Cycles don’t reward the biggest balance sheet. They reward the most disciplined one.

https://www.linkedin.com/posts/mavik-capital-management_why-differentiated-capital-wins-in-cre-cycles-activity-7402021733219594240-bu1w

“Cycles don’t reward the biggest balance sheet. They reward the most disciplined one.”

Mike Fishbein's new piece in Commercial Observer lays out something we talk about often at Mavik. In moments when the market feels uncertain, the real advantage belongs to investors who stay focused, thoughtful and selective.

We have always leaned into complexity and looked for value that is not obvious at first glance. Today’s environment does not change that. It reinforces it.

https://commercialobserver.com/2025/12/why-differentiated-capital-wins-in-cre-cycles-todays-dislocation-is-the-moment-for-bold-disciplined-capital/