2020.10.27 – The Haunting Continues

$ 499 + HST

KEY INVESTMENT INSIGHTS

  • Retail REITs: Unibail-Rodamco-Westfield Chairman’s warning there is no market for American malls is a reality check for investors searching for value in retail REITs.
  • Office REITs: Fitch’s downgrade of WeWork to CCC because of “a potential lasting shift by companies to a hybrid office model that leads to permanently lower office space demand” is a warning for office REITs as San Francisco’s office vacancy rate hits 14.1%.
  • Tesla & Auto Parts Suppliers: Tesla is changing the rules of the game for the auto industry not just on the demand side, but now on the supply side as its high level of vertical integration differentiates it from other OEMs and creates a deep moat.