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.
@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
@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.
@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
@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
@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?
@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.
@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.
@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
@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)
@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.