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Eric Schleien discusses value investing, rational investment analysis, and vital mental models.
Episodes
Wednesday Apr 01, 2020
Wednesday Apr 01, 2020
This is Part 8 of a special Coronavirus Investing Series. If you have not listened to Part 1, please click here to get the overall context/market overview during this unprecedented time.
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In this episode of The Intelligent Investing Podcast, I sit down with Jeremy Raper to chat about a potential opportunity in Japanese Mall REIT's which have been hit pretty hard during this coronavirus pandemic.
Overview
If you are willing to look through whatever happens in 2020 and assume we go back to a normalized environment in 2021, then you should be looking at some of the most beaten-down sectors.
You have to ask yourself a few questions when valuing names in the most beaten-down sectors of the economy:
- Is the equity going to survive?
- What losses are they taking along the way?
- What does that post-corona-world look like?
Japanese REITs
Japanese Mall REITs fall within the broader subsector of Japanese REITs. REITs are real estate investment trusts. Furthermore, REITs must pay 90% of their income as dividends.
Japanese Hotels
Why Japan hotels in particular? Japan has been under-hoteled for a long time. There has been a shortage of hotels and that had been rectified somewhat on the runup to the Olympics.
However, the hotel fleet is still pretty tight.
Two Cheap Japanese Hotel REITs
On this episode, we discuss two Japanese Hotel REITs
Both REITs trade at fractions of NAV and high normalized cap rates.
Staying In Touch With Eric Schleien
Staying In Touch With Jeremy Raper
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