CHAPTER 7
REITs: Growth and Value Creation
“A public company should invest the money that shareholders trust them with at a spread to its cost of capital … you really have to look at what your present cash flows are on a property and where you think they'll be over the next 10 years.”
—Milton Cooper, Executive Chairman, Kimco Realty
Warren Buffett has famously said, “In the short run, the market is a voting machine, but in the long run it is a weighing machine.” I think what he meant by this is that share prices are moved, in the short term, by transient investor psychology and insubstantial news, but over the long term a stock's price is determined by its intrinsic value. Thus, if a stock is to rise in price over time, the company's fundamental ...
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