Take our quiz to see how clever you are.
Since 1986, which has been the cheapest?
How many three year floating-to-fixed swaps have ever made money for a borrower?
Since the 80s, what percent of the time would you have been better off with a 5-year fixed rate loan rather than floating on LIBOR?
Brokers receive no compensation for a trade other than the fee you negotiate with them.
You can receive unbiased advice from a vendor that requires you to sign a non-reliance clause, and an indemnification clause, in their documentation of a hedge product.

The CIRM Reading List


Q & A with CIRM President, Christina Ochs from Real Estate Finance & Investment May 16, 2016.

This article is a great example of the high cost to borrowers of self-serving advice by swap vendors: Gretchen Morgenson, “The Swaps that Swallowed Your Town,” New York Times, March 5, 2010.


Panel discussion with CIRM President, Christina Ochs, and leading aviation industry experts at the Airline Economics Conference, January 21, 2019

Books We Admire

  1. Dan ArielyPredictably Irrational: The Hidden Forces That Shape Our Decisions. New York: HarperCollins, 2008.
  2. Peter BernsteinAgainst the Gods: The Remarkable Story of Risk. Hoboken: John Wiley & Sons, 1998.
  3. Daniel KahnemanThinking, Fast and Slow. New York: Farrar, Straus and Giroux, 2011.
  4. Steven D. Levitt and Stephen DubnerFreakonomics: A Rogue Economist Explores the Hidden Side of Everything. New York: William Morrow, 2005. [Visit the Freakonomics web site]
  5. Michael LewisThe Big Short. New York: W.W. Norton and Company, 2001.
  6. Michael LewisLiars Poker: Rising Through the Wreckage on Wall Street. New York: W. W. Norton & Company, 1989.
  7. Daniel H. PinkA Whole New Mind: Moving from the Information Age to the Conceptual Age. New York: Riverhead Books, 2005.
  8. Barry SchwartzThe Paradox of Choice: Why More is Less. New York: Harper Perennial, 2005.
  9. Nassim Nicholas TalebThe Black Swan: The Impact of the Highly Improbable. New York: Random House, 2007.
  10. Nassim Nicholas TalebFooled by Randomness: The Hidden Role of Chance in Life and in the Markets. New York: Random House, 2004.
  11. Richard Thaler and Cass SusteinNudge: Improving Decisions About Health, Wealth, and Happiness. New Haven: Yale University Press, 2008.
  12. Aaron WildavskySearching for Safety. New York: Transaction Books, 1988.
  13. Journal of Applied Corporate Finance. [Published quarterly by Wiley Blackwell on behalf of Morgan Stanley]

Papers We’ve Written

Rod Keith explains how multifamlly housing borrowers can reap greater cash flow throughout the business cycle if they choose to float the interest rate on their debt. Download a pdf of Keith’s “Interest Rate Management: There’s Nothing to Fear.” Contact us and we’ll be happy to send you a copy of any of our papers below.

  1. Steven N. Manos and Kathryn M. Tobin. “Zen in the Art of Interest Rate Swaps,” 1992.
  2. Michael Ochs, “Developers Can ‘Unhedge’ Those Costly Interest Rate Guarantees,” REAL ESTATE REVIEW, The Real Estate Institute of New York University, Vol. 16, No. 3, 1986.
  3. Michael Ochs, “Creating the Perfect Hedge,” REAL ESTATE FINANCE, Federal Research Press, 1986.
  4. Michael Ochs, “Interest Rate Protection for the Real Estate Developer,” REAL ESTATE FINANCE, Federal Research Press, 1985.

CIRM Interest Rate Indications

Download samples (in pdf format) of recent weekly Interest Rate Indications:

CIRM Economic Comments

Here is a sampling of recent comments — for other insights, please contact us.


October 16, 2018
Trapped Capital
July 24, 2018
Social Security: A New Form of Quantitative Tightening
March 13, 2018
Tax Act of 2017: Impact on Producers and Consumers


September 12, 2017
A Better Way for Cap Rates
May 16, 2017
Quantitative Easing: An end to the free lunch?
January 24, 2017
Tax Reform and Infrastructure Policy


November 15, 2016
A New Political Order
May 10, 2016
Movements in the 10-Year Treasury: What’s Normal, and What Isn’t [Part 1]
March 29, 2016
Exploring a Negative Interest Rate Policy