Focused Investing Perspectives #32

This morning. Calm, late fall.

Elections, markets, economy, etc

Perspective This Week

I had dinner this week with a friend who reads the New York Times and her partner. Silly girl, reading that junk.

She wondered how much of Project 2025 would be imposed upon her. I suggested she (mentally) take all that pre-election crap and dump it in the trash.

Politics does not live in the real world, but election seasons live in some very unreal fictional dimension. After elections politics becomes embodied in real bodies with real emotions and influences. Real brains is a question. Outcomes follow, not predictable.

Meanwhile it is a great season for clickbait writers. You can dream up almost any story and present it with hope or horror as a possible outcome from the present situation.

The markets will likely drift in some direction from now to the election. They usually do, making about half the forecasters wrong. But what happens next is an independent question.

You can’t predict it; you don’t control it. What happens may give you investing opportunities. But if it stresses you out just “go fishing” for a couple months.

Recent News (Drawing my attention)

Forthcoming:

At the moment, I’m finishing up an article discussing how variable REIT business models are and have been. It also shows how, over time, even really good REITs have variable performance. After that I’m working on Modiv (MDV), a tiny REIT, focused on manufacturing properties, that is popular in some circles.

Feel free to make requests; I will have a number of open weeks before the next earnings season starts.

Personal News:

(American) football season is in full swing. Great time to be a fan of the Detroit Lions. For clever commentary I really enjoy Gregg Easterbrook’s Tuesday Morning Quarterback on Substack.

Member News

Recent material this past week included the following.

Items that went to all members:

• Previews that are part of paid deep-dive articles. I try to make them meaty enough to be worth reading.

• The first Perspectives newsletter.

Items that went to paid members, often including a free preview of most of the article:

• Deep dive article on Alphamin, a tin miner I invested in.

• Brief notes on Q3 disclosures by Orion Office.

• Paid members have access to the Focused Investing chat.

The Google Sheets (for annual members):

• The main attraction on the Google sheet is full disclosure of my live, real-time portfolio. If you are an annual paid member and do not have access, please contact me.

• There are also a REIT assessment sheet and a Midstreams assessment sheet, each a tab.

Also:

• One can also post items of interest on the Focused Investing chat, which I do often. Check it out and post your own items, please. Comments and questions are always welcome.

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