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Every two weeks, I share my writing about investing, career transitions, parenting, and other topics that engage me. I'm just trying to figure stuff out.

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Starry Night

One of the many joys of living in Maine is the beauty of the night sky.

On clear nights, distant stars and galaxies begin to appear as dusk becomes night. These faint lights flicker in their appointed spots, light years away. But mostly, these ancient objects stare back with stoic indifference. They’ve seen it all before.

Within seconds, seemingly weighty concerns of daily life fade into proper perspective, somewhere between insignificance and meaninglessness. After all, there are more than 100 billion stars in the Milky Way alone.

Here in Maine, those celestial wake-up calls happen fairly regularly. When I arrive home on clear nights, I usually briefly gaze upward for a dose of awe before Ollie and Winnie, our killer Labradoodles, accost me.

Last Friday, while on a camping trip in northern Maine, however, the night sky commanded my attention for an extended performance. It was the second of two nights spent at the Medawisla Lodge and Cabins, roughly 3.5 hours north of Portland.

The experience was special, for several reasons.

For one, I was exhausted.

Earlier in the day, my friend Casey and I hiked 9 miles to Shaw Mountain's middle peak. We opted for snowshoes, which helped secure our footing on the icy sections. The warm sun softened the snow during the day, which was lovely. But that also made each step a bit heavier as the snow stuck to the shoes.

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[As an interesting side note, the trails around Medawisla normally have 50+ inches on the ground in early March, but not this year. The warm weather and lack of snowfall reduced the base to only a few inches on average.]

Before dinner, we sat in the lodge to rest and enjoy a cold beer to celebrate the adventure. A well-earned beer always tastes better, and this Peak’s Organic Fresh Cut did not disappoint. Neither did the impressive meal that followed.

We feasted on salmon, asparagus, and scalloped potatoes. For dessert, the staff served fruit crumble. The experience at Medawisla is relatively spartan—certainly not glamping—but definitely comfortable.

The day was close to perfect, but there was more to come.

You see, Medawisla lies within a 75,000-acre area designated as an International Dark Sky Park, which is a big deal. This is the only such park in New England, and in fact, it’s the only Dark Sky Park east of the Great Plains.

For someone who likes and ocassionaly needs to stare at stars, I unknowingly stumbled into a world-class opportunity. Not only was this area among the best stargazing destinations in the country, but the conditions were ideal.

The sky was clear, and it was only one day before a new moon. That’s about as good as it gets.

All we had to do was walk outside.

Armed with red flashlights and star maps, Casey and I went down to Roach Pond to take it all in.

For 15 minutes or so, our heads swiveled as we stared at hundreds of constellations and attempted to identify the handful we knew.

At the same time, the rich blackness defined the emptiness and also made it possible to see an overwhelming number of tiny, flickering dots. The fainter stars had always been there, viewable to the naked eye but gently obscured by the light of modern civilization.

Had the weather been overcast, my experience would have been different. Or if our visit coincided with a full moon, the sun’s reflection would have made it harder to see the fainter stars.

I could have stared upward for much longer, but honestly, it was pretty cold. Plus, I was ready to collapse into bed before 9:00 (even earlier than my usual limit of 9:30 pm).

As I fell into bed, the stark contrast between the day's exhaustion and the night's peaceful clarity resonated within me.

Yet again, the universe, with all its stars and galaxies, didn't need to offer comfort or wisdom. In its indifference, it provided both. At Medawisla, the view is clearer and more expansive precisely because there’s less light pollution.

Could the metaphor be clearer when contemplating how the noise in our lives distracts us from more meaningful goals?

Yet again, less is indeed more.

Other Stuff

Why small developers are getting squeezed out of the housing market Small developers are finding it difficult to operate in the US housing market due to the challenges of obtaining finance. Real estate development is expensive, so debt is used to leverage equity proceeds further. However, construction is risky, so traditional banks, the primary lenders in the construction markets, are cautious about lending to small developers. As a result, the most well-capitalized firms who have done the most projects before are privileged, leading to a concentration of institutional development at the expense of more incremental, community-based building.

​Read the essay (24 mins)

Apartment starts fall 38% As the apartment industry works through a period of high supply, especially in higher growth markets like the Sunbelt, it's important to remember the industry's cyclicality. New permits and starts have been collapsing in response to supply and higher costs. According to US Census data for January, multifamily starts are down 38% yoy, and permits are down 24%. In the chart below, you can see the ongoing decline in multifamily permits over the past year. We're approaching the 400,000 level that marked the low end of the range from the GFC to 2021.

​Read the article (2 mins)

Amp It Up! This 2018 classic by Frank Slootman, Chairman and CEO at Snowflake, is making the rounds again on LinkedIn. In this essay, Slootman rails against what might now be called coddle culture (if that's a term) and highlights the need for a performance culture that prioritizes customer satisfaction, high standards, and a relentless pursuit of excellence. Thanks to FL for flagging this one.

​Read the post (13 mins)

And a Farewell Photo...