (makes rent relatively more affordable). Yes, we need to do more to support affordable housing in the US. We need more. But still, it's fair to highlight some relatively good news for renters that won't get much air time. ​Read the report (22 mins) More young adults now live with their parents than at any point since 1940 Apartment demand remains robust, at least partially driven by the high cost of home ownership preventing some renters from owning (see above). A key bear risk for demand at market prices is that rent, while relatively affordable, becomes too expensive in absolute terms and forces people to find other options like moving back home.
​Read the report (7 mins) I Built My Dream Keyboard from Absolute Scratch Alright. I realize this is a bit geeky. But I loved how Christian Selig breaks down exactly what he needs from a keyboard, builds what he wants, and then explains it to his audience so that even I can understand. I'm searching for a new keyboard, so this one got my attention. I don't expect to build my own. Still, I have full respect for Christian. Well done, sir. ​Watch the video (21 mins) And a Farewell Photo...How We Can Work TogetherHi, I’m David. This newsletter is my passion project, connecting 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. Here are two ways we can work together:
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Hi! I'm David.
Every two weeks, I share my thoughts about investing, career transitions, meaningful work, parenting, living intentionally, and other topics that engage me. I'm in my fifties and still trying to figure stuff out.