The Weekly Quill — The Quill Interview Series with Polpo Capital’s Daniel McNamara
?“Everyone talks about the dry powder. But whether it’s on the bond or the real estate side, dry powder gets eaten up very quickly when real losses come through the system.”
Daniel McNamara, November 3, 2022
‘Tis the season for grace, a time when family comes together and relives this or that tradition. In my house, that means that in addition to the usual suspect holiday movies we rewatch late into the night, some channel surfer will happen upon?Forrest Gump.?We need more of these types of movies, reminders that we are not a mean-spirited people but forgiving and accepting of one another. The friendship forged between Bubba and Forrest in the Vietnam War speaks best to the mantra, “Stupid is as stupid does.” In a scene that’s anything but exasperating, Bubba teaches us every way a Gulf delicacy can be prepared: “Shrimp is the fruit of the sea. You can barbecue it, boil it, broil it, bake it, saute it. Dey’s uh, shrimp-kabobs, shrimp creole, shrimp gumbo. Pan fried, deep fried, stir-fried. There's pineapple shrimp, lemon shrimp, coconut shrimp, pepper shrimp, shrimp soup, shrimp stew, shrimp salad, shrimp and potatoes, shrimp burger, shrimp sandwich. That- that’s about it.”
You may be saying, “This doesn’t fit the typical Danielle mold. Where’s the rich historical context that redefines non sequitur until she makes ‘the turn?’” Let’s just say I love a good story. This week’s featured interview guest is Daniel McNamara, a commercial real estate (CRE) guru if there ever was one. I thought I knew CRE. Hubris, thy name is apparently Danielle. In the end, our knowledge base is only as deep as our ability to contextualize the data. That’s where McNamara came in, shedding a unique light on a market I believe will be (one of) the epicenters of the coming next financial crisis.
Before launching in to the great big world of CRE, though, I had to know why he named his firm after a soft-bodied, eight-limbed mollusc of the order Octopoda. It would seem the name McNamara is half-misleading as he’s half Italian. He’s also married to a full Italian (good man!).?We all search for the perfect name for our firms. Quill Intelligence combines my love of the written word with an unquenchable thirst for data, analysis, and information on all matters macroeconomic and financial markets. In McNamara’s case, his then five-year-old son was raving at the dinner table about his favorite sea creature, the octopus. “All of a sudden,” he recounted, “my wife looked at me and asked, ‘What’s octopus in Italian?’ So, there it was – Polpo Capital – a combination of my wife and five-year old.”?
As for why Bubba’s character in?Forrest Gump?comes to mind, after hearing how McNamara named his firm, my quirky brain was left wondering how many ways Italians prepare octopus. Some sleuthing revealed the number seven. There is Polpo Fritto (fried), Polpo all Griglia (grilled and my personal favorite), Carpaccio di Polpo, Polpette di Polpo (meatballs), Polpo alla Luciana (cherry tomatoe and olive sauce), Polpo con Patate (with potatoes), and finally Polpo Arriciato (curled). On that last one, don’t sign me up. In Bari, a port city on the Adriatic Sea, freshly caught octopus is tenderized by hand against rocks. It’s then emerged in seawater and rocked back and forth until the tentacles curl. That’s it. Though this method produces a fresh salty and sweet delicacy, I’ll have to pass.
Of course, as you read this, many have fowl on the mind, as in turkey. I hope that come tomorrow, you are thankful, as I am, for the insights shared by Polpo Capital’s Daniel McNamara. As dour as the outlook is for CRE headed into 2023, we investors are always comforted with the knowledge that there are always two sides to every trade and that distress ultimately invites opportunities to “Buy Low.”
Danielle DiMartino Booth is founder and Chief Strategist at?Quill Intelligence
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