NEWS AND UPDATES
Market Commentary | June 20, 2025
Navigating Uncertainty On June 18th, we found ourselves in good company. Central Bank Chair Jerome Powell spent much of his Wednesday afternoon news conference reviewing all the things the Fed does not yet know. Primarily, whether businesses will succeed in passing...
UMH Properties’ Fundamentals Look Strong
UMH Properties (UMH) offers an enticing combination of value and growth. Specifically, it has a greater than 5-year runway of double-digit organic growth, yet it trades at a steep discount to net asset value (NAV). This discount places it at 17.5X forward AFFO,...
Recent Reads | The Code Breaker
Back in May, it would have been easy to believe I was reading science fiction when I saw the Wall Street Journal report about a newborn whose life was saved by a bespoke gene-editing therapy. It wasn’t science fiction; it was applied science of the CRISPR technology that corrected a genetic mutation that left the baby unable to produce enzymes necessary to properly digest proteins.
The State of REITs: May 2025 Edition
The REIT sector saw another month of red in April (-6.45%) and REITs now average a -9.10% return over the first 4 months of the year. Micro cap (-8.87%) and small cap REITs (-8.69%) endured bigger average losses than mid caps (-5.45%) and large caps (-2.93%). 62% of...
REIT Lost Decade: The Long-tail Effect of Market Manipulation
The S&P 500 had what is referred to as “the lost decade” at the turn of the century. S&P returns were close to zero from 2000 to 2010. The REIT lost decade was 2015 to 2025. At the end of such a bad period, it is understandable that sentiment on REITs is...
Recent Reads | Source Code: My Beginnings
If you are younger than 80, it is likely that much of your work and personal communications experience has been shaped by the products of Microsoft Corporation (MSFT). It may have started with early versions of MS-DOS, transitioned to Windows, limited exposure to the recently demised Skype, carries on with LinkedIn, and now ChatGPT. Microsoft is the air we breathe.
Recent Reads | Who is Government? The Untold Story of Public Service
It seems I am one of the legions of readers who devour anything Michael Lewis writes the moment it is published. He started with Liar’s Poker back in 1989 but really gained a following with the publication of the soon-to-be-hit movies Moneyball and The Blind Side.
Market Commentary | April 22, 2025
Navigating the Storm
As a fundamental starting point, we try to identify sectors producing earnings growth. The next step is to discern which companies and issues within that sector present a price point of entry that optimizes returns; are the company’s earnings growing as fast, and are the shares cheaper than those of peers?
The State of REITs: April 2025 Edition
REITs finished the first quarter of 2025 in the red (-3.36%) with a brutal -4.92% average total return in March. Large cap (-2.04%) and mid cap REITs (-2.63%) saw modest losses, but small caps (-4.16%) and micro caps (-16.19%) had a particularly bad month. Only 29.49%...
REIT Total Return – Full Portfolio Review Heading into April 2025
Investing through Volatile Markets
Given the rapid market movement, this portfolio update will be a bit different. We will still present the portfolio’s analytical data, but primarily, we want to discuss the fundamental impact, market price impact, and how the two may not always be directly related.
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