Blog
A Fracturing, Adversarial World
Globalisation is in reverse, and for investors a more fractured world means stickier inflation, weaker trade flows and greater risk of capital misallocation. David Murray sets out how SWAN Wealth Management responds: favouring lower-risk real assets that meet basic human needs, backing resilient balance sheets, and investing alongside partners with proven records and skin in the game.
Not all Private Credit is Equal
Not all private credit is equal. The headline losses at Tricolor and First Brands landed on bank balance sheets, not private credit funds, but a real risk does sit inside the asset class: roughly half of US private credit is lent to private equity backed borrowers, much of it against future earnings rather than hard collateral. Steven Nathan explains why SWAN Wealth Management lends against US multifamily housing instead.
Would You Still Own It Without a Market Price?
Would you still own it without a market price? In public markets liquidity creates the illusion of control, while in private markets its absence imposes discipline. Steven Nathan on why illiquidity forces a longer term view, strips out the noise, and creates the inefficiencies that patient investors in private assets are paid to exploit.
Patience: The Shunned Investment Virtue
Modern life crowds out patience, and that is anathema to sustainably successful investing. Why constant activity feels productive, why “time is money” misreads the cost of doing nothing, and why patience remains the most reliable and least practised virtue in building long term wealth.
Equities +160%. Housing Flat. Something Doesn’t Add Up.
The S&P 500 has risen more than 160% since 2020, while US multifamily housing, a $4 trillion essential need asset class, still trades more than 20% below its highs. Steven Nathan on why that gap is where opportunity sits, and how SWAN Wealth Management accesses US multifamily through private credit that sits ahead of equity in the capital stack.
Private Markets Are More Crowded Than Ever. That’s Why We Invest Differently.
Private markets are more crowded than ever. More capital chasing the same deals has compressed the edge that private equity, venture capital and private credit once offered, and relying on historical private market returns now carries real risk. Steven Nathan explains why SWAN Wealth Management deliberately operates at a smaller scale than the multi billion dollar funds competing for the same large transactions.
A Father’s Teaching
A father’s teachings, applied to a multifamily investment strategy. David Murray draws the line between the principles he was raised on and the way SWAN Wealth Management approaches US private real estate: patience, discipline, and owning assets that people genuinely need.
Negative Leverage Is Fading, Creating the Best Multifamily Credit Opportunity in a Decade
Negative leverage is fading in US commercial real estate, and as those deals unwind a large refinancing gap has opened for owners who bought between 2020 and 2022 on floating rate bridge debt. Steven Nathan on good assets carrying capital structures that no longer work, and why that is creating the best US multifamily credit opportunity in a decade.
From Zero-Rate to Zero-Equity: The Case for Defensive Private Credit in U.S. Housing
US interest rates have more than doubled in three years, and roughly $770bn of US multifamily loans mature between 2025 and 2027. Steven Nathan sets out the resulting private credit opportunity for South African investors: not distressed property, but good quality rental housing financed in an era of ultra low rates.
What Exactly is MULTIFAMILY?
What exactly is multifamily? In the US it means large, professionally managed apartment communities owned and operated under a single structure, a $3.8 trillion asset class of roughly 20 million units housing 16% of American households. Steven Nathan on why demand for housing never disappears, and why multifamily has held the highest occupancy and lowest loan delinquencies of any major US real estate sector.
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