💬 Quoted… “The last few weeks, I’ve been saying, ‘holy mackerel, they’re coming out of the woodwork.’”

The age-old Wall Street mantra of “buy low, sell high” is now increasingly being applied to the commercial real estate sector, according to Kevin Gannon, CEO of an investment-banking firm that tracks real-estate fundraising. Per Gannon, many prominent Wall Street names, including Goldman Sachs, have started raising billions of dollars in funds to target distressed assets, especially in the real estate sector (buy low).

• Commercial-property values have already fallen between 10%–15% from the third quarter last year, and could fall another 10%–15% in the near future, according to data reported by the WSJ. The volume of distressed commercial real estate grew by $8 billion in the second quarter, the biggest quarterly increase since the second quarter of 2020.

+More commercial real estate-related reading: The American mall’s swan song is reaching a crescendo.

💰📉 Stat of the Day: 1.7 million = the number of Americans who lost their millionaire status last year, the highest total since 2008. Overall, US households lost a combined $5.9 trillion in 2022, compared with a gain of $15.9 trillion the previous year.

🤔 Did You Know?... The first person to ever shop online was an English grandmother in 1984. She used a prototype system that turned her TV into a computer terminal, allowing her to create a grocery list using the TV remote, then send it to a nearby store.

📰 Worth a Read: Is that viral ‘superconductor’ legit? → (The Verge)