Volume 2; Issue 6

After initially selling poorly and failing to reach the popular charts, David Bowie’s 1971 album Hunky Dory found retrospective critical acclaim and is now viewed as one of his best. In Changes, Bowie sings:

Ch-ch-ch-ch-changes (turn and face the strange)
Ch-ch-changes, just gonna have to be a different man
Time may change me
But I can't trace time

In Issue 6 of 2025, the Observer welcomes its second ever guest contributor: friend of the periodical Gregory Nearpass, Esq. of Woods Oviatt Gilman. Greg’s piece on lease transfers and ch-ch-ch-change of control is timely given a myriad of M&A announcements and rumors across major net lease tenants.

Additionally, we use the late Daniel Kahneman’s Thinking, Fast and Slow along with transaction data to analyze why market activity remains closer to neutral than third gear.

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