Author: Bowen Buzz McCoy
Bowen H. “Buzz” McCoy, formerly responsible for the real estate financing unit at Morgan Stanley, is a ULI life trustee and president of Buzz McCoy Associates, Inc., in Los Angeles. His recent books are Living into Leadership: A Journey in Ethics (Stanford University Press, 2007) and The Dynamics of Real Estate Capital Markets: A Practitioner’s Perspective (ULI, 2006).
Articles by Bowen Buzz McCoy
- What Happens When Liquidity Runs Dry?
Published on February 24, 2014 in Capital Markets
What happens when the Federal Reserve Bank fully tapers off its massive liquidity support for the economy and the capital markets, including real estate—and when is it likely to occur—were major questions discussed at the 20th annual ULI McCoy Finance Seminar in New York City in December.
- What the Top Guns in Real Estate Finance Really Think Now
Published on February 12, 2013 in Capital Markets
Given the turmoil and volatility in financial markets that have been reported in the daily press, participants at the ULI McCoy Symposium on Real Estate Finance were surprisingly optimistic. Their reasons: The Federal Reserve has suggested that interest rates will remain at historically low levels until at least mid-2015.
- Volatility Sidelines Liquidity
Published on February 16, 2012 in Market Trends
Nearly three dozen of the country’s top money minds spoke frankly about navigating the ongoing credit crisis. Here is a glimpse of their off-the-record meeting.
- Capital Markets: Frozen for How Long?
Published on April 27, 2011 in Capital Markets
The U.S. Federal Reserve System is dealing with the most complicated set of circumstances in at least the past 25 years, said speakers at ULI’s 17th annual McCoy Symposium on Real Estate Finance, held in New York City in December. Read about some of the observations and predictions offered during the event.
- This Time Is [Not That] Different by Buzz McCoy
Published on November 22, 2010 in Market Trends
The current financial crisis has been a transformative event in global economic history whose ultimate resolution likely will reshape politics and economics for at least a generation. Banking crises tend to be prolonged; stimulus packages do not appear to shorten the duration of the crisis and add to excessive government debt. What are the five characteristics of the aftermath of a financial crisis?
- Needed: An Underlying Ethic
Published on June 01, 2010 in Development
An allegory for the financial industry’s present condition might be that of a red-tailed hawk soaring above the Manhattan skyline, flying at full speed toward the sheer wall of a glass-enclosed skyscraper—and relying on the transparency of the glass for protection from undue risk. The crisis occurs, and the bird falls fluttering to the ground with a broken wing.
Is this the bird’s fault? Is it a law of nature? Should the glass have etching or cross ribs to alert the bird to the danger? Can the bird recover? Can it recover by itself, without outside help? Will it ever soar again? Will it ever fly again with uninhibited grace? What resources should be applied to its recovery? Is it too rare a bird to fail?
- The End of the Beginning
Published on January 01, 2010 in Capital Markets
Despite some initial signs of a return to stability, conditions in the U.S. commercial real estate capital markets are as severe as ever—and likely to remain that way.