The BEAT

The Morgan Stanaley Real Estate Investing team reviews the current state of the real estate market within a volatile macroeconomic environment.

Cover Whale Insurance Solutions, Inc., a leading insurtech specializing in connected insurance for commercial auto, announced $40 million in new equity financing from Morgan Stanley Expansion Capital.

Despite the improvement in the environment since early April, the current euphoric atmosphere, with stretched valuations and record retail inflows, seems tough to justify given the modest growth outlook and multiple sources of uncertainty. As Bruno Paulson explains, we see a sharp disconnect between the state of the markets and the state of the real world.