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42% Return Annually Since 1999?


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This article also mentions Prem...

 

http://dailyreckoning.com/the-biggest-fire-sale-in-history/#hl-banks

 

One such investor is a guy named Bill McMorrow. You’ve probably never heard his name before. But his current joint venture fund has returned 42% annually since it began in 1999 by buying up distressed property from banks.

 

McMorrow has a lot practice buying stuff from banks. In 1995, he bought up property debt from troubled Japanese banks. In 1997, he waded into Hawaii’s busted property market, picking up a 450-acre land parcel at Kohanaiki on the “Big Island.” In the U.S. financial crisis in 2008, he bought up apartment buildings in California. This is the sort of thing that builds 42% annual returns through the storms of crisis-filled markets.

 

His company and partners recently bought $1.8 billion of U.K. real estate from the troubled Bank of Ireland at a 20% discount to the face value of the loans.

 

“This is a very high-quality loan portfolio,” McMorrow said. “All the loans are current.”

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This article also mentions Prem...

 

http://dailyreckoning.com/the-biggest-fire-sale-in-history/#hl-banks

 

One such investor is a guy named Bill McMorrow. You’ve probably never heard his name before. But his current joint venture fund has returned 42% annually since it began in 1999 by buying up distressed property from banks.

 

McMorrow has a lot practice buying stuff from banks. In 1995, he bought up property debt from troubled Japanese banks. In 1997, he waded into Hawaii’s busted property market, picking up a 450-acre land parcel at Kohanaiki on the “Big Island.” In the U.S. financial crisis in 2008, he bought up apartment buildings in California. This is the sort of thing that builds 42% annual returns through the storms of crisis-filled markets.

 

His company and partners recently bought $1.8 billion of U.K. real estate from the troubled Bank of Ireland at a 20% discount to the face value of the loans.

 

“This is a very high-quality loan portfolio,” McMorrow said. “All the loans are current.”

 

http://www.kennedywilson.com/investments

 

I just wonder why the article doesn't say right ahead the company name. Just for the unaware readers here -- Kennedy-Wilson (KW) is this company. So good to know that Fairfax has partnered with them.

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Prem brought Bill to our dinner last year, as well as the vice-chairman of KW, Mary Ricks!  They met with shareholders and answered questions.  Cheers!

 

He speaks this year also in Toronto,

at the Ben Graham Centre’s 2012 Value Investing Conference,

April 25, 2012 - 12:00 noon to 6:00 pm.

 

http://www.bengrahaminvesting.ca/Outreach/Conference_Program.pdf

 

 

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