Peter Zhang
@peter_longzhang
Real Estate PE investor. Value Investor.
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Indeed. After went through all magic of value-adds, RE related techs and so-called proactive management, went I looked back the deals works and those don’t, the real magic is buying cheap and sit tight as long as you pick the right assets without leverage risk.
Run some IRR models for RE deals. Know what drives returns. In short, entry cap rates probably drives the bulk of the returns. In short, buy cheap. In most RE in normal environments, rent growth is good, but a 200 bp spread over market cap rates will drive the bulk of returns.…
The divergence between oil prices and OECD inventories is widening. Eventually, either inventories or prices will increase a lot.
This is an excellent piece on the concept of boom-and-bust cycles. I can't help but think about the Canadian cannabis industry, which has had a massive bust over the last few years. The new winners in that space are starting to emerge!
Investors who've read Marathon's "Capital Returns" understand the importance of the capital cycle. Investing through the capital cycle, however, is much harder to do. Here are some thoughts on the topic. Link in bio.
Nice quotes putting together
Choose wisely: "while choosing your strategy to achieve them, you should be wary of survivorship bias and refuse strategies that merely improve your maximum potential outcome without also improving your distribution of outcomes." - @DellAnnaLuca #Ergodicity "The proper choice…
Thanks @PrivateEyeCap for sharing this :)
Cap rates, per door/ft, est IRRs privateeyecapital.com/cap-rates-ev-p… $CPT $EQR $ESS $UDR $MAA $INVH $SUI $FR $REXR $BYG #REITs #multifamily $BX $TLT
My friend Simon Kold wrote On the Hunt for Great Companies: An Investor’s Guide to Evaluating Business Quality and Durability (order here: amzn.to/3UpVwF2), which is coming out tomorrow. Simon generously sent me a PDF of his book before its release (I still have my…
Great research! Thanks for sharing.
For all the industry deep-dive hunters, I just dropped my research and thoughts on the Met Coal Industry. For more, visit the Idea Hive blog, and stay tuned for part 2. $AMR $HCC $METC $ARCH
See below our letter to the $iwg Board of Directors: prnewswire.co.uk/news-releases/…
prnewswire.co.uk
Buckley Capital Management Sends Letter to International Workplace Group plc Board and Outlines...
/PRNewswire/ -- Buckley Capital Management, LLC, together with its affiliates (collectively, "we" or "Buckley"), a top 15 shareholder of International...
1) I chatted with @BillBrewsterTBB about REITs in the latest Business Brew episode We talked about REITs, pre-mortem failure analysis, boots-on-the-ground research, REIT capital structures, and why I like multifamily and grocerry anchorred shopping center REITs. We also chatted…
Today’s podcast features @DieHardCapital. This will be the last of the multi family REIT podcasts for a while. TBB hopes this REIT series was helpful. podcasts.apple.com/us/podcast/the… open.spotify.com/episode/6wDSTG…
Back to a favourite hated business of mine Burford Capital $BUR $BUR.LN. There is a wide range of views on fair values (FV), IRRs, ROEs and how they're all connected. I present my views, based only on disclosed hard data. As always, would love to hear what I'm missing! (1/n)
Love this! youtube.com/watch?v=XikIr0…
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YouTube
This Guy Copy-Pasted Warren Buffett’s Strategy (And Became A Billio...
Fun talking REITs with @BillBrewsterTBB -- I leaned heavily on references to @DieHardCapital , @HistoryInvestor, and the great Marty Whitman. open.spotify.com/episode/0qIPfY…
‘Learning the skill of not investing is harder and more important than learning how to invest.’ - Pulak Prasad Enjoying this… (Nb. Both Chuck Akre and Peter Keefe recommended the book to me in Omaha)
Thank goodness there are some recordings of the events in Omaha: Vitaliy Breakfast: youtube.com/watch?v=t2sL2Q… @vitaliyk Gabelli Funds: youtube.com/watch?v=ZlZvFh… @ChrisBloomstran , @BRK_Student , @ToddFinkle, @McD_Investments, @QCompounding , @macraesykes VALUExBRK:…
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Berkshire Hathaway Panel
An FT article with details on the chronic under-supply of housing in the UK. The most interesting charts are below. Intriguing to see $VTY.L landbank increase the most in the past decade.
Very interesting interview by @DaikokuCap about $VTY.L business and its competitive moat. For the full interview, go to Daikoku Capital's blog.
Been following “Howard Marks ” on this thesis for a while:) Makes perfect sense to me and goes even better if you “average down ” the way from current 7.2% cap with the dividends received.
Simple math on cap rates and the number of years to grow a 4.25% cap rate into a 7.2% cap rate that's available today in the large cap Sunbelt MF REITs. You need 11 yrs of 5% NOI growth 6 yrs of 10% NOI growth That is why I own a lot of MF REITs ATM @chernobelskiy
This is great observation. IMO, coming back to balance sheet is better fit their asset class, which is 1)way above 20% IRR or zero in each deal, 2)need to be diversified, and 3)huge work to originate/ underwrite separately. Different from other big alternative investors.
In their last letter, $BUR made clear what the path forward is. This must not be overlooked, for it dramatically changes $BUR economics. In 2008, Chris noticed demand for funding litigation claims and thought he should take his hobby seriously. Alongside Jonathan Molot, both…
Higher for longer/high construction costs->>nothing pencils, starts plummet & the coming shortage of apartments bloomberg.com/opinion/articl… $BX $AIRC $AVB $CPT $EQR $MAA $UDR #multifamily #REITs $VNQ
I like writing and I am verbose, an occupational hazard when time is your ally and you have a captive audience. Most of my books are long and stretch on forever, but my Little Book of Valuation (Wiley) is the exception. youtu.be/8_1G4WKuJlA?si…
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The Little Book of Valuation - A Lead in!
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