Don Zech

November 2025 monthly letter
Banks, Bubbles and old Birds

The first Thanksgiving celebration lasted three days. Today, Plymouth Rock is only the size of a car engine. It has cracked three times over the years, getting smaller each time. Speaking of rocks, Nick lost his grandmother and I, my mother, a couple of weeks ago. At 87, she had

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November 1 Monthly Letter Image 1
You can’t please all of the people all of the time!

The now-famous Democratic donkey was first associated with Democrat Andrew Jackson’s 1828 presidential campaign. His opponents called him a jackass (donkey), and Jackson decided to use the image of the strong-willed animal on his campaign posters. Later, cartoonist Thomas Nast used the Democratic donkey in newspaper cartoons and made the

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August 1 2024 monthly letter
Do you have Ganbatte in this real estate market?

The term “ganbatte” is a Japanese art form that means “do your best” or “keep going.” “Ganbatte! The Japanese Art of Always Moving Forward” by Albert Liebermann explains this Japanese philosophy of perseverance, resilience, and continuous improvement. I recently read that a “positive personal personality preserves athletic performance by decelerating

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ML June 2024
Are you experiencing shrinkage?

Markets are a field where dumb things sometimes work. Ignorance can win; and experience can lose. This is just the nature of the game. Best to accept occasional absurdities then to shoulder the distraction of anger over them. Time cures most of these episodes anyway. ~ Ed Borgato I know

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Do you have trapped equity?

Wade Boggs, Steve Garvey and Pete Rose are in a bar. Boggs says, “I am going to ask her out.” Garvey replied, “You can’t do that, she’s carrying my baby.” To which Pete Rose added, “You wanna bet? Last year’s extensions and loan term modifications helped mask early distress signals

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