Can Janus make it in the ETF market?
UPDATE: Can Janus make it in the ETF market?
Ventas ’ spin-off of skilled nursing facilities and Ardent acquisition add value for shareholders.
Liberty Global and Vodafone complete Dutch joint venture, creating a fully-converged national communications operator
Long in the tooth, the current real estate cycle keeps going.
Although we think Ventas overpaid for its most recent acquisitions, this doesn't affect our valuation.
We prefer REITs with reasonable leverage, moaty assets, demonstrated historical success across economic cycles, identifiable growth drivers, and reasonable margins of safety.
Interest-rate fears bring utility and real estate valuations in line, but the broader market still looks fully valued.
The recent wave of M&A continued this week, but some mergers look better than others for shareholders.
We recently upgraded a few banks and enterprise software firms to wide moat status, and raised our fair value estimates on health-care REITs.