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Latest Comments81 Comments
Manhattan Mansions Fall from the Sky - Barron's
I have read SA for quite some time and the amount of rhetoric from, shall we say, left field, has increased dramatically over the past few weeks, usually snuffing out (but not always), logic, credibility and common sense.
I am glad to see there are still readers of these pages who can spot nonsense and BS when they see it.
Warning: New Lows Ahead
American Express Is Now a Bank
I'm not sure whether to gloat or throw up.
American Express Is Now a Bank
BTW - I hope this clueless blogger above is not the real Obama. Why would someone post such a strong opinion when he clearly has no idea what he's talking about? Not even a vague concept of how business works. Hey wait a minute - I wonder if he really IS the Prez Elect?
Is Paul Krugman Serious? Sadly, Yes.
Some Good Finance News: The Savings Rate is Rising
Surely you mean SPENDING less....
Good work in pointing out that Nobel winners sometimes speak drivel. Recent awards to Gore, Krugman and others show that the organization has become yet another biased mechanism to promote a certain agenda rather than a tool to promote the brightest thinkers in a given field.
Is Paul Krugman Serious? Sadly, Yes.
I personally own 150 apartments in a location that is prime to take advantage of the current situation and I can tell you they are not cash flowing. They are not a problem asset for me either, but I'm spending more than ever before on collections, attorneys and fix up costs after the non-payers are gone. The bright side is that most of the good rent payers can't afford to move right now either, so at least they are sticking around.
Bottom line - if you like the asset class and don't need the cash flow, it's a good time to get in the biz, otherwise stay away. Cash is king right now, and trading equities and futures is more profitable, more liquid and a lot easier. My .02
Beginning a Mini Bull Run; Be Prepared for Another Dip
Is Paul Krugman Serious? Sadly, Yes.
They seem to understand very little, but they can hear pretty words and they can go to the polls.
You Are Not as Dumb as the Bear Market Makes You Feel
Five Behaviors for Making Money Now
Ever heard of cash?
Rare Batman Pattern Forming in the VIX
We shall stay tuned and see.
Watching the Malls: As Goes Retail, So Go Communities Across America
Several of those same malls I worked on have been mentioned on SA in the last few days as they are going to the auction block. Several others are soon to follow as soon as the banks eventually must fess up to the fact that the owner is in arrears on a whole pile of just awful assets and they over-extended a guy who had no clue what he was doing. The chickens have come home to roost.
Watching the Malls: As Goes Retail, So Go Communities Across America
I like that name - you from Alabama too??
I'm not a fan of the leadership at GGP. I tried to short it awhile back, but it was on the no-short list. I wouldn't short any of these today and I wouldn't buy them long either.
I think that CLP is extremely weak. When Tom Lowder picked his succesor he would have done just as well to throw a deck of cards out the window of his Mercedes and hire the guy who brought him the four of spades.
Clearly CENTRO is in a world of hurt due to their expansion stupidity. KITE and CEDAR seem weak, altho I know some folks at Kite who seem to know the score.
I think KIMCO is overall a good company, but maybe not as good as a few years ago. Good management or not, they have an aging portfolio that is slipping in ocupancy. Unless Central and South American activity pulls them along, I don't see much positive there.
My favorite REIT is PUBLIC STORAGE, but the product is not very sexy.
Please note that this is not a buy or sell recommendation. Stocks are not companies sometimes and REIT stocks have not reflected the performance of the underlying for years. I have made some money in REITS but got out in 2006 because I no longer understood it.
Watching the Malls: As Goes Retail, So Go Communities Across America
For so many companies it was all about leveraging cash flowing assets with little to no regard or even understanding of a broken financial model that would begin to fail when the CAP rate and credit bubbles burst. They often failed to considered even the actual asset in terms of simple rules of real estate, including location, site plan design, sight lines and visibility, vehicular access and on and on. As long as it worked in theory and on paper, that was good enough reason to use some sucker's money to build it. And then there was usually some other sucker waiting to bid up the price for the finished product.
There were 20% fewer people at the big convention this year and there will probably be another 25-30% fewer next year. I would like to think that only the smart and strong will survive, but I know the industry and I know better.
I agree with thumb that Randall Park has been in its death throes for years and may not be a good example. Better products than Randall Park will fail (at least financially) in 09.