CorpRaider

That is an interesting, seemingly reasonable, stress test exercise. I appreciate you sharing it. I'm sure it will be better addressed by others. Personally, I don't know NEN and put VRE in "no touch" at some point previously due to the portfolio and/or mgmt. I do own some AIV and FRPH. I suppose I believe the rent increases and capital appreciation in NYC will exceed those achieved in Miami and DC over the long term. I have mentally comped additions here versus EQR and AVB. I guess it did come down to yolo/leverage to the bet a bit. Concentrated bet on the U.S. city I like the best over the next whatever longish period. Also management seems more likely to really swing like a private operator. So, maybe in the 6% interest rate scenario I could see these guys getting as much as possible financed as long as possible at 6% interest only (probably including cashing out from developments in the pipeline once leased up) and then trying to raise rents.

Yeah, I mean shit new york apartments at sort of the same values as Cleveland class C SFH rentals.

...CLPR...

Pretty sure I heard Phil Bak talk about some research on this one or maybe a product he launched a recent podcast interview. Maybe with Meb Faber. I know he talked about being an early part of $RSP. I think the relative performance depends on the timeframe. If you go back to like 1993 I think RSP still wins over SPY. You can check midcaps versus large on portfolio visualizer. Midcaps still wint by over 100 bps from 1972 forward. This is probably the 90's or nifty fifty again, but we will see.

Interesting. Thanks.

What happened to them ETFs?

I have to say that I did not see 30% being in coal stocks after reading pages 1-10.

CLPR

Man is a natural trend follower. - Charles T. Munger

"Man is a natural trend follower."

Do you know if any of those other guys have supervision that owns a fair bit of stock/units? Like say more than Terry Toupee' over at AIRC. I almost bought more EQR "for grandmother" at $54 a few days ago (before you highlighted the swap into ATL).

CLPR. I comped it to a class B SFR in Cleveland.

Thanks for asking. I suppose the same things as the motley fools who bought it at 2x book, just with rather less enthusiasm. I think I get and like the analysis and decisions around billboards, rural fiber (with the subsidies), dfh, surety, the middle/high end recreational boat company during covid. I don't get ally or the auto focused bank in Louisiana. I don't get NNI and why Petersen owns more of that than BOC in his fund. I get that asset management is a good bidness but IDK about the real estate/build to rent stuff. Skeptical, but I guess if they know "talented real estate guys" and want to back them by raising money in return for fees... The SPAC put me off bigly, but I guess was somewhat helpful in thinking through potential durable comp advantages in consolidated airlines now with 4 players (or 5). I'm ok with the compensation agreement (with the caps and high water in place). Wish they would shut down their funds but alright. [I haven't seen their performance figures for the funds. If they blew, would appreciate a head's up.] I figure it's likely worth holding enough to care, just in case it really works. I also feel that I benefited from reading their stuff on my thinking about LAMR, CMCSA, DFH, maybe airlines, and title insurance cos. (similar mechanics to surety..have to have it, buyer and payee are usually not of the same interest, and no one wants to use it...and stocks available to me). So I plan to accumulate enough to make sure I watch/read their letters (but I ain't paying a premium to trailing book).

KLG, BOC

I should probably sell my $SAVE and consolidate into $LUV.

They really just need an America in the '80s period imop.

Thank you.

Want to bat around/track some opportunities that may be created by this move by Mr. Market? How about distillers? Let's see we've got: RI.SBF (Pernod Ricard SA, nearly cheap enough imo at ~ 17x earnings, like relation of agents to capital but I'm scared of the societal contract with my capital being in France), 2) BF.A (not cheap enough yet to get serious IMOP; brands are kind of mid; not as likely to benefit from premium trends/growth of wealth/status displays; have family control/potential for someone with skin in game to influence course of action), 3) RCO.sbf (Remy...same as Pernod; not as cheap maybe a little better bidness), 4) DEO (nearly to a market multiple, has a fair amount of mid/tired brands imop, ok with UK domicile but have agent principle concerns). Who am I missing...2503 JPN Kirin?

KLG, K

If I'm cutting calories, I'm cutting out potatoes and keeping the oreos. We're all going to go on the Buffett diet.

Thank you. Yeah they are having a bumpy time to say the least. I read they were relegated to using paper to process everything on premises a week or two ago.

MGM, KHC, K

Agree. I do not consume his stuff.

Hagani and his partner/co-author did a podcast about this book recently.

KLG, BOC