Hard Asset Memo #1 "Not All 15% IRRs are Created Equal" will likely go down as my favorite (repost) It examines risk-adjusted returns in a manner that can be easily understood. It highlights how cheap MF REITs were earlier this year $MAA $CPT Sign up at [email protected]

This is what you want your REITs to do Issue shares at $126, $157, $170, for $1.28 billion and then buy back shares at $96.88, $106.92, and $104.08 for $742 MM $CPT

$ABG putting their investor bankers' great grand kids through college with this level of M&A $8.8 bn EV company did $10 bn of M&A since 2018 @kab604

Yeah, most people cannot go from deadlifting 225 lbs to 405 lbs in about 3 months If you weigh 150 lbs and do not have a strength training background, you're not hitting 405 lbs unless you commit to training for a couple years

Barber as a Service - Put an infinite multiple on this 5% annual increase on pricing and duration = until death

I do think that $LEN at some price + inflection point will be interesting to own I remember thinking I should never own a homebuilder and I also remember looking at homebuilders as essentially net nets during the GFC. Lennar went on a 20 bagger run. You do have to get out at some point bc there will be huge draw downs like recently. But we are short so many homes in the US and Lennar and others play a hugely important role and increasingly an asset light manufacturing and high ROIC one at it

This is sooo gangster • 88.8% of total debt is fixed-rate, with an average interest rate of 4.73% • $1.62 billion of total fixed and variable rate debt outstanding with a weighted average term to maturity of 8.6 years"

It's again high 6% cap for Sunbelt MF REIT time and no one will care and everyone will tell me about high rates and the idea hasn't worked in forever and how I'm never going to make any money in it I will just buy, happily and autistically

Temperature of the CRE room

For those of us tracking apartment REITs, I've got the $1.5 billion of mortgage debt for $NXRT at 30 day SOFR plus a 1.09% spread Let me know if this is consistent with your think. Their cap structure can be a bit of a pain to figure out

Probably the optimal amount of human writing and AI editing

Nothing makes me want to punch the LLMs in the face (if that's possible) than it referencing Zacks.com as a source in its answer Totally discredits everything it says

Of course oil and 10 year yield goes parabolic the week my tail risk hedges in $SU $XOP and $TLT expires Really wish I had a bit more duration left, just another month, would've been great Been exiting position everyday and don't want to leave everything to Friday

Been secretly following/rooting a HS friend who went to Polytechnic School of Engineering for BS in CompSci in the early 2000s. School failed and got rescued by NYU. His bio says NYU for undergraduate now. Worked his way up and now chief data & analytics officer at a big bank Great outcome for a great guy