Jessbee’s comment on the last post raised a question regarding high ROCE and high dividends. Basically, the question was why that shouldn’t automatically be the preferred investment, under the assumption that all are doing the same business model, anyway.
You can get a start seeing the distinctions by checking out this post about two imaginary amREITs, one called Risky REIT, and the other called Conservative REIT. There are literally as many variations on these themes as there are management teams in the sector.
I’m going to go back and read my previous summaries of the group before putting out the promised group report based on the latest round of earnings reports and calls.
As before, I won’t be giving investment advice, nor will I be trying to predict earnings or dividends. I will try to spot any shifts in strategy from what I thought the management teams were doing when I wrote those summaries last June and July. I’ll also be able to see mistakes or omissions I made, and learn from them.
Since I had to look them up anyway, I thought I would put all the links together here for my current task, and share the list with readers so they can also have an easy way to refer back.
After the break, I’ll list the companies I reviewed and provide a link to each write-up.
Though I’ve mentioned some other residential mortgage REITs and a couple of commercial mortgage REITs along the way, only the residential MBS investor series is here, down to about $200 million in market cap at the time. I may get inspired to include some others (eg RWT, WAC, RSO, GKK, ABR…)