When people talk about investing, they often speak as if there is a single correct approach. In reality, there are multiple styles of investing, each rooted in a different view of markets, human behavior, and risk. Confusion arises when investors mix these approaches without realizing they are playing different games. Three of the most common styles are value investing, momentum investing, and arbitrage. All three can work. All three can fail. And most importantly, all three require very different skills, temperaments, and operating environments. Understanding the differences is not academic. It determines whether you are acting intentionally or gambling unknowingly.

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**Real Estate Espresso Podcast:**
 Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)  
 iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)  
 Website: [www.victorjm.com](http://www.victorjm.com)  
 LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)  
 YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)  
 Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)  
 Email: [[email protected]](mailto:[email protected])  
**Y Street Capital:**
 Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)  
 Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)  
 Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

When investors look at silver’s performance over the past two years, it’s tempting to focus on the headline numbers. Silver is up significantly. In percentage terms, it has outperformed gold, platinum, copper, equities, and bonds over much of that period. That fact alone has drawn attention. It’s up 180% over the past 24 months. 

But as with any asset, the more important question is not what went up, but why, and whether those forces are durable.

------------

**Real Estate Espresso Podcast:**
 Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)  
 iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)  
 Website: [www.victorjm.com](http://www.victorjm.com)  
 LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)  
 YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)  
 Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)  
 Email: [[email protected]](mailto:[email protected])  
**Y Street Capital:**
 Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)  
 Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)  
 Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

On August 7, 2025, the Supreme Court of British Columbia delivered a decision that has captured international attention across Canada and indeed any country that has its legal system based on British Common Law.

The Supreme Court ruled that 750 acres which now form part of the urban center of a Vancouver suburb have aboriginal land rights which precede the current system of land registration. They ruled that the title must be shared, but didn't say how.

----------------

**Real Estate Espresso Podcast:**
 Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)  
 iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)  
 Website: [www.victorjm.com](http://www.victorjm.com)  
 LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)  
 YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)  
 Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)  
 Email: [[email protected]](mailto:[email protected])  
**Y Street Capital:**
 Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)  
 Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)  
 Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

On today's show we are looking at ways to optimize revenue for parking assets. Parking lots are often dismissed as low-yield, interim uses of land. In reality, a well-positioned parking asset is not a commodity, it is an operating business with multiple revenue levers. Most underperforming parking lots suffer from one problem, they are treated as passive dirt rather than an actively managed service.

------------

**Real Estate Espresso Podcast:**
 Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)  
 iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)  
 Website: [www.victorjm.com](http://www.victorjm.com)  
 LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)  
 YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)  
 Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)  
 Email: [[email protected]](mailto:[email protected])  
**Y Street Capital:**
 Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)  
 Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)  
 Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

Spencer Patton is based in Atlanta where he is part of Calgary headquartered ICM Asset Management. On today's show we are talking about managing uncertainty. Spencer's company is actively invested in office, residential and industrial in both the US and Canada.

To connect with Spencer, visit https://www.icmassetmanagement.com/

------------------

**Real Estate Espresso Podcast:**
 Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)  
 iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)  
 Website: [www.victorjm.com](http://www.victorjm.com)  
 LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)  
 YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)  
 Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)  
 Email: [[email protected]](mailto:[email protected])  
**Y Street Capital:**
 Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)  
 Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)  
 Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

Jim Whitesides is based in St. Louis Missouri. On today's show we are talking about the use of a captive insurance company to save a bundle on insurance and to lower your tax exposure. This is an extremely informative conversation. To connect with Jim, visit sound-tract.com or call him directly at 314-363-9659 .

--------------

**Real Estate Espresso Podcast:**
 Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)  
 iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)  
 Website: [www.victorjm.com](http://www.victorjm.com)  
 LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)  
 YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)  
 Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)  
 Email: [[email protected]](mailto:[email protected])  
**Y Street Capital:**
 Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)  
 Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)  
 Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

On today’s show we are talking about the design of an ideal one bedroom apartment. Architects can lead a project down a dead end path. If left to their own devices, architects can design what they think the market wants, but it’s only from a perspective. 

The design process needs to be constrained to fit the needs of the market from a product definition point of view. It usually starts with design thinking about what the market demands with a knowledge of the competition and what the competition is building. 

At the same time the project needs to meet the cost, lifestyle, function, zoning, building code, and affordability in the market. Finally, the product has to meet the constructibility criteria for the local trades in the market. You might have an idea to build apartments that have plenty of space. In a competitive market, you don’t want to build the exact same thing as everyone else. 

--------------

**Real Estate Espresso Podcast:**
 Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)  
 iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)  
 Website: [www.victorjm.com](http://www.victorjm.com)  
 LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)  
 YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)  
 Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)  
 Email: [[email protected]](mailto:[email protected])  
**Y Street Capital:**
 Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)  
 Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)  
 Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

We are accustomed to the idea of growth. We love it when the wind is at our back and progress is effortless. We have experienced a lifetime of growth. If a growing market is an underlying assumption, then most people are unaware that they are operating with the assumption of growth. Growth becomes a law of nature, a little like gravity. 

What would change in your strategy if you needed to win in a shrinking market? 

Canada experienced the first major drop in population this past quarter. 

Outside of a slight drop during the height of the pandemic, this quarter is the first time that Canada’s population has declined in at least the past eight decades.

The trend is not limited to Canada. The US administration has set much more stringent immigration policies over the past year. The policies continue to evolve with citizens from a total of 39 countries now barred from entering the US, even as visitors. This is largely a reaction to the near open-doors policy of the previous administration. 

The US and Canada are not a strangers to shrinking population. Internal migration has caused population to shrink. The gains in the sunbelt have been at the expense of loss in the rust belt. 

Detroit has lost more than 50% of its population since the 1970’s. 

Cleveland has lost 60% of its population since the 1950’s. 

Immigration is the pathway to maintaining population and to maintaining economic growth. I’m hopeful that these reductions are a short term reaction to periods of excessive growth and that both countries the US and Canada return to a more normalized immigration policy that recognizes the significant necessity and long term benefit that comes from a functioning immigration policy. 

-----------

Real Estate Espresso Podcast:  Spotify: The Real Estate Espresso Podcast
 Website: www.victorjm.com
 LinkedIn: Victor Menasce
 YouTube: The Real Estate Espresso Podcast
 Facebook: www.facebook.com/realestateespresso
 Email: [email protected]

Y Street Capital:  Website: www.ystreetcapital.com
 Facebook: www.facebook.com/YStreetCapital
 Instagram: @ystreetcapital

On today’s show we are going to do a walk-through of a property offering memorandum in Arizona.  Let me be clear, I’m not here to disparage any property. I’m simply going to share our perspective of how we would look at the property. 

The property in question is a conversion of a 1960’s vintage motel in Tempe Arizona. The original property had 140 motel rooms with a two story structure. The centre courtyard has amenities including a swimming pool. All of the parking is surface parking around the perimeter of the property. 

When we look at a property, we are looking at the submarket and the specifics of the deal. 

This particular property is located in an area that I would consider to be a lower income area.

Apartments in these neighborhoods have been the subject of ICE raids resulting in deportations. If residents fear being discovered, they will often leave and the question becomes who will rent these apartments? 

This particular property is being advertised as newly renovated. But the truth is, the physical layout of the units means the bedrooms do not have windows. They are tucked at the back of the old motel room design. If they were built today, they would not pass the building code as a legal bedroom. 

The financial model that accompanied the glossy package showed some stellar returns. But unfortunately some of the financial metrics did not seem credible when viewed through our lens. 

There is no way in our opinion that a 70 year old motel converted to apartments would value at over $500 per SF in the open market. 

The sad part is that these types of listings are out there. I never want to see an investor lose money. I don’t want to see a property fall into disrepair and become blight within the community. But things do get old. Once they’re functionally obsolete, the right solution is to demolish and rebuild. Extending the life beyond the useful life is rarely the right answer. 

I’ve had to demolish properties in Philadelphia. It’s sad when that happens.

--------------

**Real Estate Espresso Podcast:**
 Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)  
 iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)  
 Website: [www.victorjm.com](http://www.victorjm.com)  
 LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)  
 YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)  
 Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)  
 Email: [[email protected]](mailto:[email protected])  
**Y Street Capital:**
 Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)  
 Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)  
 Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  

On today’s show we are talking about the street level process for getting a property leased up. Marketing is all about generating interest. Sales is about generating revenue.

We have an industrial outdoor storage project that was built in central Florida to meet the needs of contractors who have equipment and materials that need storage. These are businesses that have valuable equipment like excavators that you can’t just park in your driveway. The HOA won’t allow it. These contractors have trailers full of battery powered tools that need a secure place to charge overnight. 

Many landscaping companies purchase composite decking materials for each job because they don’t have the space to store materials. They have to charge more, and they lose some bids because their prices are not competitive. 

If they purchased materials by the truckload, they could get a 15-20% discount on those materials. In the landscaping business that kind of discount can make the difference between getting the job or not. It can make the difference between a profitable season and a break-even season. Not every customer will want the colors you chose. But if you have a few standard colors that are widely popular, you can win more bids for the modest cost of renting additional outdoor storage space. 

This is a relationship-driven outreach, not a passive listing exercise. The contractors who will sign leases are often busy doing project work, not browsing general property sites. To lease to these clients you need to  target where they are, speak their language, and make the transaction clear and simple.

---------------

**Real Estate Espresso Podcast:**
 Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)  
 iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)  
 Website: [www.victorjm.com](http://www.victorjm.com)  
 LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)  
 YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)  
 Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)  
 Email: [[email protected]](mailto:[email protected])  
**Y Street Capital:**
 Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)  
 Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)  
 Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)