Bernardo Sacchini

Desarrollo Inmobiliario, Finanzas y Economia. RE Development, Finance and Economics. Alma mater: UCAB & MIT

[Bernardo Sacchini @nanosacchini]

Bueno recordar a Warren Buffett “Price is not the same as value. Price is what you pay, value is what you get“ Precio no es lo mismo que valor, precio es lo que pagas, valor es lo que recibes.

[Bernardo Sacchini @nanosacchini]

@Jmfariasu No he conseguido lugar en ccs que midan Lpa. Tienes alguno? ApoB si lo miden en la mayoría de los lados.

Ya revisaste el Cleerly test?

[Bernardo Sacchini @nanosacchini]

@tom_peters @mastersinvest @PermanentEquity @timhanso go figure 😂

[Bernardo Sacchini @nanosacchini]

@elonmusk Your analysis is probably flawed by assumming that every democrat will still be a democrat in the future. If the US policy by Democrats will eventually threaten the US economy, to the point of socialism, there is a high chance there will be many democrats turning Republicans

[Bernardo Sacchini @nanosacchini]

@CDInewsletter Can you share Date of this document?

[Bernardo Sacchini @nanosacchini]

@juanapitz Próximo año trato de organizarme mejor y acompañarte! Abrazo pana

[Bernardo Sacchini @nanosacchini]

@Jonathan_Keith2 Don’t get me wrong , I think your analyses are very complete. That’s exactly why I’m asking and probing. Want to understand what you see that I don’t.

[Bernardo Sacchini @nanosacchini]

@Jonathan_Keith2 Ok. But mgt stated that core assets are 95+% occupied, with + spreads and in retail w sales/sf amongst the top in the country. So those metrics don’t seem trending in wrong direction, that’s why mgt might say RE fmtals good, while credit fmtals might have temporally deteriorated

[Bernardo Sacchini @nanosacchini]

@pobremillenial Que mala recomendación para el 99% de las personas.

[Bernardo Sacchini @nanosacchini]

@Jonathan_Keith2 Agreed w you here! Better disclosure would be ideal for the informed investors.

I think however that the reasons management can have for been careful about disclosures in PUBLIC markets can be others than only dishonesty. EG: to reduce ST pressures that are counter to LT goals

[Bernardo Sacchini @nanosacchini]

@Jonathan_Keith2 What would other parts of equation be?

1-Rates (which affect DSCR), 2-fixed v float, 3-leverage.

1: seems unlikely they go up again, and v unlikely they go up by as much as LY
2/3: absent recklessness, unlikely they’ll continue to increase risk here

Am I missing something?

[Bernardo Sacchini @nanosacchini]

@Jonathan_Keith2 However the deterioration in credit fundamentals happens one time (assuming all else equal), vs the increases in RE fundamentals can be sustained and can eventually catch up. BN would need to have the wherewithal to wait for the catch up.

[Bernardo Sacchini @nanosacchini]

@Jonathan_Keith2 Interesting. Can’t they both coexist? For example, RE fundamentals can be increasing at a 7% clip, but credit fundamentals can be down, dependent on how much debt was float vs fixed, given interest rate increased by way more than RE fundamentals.

[Bernardo Sacchini @nanosacchini]

@ardensurquiola Promotores es lo que he visto y me han comentado. No se si particulares

[Bernardo Sacchini @nanosacchini]

@ardensurquiola Tenemos 1.5 a 2 años dando financiamiento desde 18-60 meses. Dependiendo del producto con o sin intereses.Ha ayudado a mover inventario. No se si fuimos los 1eros en dar este paso, pero si de los 1eros. El mercado se ha ido ajustando y ya hay más propietarios dando financiamiento

[Bernardo Sacchini @nanosacchini]

@IrrationalMrkts Really thinking about durability and endurance of the company and the product/service it sells.

[Bernardo Sacchini @nanosacchini]

@dmuthuk What’s monthly income for top 0.1% in India?

[Bernardo Sacchini @nanosacchini]

@ardensurquiola Impuestos es otra, quizá la más importante

[Bernardo Sacchini @nanosacchini]

@juanapitz Si tienes más quarterlies de Alta Fox mandalos, el último que conseguí fue Q3 o Q4 2022.

Pulad está invirtiendo con Nalanda desde 2008. Muy muy resonante su estrategia (la describe en el libro)

[Bernardo Sacchini @nanosacchini]

@juanapitz Buena lista!

Pulak Prasad - Nalanda Capital. Tiene poca información disponible, un buen libro: What I learned about investing from Darwin

Connor Haley - Alta Fox. Poca info tambien, aunque tiene algunos research reports buenos.

[Bernardo Sacchini @nanosacchini]

@juanapitz Milken*

[Bernardo Sacchini @nanosacchini]

@juanapitz Está en la lista. Predators Ball es muy bueno también, la historia de mullen y como creo el mercado de JB que dio pie a los raiders