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THE PATHFINDER REPORT January 2020

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THE PATHFINDER REPORT January 2020 THE PATHFINDER REPORT January 2020 IN THIS ISSUE 2 CHARTING THE COURSE Will 2020 be as Eventful as Other “Double Dates” (1919, 1818, 1717)? 5 FINDING YOUR PATH Woulda, Coulda, Shoulda 7 GUEST FEATURE Why Apartments Should be a Good Investment During the Next Decade 9 ZEITGEIST: NEWS HIGHLIGHTS 11 TRAILBLAZING Henley and Remy Apartments, Boulder, CO 13 NOTABLES AND QUOTABLES Determination THE PATHFINDER REPORT: JANUARY 2020 1 Pathfinder Partners Income Fund, L.P. (the “Fund”) CHARTING THE COURSE has $50,000,000+ in commitments. The Fund is now accepting accredited investors. Will 2020 be as Eventful as Other “Double Dates” (1919, 1818, 1717)? By Mitch Siegler, Senior Managing Director PATHFINDER’S NEW FUND PATHFINDER PARTNERS Double dates come along only INCOME FUND, L.P. once every 101 years. Often, events unfold relatively slowly, like the nonchalant frog in the $50,000,000 pot of water slowly brought in commitments to a boil. Channeling Mark Twain, “History doesn’t repeat MULTIFAMILY CORE-PLUS FUND but it often rhymes.” Often, through the wider lens, we can Seeking income and superior see history unfold right before risk-adjusted returns through our eyes. stabilized multifamily investments in the Western U.S. Since we’re experiencing something most of us will see just once in our lifetime, we thought we’d review a few events that helped shape the past three centuries as we “If everyone is thinking alike, look ahead to what we might expect in 2020 and the then no one is thinking.” upcoming ‘20s decade. As you look back, we think you’ll - Benjamin Franklin see a surprising number of parallels to events we are living through today. 1919: Molasses, Making Peace and the Major Leagues Geopolitics – The Treaty of Versailles was signed, officially ending World War I. Germany saw the treaty as too punitive and backlash against it was a major cause of THE FUND IS ACCEPTING NEW ACCREDITED INVESTORS the rise of the Nazi Party and World War II. ANY OFFERS TO BUY SECURITIES WILL BE MADE ONLY PURSUANT TO A CONFIDENTIAL PRIVATE PLACEMENT U.S. Politics – President Theodore Roosevelt dies MEMORANDUM, WHICH WILL DESCRIBE IN DETAIL THE SECURITIES, INVESTMENT STRATEGY, AND RELATED RISKS. in his sleep at 60; Nine months later, President Woodrow Wilson suffers a massive stroke, leaving him partially paralyzed; The 18th Amendment to the U.S. Constitution, authorizing prohibition of alcohol, was ratified – Prohibition was in effect from 1920 until Intelligent, Innovative Investing TM 1933; Congress approves the 19th Amendment to the FINAL WEBINAR U.S. Constitution, which guarantees suffrage to women and sends it to the states for ratification; After a three- way splintering of the Socialist Party of America, 30,000 Contact us for more information on Right Wing members continue their convention, 10,000 Pathfinder Partners Income Fund, L.P. Left Wing members form the Communist Labor Party of America and another 60,000 members form the Please send me information Communist Labor Party of America; The first Palmer Raid is conducted and 10,000 suspected communists and anarchists are arrested. THE PATHFINDER REPORT: JANUARY 2020 2 Strikes, Riots, Terrorism – Various U.S. labor strikes: Geopolitics – The British Parliament is dissolved by railroad workers; longshoremen and The Great Steel the Prime Minister and new elections are scheduled; Strike; Several bombs are intercepted in the U.S. anarchist The Afghans defeat a Persian invasion in the Battle of bombings. Riots break out in Cleveland with two killed, Kafir Qala; Catholics and Orthodox Christians clash in 40 injured and 116 arrested. The Chicago Race Riot of Aleppo, Syria. 1919 begins when a white man throws rocks at a group of four black teens on a raft. Popular Culture – Frankenstein, a novel which resonated in popular culture for centuries and which Disasters – The Florida Keys Hurricane kills 600 in the raised profound questions about hubris and what it Gulf of Mexico, Florida and Texas; The Great Molasses means to play God, was published. Mary Todd Lincoln Flood killed 21 and injured 150 in Boston. A storage and Karl Marx were born; Abigail Adams died. tank holding 2.3 million gallons of molasses – meant to be fermented into ethanol – burst, sending a 25´ wave 1717: Blizzards, Blackbeard and the Siege of Belgrade through the North End. People and horses were trapped, destruction was widespread. War – The month-long Siege of Belgrade ends with Austrian troops capturing the city from the Ottoman Culture, Sports – J.D. Salinger, Jackie Robinson and Empire. Nat King Cole were born; The Cincinnati Reds win the World Series, beating the Chicago White Sox. An Geopolitics – Great Britain, France and the Dutch investigation revealed that eight Sox players took bribes Republic sign the Triple Alliance in an attempt to from gamblers to lose the series. The Black Sox Scandal maintain the Treaty of Utrecht (1713). The Silent Sejm, led to a crackdown on gambling by ballplayers; An act in the Polish-Lithuanian Commonwealth, marks the of Congress designates most of the Grand Canyon as a beginning of the Russian Empire’s increasing influence U.S. National Park. and control over the Commonwealth. 1818: Global warming, Central Bank shenanigans Natural Disasters – A and Frankenstein 7.4 magnitude earthquake strikes Antigua, Guatemala, Disasters – The melting of a Swiss glacier releases the destroying much of the city; natural dam of Lac de Mauvoisin, sending the waters of authorities consider moving the lake and the Dranse River into the valley of Bagnes, the capital. In February and killing 34 people; March, the Great Snow of 1717, a series of blizzards, U.S. Politics – covered the Virginia and New General Andrew England colonies in 5´ of snow, Jackson and his with snowdrifts up to 20´. American army Homes were buried and roads invade Florida made impassable for weeks; A and defeat Chief disastrous flood hits the North Sea coast, between the Kinhagee in the Netherlands and Denmark – thousands die or lose their First Seminole War; homes in the Christmas Flood. Finance – The Bank of the U. S. reverses its policy of Terrorism – Edward Teach, aka Blackbeard, captured La expanding credit and sends notices to its borrowers Concorde, a French slave ship, and renamed her Queen nationwide demanding immediate repayment of balances Anne’s Revenge, which he equipped with 40 guns and due; the defaults during the next six months will trigger more than 300 men. Until his death at the hands of The Panic of 1819. Virginia soldiers and sailors in 1718, he plagued the American coast and blockaded Charles Town, South Carolina, ransoming its residents. THE PATHFINDER REPORT: JANUARY 2020 3 Our New Year’s Wishes to You Civility – Why do so many of us talk past each other and not just disagree but stop listening and often treat those Natural disasters, extreme weather events, racial/religious with divergent views without respect? Quoting Rodney strife, war, terrorism, socialism, Russian meddling. King, “Can’t we all just get along?” We hearken back to Could be today’s news. Meanwhile, there’s always plenty days when President Ronald Reagan and Democratic of good news – if we open our eyes and look for it. Our House Speaker Thomas “Tip” O’Neill shared a Scotch wishes for all of us for the year – and decade – ahead: and worked to find common ground. Where are today’s bipartisan leaders who seek compromise and the middle Health – Our ground? We can tell you this: many friends and us would scientists and support such a leader in a heartbeat! physicians have made Give Back – Pick your cause – poverty, homelessness, extraordinary education, health care, whatever. Open your checkbook strides in and, even better, increasing pitch in and get survival/ cure involved in your rates and even preventing many life-threatening diseases, community by including childhood cancers, heart disease, breast and giving of your prostate cancer and more. Let this be the decade where time. You’ll feel research scientists, personalized medicine and big data better and might converge to make more amazing progress on obesity, live longer, too. heart disease, Alzheimer’s and more. Vote – My college- Poverty – We are inspired when we hear stories like the age daughter and her friends have taken to wearing one of the Bill and Melinda Gates Foundation, which necklaces emblazoned with “Vote”. It’s good advice and has invested billions in Africa and Asia for vaccinations if we all do our part, our democracy will be better for it. and self-powered toilets and sanitation systems. Progress on seemingly insolvable problems is possible, which Best wishes for a healthy, happy and prosperous 2020. makes us hopeful! We hope you enjoy the Roaring ‘20s. Our Planet – Millennials sometimes get a bad rap. As Mitch Siegler is Senior Managing Director of Pathfinder the proud parent of two Millennials, I’m struck that Partners, LLC. Prior to co-founding Pathfinder in 2006, they and many of their peers are incredibly determined, Mitch founded and served as CEO of several companies and passionate and eager to bring about positive change was a partner with an investment banking and venture and have a real impact on the world around them. capital firm. Reach him at [email protected]. One area where this passion shines through is on our amazing planet – cleaning up and protecting our oceans, rivers, forests and air. Have at it, kids – the world needs everything you’ve got! THE PATHFINDER REPORT: JANUARY 2020 4 FINDING YOUR PATH Could have funded more development deals. We certainly were pitched on enough of them. Glad we Woulda, Coulda, Shoulda didn’t. I think it’s a bit late in this cycle and construction By Lorne Polger, Senior Managing Director costs feel too high.
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