Week Ended 9/27/19

The relative value rotation REITs are generally stable in their business models, even those that are still growing externally are growing through buying similar assets to what they already own.  To me, this stability makes valuation the primary differentiator between...

Week Ended 9/20/19

Concentration expertise Diversification at a portfolio level is great.  It reduces risk to any given factor without making any major sacrifice.  I like diversification less at a company level. REITs are often criticized and traded at lower multiples when their assets...

Week Ended 9/13/19

Don’t read into the price recovery The first 3 days of this week were mind boggling.  Our retail stocks were up 10 to 30% while REITs as a whole were down.  A similar but less extreme rise was seen in our other stocks as well. What does it mean? We see 3 possible...

Week Ended 9/6/19

Overpriced REITs We don’t short stocks in 2CHYP, but it is still good to know what stocks are overvalued as it can impact the overall REIT market.  There are entire areas that we see as overvalued as well as individual securities so let us get to it. Pure play...