Week Ended 11/30/18

Tax loss selling Its that time of year where the stocks that are already beaten down drop even further as shareholders sell to take a tax loss with which they can wash gains thereby reducing their tax bill.  Tax loss selling is unusual in that it is a rational...

Week Ended 11/23/18

REITs in a falling stock market REITs have held up far better than the broader market in recent months and I have some theories as to why. Valuation The broader market valuations got extremely stretched as FANG and other high flyers seemed to have no ceiling on their...

Week Ended 11/16/18

We sold a portion of 2CHYP’s Core Civic today and I want to dive a bit deeper as to why.  I recognize that prison reform is a politically sensitive topic, but I will attempt to address the issue in a non-political way.  Instead, I will merely discuss how the issues...

Week Ended 11/9/18

Competitive advantage While there is nothing wrong with the standard financial REIT that serves as a holding company for assets and collects a fair rental rate, there is something special about REITs that have a true competitive advantage.  Today I want to highlight...

Week Ended 11/2/18

Strong jobs report The October jobs report announced this morning revealed 250K jobs were added with the unemployment rate remaining at 3.7%.  Perhaps more importantly, wages grew 3.1% which represents a clear break from a long stretch of anemic wage growth. What does...