Justin Wheeler 2.1 3 ideas

"There seems to be just tons of demand for it... we think that the next five years there's not an over supply situation." Despite fears of AI efficiency reducing space needs, the physical infrastructure required for compute (Hyperscalers) continues to outpace supply. Long Data Center REITs and infrastructure providers. Exit risk/valuation concerns if liquidity dries up; long-term AI efficiency reducing physical footprint.

"We were one of the largest buyers of retail last year... going to go heavy into that [convenience-based, grocery-anchored retail]. People haven't built in a long time, so there's very little supply." Unlike multifamily which is suffering from an oversupply glut, neighborhood retail has had zero new construction. High occupancy + no competition = pricing power to push rents. Long grocery-anchored retail REITs as a defensive, cash-flowing play in 2026. Consumer spending slowdown affecting tenant solvency.