by Travis Johnson, Stock Gumshoe | December 13, 2019 5:21 pm
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Travis, as of 01/05/2015, there were actually seven Chris Mayer Coffee Can stocks: Howard Hughes (HHC), Kennedy-Wilson (KW), Retail Opportunity (ROIC), First Citizens Bankshares (FCNA), Greenlight Re (GLRE), National Western Life (NWLI), and Third Point Re (TPRE.) These remained unchanged for the remainder of the life of his Capitol & Crisis newsletter. First Capital Realty was never a Mayer reco.
Thanks for the info! Hope they end up working well in 20 years, the first five have been rough.
Hey Travis,
Great analysis, as usual. I think it’s wise to be cautious with any REI’s dealing with retail. We are in the retail business with stores in a handful of higher end malls big and small. The great majority of fellow store owners are struggling to make it. There appears to be a great disconnect between what the mall owners want/need for rents vs. what allows for their tenants to survive. After the run up in property values over the past 10 yrs, malls have been sold or significantly improved, resulting in rents on these malls to increase substantially. As it is mall owners tend to rely on the new , hope filled , tenants to pay the high rates only to see them repeat the process of struggling to survive.
Just a thought.
Matt
I agree. Some of the retail REITs have actually done OK lately as the mall apocalypse has been postponed, but I’m not very interested in that space — we are, in general, still very “over-stored” in the US and a lot of space probably needs to be written down over the next decade or so.
Travis, re your missive on KERN stock “surging for no reason”, wouldn’t this be attributable to the pump-and-dump that precedes the end of a lock-up period? It’s almost 6 months to the day (as I write this) since the stock’s IPO on 6/17/19. Apart from the lock-up, the CEO’s “Letter to Shareholders” — which I’m assuming takes the place of an Earnings Report for newly-listed companies — was quite positive in its reporting of revenues last month. The vaping issue was likewise addressed in the Letter, stressing their role in seed-to-sale tracking as transparent and accountable.
It should be interesting to see how the stock performs after this lock-up period. For now, it’s hard to argue against a first-mover in this space that is following an “audit trail” and exercising some kind of social responsibility to curb illegal or tainted weed that’s causing the vaping crisis.
$wrtc….fyi: Schwab has borrowed my wrap tech stocks @ 28% interest.
Nice return if you can get it! I enjoy reinvesting my short-sale lending proceeds, kind of feels like “free” shares.