Week Ended 12/6/19

Value –> growth Portfolio managers are often classified as value or growth and in some cases a third category that exists in between known as GARP (growth at a reasonable price).  This categorization feeds into a broad misunderstanding that value and growth...

Week Ended 11/29/19

A check-in with UMH UMH has changed quite a bit since we began investing in it, so let us take a renewed look at the thesis.  We see 4 key areas to focus on. FFO/share Debt levels Property operations Securities portfolio The obvious knock against UMH is that its...

Week Ended 11/22/19

Near term resolution? Uniti has some very big news coming soon.  Below is the timeline of events. Monday November 25th court hearing on various matters including an attempt to delay the deadline to assume or reject. December 6th – the deadline for WIN to assume or...

Week Ended 11/15/19

Letting winners run A lot of investors have rules on how far they let their winners run before taking the gains.  I find these rules to be confining and largely based on emotion.  I would much rather take it on a case by case basis. Why I am letting MPW and GMRE run...

Week Ended 11/8/19

Earnings season has largely finished up for our pocket of the REIT universe.  The headline earnings numbers often grab most of the attention, but I like to focus on the underlying fundamental trends; the supply and demand that will drive growth or portend problems....

Week Ended 11/1/19

Defensive positioning When the market gets scared it moves into defensive stocks.  Portfolio managers talk about being defensively positioned when they are overweight non-cyclical or countercyclical names.  The idea is to minimize the volatility of one’s portfolio...