Where I See Opportunities Today
If you know where to look
Over the last few years, many people have asked me the same question, especially as markets have become noisier and more uncertain.
Where do you see opportunities today?
Before I answer that directly, I want to be clear about one thing. Timing and context matter. What worked two or three years ago does not automatically work today. Risk is not static. It changes with market conditions, asset pricing, investors behavior, and structure. The job of an investor is not to chase returns, but to understand how risk and reward shift over time.
Last week, during the 12 Days of Christmas and Holidays event for Real Estate Investors, I shared my thoughts on where I’m seeing opportunities in real estate (and physical assets) today. Many of these opportunities I’m personally participating in.
Before we start, quick disclaimer that what I’m sharing is not financial advice.
With that in mind, here is how I am currently thinking about opportunities, both as an LP passive investor and as a working partner / GP.
Opportunity One: Real Estate Private Lending, With Discipline
Private lending sits at the top of my list right now.
This may surprise some people, given what has happened in the last few years in the real estate community. But many of those issues were not caused by private lending itself. They were caused by poor underwriting, minimal collateral security, and inflated asset values.
Risk today is different than it was two years ago.
Asset values in many markets have already corrected. When values come down, the lender’s margin of safety improves, assuming the deal is structured properly. Real estate does not go to zero. It always retains intrinsic value because it is tied to land and physical structures.
When you lend against assets that have already declined, you are starting from a more conservative base. The probability of catastrophic loss is lower than when values are inflated and optimism is high.
In previous newsletters, we discussed the importance of finding asymmetrical risk and reward. The return may look similar on paper, but the risk profile underneath it has changed, in a big beneficial way. That is why private lending, done correctly, is a compelling place to park capital while waiting for other opportunities to appear.
Opportunity Two: Gold as Monetary Protection
Gold has quietly played an important role in my own portfolio for a long time, as you have read in my recent newsletters.
The reason is simple. Gold shares many of the same attributes that make real estate attractive.
It is a physical asset.
It cannot be printed.
It protects purchasing power over long periods of time.
Over the last 100 years, fiat currencies have lost the vast majority of their value. Real estate has appeared to go up, but in reality, the value of money (buying power) has been going down. Gold reflects that by reaching new highs priced in paper money.
What may surprise many people is that since the year 2,000, over the last 25 years, gold has outperformed the stock market, dividends included. One asset actively produces earnings and innovation. The other simply sits there. That comparison alone should make us pause and think more deeply about inflation, currency debasement, and long term capital preservation.
Gold does not produce cash flow, which is why I still prefer real estate for income. But as a store of value and a hedge against monetary risk, it deserves serious consideration.
Opportunity Three: Select Pockets of Real Estate
Real estate is not dead. It is just different.
Opportunities still exist, but they are uneven. They require more patience, better underwriting, and a deeper understanding of local dynamics. Broad optimism has been replaced by caution, and that is usually when disciplined investors quietly position themselves.
Several speakers at this year’s 12 Days event shared where they are seeing the opportunities today.
This is not the time to force deals. It is the time to be selective.
For Working Partners and GPs, This Is a Rare Window
For those who are active in the real estate business, I believe this period is one of the most opportunity rich environments I have seen in recent memory.
Here are five areas where I am personally investing time, energy, and capital.
Education and Courses
At last month’s Black Friday / Cyber Monday, high quality courses were available at discounts I have never seen before. This is simple supply and demand. When uncertainty rises, spending on education drops. That creates opportunity for those prepared to invest in themselves and buy big with small capital.
Hiring Talent
Exceptional people are suddenly available. In strong markets, talented individuals are locked into high paying roles. Today, companies are downsizing, consultants’ hours are getting cut. If you are building a business, this is a rare chance to pick up experienced people at a fraction of the previous market highs.
Systems and Infrastructure
Growth without systems creates strain. We are investing heavily in processes and infrastructure now so we can scale efficiently when the next cycle accelerates.
Networking and Relationships
Access has changed. Conversations that were difficult two years ago are now easy to arrange. Brokers, operators, and institutional players have more time and more open to chat when they aren’t busy doing deals. Relationships built in quiet periods tend to pay the biggest dividends later.
AI and Efficiency
We are still early, but the efficiency gains with AI are transformational. Used correctly, AI supports better decision making, better communication, and better operations. Anything that improves efficiency ultimately benefits both operators and passive partners.
Final Thoughts
Uncertainty makes people uncomfortable. But it also creates space for disciplined LP investors and GP managing partners to think clearly.
My goal is not to predict the future perfectly. It’s impossible anyway without a crystal ball.
My goal is to understand where risk has already shifted, where prices have already adjusted, and where investments and preparations today can create leveraged gains tomorrow.
That is where I see opportunities today.
By the way, if you missed our 12 Days event and is interested in catching the replay, you can watch the entire 12 Days sessions here by making a donation to the 2 charities we’re supporting:
If you like my work, I invite you to share it with others.
Eric Chang
Calgary, Alberta, Canada
December 16, 2025
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