# ![@thepupil11 Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::3886453553.png) @thepupil11 ThePupil

ThePupil posts on X about debt, reit, money, stocks the most. They currently have [-----] followers and [---] posts still getting attention that total [-----] engagements in the last [--] hours.

### Engagements: [-----] [#](/creator/twitter::3886453553/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::3886453553/c:line/m:interactions.svg)

- [--] Week [------] +372%
- [--] Month [------] +183%
- [--] Months [-------] -9%
- [--] Year [-------] -43%

### Mentions: [--] [#](/creator/twitter::3886453553/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::3886453553/c:line/m:posts_active.svg)

- [--] Week [--] +39%
- [--] Month [--] +39%
- [--] Months [---] +46%
- [--] Year [---] +16%

### Followers: [-----] [#](/creator/twitter::3886453553/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::3886453553/c:line/m:followers.svg)

- [--] Week [-----] +0.44%
- [--] Month [-----] +0.59%
- [--] Months [-----] +2.90%
- [--] Year [-----] +6.90%

### CreatorRank: [---------] [#](/creator/twitter::3886453553/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::3886453553/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  [stocks](/list/stocks)  [cryptocurrencies](/list/cryptocurrencies)  [technology brands](/list/technology-brands)  [currencies](/list/currencies)  [countries](/list/countries)  [social networks](/list/social-networks)  [travel destinations](/list/travel-destinations)  [automotive brands](/list/automotive-brands)  [financial services](/list/financial-services) 

**Social topic influence**
[debt](/topic/debt), [reit](/topic/reit) #107, [money](/topic/money), [stocks](/topic/stocks), [$psh](/topic/$psh), [in the](/topic/in-the), [$vno](/topic/$vno), [market](/topic/market), [investment](/topic/investment), [$joe](/topic/$joe)

**Top accounts mentioned or mentioned by**
[@rhunterh](/creator/undefined) [@mrneutralman](/creator/undefined) [@slicetransverse](/creator/undefined) [@realassetsvalue](/creator/undefined) [@ellliotttb](/creator/undefined) [@anotherbearcap](/creator/undefined) [@recoverytrade](/creator/undefined) [@darkfirecapital](/creator/undefined) [@privateeyecap](/creator/undefined) [@adamb1438](/creator/undefined) [@winsteadscap](/creator/undefined) [@williscap](/creator/undefined) [@billackman](/creator/undefined) [@bonhoefferkds](/creator/undefined) [@yenoms](/creator/undefined) [@shortbusace](/creator/undefined) [@mrossg199](/creator/undefined) [@pinkpoloshorts](/creator/undefined) [@malunacap](/creator/undefined) [@marginofdanger](/creator/undefined)

**Top assets mentioned**
[Veno Finance (VNO)](/topic/$vno) [JOE (JOE)](/topic/$joe) [Howard Hughes Holdings Inc. (HHH)](/topic/$hhh) [Interactive Brokers Group, Inc. (IBKR)](/topic/$ibkr) [Mid-America Apartment Communities Inc (MAA)](/topic/$maa) [Earth [--] Essence (ESS)](/topic/$ess) [Blackstone, Inc. (BX)](/topic/$bx) [Equity Residential (EQR)](/topic/$eqr) [Apartment Investment and Management Company (AIV)](/topic/$aiv) [ALEX Lab (ALEX)](/topic/$alex) [Elme Communities (ELME)](/topic/$elme) [Camden Property Trust (CPT)](/topic/$cpt) [Berry Global Group, Inc. (BERY)](/topic/$bery) [Alexander's Inc. (ALX)](/topic/$alx) [Apple, Inc. (AAPL)](/topic/$aapl) [Brookfield Asset Management Inc (BAM)](/topic/$bam) [Costco Hot Dog (COST)](/topic/$cost) [Alexandria Real Estate Equities Inc (ARE)](/topic/$are) [Black Stone Minerals, L.P. (BSM)](/topic/$bsm) [Blackstone Mortgage Trust, Inc. (NEW) (BXMT)](/topic/$bxmt) [Parex (PRX)](/topic/$prx) [The Howard Hughes Corporation (HHC)](/topic/$hhc) [UNIPOLY (UNP)](/topic/$unp) [Alphabet Inc Class A (GOOGL)](/topic/$googl) [Boston Omaha Corporation (BOC)](/topic/$boc) [Boston Properties, Inc. (BXP)](/topic/$bxp)
### Top Social Posts
Top posts by engagements in the last [--] hours

"@WallStCynic Can't forget Interactive Brokers"  
[X Link](https://x.com/thepupil11/status/1301115969054502917)  2020-09-02T11:13Z [----] followers, [--] engagements


"555 California (No I'm not cutting the NOI here). this is a true trophy whose value will be realized via a recap soon"  
[X Link](https://x.com/thepupil11/status/1309330753398816768)  2020-09-25T03:15Z [----] followers, [--] engagements


"$PGRE signs [--] year least w/ Harry Winston at [---] Fifth for $437 / foot. How that compares to $VNO's Upper Fifth rates. (Not good)"  
[X Link](https://x.com/thepupil11/status/1321618901415858176)  2020-10-29T01:04Z [----] followers, [--] engagements


"TCI/Chris Hohn probably the most credible stock picker who is an office REIT bull: $BXP: up 237% to [----] million valued at $416.5 million 3.3% of company $VNO: up 137% to [----] million valued at $334.6 million 5.2% of shares"  
[X Link](https://x.com/thepupil11/status/1328357732135497730)  2020-11-16T15:22Z [----] followers, [--] engagements


"@WallStCynic $MNPP [----] and [----] statements below this has more to do with owning a levered leasehold than anything"  
[X Link](https://x.com/thepupil11/status/1330580915597283329)  2020-11-22T18:36Z [----] followers, [--] engagements


"@WallStCynic https://www.globest.com/sites/globest/2013/12/20/thor-buys-545-madison-ground-lease-for-55m/ https://www.globest.com/sites/globest/2013/12/20/thor-buys-545-madison-ground-lease-for-55m/"  
[X Link](https://x.com/thepupil11/status/1330604698378805250)  2020-11-22T20:10Z [----] followers, [--] engagements


"Picture of office REIT bulls carrying the burden of high operating and financial leverage on their shoulders. Nobody: so you do like real estate right . . . Me: https://t.co/twm58ENBdI Nobody: so you do like real estate right . . . Me: https://t.co/twm58ENBdI"  
[X Link](https://x.com/thepupil11/status/1352614712551337984)  2021-01-22T13:50Z [----] followers, [--] engagements


"$VNO's One Park Avenue: 2007: $550mm transaction $VNO not involved 2011: $427mm valuation $VNO invested $180mm bot mezz at discount $250mm mortgage 95% ownership 2014: $VNO sells 45% equity to CPPIB @ $560mm 2016: recap w/ $300mm mtg 2021: recap w/ $550mm mtg @ $1B val"  
[X Link](https://x.com/thepupil11/status/1358116772742721538)  2021-02-06T18:14Z [----] followers, [--] engagements


"TCI/Chris Hohn scaling $BXP cutting $VNO"  
[X Link](https://x.com/thepupil11/status/1361702360989331461)  2021-02-16T15:41Z [----] followers, [--] engagements


"is that an urban recovery I see $EQR with the (seemingly unnecessary) February operating update. $EQR asset sale at $460K/Unit 4.1% Cap for San Diego MF where $EQR does on average $2400 / month. Entire $EQR $2700 / month $391K/unit / [--] cap on 3Q fundamentals. along w/ $AIV [--] property Cali JV at $592K/4.2% cap is evidence of strong private bid for California MF. https://t.co/lOZ42HKQ2t $EQR asset sale at $460K/Unit 4.1% Cap for San Diego MF where $EQR does on average $2400 / month. Entire $EQR $2700 / month $391K/unit / [--] cap on 3Q fundamentals. along w/ $AIV [--] property Cali JV at $592K/4.2%"  
[X Link](https://x.com/thepupil11/status/1367839896040214533)  2021-03-05T14:10Z [----] followers, [--] engagements


"@value_invest12 I have them buying out $JS at 83% of mtm NAV and 50% of "uber bulled up" (where we mark $HKL / $MAND / $JCNC at NAV)"  
[X Link](https://x.com/thepupil11/status/1368927115345678336)  2021-03-08T14:10Z [----] followers, [--] engagements


"Bull case for $BERY: Even the Tisches can make money in plastics. $L is selling a 47% stake in Altium Packaging to GIC. Loews paid $1.2 billion for business using $620mm equity (bought from Bain) did some add-ons w/ company generated cash incremental debt got $200mm from"  
[X Link](https://x.com/thepupil11/status/1370427872930754565)  2021-03-12T17:34Z [----] followers, [--] engagements


"hey $TPL now that you're a C-Corp and up 135% YTD wanna issue some stock to buy my $BSM & $DMLP"  
[X Link](https://x.com/thepupil11/status/1372281934106173441)  2021-03-17T20:21Z [----] followers, [--] engagements


"me: "I'll hold 2% in silver and 4% in gold over the next decade as a hyperinflation hedge/diversifier" me (3 months later): hey look another real estate stock I've built conviction in"  
[X Link](https://x.com/thepupil11/status/1372288657873276929)  2021-03-17T20:48Z [----] followers, [--] engagements


"@leejiaahuaa I largely agree and I think it's important to have realistic expectations wrt $HKL's go forward CAGR/multiple. I like what @LT3000Lyall had to say about it here: https://lt3000.blogspot.com/2020/07/market-inefficiency-liquidity-flywheels.html https://lt3000.blogspot.com/2020/07/market-inefficiency-liquidity-flywheels.html"  
[X Link](https://x.com/thepupil11/status/1377617058758680577)  2021-04-01T13:41Z [----] followers, [--] engagements


"I strongly dislike $IEP as an investment prospect as I believe the dividend "yield" will prove meretricious given that $IEP trades for 180-390% of NAV and the investment thesis below is dependent on the Carl Icahn taking his distribution in kind for it to be sustainable"  
[X Link](https://x.com/thepupil11/status/1379080103309770756)  2021-04-05T14:34Z [----] followers, [--] engagements


"@The_Corp_Raider @feliperojas1984 I stand corrected he doesn't show up on BBG holders and I always thought he sells almost every share he gets granted but 4/2020 proxy says he's got 1mm shares"  
[X Link](https://x.com/thepupil11/status/1387096490267471872)  2021-04-27T17:29Z [----] followers, [--] engagements


"As many fellow value schmucks may be aware $LEN has A&B shares. The B shares trade $5mm/day the A's trade $221mm/day. The B's "have always" traded at a discount due to low liquidity despite being supervoting. Miller controls enough B to make the voting rights of min. value"  
[X Link](https://x.com/thepupil11/status/1388983970558201860)  2021-05-02T22:29Z [----] followers, [--] engagements


"What's interesting is that Lennar is planning tax free spin-off of it's non-home building/fin. businesses. $LEN says she'll be worth $3-$5B. At $2-4B that's a spin-off of $6.4 -$12.8 per $LEN / $LENB. The the value of the spin the the implied post-spin share class spread"  
[X Link](https://x.com/thepupil11/status/1388983974530142208)  2021-05-02T22:29Z [----] followers, [--] engagements


"$ALX gen $56mm in cash in the 1Q but $14mm of that is from a change in "other assets" an operating asset that was built up/consumed cash last year. Does anyone understand these some sort of security deposit/reserve TI allowance have written to $VNO's IR w/ no luck"  
[X Link](https://x.com/thepupil11/status/1389208445014790147)  2021-05-03T13:21Z [----] followers, [--] engagements


"think the re-rating to last [--] yrs avg P/B is just the start and that the mkt continues to sleep on $BRKHEC and $BNSF and the overall quality / low risk. if I'm wrong think you make 8-11% over [--] years. If right add [---] bps to that"  
[X Link](https://x.com/thepupil11/status/1389302484745605122)  2021-05-03T19:34Z [----] followers, [--] engagements


"Cap Rate/Income Statement Metrics do not capture the glorious (I hesitatingly say monopolistic) hold on the future of NoVa that $JBGS has. All your land are belong to us"  
[X Link](https://x.com/thepupil11/status/1389678992911781888)  2021-05-04T20:31Z [----] followers, [--] engagements


"$454mm proceeds swapped the floater to 2.26% but only for [--] yrs L+193-243"  
[X Link](https://x.com/thepupil11/status/1391866679789899776)  2021-05-10T21:24Z [----] followers, [--] engagements


"touch more int. exp. at share ($19mm vs $22mm) as the prior $543mm loan @ 5.1% and they get $450mm which brings $VNO liquidity to $4.5B and cash of $2B TheMart only [----] maturity left and could pull some cash out of there as it only has $675mm/debt and $100mm PC NOI ($72mm rr)"  
[X Link](https://x.com/thepupil11/status/1391869887450992643)  2021-05-10T21:36Z [----] followers, [--] engagements


"I am too diversified and am engaging in conscious style drift (yes it's not quarter end but had some time today) Since all the cool kids are doing it (some stuff redacted not because I'm important but because less liquid and I've collaborated with others on them or high share price and % can back into portfolio $) https://t.co/hb1ItEkvZM Since all the cool kids are doing it (some stuff redacted not because I'm important but because less liquid and I've collaborated with others on them or high share price and % can back into portfolio $) https://t.co/hb1ItEkvZM"  
[X Link](https://x.com/thepupil11/status/1406695716836155392)  2021-06-20T19:29Z [----] followers, [--] engagements


"$CDR closing in on a 4-5 bagger over past year. Trophy assets 😂 @stocksonnets"  
[X Link](https://x.com/thepupil11/status/1423726013029261319)  2021-08-06T19:21Z [----] followers, [--] engagements


"@DonutShorts @hibearnating @Jonathan_Keith2 we don't have details but if ever there was a time for people to overpay for safe long duration cash flows. I would not at all be surprised at a very low initial yield and moderate fixed escalators. https://x.com/thepupil11/status/1407113079893245961s=20 Wait.what This is a.checks notes.0.8% cap rate and $VNO rent is locked to [----]. https://x.com/thepupil11/status/1407113079893245961s=20 Wait.what This is a.checks notes.0.8% cap rate and $VNO rent is locked to 2063"  
[X Link](https://x.com/thepupil11/status/1428327887518711812)  2021-08-19T12:08Z [----] followers, [--] engagements


"@DonutShorts @hibearnating @Jonathan_Keith2 we can also look to $SAFE's presentation starting yield of 3.25% with CAPPED 3-3.5% escalators. This isn't the ground lease of yesteryear. This is extremely cheap long duration financing that gets the equity long inflation/volatility over thelong term. https://ir.safeholdinc.com/static-files/9311362b-cada-45b3-a488-b0dbf61fcb49 https://ir.safeholdinc.com/static-files/9311362b-cada-45b3-a488-b0dbf61fcb49"  
[X Link](https://x.com/thepupil11/status/1428329875753127936)  2021-08-19T12:15Z [----] followers, [--] engagements


"$HST renting office from $JBGS $FRT killing it as always"  
[X Link](https://x.com/thepupil11/status/1432138057168326658)  2021-08-30T00:28Z [----] followers, [--] engagements


"@SimplicityCapi1 @silverlining63 @HedgeyeREITs good enough for $MAA's EV / Unit to go up by 50% this year. $APTS stock up a lot but should be a lot more on like for like given the leverage"  
[X Link](https://x.com/thepupil11/status/1453797817781207048)  2021-10-28T18:56Z [----] followers, [--] engagements


"@bkaellner @prathravi Can see Berkshire just below the $AVOA 🐊 🛢 🦆"  
[X Link](https://x.com/thepupil11/status/1458109263633690637)  2021-11-09T16:28Z [----] followers, [--] engagements


"No one can resist the loggia renderings $VNO @WallStCynic pointless/not knowable to debate what for example $VNO will get when they pour a bunch a dough into Penn2 but this guy on the corner loggia wagers significantly market (this building is 2mm sf and only 0.6mm in service) no debt atop North America's busiest trans hub https://t.co/FuBpRFY9ED @WallStCynic pointless/not knowable to debate what for example $VNO will get when they pour a bunch a dough into Penn2 but this guy on the corner loggia wagers significantly market (this building is 2mm sf and only 0.6mm in service) no debt atop"  
[X Link](https://x.com/thepupil11/status/1460282148020228100)  2021-11-15T16:22Z [----] followers, [--] engagements


"I want more. I have no money betting on it but I will admit that emotionally I want $ARKK (and $TSLA) and go down 50-80% from here"  
[X Link](https://x.com/thepupil11/status/1466876687036125184)  2021-12-03T21:07Z [----] followers, [--] engagements


"@Alex__Pitti 9/30: $128B $20B DTL = $108B Equity Today: $154B $25B DTL = $129B Equity (assumes no sales) $AAPL - 30%: $108B $15.5B DTL = $92B Equity. If $AAPL -30% from today's lofty heights Berkshire lose $16B of 9/30 book or 3.3% of BV and a lower % of intrinsic value/NAV"  
[X Link](https://x.com/thepupil11/status/1468247006686715926)  2021-12-07T15:52Z [----] followers, [--] engagements


"Heard you bought some F-35syou know I bought $LMT in [----] for 9x earnings. Market misunderstood the FAS /CAS accounting and than most of the pension was part of cost plus contracts with Uncle Sam was worried the f-35 was a failureyea stocks were really cheap then huh You see her sitting alone in a club at [--] am. How do you open https://t.co/JWsvMNtfC4 You see her sitting alone in a club at [--] am. How do you open https://t.co/JWsvMNtfC4"  
[X Link](https://x.com/thepupil11/status/1469514661615833090)  2021-12-11T03:49Z [----] followers, [--] engagements


"$APTS: 12k units $1500/m unit [--] yr wgt avg age sunbelt $BRG 11K units $1400 unit [--] yr wgt average age $BX paid $3.4B ($3.6B less $200mm loan book) for the 2nd one ($310K/3.5 cap). first one is superior in both quality/age/etc. getting closer to $30 NAV on $APTS"  
[X Link](https://x.com/thepupil11/status/1473097101315915778)  2021-12-21T01:04Z [----] followers, [--] engagements


"@vanckzhu Yes its become more consensus but generally think flight to quality thesis is correct where top buildings in terms of shiny-ness / location are pre covid $ and a large % of lower end to mediocre middle is impaired is correct"  
[X Link](https://x.com/thepupil11/status/1477658633777426435)  2022-01-02T15:10Z [----] followers, [--] engagements


"@vanckzhu Curious what % of last trade price youve gotten back on the $NYRT thing I recall it having okay cash on cash"  
[X Link](https://x.com/thepupil11/status/1477659018130862081)  2022-01-02T15:12Z [----] followers, [--] engagements


"@i_know_n0thing @lhamtil yep that's the bet i've made over past year (and $DMLP which is more oily than $BSM).but long term its really hard tro argue w/ $TPL's huge swath of fee simple surface acreage leading to different (related tho) easement and water royalties. I'd love for $TPL to take out both"  
[X Link](https://x.com/thepupil11/status/1482021121981624333)  2022-01-14T16:05Z [----] followers, [--] engagements


"@rhunterh @StockTalk416 $CWGL"  
[X Link](https://x.com/thepupil11/status/1485015825996255234)  2022-01-22T22:25Z [----] followers, [--] engagements


"@JourneyToIthaka Holdco discounts exists for a variety of reasons: complexity tax illiquidity capital allocation voting rights etc. In $PRX s case I think is good jurisdiction its liquid cap allocation is sound no votes though (under $NPN control) tax is good: defer if reinvest"  
[X Link](https://x.com/thepupil11/status/1485580768248270848)  2022-01-24T11:50Z [----] followers, [--] engagements


"@DarkfireCapital @jclarkson203 @Nd172557208 @alluvialcapital Pocket change how about some Pendrell"  
[X Link](https://x.com/thepupil11/status/1487886824206970880)  2022-01-30T20:33Z [----] followers, [--] engagements


"$JBGS JV'ing older poorly occupied office for $360 / [--] cap.good move"  
[X Link](https://x.com/thepupil11/status/1493343207085817861)  2022-02-14T21:55Z [----] followers, [--] engagements


"$BAM offering 77% of NAV for Benelux office REIT Beffimo 50% premium. this was a tough one to gauge. no real ability for me to figure out motivations of Belgian mgt team there was turnover low leverage high quality portfolio but low return assets. [--] in [--] day $PGRE / $BEFB sold this at breakeven as funding source for better stuff but now approaching an interesting valuation. being a Benelux office magnate not exactly a get rich quick scheme but at a price I will own some. https://t.co/AbRixCaeHj sold this at breakeven as funding source for better stuff but now approaching an interesting"  
[X Link](https://x.com/thepupil11/status/1497221050232414209)  2022-02-25T14:44Z [----] followers, [--] engagements


"@Martianofsafety @CloneShameless you are welcome to place your bets accordingly and have done so. I do not think Eddie leaving the board is a good fact pattern if you think that $SRG is to be sold to a third party at some big premium. pattern looks more like $SHLD or $SHOS than any of the RE take pvts oflate"  
[X Link](https://x.com/thepupil11/status/1498703020871323651)  2022-03-01T16:53Z [----] followers, [--] engagements


"$DMPL issuing another 1.5% to provide liquidity diversification and tax efficiency to small mineral owners. $DMLP is a unique debt free royalty vehicle that should continue to (prudently) roll up the industry and (hopefully) continue to decrease its cost of capital. $DMLP providing liquidity diversification and tax efficiency to small time owners of mineral rights. https://t.co/deSQz1Hrnp $DMLP providing liquidity diversification and tax efficiency to small time owners of mineral rights. https://t.co/deSQz1Hrnp"  
[X Link](https://x.com/thepupil11/status/1500919101367234560)  2022-03-07T19:39Z [----] followers, [--] engagements


"@viggy_krishnan @LeoGreenwald @SleepwellCap @AmitChokshi9 Agreed. $AAPL redeemed mistakes of $PCP $KHC general hands sitting (discipline). Berkshire struggled to follow $BNSF / GFC bailout master strokes and $AAPL + repos has been important to last [--] years / getting the groove back (as someone who owned whole time)"  
[X Link](https://x.com/thepupil11/status/1502384098031157250)  2022-03-11T20:40Z [----] followers, [--] engagements


"@PandaValue @greenwoodpac @LeoGreenwald @TheTipasa yes people will undoubtedly disagree but I think a flotation of 10-15% of $BNSF and $BRKHEC would be good for Berkshire (can't do more than 20% for tax consolidation reasons) and agree that Abel should convert his stake in $BRKHEC to the mothership via stock for stock txn"  
[X Link](https://x.com/thepupil11/status/1504459514153689088)  2022-03-17T14:07Z [----] followers, [--] engagements


"@DieHardCapital @caiguy @LeoGreenwald I used to own this via $LVB"  
[X Link](https://x.com/thepupil11/status/1508559072857100294)  2022-03-28T21:38Z [----] followers, [--] engagements


"@DieHardCapital @caiguy @LeoGreenwald $LVB = Steinway Piano was cheap and asset rich AF post GFC favorite vanity ticker (Beethoven)"  
[X Link](https://x.com/thepupil11/status/1508562446159654915)  2022-03-28T21:51Z [----] followers, [--] engagements


"@Mr_Neutral_Man @QuisitiveInvest Dont disagree with a word you said. Thats why Im the past Ive actually owned $HHC as an investment whereas $JOE was pure speculative"  
[X Link](https://x.com/thepupil11/status/1512791269575122950)  2022-04-09T13:55Z [----] followers, [--] engagements


"$ARCC 3.2% of [----] @ [---] vs [---] @ 10/21 issuance $80 / 5.9% YTM first loss after the $9B of equity on $20B of diversified sponsor finance. BIC/biggest BDC @ 1.2x Book / 7% Divvy yield.will have inevitable hiccups in recession but won't default (unless depression).nibble"  
[X Link](https://x.com/thepupil11/status/1517538977103949824)  2022-04-22T16:21Z [----] followers, [--] engagements


"@JerryCap Agree. At the risk of sounding like my normal panglossian self crypto could go to zero life would be same"  
[X Link](https://x.com/thepupil11/status/1524860357721964555)  2022-05-12T21:13Z [----] followers, [--] engagements


"Some Saturday morning reading for you on the bid for fixed income. While acknowledging there are plenty of scenarios rates go higher this is one of the reasons i like money good IG bonds for 4-5% (in reasonable size). Offset the mortgage and know the institutional bid is there. heres a GoodTweet. you can safely ignore any call that has OTR 10-20y treasuries rising above 4% in yield. Really I am dead serious. the market structure of Fixed Income is not going to let that happen in the near term even if stocks go up 10% over [--] weeks snd May CPI is hot heres a GoodTweet. you can safely ignore any"  
[X Link](https://x.com/thepupil11/status/1525431309044162560)  2022-05-14T11:02Z [----] followers, [--] engagements


"@Clownbuck Actually 1980s too but too lazy to look up cash flows"  
[X Link](https://x.com/thepupil11/status/1538935814369034243)  2022-06-20T17:24Z [----] followers, [--] engagements


"@AdamB1438 @maga20270096912 Significant development. Im not saying I believe in that rangem (particularly the upper end) but think its a material change to story"  
[X Link](https://x.com/thepupil11/status/1545295250532491265)  2022-07-08T06:34Z [----] followers, [--] engagements


"@AdamB1438 @maga20270096912 Ive seen Wall Street provided liquidation estimates disappoint $NYRT comes to mind but its not typical for them to be completely divorced from reality (happy to hear counter examples)"  
[X Link](https://x.com/thepupil11/status/1545296051032264705)  2022-07-08T06:37Z [----] followers, [--] engagements


"my thoughts on $ILPT from May DM's. $RMR gonna $RMR"  
[X Link](https://x.com/thepupil11/status/1547613254397992964)  2022-07-14T16:05Z [----] followers, [--] engagements


"anyone aware of VIABLE European real estate ETF even the ishares version in germany is $70mm market cap. I found one (D5BK GY) that may work and is 620mm market cap w/ 0.33% expense ratio.unsure if European ETFs are PFICs for US tax payers and would prefer US listed"  
[X Link](https://x.com/thepupil11/status/1565319165384220672)  2022-09-01T12:42Z [----] followers, [--] engagements


"Vanguard has VNQI which is ex US but it's 50% "Pacific" (Japan/HK/etc) which isn't what I'm looking for"  
[X Link](https://x.com/thepupil11/status/1565319561888509953)  2022-09-01T12:44Z [----] followers, [--] engagements


"day early 13F for y'all. unaudited probably fake* performance is -4% YTD *you must decide if pupil got lucky trading $SRG options or is just lying for twitter clout"  
[X Link](https://x.com/thepupil11/status/1575571025156509697)  2022-09-29T19:39Z [----] followers, [--] engagements


"@MRossG199 i mean this was the hard part about sizing $APTS and $BRG. you knew they'd probs get taken out but also knew that as going concerns they weren't great and would get clobbered to all hell in a downturn and be far less resilient than the big boys"  
[X Link](https://x.com/thepupil11/status/1580214036389822464)  2022-10-12T15:09Z [----] followers, [--] engagements


"W/ a little scratc one could still get a 5-5.5% [--] yr IO from Chuck (and Im assuming other banks like $FRC would beat just using as publicly available info and one thats not so geographically narrow). - a little from headline rate for tax benny on first $750k. not terrible"  
[X Link](https://x.com/thepupil11/status/1584181700422090752)  2022-10-23T13:55Z [----] followers, [--] engagements


"$JOE is putting up very good #'s re hospitality developments despite every month this summer showing air traffic down 12-14%. Not entirely sure what to make of that. probably that $JOE-land drive-in destination very much intact but that [----] was peak fly-in(for now at least)"  
[X Link](https://x.com/thepupil11/status/1585619770833084417)  2022-10-27T13:09Z [----] followers, [--] engagements


"Me: Im going to methodically build a basket of long duration corporate bonds over the next 3-5 years Also me: holy shit this stock is cheap but risky AF sell all the bonds this morning no room for good risk/reward 10% IRRs multibag or bust (Work too preliminary to share)"  
[X Link](https://x.com/anyuser/status/1593594383714209792)  2022-11-18T13:18Z [----] followers, [--] engagements


"To all those for whom I'm a contra I welcome you to short $JOE. Have a great weekend"  
[X Link](https://x.com/thepupil11/status/1601315050597543937)  2022-12-09T20:37Z [----] followers, [--] engagements


"Big $VNO txn @ [---] Park between $VNO Rudin and Ken Griffin. Very positive and de-risking for $VNO particularly the put option. Good office dirt still has value to some. @fintwit_wannabe @ShlomoChopp @groundupgrind @PinkPoloShorts @GoodGuyGuaranty @rhunterh Roth describes this as THE best development site in Manhattan (unsure I agree but w/e). No way they let this one go in my opinion. Seems like a bad bluff. 🤷♂ @fintwit_wannabe @ShlomoChopp @groundupgrind @PinkPoloShorts @GoodGuyGuaranty @rhunterh Roth describes this as THE best development site in Manhattan (unsure I agree but w/e). No way"  
[X Link](https://x.com/thepupil11/status/1601327307796656129)  2022-12-09T21:25Z [----] followers, [--] engagements


"$IBKR just killing it with the alpha generating tips here"  
[X Link](https://x.com/thepupil11/status/1604964869186674688)  2022-12-19T22:20Z [----] followers, [----] engagements


"@Citrini7 I intend to basically buy them all on the way down. Theyre all kind of the same to me. Just pick your geography. I view it more as beta than alpha to be had b/w them. I own $ESS right now simply because people are (rightly) afraid of tech layoffs/bad NT fundies"  
[X Link](https://x.com/thepupil11/status/1611120561073311744)  2023-01-05T22:00Z [----] followers, [---] engagements


"@Citrini7 The problem with owning $ESS though is when you go to buy $EQR and $AVB you get too much Cali but I think one should just buy all 5-7 depending on where you draw the blue chip line ($AIRC)and average down patiently unless one has very strong view re sunbelt/vs high barrier etc"  
[X Link](https://x.com/thepupil11/status/1611121087756095490)  2023-01-05T22:02Z [----] followers, [---] engagements


"☂ policy preem went up 28% $BRKB 🚀 🦎 🚀"  
[X Link](https://x.com/thepupil11/status/1612250144787030018)  2023-01-09T00:49Z [----] followers, 13.4K engagements


"@bushw00d @EllliotttB I dont know man; doesnt seem that crazy to me or some hugely market changing thing. Norges and a Dutch Pension fund each own $13B of US REITs (2018 article probably more now ) could UC buy 1/3 of that without causing a splash"  
[X Link](https://x.com/thepupil11/status/1612633971460038657)  2023-01-10T02:14Z [----] followers, [---] engagements


"The ponzi that Im long ($UDFI) is apparently paying me 10% of cost annualized on a suspended security (in addition to a number of divvies) $IBKR keeping 1/2 which means shorts have paying 20% on a security they cant exit. Rough. In addition have gotten 40% of cost in divvies"  
[X Link](https://x.com/thepupil11/status/1619074021055950850)  2023-01-27T20:45Z [----] followers, [----] engagements


"$VNO defaulting on big 5th Ave loan. only $190mm at share to pay off but can see why they don't want to. $2000/ft in place leases are a teensy bit above market. speculate $VNO keeps the space by doing a DPO that takes advantage of its own liquidity vs that of its JV partner"  
[X Link](https://x.com/anyuser/status/1625253809973784613)  2023-02-13T22:01Z [----] followers, 31K engagements


"Why is 3-5% of underperformance to $UNP / $CSX the right amount.anyone wanna convince me to not put on a huuuuuuuge (call protected) short here"  
[X Link](https://x.com/thepupil11/status/1626593517844987904)  2023-02-17T14:44Z [----] followers, 10.3K engagements


"@oscarazocar50 @MRossG199 $JBGS has the same g&A as $EQR despiste $EQR being $30B EV and $JBGS being $4.4B"  
[X Link](https://x.com/thepupil11/status/1636723379179847680)  2023-03-17T13:37Z [----] followers, [----] engagements


"Anyone have strong views on $ROIC 7ish cap rate [--] year (ex covid ss) low 11.5x FFO west coast grocery anchored retail low leverage. gross book for $3B+ portfolio assembled over last decade and change with seemingly consistent and sensible criteria. Not exciting but"  
[X Link](https://x.com/thepupil11/status/1638677094849708033)  2023-03-22T23:00Z [----] followers, [----] engagements


"am i doing something wrong or is CPT at a 6.8% cap rate ($1000mm 2023E NOI / $14700mm EV) = 6.8%"  
[X Link](https://x.com/thepupil11/status/1640790259049832487)  2023-03-28T18:57Z [----] followers, 48.5K engagements


"a little hopium for the office bulls (to the extent those exist). current $ESRT tenant $PANW (small enough to not make their top [--] tenant list $4mm of rent) upgrading in style to full floor at $SLG's One Madison. At least one tech co didn't get the cost cutting memo"  
[X Link](https://x.com/thepupil11/status/1641510026480082947)  2023-03-30T18:37Z [----] followers, [----] engagements


"@CapitalValor @GhostyBubble @BinaryxProtocol $200; it previously collateralized margin borrowing of which I have none at this time"  
[X Link](https://x.com/thepupil11/status/1641959034789011457)  2023-04-01T00:21Z [----] followers, [---] engagements


"to be clear they need like $1.5 billion less debt to be levered like $MAA / $CPT or whatever but that's not the goal. I'm just referring to getting to leverage where you're keeping every building"  
[X Link](https://x.com/thepupil11/status/1643976123351724034)  2023-04-06T13:57Z [----] followers, [----] engagements


"@Mr_Neutral_Man @rhunterh An $HHC owner should understand the appeal of Jax / Nocatee / etc. if I moved there Id cut my housing cost by 50-60% state taxes by 100% and winter SADS by 100%. It and what it represents has its appeal"  
[X Link](https://x.com/thepupil11/status/1646700135638876161)  2023-04-14T02:21Z [----] followers, [---] engagements


"@StockTalk416 @willis_cap Much Much Much lower. In the thick of it I as the world's worst pair trader suggested better alternatives to $BPY which had less leverage and lots of upside. $BPY got taken out (the alternatives did well but $BPY w/ greater leverage did better). Since the $BPY close"  
[X Link](https://x.com/thepupil11/status/1648708855528927237)  2023-04-19T15:23Z [----] followers, [---] engagements


"owner/user (doctors/dentists/et al) levering to the tits for the tax bennies and knowing they'll use the building plays a role here"  
[X Link](https://x.com/thepupil11/status/1649106814212898817)  2023-04-20T17:44Z [----] followers, [----] engagements


"this is a good example. I think I'm buying $JBGS office for $100-$200/foot. I'm sitting here debating whether or not that's good.while the likes of $AMZN $LMT the US government and $HST pay me $42 on 80% of that. Whatever chump pays 70% or more of ask for this thing tho"  
[X Link](https://x.com/thepupil11/status/1649110877625253900)  2023-04-20T18:00Z [----] followers, [----] engagements


"assets were $240mm gross and today their $585mm. Development assets were $163mm and today are $506mm. I think a more compelling argument would me that these investments have a poor return. I don't think there's evidence of that (yet). And we won't know as many of these will be"  
[X Link](https://x.com/thepupil11/status/1650907970081898496)  2023-04-25T17:01Z [----] followers, [----] engagements


"$MAA at 3.5x ND / EBITDA as of 1Q.starting to get comical"  
[X Link](https://x.com/thepupil11/status/1651329018992418821)  2023-04-26T20:54Z [----] followers, [----] engagements


"@Mr_Neutral_Man Like $MAAs -0.2% rent growth for the Q Why would I focus on 100k sample size when I could focus on a single house my friend owns"  
[X Link](https://x.com/thepupil11/status/1651410903022161920)  2023-04-27T02:20Z [----] followers, [---] engagements


"Valuation may be stretched but not as stretched as my pants get when I see all these sexy projects going up on my giant swath of low tax high fun land. Its $JOE time https://youtu.be/qAzCFstuLuk https://youtu.be/qAzCFstuLuk"  
[X Link](https://x.com/thepupil11/status/1651722940071673858)  2023-04-27T23:00Z [----] followers, 13.2K engagements


"@NICKRADICAL4 @RecoveryTrade @lundeen_ne @alsynergy2020 @Ultradeep3 @Artllrp @DjAlexGregory I for one think $VNO should postpone pref to year end of every year and make a decision w/ taxable income in mind to pay / what to pay. The pref is roughly 1/3 ($60mm / $180mm) of $VNO's corporate obligations' interest it's the highest cost w/ the furthest out maturity and no"  
[X Link](https://x.com/thepupil11/status/1652391652395298818)  2023-04-29T19:17Z [----] followers, [----] engagements


"$ALX Bloomberg office loan will need to be refi'd or paid down unless they want to pay 8%. There's $400mm+ of remaining bloomberg guaranteed NOI there. To extent they need to think $ALX should do [---] year amortizing loan so can use its own $500mm of cash to help $VNO's mat wall"  
[X Link](https://x.com/thepupil11/status/1653012862174887936)  2023-05-01T12:25Z [----] followers, [----] engagements


"$VNO At share NYC office leasing 2022: 753K sf Q12023: 771K sf w/ low TI/LC relative to history Q12022 reason is the big lease w/ Citadel at [---] Park I think (already known) so it's not quite as exciting or incrementally positive as first appears"  
[X Link](https://x.com/thepupil11/status/1653182302476812290)  2023-05-01T23:39Z [----] followers, [----] engagements


"$MMP unit holder initial reaction"  
[X Link](https://x.com/thepupil11/status/1657899888762400769)  2023-05-15T00:05Z [----] followers, 10.9K engagements


"Ive either misjudged the management team the companys value or the scrip of the acquiror"  
[X Link](https://x.com/thepupil11/status/1657901688655577093)  2023-05-15T00:12Z [----] followers, [----] engagements


"@rhunterh that I (and by that I mean my parents for whom I owned this) would just clip distros until the bitter end and thenbasis step up OR that theyd sell for cash to an infrastructure fund at a price they couldnt refuse orjust something thats not this"  
[X Link](https://x.com/thepupil11/status/1657928753081724928)  2023-05-15T01:59Z [----] followers, [----] engagements


"@rhunterh But some folks think $MMP is a melting ice cube so maybe its a blessing and management (who have been good stewards) know bestsometimes a low premium (this is by no means a 22% premium) / locking in outperformance will only be proven right with time"  
[X Link](https://x.com/thepupil11/status/1657930502068744195)  2023-05-15T02:06Z [----] followers, [---] engagements


"I can't buy this but 30% LTV paper against a basket of $GOOG $LOW $CMG $HHC etc seems like a quite simple qay to make a respectable 7% / yr for [--] years.not bad"  
[X Link](https://x.com/thepupil11/status/1658507926187671565)  2023-05-16T16:21Z [----] followers, 24.1K engagements


"$JOE is taking this hype video game to new levels"  
[X Link](https://x.com/thepupil11/status/1658977365328887808)  2023-05-17T23:26Z [----] followers, [--] engagements


"seeing the likes of $REG take over sleepy/boring small cap REITs gives me mixed emotions. I like the idea of a bunch of little property co's on the public market but "he who has the lowest cost of capital wins". ⚡REIT M&A continues. $REG which we currently own is acquiring $UBA. It shows once more that REITs are underpriced. The larger REITs are acquiring the smaller REITs. When will $WSR be acquired That's our Top Pick for this segment of the REIT market. ⚡REIT M&A continues. $REG which we currently own is acquiring $UBA. It shows once more that REITs are underpriced. The larger REITs are"  
[X Link](https://x.com/thepupil11/status/1659188309438918657)  2023-05-18T13:24Z [----] followers, [----] engagements


"here's the B shares which go back further just pluggin away at HSD for a long time. tax free exit to $REG. company been around since the late 60's (though appears to have taken current form in 90's)"  
[X Link](https://x.com/thepupil11/status/1659189300150296576)  2023-05-18T13:28Z [----] followers, [---] engagements


"@lurker8679 referring to s/d and pricing of office. It's the most well educated one of most highest income areas in country and is indeed growing. daytime workking poopulation set to double via $AMZN over next [--] years ish (at least for part of the week)"  
[X Link](https://x.com/thepupil11/status/1659560803731755018)  2023-05-19T14:05Z [----] followers, [--] engagements


"@RecoveryTrade $JBGS sold the land to & built the buildings for $AMZN. $AMZN leases 1mm sf from $JBGS . I'd expect them to move out of about 730K of that (I'd expect them to continue to occupy [----] Crystal as $JBGS redev'd it for them). $JBGS owns much of the retail/resi/office in the hood"  
[X Link](https://x.com/thepupil11/status/1660850958354530304)  2023-05-23T03:31Z [----] followers, [--] engagements


"@maluna_cap assume we're talking $CVX. $CVX is returning capital. Buybacks are a more tax efficient form of capital return; therefore $CVX will have a buyback. $CVX wishes to invest to replenish reserves/whatever. They may uses stock for acquisitions. I see nothing wrong with this"  
[X Link](https://x.com/thepupil11/status/1660990247818108928)  2023-05-23T12:45Z [----] followers, [--] engagements


"@maluna_cap which is [--] trading days volume at 10% of volume. $CVX can make the decision to make that a cash acquisition in [--] months. Let's call it [--] months for shits and gigs. The downside scenario where they pay a lotmore is.if the stock goes up a lot"  
[X Link](https://x.com/thepupil11/status/1660994028286926849)  2023-05-23T13:00Z [----] followers, [---] engagements


"it's tempting to get long $IEP (just betting on him using other resources to satisfy pledge and not having to sell) but the NAV is just so low quality. tiptoeing in the bonds and unsure if they're that well covered. I see the long stocks in the fund down about 8% QTD"  
[X Link](https://x.com/thepupil11/status/1661747013799784459)  2023-05-25T14:52Z [----] followers, 27.8K engagements


"You dont control when one may be sold and hit you with a ST/LTCG but other than truly permahold private RE this is also the case in private land"  
[X Link](https://x.com/thepupil11/status/1662074970950778880)  2023-05-26T12:35Z [----] followers, [----] engagements


"Id add that with zero t-costs and many companies that are similar in volatile and falling markets one can also conduct tax loss harvesting swaps and maintain similar ownership of look through RE you buy $100K each of $MAA and $CPT each fall 30% trade one for the other etc"  
[X Link](https://x.com/thepupil11/status/1662076414688894980)  2023-05-26T12:41Z [----] followers, [----] engagements


"@MRossG199 @DallasAptGP it's just taking one of the safest balance sheets (4x ND+Perp prefs / EBITDA 20% LTV) and levering it up a a teensy bit / changing the geographical mix of overall portfolio slightly. 4% of EV deal. won't change much of anything either way"  
[X Link](https://x.com/thepupil11/status/1683661059863748608)  2023-07-25T05:49Z [----] followers, [----] engagements


"Maybe trimmed $JOE too aggressively but Ill take that mistake and these results all day long.$VRE simplified too and now only at 13x ND / EBITDA 😂"  
[X Link](https://x.com/thepupil11/status/1684566456598671360)  2023-07-27T14:08Z [----] followers, [----] engagements


"@anonymousbrocap I think Petey has less risk of running out of money (but probably experiences a bumpier ride). As others noted on the original depends on LT inflation view speed of rate increases stock / bond correlation etc"  
[X Link](https://x.com/thepupil11/status/1692277728353943793)  2023-08-17T20:50Z [----] followers, [---] engagements


"@rhunterh Can also lend to $KIM for 6.4%"  
[X Link](https://x.com/thepupil11/status/1692596312498119057)  2023-08-18T17:56Z [----] followers, [---] engagements


"@emondryc @rhunterh yep bought some $ESS's at 6.4% yesterday in fact. 30% LTV at 6.4%.not bad at all"  
[X Link](https://x.com/thepupil11/status/1692628316564644197)  2023-08-18T20:03Z [----] followers, [---] engagements


"You follow me for these high conviction high quality concentrated picks. $DMA"  
[X Link](https://x.com/thepupil11/status/1694709637118099787)  2023-08-24T13:53Z [----] followers, [----] engagements


"@InaTailHedged My p&i is just 5.4% of my mortgage amount after tax interest rate is 2.3-2.5%. Before taxes treasuries/safe bonds/etc almost covers the whole payment. If I didnt have to Id never get rid of this debt"  
[X Link](https://x.com/thepupil11/status/1695939538357530903)  2023-08-27T23:21Z [----] followers, [---] engagements


"@RealAssetsValue $2600 / month pretty much exactly $ESS's overall portfolio level for its SoCal portfolio"  
[X Link](https://x.com/thepupil11/status/1696266876597289419)  2023-08-28T21:01Z [----] followers, [---] engagements


"I'm at the Adult Day Care I'm at the Liquor Store Caberet I'm at the Smokehouse I'm at the Banquet Hall I'm at the Deli / Import Meats I'm at the combination Adult Day Care Liquor Store Cabaret Smokehouse Banquet Hall Import Meats"  
[X Link](https://x.com/anyuser/status/1696351625189695747)  2023-08-29T02:38Z [----] followers, 19.1K engagements


"@J264B I don't think a catalyst is very likely. You buy for the 7-8% constant multiple (almost) unlevered IRR / 5% divvy and pray"  
[X Link](https://x.com/thepupil11/status/1705199399826038785)  2023-09-22T12:36Z [----] followers, [---] engagements


"@EllliotttB NAREIT would like a word (I actually dont think this should be the case and would not expect REIT index to drastically OP going forward)"  
[X Link](https://x.com/thepupil11/status/1705362709544341754)  2023-09-22T23:25Z [----] followers, [---] engagements


"the amount of sensationalism on the timeline about bond returns which are -0.6% YTD for the agg is.odd"  
[X Link](https://x.com/thepupil11/status/1706392921354781080)  2023-09-25T19:39Z [----] followers, [----] engagements


"the vanguard balanced index fund which is 60/40 is 10% off its peak. the bond index is 15% off peak in total return terms. the vanguard TIPS fund is -11% from 12/2021 peak. people are acting like there's been massive destruction. $TLT / $ZROZ is just a distraction / noise"  
[X Link](https://x.com/thepupil11/status/1706395797728776438)  2023-09-25T19:50Z [----] followers, [---] engagements


"like who had 20% of NW in things with duration [--] in [----] (other than banks)"  
[X Link](https://x.com/thepupil11/status/1706396075022500012)  2023-09-25T19:51Z [----] followers, [---] engagements


"the fact that bonds are down 15% peak to trough after [--] yr went from 0.5% to 4.5% and short rates from 0% to 5% speaks to the low nominal risk profile of bonds. not their high risk.as to how the government finances itself with these nominal & real rates I'll leave that to"  
[X Link](https://x.com/thepupil11/status/1706397576579224032)  2023-09-25T19:57Z [----] followers, [---] engagements


"@willis_cap [--] yr practically cash equivalents $LTPZ or bust"  
[X Link](https://x.com/thepupil11/status/1706412692561678641)  2023-09-25T20:57Z [----] followers, [---] engagements


"reads about cheap Japanese meals on twitter.buys [--] JPY (25 million yen) futures with $3000 mgn req just to feel something"  
[X Link](https://x.com/thepupil11/status/1708824964348912050)  2023-10-02T12:43Z [----] followers, [----] engagements


"@ClipperSolomon @Greenbackd i think there's reasonable reasons for doing so but even then I again struggle to find a regular US small cap company a widget maker that's in the R2000 is not a bank/energy co and that trades for 12x. But we are to believe the entirety of the index's profitable co's is ther"  
[X Link](https://x.com/thepupil11/status/1708925465162113379)  2023-10-02T19:22Z [----] followers, [--] engagements


"@ClipperSolomon @Greenbackd of the top [---] [--] have a PE 12x [--] 12x rest undefined"  
[X Link](https://x.com/thepupil11/status/1708926873281937512)  2023-10-02T19:28Z [----] followers, [---] engagements


"@dodgingalpha Gotham shut down due to asset/liability mismatch. To my knowledge it did not blow up and generated very good returns. I have never found evidence of it blowing up. do you have it Target SPV fund blew up. Valeant blew up. HLF blew up. The fund drew down by 40% and recovered"  
[X Link](https://x.com/thepupil11/status/1708942912224948290)  2023-10-02T20:31Z [----] followers, [----] engagements


"@dodgingalpha I'd regard the early 90's to present track record of Bill Ackman as deserving of the "legendary" moniker. I would change my mind if I saw evidence that Gotham impaired capital during its shut down. I don't believe it did"  
[X Link](https://x.com/thepupil11/status/1708943161337188782)  2023-10-02T20:32Z [----] followers, [---] engagements


"@dodgingalpha I've tried to find exact numbers but never have been able to. there are [----] WSJ and NYT articles about the episode. Both corroborate VERY good returns leading up to the shut down (like 20's net CAGR) but then point to large positions in illiquid / questionable things at wind dow"  
[X Link](https://x.com/thepupil11/status/1708945875563688000)  2023-10-02T20:43Z [----] followers, [---] engagements


"@dodgingalpha There's an article from years later in which Billy says everyone made whole/got their $$$ back but I don't have much quantitative backing on that. don't really think the Target SPV matters. Levered single stock SPV. LP's sized accordingly. and if they didn't their fault"  
[X Link](https://x.com/thepupil11/status/1708946275289198596)  2023-10-02T20:45Z [----] followers, [---] engagements


"@LyinTed1337 @dodgingalpha it's in the flagship fund's good track record . you can argue that the flagship benefited from "non-repeatable" things like GGP CDX rate swaptions and that core stock picking isn't great but to dismiss track record because he made some mistakes like JCP.everyone has those"  
[X Link](https://x.com/thepupil11/status/1709232534809145849)  2023-10-03T15:42Z [----] followers, [--] engagements


"probably as good time as any to bring him back"  
[X Link](https://x.com/thepupil11/status/1709387911274053969)  2023-10-04T02:00Z [----] followers, 11.8K engagements


"Higher pre-tax return [--] years"  
[X Link](https://x.com/thepupil11/status/1710342121692012805)  2023-10-06T17:11Z [----] followers, [----] engagements


"@rsk_specialty I think if ones really good go with private. greater leverage and concentration would favor the spectacular operator/investor. Im not great and dont have the time/ability/risk tolerance for private so I like the liquidity low leverage diversity low cost of the pub mkt"  
[X Link](https://x.com/thepupil11/status/1711181196468654140)  2023-10-09T00:46Z [----] followers, [----] engagements


"@maluna_cap Well I think well only know with time if its a good acquisition; I dont k ow enough about industry to gauge that prospectively and world is u certain. But IMO its not a bad one because of how theyre paying for it. If youd rather them not buy back stock and pay cash"  
[X Link](https://x.com/thepupil11/status/1712075992137679101)  2023-10-11T12:01Z [----] followers, [---] engagements


"If you think were going to see hyperinflation you can buy 1y calls on $90mm of SPX at [----] for $1000. Im sure similar things exists in gold other stuff. People who say x is going to happen often dont have any position in the extreme tail options that benefit from x"  
[X Link](https://x.com/thepupil11/status/1712785118727684193)  2023-10-13T10:59Z [----] followers, [----] engagements


"Hyperinflation starter pack: 1) fixed rate levered house 2) in demand skill 3) guns/ammo 4) SPX calls 5) Gold calls 6) knowledge that its not actually going to happen because this is the US of A 2x WW champs global reserve currency oil and gas powerhouse tech hegemon"  
[X Link](https://x.com/thepupil11/status/1712785119650386006)  2023-10-13T10:59Z [----] followers, [----] engagements


"@bradford_hardin Its interesting to contrast $JPM London 🐳 n which they lost $6B / $200B of equity and the stock fell by 1/3 to trade at 1x real tangible equity and $BACs duration blunder in which theyve lost 1/2 of equity but stock down 40% to trade at 1.2x fake HTM tangible"  
[X Link](https://x.com/thepupil11/status/1712833422035496992)  2023-10-13T14:11Z [----] followers, [---] engagements


"@jay_21_ reminds me of this deal (not saying $VICI is an acctg fraud) in structure/terms stretching to do a big deal w/ a myeh issuer. maybe i don't understand Bowlero"  
[X Link](https://x.com/thepupil11/status/1715107832226365911)  2023-10-19T20:49Z [----] followers, [---] engagements


"@rhunterh @TripleNetInvest Agreed for high credit risk though I think high base rate + normal spread in IG to go from [--] to 6.5/7 is reasonable or effectively selling rate vol in mtgs / CLO AAA to make 150-200 more is reasonable but to take real actual credit risk for [---] ish"  
[X Link](https://x.com/thepupil11/status/1715329897575415928)  2023-10-20T11:31Z [----] followers, [---] engagements


"So if you're buying something at a preem. Assume it will trade to 0.7x within a decade of your purchase. Almost a given. OTOH good things happen to cheap stocks even ones that NAV "forever". One day stocks like $LAACZ $NWLI even dare I say $SPLP come to mind"  
[X Link](https://x.com/thepupil11/status/1716923238897594739)  2023-10-24T21:02Z [----] followers, [----] engagements


"examples of stocks which "would never re-rate" which did in violent fashion. To buy $PSH at NAV /preem because Ackman is undoubtedly sexy.is dumb. To assume a 40% discount will be around for the next [--] years may also be dumb. Longer time horizonNAV CAGR drive bus"  
[X Link](https://x.com/thepupil11/status/1716923240483057673)  2023-10-24T21:02Z [----] followers, [----] engagements


"but a de-rating or re-rating which occurs over [-------] years can still have material affects on your realized returns in these things. I try to buy at big discount where I think I'll make okay return at constant multiple. doesn't always work"  
[X Link](https://x.com/thepupil11/status/1716923241963639151)  2023-10-24T21:02Z [----] followers, [----] engagements


"You could add virtually every REIT here too sometimes above/accretive issuance other times below but few (maybe $0 / $NNN ) at perma-premiums. Eventually even the hottest fall. Also a mistake to assume discount forever though. But discount for longer than you (and I)think"  
[X Link](https://x.com/thepupil11/status/1716926385212789146)  2023-10-24T21:15Z [----] followers, [----] engagements


"@RamVasuthevan Some do. $PSH and $PRX good examples of significant buybacks. Discounts can persist even with capital return"  
[X Link](https://x.com/thepupil11/status/1716953596057747684)  2023-10-24T23:03Z [----] followers, [---] engagements


"@PythiaR I dont talk about religion on twitter"  
[X Link](https://x.com/thepupil11/status/1716995558538166413)  2023-10-25T01:50Z [----] followers, [---] engagements


"@PythiaR Same reason why $GBTC went unmentioned"  
[X Link](https://x.com/thepupil11/status/1716996138962682076)  2023-10-25T01:52Z [----] followers, [---] engagements


"$ILPT Q always good for a few laughs. I mean there are extension options but"  
[X Link](https://x.com/thepupil11/status/1717329376411320484)  2023-10-25T23:56Z [----] followers, [----] engagements


"@rhunterh equal weight would have lower exposure to NYC office and malls"  
[X Link](https://x.com/thepupil11/status/1717332068445671589)  2023-10-26T00:07Z [----] followers, [---] engagements


"@rhunterh [----] market cap: $SPG ($50B) $MAC ($10B) $GGP ($20B) $BXP ($16B) $VNO ($15B) $SLG ($8B). I bet that's a good bit of it"  
[X Link](https://x.com/thepupil11/status/1717333162584400184)  2023-10-26T00:11Z [----] followers, [---] engagements


"blood in the streets in PHX multifamily $MAA picking up assets for pennies on the dollar 🤣 from forced sellers: "Our pricing of approximately $317000 per unit is substantially below current replacement costs. And is expected to provide an initial stabilized NOI yield of 5.5%""  
[X Link](https://x.com/anyuser/status/1717580630379139584)  2023-10-26T16:35Z [----] followers, 28.7K engagements


"@cadogan72 $MAA finances in unsecd mkt @ currently at 6.5% (but existing debt much cheaper); plug in whatever your LT rent growth is get to HSD perpetual unlevered IRR conservatively financed refresh asset base with a new building. Id say reasonable. Im fine with it"  
[X Link](https://x.com/thepupil11/status/1717583434787303531)  2023-10-26T16:46Z [----] followers, [---] engagements


"@willis_cap rather them buy 3% units too many and GASP lose 20% on those mtm then be deluding themselves that they aren't the largest owner of the most liquid and finance-able real estate sector in the US of fucking A and can steal some nice buildings because there's capital scarcity"  
[X Link](https://x.com/thepupil11/status/1717591645812650128)  2023-10-26T17:18Z [----] followers, [---] engagements


"@willis_cap (technically I think $BX surpassed them in units but you get my point)"  
[X Link](https://x.com/thepupil11/status/1717592089645527363)  2023-10-26T17:20Z [----] followers, [---] engagements


"and a share repo authorization (doubt it's really used much and it's 5% over [--] years.)"  
[X Link](https://x.com/thepupil11/status/1717724226587607265)  2023-10-27T02:05Z [----] followers, [----] engagements


"@MRossG199 @Mr_Neutral_Man Yes it was helpful; . down 5-18% on em on collective 20ish% probably time for another slug on which to lose $$$"  
[X Link](https://x.com/thepupil11/status/1717985000283427323)  2023-10-27T19:21Z [----] followers, [---] engagements


"@rhunterh @CalgaryLeveen @fintwit_wannabe yes. I believe so. $ALX's generates taxable income from normal course leasing/doesn't have depr. shield. you can see this from their IR site / comp. of divvies. NOI roughly flat to '22 $13-5mm ish more net int. exp. Would guess $40mm / $8 special"  
[X Link](https://x.com/thepupil11/status/1719011128569627030)  2023-10-30T15:19Z [----] followers, [---] engagements


"$EQR buying in ATL @ 5.1-5.4% (new-newish) selling West Coast @ 5.4-5.8% (probably older). Also why does Rite Aid's BK matter to $EQR"  
[X Link](https://x.com/thepupil11/status/1719450380013117610)  2023-10-31T20:24Z [----] followers, [----] engagements


"@rohindhar the stock market. $ESS you can get suburban weighted West Coast Portfolio for =2015 px's. Don't have to bet on DT SF don't have to manage it. Low basis / LT owner (step into advantaged Prop tax) etc. Step into yesteryear's termed fixed debt L: EV/Unit R: Stock Px"  
[X Link](https://x.com/thepupil11/status/1719707055445930117)  2023-11-01T13:24Z [----] followers, [----] engagements


"@rohindhar also true of $EQR / $AVB if you don't want just west coast. sunbelt guys are [----] px's but also at much higher per unit metrics after growth / significant capital recycling"  
[X Link](https://x.com/thepupil11/status/1719710833045917802)  2023-11-01T13:39Z [----] followers, [---] engagements


"$COST CFO talking whipping out his multiple expansion for all to see"  
[X Link](https://x.com/thepupil11/status/1719862296753697133)  2023-11-01T23:41Z [----] followers, [----] engagements


"@GrandTokamak Id say why not Direct effect of rising rates is very slow on these. It will take [--] years for $CPTs WAIR to go from 4% to 5% for example on a 3.5x ND/EBITDA BS. If one likes the assets/basis LT one need not wait for another 20% down as rents stall for the next couple years"  
[X Link](https://x.com/thepupil11/status/1720055986923229546)  2023-11-02T12:31Z [----] followers, [---] engagements


"@GrandTokamak REIT SH are pansies wont buy the lowest cost lowest levered units because of bad NT S/D / negative fundies momentum. HSD perpetual IRRs with good assets decent low-ish cost mgt teams financed to make it through anything. Will happily look dumb buying all the way down"  
[X Link](https://x.com/thepupil11/status/1720056661795115019)  2023-11-02T12:33Z [----] followers, [---] engagements


"@willis_cap +4% the shitco is flowing through me.I guess all REITs are Shitcos now (cue the Alwayshasbeen.gif)"  
[X Link](https://x.com/thepupil11/status/1720174903339397239)  2023-11-02T20:23Z [----] followers, [---] engagements


"good debt + cash pile = -20% increase in net interest expense. 7% cap on 3Q annualized a VIC poster gets to an [--] cap marking debt to market and assuming some hefty NOI growth).I'm more of LQA / count the debt at par but note as source of resilience. $NEN"  
[X Link](https://x.com/thepupil11/status/1723021344927871262)  2023-11-10T16:54Z [----] followers, [----] engagements


"@gainonsale @Mr_Neutral_Man I agree with todays marginal dollar but I own some $NEN for LT from prior years not gonna trade it around given tax complexity of doing so"  
[X Link](https://x.com/thepupil11/status/1723368216372605400)  2023-11-11T15:52Z [----] followers, [---] engagements


"Would it be that crazy of Buffetts mystery stock is.$C"  
[X Link](https://x.com/thepupil11/status/1724843763724370017)  2023-11-15T17:36Z [----] followers, 12.1K engagements


"Never mind already on 13-F I remember he had a stock once where he owned then hid via exception from SEC (and it went off 13-F) then he showed up as owning a ton. Was it $OXY Or something else"  
[X Link](https://x.com/thepupil11/status/1724844303409696990)  2023-11-15T17:38Z [----] followers, [----] engagements


"@PBRStreetGang7 Hype video catalogue not properly accounted for on the balance sheet so even cheaper than the P/B would suggest"  
[X Link](https://x.com/thepupil11/status/1725004602297249863)  2023-11-16T04:15Z [----] followers, [---] engagements


"@rhunterh Always true that corporate bonds OP stocks"  
[X Link](https://x.com/thepupil11/status/1727086649853804603)  2023-11-21T22:08Z [----] followers, [---] engagements


"good morning in case you woke up hungover from thanksgiving weekend wondering about the relative tax efficiency of REIT Index vs Stock Index @ highest federal tax rate using Vanguard's data"  
[X Link](https://x.com/thepupil11/status/1729098984864588083)  2023-11-27T11:24Z [----] followers, 10.1K engagements


"Are REITs definitionally less tax efficient than stocks IMO no. they are more tax eff. w/i rtrmnt accts (no corp tax drag). at high tax rates they lack the tax deferral benefits as C corps that retain earnings but this delta is rarely quantified and often overstated"  
[X Link](https://x.com/thepupil11/status/1729103343895932953)  2023-11-27T11:42Z [----] followers, [----] engagements


"What is this Bull market spreading via gentrification to small caps"  
[X Link](https://x.com/thepupil11/status/1730693723007119686)  2023-12-01T21:01Z [----] followers, [----] engagements


"What recession (First time at a mall in a decade its packed)"  
[X Link](https://x.com/thepupil11/status/1731014100715495575)  2023-12-02T18:14Z [----] followers, [----] engagements


"@Mr_Neutral_Man The stores were surprisingly busy; I have no baseline though"  
[X Link](https://x.com/thepupil11/status/1731371495979442268)  2023-12-03T17:55Z [----] followers, [---] engagements


"When natty has a rough day"  
[X Link](https://x.com/thepupil11/status/1731836216272650705)  2023-12-05T00:41Z [----] followers, [----] engagements


"@Mr_Neutral_Man @BillBrewsterTBB additional lesson: good ethical people can't overcome a bad industry (does not apply to $FRPH)"  
[X Link](https://x.com/thepupil11/status/1732497538303836250)  2023-12-06T20:29Z [----] followers, [---] engagements


"Obviously @muddywatersre combs through every pupil tweet for ideas. @dopamine_uptake @rhunterh @RealAssetsValue to be clear this was wrong and $BXMT did fine but i documented a bunch of thoughts here. https://t.co/nXOsD35bqd https://t.co/LamUHwUWu6 @dopamine_uptake @rhunterh @RealAssetsValue to be clear this was wrong and $BXMT did fine but i documented a bunch of thoughts here. https://t.co/nXOsD35bqd https://t.co/LamUHwUWu6"  
[X Link](https://x.com/thepupil11/status/1732596120600162524)  2023-12-07T03:01Z [----] followers, [----] engagements


"@dopamine_uptake @rhunterh @RealAssetsValue should the specter of loan losses / bully pulpit of @muddywatersre keep share px well below book will be interesting to see how $BXMT does w/ the equity issuance spigot turned off"  
[X Link](https://x.com/thepupil11/status/1732774249784377607)  2023-12-07T14:49Z [----] followers, [---] engagements


"@TWheels88 @dopamine_uptake @rhunterh @RealAssetsValue @muddywatersre to grow book/share from $28 to $26 over that time frame. ignoring per share they issued $900mm to grow book by $700mm over time frame. $3.8B -- $4.5B. agree that having the equity market allowed them to grow loans by 50% so fresh loans potentially dilute problems"  
[X Link](https://x.com/thepupil11/status/1732777641344692443)  2023-12-07T15:02Z [----] followers, [--] engagements


"How tf can this be true"  
[X Link](https://x.com/thepupil11/status/1732852318322721153)  2023-12-07T19:59Z [----] followers, 14.5K engagements


"Been eyeing a [--] acre 5k sf retreat [--] miles from me. Been on market [--] days. Px history: $1.75 $1.5 $1.4 Look up last sale see 8/2021 for $0.995 w/ a $1.03mm VA loan. They upgraded flooring siding some other stuff $100k in total. I cant afford this but"  
[X Link](https://x.com/thepupil11/status/1733304123703882065)  2023-12-09T01:54Z [----] followers, [----] engagements


"@SleepwellCap IMO: 1) has done ex US investments/it's a global company BUT deep down is very US-centric in terms of large deployments. US doesn't have real luxury brands. 2) Buffett (hypocritically) doesn't really buy dual share class/holdco structures wants his ownership to count"  
[X Link](https://x.com/thepupil11/status/1734739805479502216)  2023-12-13T00:59Z [----] followers, [---] engagements


"$INVH / $AMH are democratizing home ownership. They trade for $35 per share. Commissions are [--]. Americans can buy professionally managed singl family equity with the click of a button in incredibly small bites. Renters rent homes regardless if the owner owns [--] [--] or 100K homes A second bill has been introduced to try to ban hedge funds from buying property. The American Neighborhoods Protection Act proposes an annual fee of $10000 per home for corporate owners of more than [--] single-family homes. A second bill has been introduced to try to ban hedge funds from buying property. The American"  
[X Link](https://x.com/thepupil11/status/1735686516288962836)  2023-12-15T15:41Z [----] followers, [----] engagements


"Time for $CPT to lever up Fatty: Lennar shopping 11000-unit apartment portfolio. Higher-end units (Quarterra arm). Could divvy up and sell. JLL has the assignment. $4.5B number being thrown about. (via @pat_clark ) Fatty: Lennar shopping 11000-unit apartment portfolio. Higher-end units (Quarterra arm). Could divvy up and sell. JLL has the assignment. $4.5B number being thrown about. (via @pat_clark )"  
[X Link](https://x.com/thepupil11/status/1735849080822055036)  2023-12-16T02:27Z [----] followers, [----] engagements


"Have blocked more cry*to spam n last [--] hours than in past month or 3"  
[X Link](https://x.com/thepupil11/status/1736089613867897085)  2023-12-16T18:23Z [----] followers, [----] engagements


"@rationalwalk don't excuse financial misconduct but strongly disagree they are well paid relative to importance. Congressmen should make more than a first year in big law / associate in IB. would not mind if 2-3x'd total comp to align with rank and file of other elite roles. small price to"  
[X Link](https://x.com/thepupil11/status/1737490218918265005)  2023-12-20T15:08Z [----] followers, [---] engagements


"are you aware of a female in your life that owns crypto"  
[X Link](https://x.com/thepupil11/status/1738010187288412660)  2023-12-22T01:34Z [----] followers, [----] engagements


"2023: +18% 2022: +4.6% 2021: +55% 2020: 0% Very much a year in which everyone except me got rich. At beginning of [----] didnt love the portfolio after [--] good relative years. Still dont really love it after a year of underperformance. Too focused on life and job lol. 12/31 self-important 13-F Unaudited Probably Fake Performance 2022: +4.6% 2021: +55% 2020: 0% https://t.co/62nznIynlb 12/31 self-important 13-F Unaudited Probably Fake Performance 2022: +4.6% 2021: +55% 2020: 0% https://t.co/62nznIynlb"  
[X Link](https://x.com/anyuser/status/1741088359202660528)  2023-12-30T13:26Z [----] followers, 16.6K engagements


"@rhunterh Let me rephrase: Another year of huge value add relative to REIT index"  
[X Link](https://x.com/thepupil11/status/1741108592638374328)  2023-12-30T14:46Z [----] followers, [---] engagements


"@BillAckman can influence the worlds largest fixed income market get the wealthiest university to fire its president but cant get $PSH to trade for 30% discount 🤣"  
[X Link](https://x.com/anyuser/status/1742323605076353111)  2024-01-02T23:14Z [----] followers, [----] engagements


"@iimag $HHH is a C Corp not a real estate investment trust"  
[X Link](https://x.com/thepupil11/status/1742953515830403231)  2024-01-04T16:57Z [----] followers, [---] engagements


"Can someone provide context as to why fortunate son @ $PHM is railing against short sellers It is beneath well-capitalized profitable companies such as $PHM to care about the (IMO beneficial) role shortsellers play in capital markets. Shorts are the ENEMY Im stating the obvious but if you are friends with (or worse taking money from) people who are shorting either thru puts or naked shorting Pulte Homes which my family built for [--] years with our bare hands you are no friend to Pulte you are a fraud. Shorts are the ENEMY Im stating the obvious but if you are friends with (or worse taking"  
[X Link](https://x.com/thepupil11/status/1743718077462655281)  2024-01-06T19:36Z [----] followers, [----] engagements


"@Bonhoeffer_KDS @Richard17116187 @BigBreakfastLob this is not an IRR. It estimates the delta between the gross return and net return if there were no fees. the difference is the "fee discount". If Ackman waived mgt / (whnich he won't)how much more would shareholders have in [-------] years. the exit at "x" discount is:"  
[X Link](https://x.com/anyuser/status/1744733891720818938)  2024-01-09T14:52Z [--] followers, [---] engagements


"@Bonhoeffer_KDS @Richard17116187 @BigBreakfastLob if you exit at the same discount IRR will be roughly equal to NAVPS growth assuming divvies reinvested. there's a million assumptions in the above of course. maybe he makes 5% for next decade and discount blow outyou impair capital. maybe he puts up 12% and you tighten to 15%"  
[X Link](https://x.com/thepupil11/status/1744734691264270338)  2024-01-09T14:55Z [----] followers, [---] engagements


"@Bonhoeffer_KDS @Richard17116187 @BigBreakfastLob I'd note that at $PSH's current cost of leverage the math is more favorable (10% ROA = 10% Net ROE) the leverage pays for the fees) but the above approximations assume some normalization LT cost of debt capital.though that will take quite a while"  
[X Link](https://x.com/thepupil11/status/1744735885516771731)  2024-01-09T15:00Z [----] followers, [---] engagements


"@Bonhoeffer_KDS @Richard17116187 @BigBreakfastLob because he isn't likeable everyone points to fees without pointing to the low cost long term fixed rate non mark to market leverage.not unlike how everyone points out $VRX but not $GGP $HLF but not CDX $JCP but not $CMG"  
[X Link](https://x.com/thepupil11/status/1744736231412682950)  2024-01-09T15:01Z [----] followers, [---] engagements


"1. gets email from Fancy School Alumni VC Fund thingamajig [--]. thinks "what a cool way to make low net IRR" [--]. googles [--]. oh"  
[X Link](https://x.com/thepupil11/status/1744788279478608188)  2024-01-09T18:28Z [----] followers, [----] engagements


"@anotherbearcap The mistake is walking in you pay for the convenience. Korean proprietor w/ a cayenne turbo Parked there every day probably putting [--] gens through med school:"  
[X Link](https://x.com/thepupil11/status/1746276034842910852)  2024-01-13T21:00Z [----] followers, [--] engagements

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