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Weekly Update - How Our REITs Fared in Friday's Crash
And what's coming next
Tim Melvin
August 05, 2025
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Editor’s Note: In today’s update for Premium members, Tim goes through why markets tumbled last week, which REITs fared well and which didn’t, and gives an earnings update on out Hyper-Accumulation Small-Cap Momentum portfolio. For the full story and access to the Portfolio, upgrade to Premium here.
The past week in the markets was the sort of rollercoaster that reminds us why it pays to stay disciplined and tuned in to the signals that actually matter. We came into the week facing a messy backdrop, and by Friday it was clear that the bond market, not the cheerleaders on television, had the clearest read on what is going on beneath the surface.
The jobs report was a gut punch. Just 73,000 jobs were added for July, with the kicker being downward revisions of over a quarter million for May and June. Unemployment ticked up to about 4.2%.
That would be troubling enough on its own, but the fallout was even more dramatic. The President fired the head of the Bureau of Labor Statistics, and Federal Reserve Governor Adriana Kugler abruptly resigned.
The optics were terrible.
Investors are rightly worried about the politicization of economic data and the independence of the Fed.
At the same time, new tariffs ranging anywhere from 10% to over 40% on a slew of countries went into effect, rekindling fears of a trade-driven slowdown.
Put it all together, and the major indexes had their worst week in months, with the Dow down nearly 3%, the S&P 500 off 2.4%, and the Nasdaq sliding about 2.2%.
Yet even as stocks fell, the real action was in bonds.
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