Mazemasu personal page - To The Moon

Mazemasu

Mazemasu

No personal profile

71Follow

7Followers

7Topic

0Badge

05-29

Senior 🐯

04-20

$Bank of America(BAC)$

01-14

Last few days for Tiger Tycoon reward 😁

01-13

Last few laps to go for Tiger Tycoon race[LOL] [Happy]

01-12

last week to go for a Tiger Tycoon game ride [Sly]

01-11

Come & play for one last week.. ending soon Tiger Tycoon..

01-10

Tiger Tycoon game [Call]

01-09

Come and enjoy for one last week for Tiger Tycoon

01-08

Come and build in Tiger tycoon game[Call]

01-07

Another day to enjoy Tiger Tycoon game [Grin]

01-06

Come and explore Tiger Tycoon game..

01-05

Come and enjoy Tiger tycoon[Call]

01-04

Come and play Tiger tycoon[Call]

01-03

Come and enjoy Tiger Tycoon game[Call]

01-03

Come & enjoy Tiger Tycoon [Call]

01-02

Enjoy Tiger tycoon game [Call]

01-01

Happy New Year, Tiger Tycoon.. 🥂

2023-12-31

Come and enjoy Tiger tycoon game. One chance for posting[OK] [Call]

2023-12-30

Tiger tycoon 👍👍👍 game[Call]

2023-12-29

Nice game 👍👍👍👍👍

Go to Tiger App to see more news

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One chance for posting[OK] [Call]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/257863427817520","isVote":1,"tweetType":1,"viewCount":33,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":257547869163616,"gmtCreate":1703911793600,"gmtModify":1703911798239,"author":{"id":"4093587736915030","authorId":"4093587736915030","name":"Mazemasu","avatar":"https://static.tigerbbs.com/6d8df5a6dd1e7c2524a1c467cac57569","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"Tiger tycoon 👍👍👍 game[Call]&nbsp;&nbsp;","listText":"Tiger tycoon 👍👍👍 game[Call]&nbsp;&nbsp;","text":"Tiger tycoon 👍👍👍 game[Call]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/257547869163616","isVote":1,"tweetType":1,"viewCount":33,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":257246080475152,"gmtCreate":1703838233515,"gmtModify":1703838238370,"author":{"id":"4093587736915030","authorId":"4093587736915030","name":"Mazemasu","avatar":"https://static.tigerbbs.com/6d8df5a6dd1e7c2524a1c467cac57569","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"Nice game 👍👍👍👍👍","listText":"Nice game 👍👍👍👍👍","text":"Nice game 👍👍👍👍👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/257246080475152","isVote":1,"tweetType":1,"viewCount":57,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9940298232,"gmtCreate":1677917388726,"gmtModify":1677917392980,"author":{"id":"4093587736915030","authorId":"4093587736915030","name":"Mazemasu","avatar":"https://static.tigerbbs.com/6d8df5a6dd1e7c2524a1c467cac57569","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/F34.SI\">$WILMAR INTERNATIONAL LIMITED(F34.SI)$ &nbsp;</a>","listText":"<a href=\"https://ttm.financial/S/F34.SI\">$WILMAR INTERNATIONAL LIMITED(F34.SI)$ &nbsp;</a>","text":"$WILMAR INTERNATIONAL LIMITED(F34.SI)$","images":[{"img":"https://community-static.tradeup.com/news/a7fc995c26194dcd37a841b908399934","width":"720","height":"1455"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/9940298232","isVote":1,"tweetType":1,"viewCount":259,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3567632820339337","authorId":"3567632820339337","name":"VandyNiuNiu","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":1},"content":"I have been losing money for two whole years.","text":"I have been losing money for two whole years.","html":"I have been losing money for two whole years."}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9062329515,"gmtCreate":1652009085637,"gmtModify":1676535013018,"author":{"id":"4093587736915030","authorId":"4093587736915030","name":"Mazemasu","avatar":"https://static.tigerbbs.com/6d8df5a6dd1e7c2524a1c467cac57569","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a>share my holding (US$)","listText":"<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$</a>share my holding (US$)","text":"$Apple(AAPL)$share my holding (US$)","images":[{"img":"https://community-static.tradeup.com/news/f2fb34596799e6eacb18942af2539895","width":"1080","height":"3501"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062329515","isVote":1,"tweetType":1,"viewCount":217,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9010145083,"gmtCreate":1648306850444,"gmtModify":1676534326737,"author":{"id":"4093587736915030","authorId":"4093587736915030","name":"Mazemasu","avatar":"https://static.tigerbbs.com/6d8df5a6dd1e7c2524a1c467cac57569","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"Very interesting article","listText":"Very interesting article","text":"Very interesting article","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9010145083","repostId":"2222536148","repostType":2,"repost":{"id":"2222536148","pubTimestamp":1648299000,"share":"https://www.laohu8.com/m/news/2222536148?lang=&edition=full","pubTime":"2022-03-26 20:50","market":"us","language":"en","title":"Show Me The (REIT) Model","url":"https://stock-news.laohu8.com/highlight/detail?id=2222536148","media":"seekingalpha","summary":"CiydemImages/E+ via Getty Images This article was coproduced with Chris Volk. Anyone who knows me kn","content":"<html><body><p><figure><picture><img height=\"1043px\" src=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/643757808/image_643757808.jpg?io=getty-c-w750\" srcset=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/643757808/image_643757808.jpg?io=getty-c-w1536 1536w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/643757808/image_643757808.jpg?io=getty-c-w1280 1280w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/643757808/image_643757808.jpg?io=getty-c-w1080 1080w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/643757808/image_643757808.jpg?io=getty-c-w750 750w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/643757808/image_643757808.jpg?io=getty-c-w640 640w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/643757808/image_643757808.jpg?io=getty-c-w480 480w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/643757808/image_643757808.jpg?io=getty-c-w320 320w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/643757808/image_643757808.jpg?io=getty-c-w240 240w\" width=\"1536px\"/></picture><figcaption><p>CiydemImages/E+ via Getty Images</p></figcaption></figure></p> <p>This article was coproduced with Chris Volk.</p> <p>Anyone who knows me knows that I have never been a big believer in net asset value as a determinant of share price.</p> <p>When you think about how REITs were conceived, though, net asset value was the original principal driver of value perception. After all, REITs were designed to be mutual funds of real estate, enabling the average investor to own a piece of large, institutional quality assets.</p><div></div> <p>So, what is the value?</p> <p>Just take the NAV, subtract the debt and then divide the equity value by the share count. Simple! In fact, this has essentially been the approach used by private institutional real estate funds since 1970.</p> <p>I am a fundamental investor and tend to have a different take. I believe that better business model understanding can lead to better long-term investing.</p> <h2>Net Asset Value Shortcomings</h2> <p>The fallacy of using NAV for public companies is that it implies that public and private investors think alike.</p> <p>They don't.</p> <p>For instance, in the net lease arena, where I worked for many years, private buyers may benefit from government tax subsidies. Still others have different return hurdles, with many simply seeking to preserve wealth, rather than grow it.</p> <p>And then others are willing to use far higher levels of leverage than that of publicly traded companies. The companies I led were levered scarcely more than 40% of cost, whereas private investors are often willing to undertake far higher borrowing levels.</p> <p>With so many differences, private investors often have lower costs of capital than their public company counterparts. Or, to put it another way, public company investors prefer to have higher rates of return when adjusted for leverage differences.</p> <p>The neat thing about REIT NAV estimates is that they provide some rough idea of company breakup value, which is something I don't get every day with the other stocks I own.</p> <p>I have no idea what the breakup value would be of Nvidia (NVDA), <a href=\"https://laohu8.com/S/IBM\">IBM</a> (IBM), Coca-Cola (KO) or Procter &amp; Gamble (PG), all of which I own.</p> <p>Part of the reason NAV estimates tend to be rough is that real estate markets are imprecise and subject to a wide array of assumptions. Part of the roughness also pertains to a company's liability stack.</p> <p>Most REITs cannot simply peel off real estate and then easily retire debt. There are generally material frictional prepayment costs that stand to impact corporate NAV.</p> <p>Here is an illustrative story.</p> <p>I have been involved with selling two publicly traded REITs. In the process, the buyers had to have the real estate appraised and then mark it to market upon the acquisition.</p> <p>The first company we sold, Franchise Finance Corporation of America, was purchased by GE Capital (GE), who sought a low/conservative real estate valuation.</p> <p>That allowed them to have less depreciation, booking more of the corporate value into goodwill, which did not amortize. As a corporation, and not a REIT, GE wanted to maximize reported earnings.</p> <p>It also eventually helped them that the low booked values enabled them to notch greater gains upon future real estate sales, also elevating reported earnings.</p><div></div> <p>The second company we sold was purchased by an institutional consortium planning to raise money from future investors to grow the business. They sought a high real estate valuation because they did not want prospective new investors to think that they had paid a price far above underlying value for the portfolio.</p> <p>While the higher real estate values would create greater depreciation drag on earnings, they intended to retain REIT status and were unconcerned about this. The chasm in our sold company real estate valuations says volumes about MAI valuation volatility, which only serves to make the notion of NAV less valuable.</p> <h3>Business Models Are Where It's At</h3> <p>I have been modeling companies throughout my career.</p> <p>About 25 years ago, I started to greatly simplify my approach, eventually creating a financial equity return formula which allowed me to essentially throw away the spreadsheets.</p> <p>I introduced the Value Equation, or V-Formula, in an award-winning 1999 article.</p> <p>Eventually I expanded the formula framework in subsequent articles and videos as I focused on the power of business models to create corporate wealth.</p> <p>Along the way, I used the equation to guide our public companies, all of which performed well as measured by absolute return delivery and performance relative to relative benchmarks.</p> <p>They also performed well in terms of wealth creation, which is accomplished by making a company worth more than it cost to create.</p> <p>Now, I am excited to have my findings and approach published in a forthcoming book entitled \"<em>The Value Equation: A Business Guide to Wealth Creation for Entrepreneurs, Leaders and Investors,</em>\" to be released by Wiley in May.</p> <p>The Value Creation is a financial construct to determine current corporate pre-tax rates of return and uses just six variables. The variables require some explanation, but here is the simple formula:</p> <p><figure><picture><img loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2022/3/24/330973-16481690777793593.png\"/></picture><figcaption><p>Chis Volk</p></figcaption></figure></p> <p>The model is universal, but REIT investors will find it especially understandable because it deals with current cash returns on equity and so avoids all manner of non-cash accounting entries.</p><div></div> <p>As a result, the current pre-tax ROE is nothing more than an AFFO yield. And if you take 1 ÷ Current Pre-Tax ROE, you get the company investment AFFO multiple at cost.</p> <p>That Investment AFFO Multiple might be higher or lower for newly acquired properties. Then if you multiply the AFFO multiple for newly acquired properties by (1 + Annual Shareholder Dilution from Newly Issued Shares to Fund Growth), you arrive at a breakeven investment AFFO multiple.</p> <p>You are now starting to break down a REIT business model.</p> <h3>REIT Business Model Components</h3> <p>While the Value Equation has just six variables, when I am comparing REIT business models, I expand the construct to ten variables. Here they are:</p> <span><table> <tr> <td> </td> <td><p>REIT Financial Performance Levers</p></td> <td> </td> </tr> <tr> <td> </td> <td> </td> <td> </td> </tr> <tr> <td><p>1</p></td> <td><p>Investment Cap Rate</p></td> <td><p><em>Main Driver of Investment AFFO Multiple</em></p></td> </tr> <tr> <td><p>2</p></td> <td><p>Rent Growth Rate</p></td> <td><p><em>Key to internal growth rate</em></p></td> </tr> <tr> <td><p>3</p></td> <td><p>Rent Growth \"Drag\"</p></td> <td><p><em>Lost rents net of recycled cash from asset sales</em></p></td> </tr> <tr> <td><p>4</p></td> <td><p>Costs as a % of Assets</p></td> <td><p><em>Cash costs and net out reimbursables</em></p></td> </tr> <tr> <td><p>5</p></td> <td><p>Leverage to Cost</p></td> <td><p><em>Cost of debt also important, but less so</em></p></td> </tr> <tr> <td><p>6</p></td> <td><p>Maintenance CapEx</p></td> <td><p><em>TI's &amp; Competitive Remodeling</em></p></td> </tr> <tr> <td><p>7</p></td> <td><p>Cost of Borrowings</p></td> <td><p><em>Spread to Treasuries relative to rating</em></p></td> </tr> <tr> <td><p>8</p></td> <td><p>AFFO Payout Ratio</p></td> <td><p><em>Driver of internal growth and new share dilution</em></p></td> </tr> <tr> <td><p>9</p></td> <td><p>New Investments, Net of Sales</p></td> <td><p><em>Determinant of external growth and new share dilution</em></p></td> </tr> <tr> <td><p>10</p></td> <td><p>Traded AFFO Multiple</p></td> <td><p><em>Determinant of new share dilution</em></p></td> </tr> </table></span> <p>Source: Chris Volk</p> <p>Given the above ten variables, you can compute the Value Equation.</p> <p>You can also compute internal growth, which is the growth a REIT can deliver its shareholders absent new equity issuance. That growth is a function of rent growth, less rent growth drag, together with retained, reinvested AFFO.</p> <p>Then you can determine external growth, which is the growth the company can deliver by making real estate investments funded with newly issued shares.</p> <p>That growth is a function of the portion of new investments to be made that cannot be internally funded with retained AFFO and associated borrowings.</p> <p>That growth, together with shareholder dilution, is also impacted by the spread between the breakeven AFFO multiple and the company's traded AFFO multiple.</p> <p>Finally, you can compute a company's dividend yield. With this work done, predicted return amounts to the following:</p> <p><strong>Dividend Yield + Internal Growth Rate + External Growth Rate</strong></p> <p>One of the things I came to appreciate as a net lease REIT leader was the high degree of predictability of our business models. Basically, of the ten business model variables, just two were normally subject to much conjecture:</p> <ol> <li>Rent Growth Drag</li> <li>Traded AFFO Multiple</li> </ol> <p>Obviously, NAV has no impact on returns. It is more the result of returns. Should the REIT do well, then NAV will naturally rise.</p> <p>One thing about the ten variable construct is that it is done at cost. However, if the returns exceed what investors might require, then the company has a shot of delivering wealth creation.</p> <p>Basically, it will be worth more than the sum of its parts. That means that the total rate of return formula will be adjusted to reflect the degree to which investors are able to invest above or below actual asset cost.</p> <p>During my tenure at <a href=\"https://laohu8.com/S/STOR\">STORE Capital</a> (STOR), <strong>our predicted total rate of return at cost approximated 12.5%.</strong></p> <p>Assuming investors would be happy with an annual return of 9% (which approximates the 20-year annual rate of return for the FTSE NAREIT All Equity REITs Index through 2020), our value creation from the new investments would amount to about <strong>39% on the equity we annually deployed</strong> (12.5% ÷ 9% - 1). And indeed, that is generally what we were able to do from 2015 through 2019.</p><div></div> <h3>Breaking Through the Qualitative Noise</h3> <p>My experience is that real estate tends to be viewed differently by investors than investments in other businesses. Oftentimes there are qualitative biases with assumptions that can be as simple as this:</p> <ul> <li>I know good real estate when I see it.</li> <li>Real estate investment risk can be boiled down to location, location, location.</li> <li>Magnificent, irreplaceable real estate is bound to be a good long-term investment.</li> </ul> <p>Such biases remind me of my early days in commercial banking, when we had an adage that stated,</p> <blockquote> <h2><strong><em>\"If it's in the dirt, you can't get hurt.\"</em></strong></h2> </blockquote> <p>Of course, the qualitative noise does not just end with physical asset preferences. As a long-time REIT leader, I have witnessed many other biases. Here are just a few:</p> <ul> <li>Investment-grade tenants are better</li> <li>You can't create alpha in real estate. Higher cap rates always accompany equivalent risk.</li> <li>Secured debt is bad. The best REITs have completely unencumbered balance sheets.</li> </ul> <p>Some of these preferences often lead analysts to focus on ratios I personally believe to be meaningless, including the percent of investment-grade tenants, or the ratio of secured debt to total debt.</p> <p>The spread between lease and borrowing rates is likewise meaningless without also focusing on the investment cap rates. The first two variables in the Value Equation (Sales ÷ Business Investment) tend to matter more than the spread between the lease rate and borrowing costs.</p> <p>One of my least favorite ratios is that of debt to enterprise value, since enterprise value is simply driven by AFFO multiples, has little to do with coverage ratios and cannot be tied out to corporate business models. I am not even a big fan of Funded Debt to EBITDA ratios.</p> <p>Our STORE IPO in 2014 came on the heels of the IPO of a large office REIT. The office REIT appeared less leveraged when measured by their Funded Debt to EBITDA, but the company had materially higher capital expense requirements. When our borrowings were viewed relative to free cash flows, STORE had approximately half the leverage.</p> <p>REITs are just like other companies. They all have distinctive business models. Deconstructing those models can help you become a better investor, avoiding much of the qualitative noise. To the extent that qualitative issues matter, they tend to be reflected in the Value Equation and in the ten variable REIT business model construct.</p> <p><figure><picture><img loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2022/3/24/330973-16481696891226068.png\"/></picture><figcaption><p>Wiley</p></figcaption></figure></p><div></div> <p><em>Chris Volk is a businessman, entrepreneur and author of the forthcoming book \"The Value Equation: A Business Guide to Wealth Creation for Entrepreneurs, Leaders and Investors\" published by Wiley. From 2011 to 2021, he was the founding chief executive officer ('CEO'), of STORE Capital. Parts of this article are excerpted from the book.</em></p> <p><strong>Author's Note</strong>: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. Since that also applies to his grammar, please excuse any typos you may find. Also, this article is free: written and distributed only to assist in research while providing a forum for second-level thinking.</p>\n</body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Show Me The (REIT) Model</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nShow Me The (REIT) Model\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-26 20:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4497957-show-me-reit-model><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>CiydemImages/E+ via Getty Images This article was coproduced with Chris Volk. Anyone who knows me knows that I have never been a big believer in net asset value as a determinant of share price. When ...</p>\n\n<a href=\"https://seekingalpha.com/article/4497957-show-me-reit-model\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4581":"高盛持仓","BK4504":"桥水持仓","BK4549":"软银资本持仓","GE":"GE航空航天","STOR":"STORE Capital","BK4543":"AI","BK4548":"巴美列捷福持仓","BK4567":"ESG概念","BK4529":"IDC概念","KO":"可口可乐","BK4554":"元宇宙及AR概念","BK4532":"文艺复兴科技持仓","BK4177":"软饮料","BK4160":"多样化房地产投资信托v","BK4018":"居家用品","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4575":"芯片概念","BK4558":"双十一","BK4551":"寇图资本持仓","IBM":"IBM","BK4206":"工业集团企业","BK4559":"巴菲特持仓","BK4566":"资本集团","BK4527":"明星科技股","BK4501":"段永平概念","BK4579":"人工智能","BK4538":"云计算","NVDA":"英伟达","BK4550":"红杉资本持仓","BK4141":"半导体产品","BK4503":"景林资产持仓","BK4134":"信息科技咨询与其它服务","PG":"宝洁"},"source_url":"https://seekingalpha.com/article/4497957-show-me-reit-model","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2222536148","content_text":"CiydemImages/E+ via Getty Images This article was coproduced with Chris Volk. Anyone who knows me knows that I have never been a big believer in net asset value as a determinant of share price. When you think about how REITs were conceived, though, net asset value was the original principal driver of value perception. After all, REITs were designed to be mutual funds of real estate, enabling the average investor to own a piece of large, institutional quality assets. So, what is the value? Just take the NAV, subtract the debt and then divide the equity value by the share count. Simple! In fact, this has essentially been the approach used by private institutional real estate funds since 1970. I am a fundamental investor and tend to have a different take. I believe that better business model understanding can lead to better long-term investing. Net Asset Value Shortcomings The fallacy of using NAV for public companies is that it implies that public and private investors think alike. They don't. For instance, in the net lease arena, where I worked for many years, private buyers may benefit from government tax subsidies. Still others have different return hurdles, with many simply seeking to preserve wealth, rather than grow it. And then others are willing to use far higher levels of leverage than that of publicly traded companies. The companies I led were levered scarcely more than 40% of cost, whereas private investors are often willing to undertake far higher borrowing levels. With so many differences, private investors often have lower costs of capital than their public company counterparts. Or, to put it another way, public company investors prefer to have higher rates of return when adjusted for leverage differences. The neat thing about REIT NAV estimates is that they provide some rough idea of company breakup value, which is something I don't get every day with the other stocks I own. I have no idea what the breakup value would be of Nvidia (NVDA), IBM (IBM), Coca-Cola (KO) or Procter & Gamble (PG), all of which I own. Part of the reason NAV estimates tend to be rough is that real estate markets are imprecise and subject to a wide array of assumptions. Part of the roughness also pertains to a company's liability stack. Most REITs cannot simply peel off real estate and then easily retire debt. There are generally material frictional prepayment costs that stand to impact corporate NAV. Here is an illustrative story. I have been involved with selling two publicly traded REITs. In the process, the buyers had to have the real estate appraised and then mark it to market upon the acquisition. The first company we sold, Franchise Finance Corporation of America, was purchased by GE Capital (GE), who sought a low/conservative real estate valuation. That allowed them to have less depreciation, booking more of the corporate value into goodwill, which did not amortize. As a corporation, and not a REIT, GE wanted to maximize reported earnings. It also eventually helped them that the low booked values enabled them to notch greater gains upon future real estate sales, also elevating reported earnings. The second company we sold was purchased by an institutional consortium planning to raise money from future investors to grow the business. They sought a high real estate valuation because they did not want prospective new investors to think that they had paid a price far above underlying value for the portfolio. While the higher real estate values would create greater depreciation drag on earnings, they intended to retain REIT status and were unconcerned about this. The chasm in our sold company real estate valuations says volumes about MAI valuation volatility, which only serves to make the notion of NAV less valuable. Business Models Are Where It's At I have been modeling companies throughout my career. About 25 years ago, I started to greatly simplify my approach, eventually creating a financial equity return formula which allowed me to essentially throw away the spreadsheets. I introduced the Value Equation, or V-Formula, in an award-winning 1999 article. Eventually I expanded the formula framework in subsequent articles and videos as I focused on the power of business models to create corporate wealth. Along the way, I used the equation to guide our public companies, all of which performed well as measured by absolute return delivery and performance relative to relative benchmarks. They also performed well in terms of wealth creation, which is accomplished by making a company worth more than it cost to create. Now, I am excited to have my findings and approach published in a forthcoming book entitled \"The Value Equation: A Business Guide to Wealth Creation for Entrepreneurs, Leaders and Investors,\" to be released by Wiley in May. The Value Creation is a financial construct to determine current corporate pre-tax rates of return and uses just six variables. The variables require some explanation, but here is the simple formula: Chis Volk The model is universal, but REIT investors will find it especially understandable because it deals with current cash returns on equity and so avoids all manner of non-cash accounting entries. As a result, the current pre-tax ROE is nothing more than an AFFO yield. And if you take 1 ÷ Current Pre-Tax ROE, you get the company investment AFFO multiple at cost. That Investment AFFO Multiple might be higher or lower for newly acquired properties. Then if you multiply the AFFO multiple for newly acquired properties by (1 + Annual Shareholder Dilution from Newly Issued Shares to Fund Growth), you arrive at a breakeven investment AFFO multiple. You are now starting to break down a REIT business model. REIT Business Model Components While the Value Equation has just six variables, when I am comparing REIT business models, I expand the construct to ten variables. Here they are:     REIT Financial Performance Levers             1 Investment Cap Rate Main Driver of Investment AFFO Multiple   2 Rent Growth Rate Key to internal growth rate   3 Rent Growth \"Drag\" Lost rents net of recycled cash from asset sales   4 Costs as a % of Assets Cash costs and net out reimbursables   5 Leverage to Cost Cost of debt also important, but less so   6 Maintenance CapEx TI's & Competitive Remodeling   7 Cost of Borrowings Spread to Treasuries relative to rating   8 AFFO Payout Ratio Driver of internal growth and new share dilution   9 New Investments, Net of Sales Determinant of external growth and new share dilution   10 Traded AFFO Multiple Determinant of new share dilution   Source: Chris Volk Given the above ten variables, you can compute the Value Equation. You can also compute internal growth, which is the growth a REIT can deliver its shareholders absent new equity issuance. That growth is a function of rent growth, less rent growth drag, together with retained, reinvested AFFO. Then you can determine external growth, which is the growth the company can deliver by making real estate investments funded with newly issued shares. That growth is a function of the portion of new investments to be made that cannot be internally funded with retained AFFO and associated borrowings. That growth, together with shareholder dilution, is also impacted by the spread between the breakeven AFFO multiple and the company's traded AFFO multiple. Finally, you can compute a company's dividend yield. With this work done, predicted return amounts to the following: Dividend Yield + Internal Growth Rate + External Growth Rate One of the things I came to appreciate as a net lease REIT leader was the high degree of predictability of our business models. Basically, of the ten business model variables, just two were normally subject to much conjecture:  Rent Growth Drag Traded AFFO Multiple  Obviously, NAV has no impact on returns. It is more the result of returns. Should the REIT do well, then NAV will naturally rise. One thing about the ten variable construct is that it is done at cost. However, if the returns exceed what investors might require, then the company has a shot of delivering wealth creation. Basically, it will be worth more than the sum of its parts. That means that the total rate of return formula will be adjusted to reflect the degree to which investors are able to invest above or below actual asset cost. During my tenure at STORE Capital (STOR), our predicted total rate of return at cost approximated 12.5%. Assuming investors would be happy with an annual return of 9% (which approximates the 20-year annual rate of return for the FTSE NAREIT All Equity REITs Index through 2020), our value creation from the new investments would amount to about 39% on the equity we annually deployed (12.5% ÷ 9% - 1). And indeed, that is generally what we were able to do from 2015 through 2019. Breaking Through the Qualitative Noise My experience is that real estate tends to be viewed differently by investors than investments in other businesses. Oftentimes there are qualitative biases with assumptions that can be as simple as this:  I know good real estate when I see it. Real estate investment risk can be boiled down to location, location, location. Magnificent, irreplaceable real estate is bound to be a good long-term investment.  Such biases remind me of my early days in commercial banking, when we had an adage that stated,  \"If it's in the dirt, you can't get hurt.\"  Of course, the qualitative noise does not just end with physical asset preferences. As a long-time REIT leader, I have witnessed many other biases. Here are just a few:  Investment-grade tenants are better You can't create alpha in real estate. Higher cap rates always accompany equivalent risk. Secured debt is bad. The best REITs have completely unencumbered balance sheets.  Some of these preferences often lead analysts to focus on ratios I personally believe to be meaningless, including the percent of investment-grade tenants, or the ratio of secured debt to total debt. The spread between lease and borrowing rates is likewise meaningless without also focusing on the investment cap rates. The first two variables in the Value Equation (Sales ÷ Business Investment) tend to matter more than the spread between the lease rate and borrowing costs. One of my least favorite ratios is that of debt to enterprise value, since enterprise value is simply driven by AFFO multiples, has little to do with coverage ratios and cannot be tied out to corporate business models. I am not even a big fan of Funded Debt to EBITDA ratios. Our STORE IPO in 2014 came on the heels of the IPO of a large office REIT. The office REIT appeared less leveraged when measured by their Funded Debt to EBITDA, but the company had materially higher capital expense requirements. When our borrowings were viewed relative to free cash flows, STORE had approximately half the leverage. REITs are just like other companies. They all have distinctive business models. Deconstructing those models can help you become a better investor, avoiding much of the qualitative noise. To the extent that qualitative issues matter, they tend to be reflected in the Value Equation and in the ten variable REIT business model construct. Wiley Chris Volk is a businessman, entrepreneur and author of the forthcoming book \"The Value Equation: A Business Guide to Wealth Creation for Entrepreneurs, Leaders and Investors\" published by Wiley. From 2011 to 2021, he was the founding chief executive officer ('CEO'), of STORE Capital. Parts of this article are excerpted from the book. Author's Note: Brad Thomas is a Wall Street writer, which means he's not always right with his predictions or recommendations. Since that also applies to his grammar, please excuse any typos you may find. Also, this article is free: written and distributed only to assist in research while providing a forum for second-level thinking.","news_type":1},"isVote":1,"tweetType":1,"viewCount":123,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9925061502,"gmtCreate":1671872225606,"gmtModify":1676538605992,"author":{"id":"4093587736915030","authorId":"4093587736915030","name":"Mazemasu","avatar":"https://static.tigerbbs.com/6d8df5a6dd1e7c2524a1c467cac57569","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"Very comprehensive sharing","listText":"Very comprehensive sharing","text":"Very comprehensive sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9925061502","repostId":"2293562381","repostType":4,"repost":{"id":"2293562381","pubTimestamp":1671843638,"share":"https://www.laohu8.com/m/news/2293562381?lang=&edition=full","pubTime":"2022-12-24 09:00","market":"us","language":"en","title":"3 Core U.S. Equity ETFs For 2023","url":"https://stock-news.laohu8.com/highlight/detail?id=2293562381","media":"Seekingalpha","summary":"IntroductionHigh-quality, low-fee ETFs form the backbone of most investors' portfolios. They move in line with the market, track Indexes that include the most successful companies, and generally work ","content":"<html><head></head><body><h2>Introduction</h2><p>High-quality, low-fee ETFs form the backbone of most investors&#39; portfolios. They move in line with the market, track Indexes that include the most successful companies, and generally work out well in the long run. However, finding the right one that meets your needs can be challenging. Making that job easier for you is the purpose of this article.</p><p>Some readers may know that I calculate dozens of fundamental metrics for 850+ U.S. Equity ETFs. I started doing this after reviewing feedback from readers questioning why they should sell their current ETF in favor of the one recommended. These questions were reasonable, and I quickly realized that my analysis was incomplete unless I considered these alternatives in advance. It took some effort, but I can now confidently state that I have done the research, and my articles are fact-based, comprehensive, and timely.</p><p>It sounds straightforward. However, there were only 33 results. This article presents a variety of fundamental metrics for each in summary format, then highlights three in more detail that may match your investment style.</p><h2>The Selections</h2><p>To begin, the following table highlights basic information for these 33 ETFs. I&#39;ve included the ETF&#39;s focus, niche, strategy, and weighting scheme, along with the expense ratio and assets under management. Most are market-cap-weighted, but a few alternatively-weighted ETFs can help you diversify away from mega-cap companies.</p><p><img src=\"https://static.tigerbbs.com/69a27a791723699e64476879034cc301\" tg-width=\"640\" tg-height=\"484\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The Sunday Investor</p><p>There are advantages to focusing on the largest ETFs by assets under management. They often have the smallest bid-ask spreads, thereby limiting trading costs. However, remember that with ETFs, market makers provide a secondary level of liquidity. The best measure of an ETF&#39;s liquidity is the liquidity of the underlying holdings, and since these are all large or total market ETFs, they all seem suitable to me.</p><h2>ETF Fundamentals</h2><p>The following table highlights 12 fundamentals for each ETF. I&#39;ve bolded three that stand out based on estimated earnings per share growth, forward price-earnings ratio, and overall profitability.</p><p><img src=\"https://static.tigerbbs.com/05d890a8a7ba2a81c9511ef706bd2de5\" tg-width=\"640\" tg-height=\"483\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The Sunday Investor</p><p>I also included each ETF&#39;s total return over the last year, from December 2021 to November 2022. ETFs with low valuations have outperformed. One example is the <a href=\"https://laohu8.com/S/ILCV\">iShares Morningstar Value ETF</a> (ILCV), which trades at 16.59x forward earnings and is up 3.44% over that period. Let&#39;s look at that ETF first.</p><h2>iShares Morningstar Value ETF</h2><p>ILCV tracks the Morningstar US Large-Mid Cap Broad Value Index, selecting 500 U.S. large- and mid-cap stocks based on a ten-point factor model. ILCV doesn&#39;t get much coverage and has just 383 followers on Seeking Alpha. However, it&#39;s the second-oldest total-market-cap value ETF and has the same low 0.04% expense ratio as the more popular <a href=\"https://laohu8.com/S/EMEY\">iShares</a> Core S&amp;P U.S. Value ETF (IUSV). IUSV missed the cut for this analysis because of its 0.94 five-year beta and has a relatively low 9.02/10 profitability score compared to 9.24/10 for ILCV. Here&#39;s a closer look at ILCV&#39;s fundamentals for its top 25 industries, and I&#39;ve included the same for IUSV in the bottom row.</p><p><img src=\"https://static.seekingalpha.com/uploads/2022/12/22/51194860-16717263233965597.png\" tg-width=\"640\" tg-height=\"482\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The Sunday Investor</p><p>Currently, I view ILCV as superior across the board. It&#39;s less volatile than IUSV, as indicated by its lower five-year beta (0.97 vs. 1.02). It has solid sales growth and nearly identical estimated earnings growth but trades at a 3-4 point discount on forward earnings and trailing cash flow. Finally, its selections are surprisingly more profitable with better earnings sentiment, as measured by Seeking Alpha&#39;s Profitability and EPS Revision Grades. I expect ILCV&#39;s relative underperformance to reverse soon.</p><p><img src=\"https://static.tigerbbs.com/8b75809890d828e3ca27aa27a751f1eb\" tg-width=\"640\" tg-height=\"242\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Portfolio Visualizer</p><h2>BNY Mellon US Large Cap Core Equity ETF</h2><p>The BNY Mellon US Large Cap Core Equity ETF (BKLC) stands out because of its 9.69/10 profitability score. Tracking the Morningstar U.S. Large Cap Index, BKLC has 210 holdings, or about 40% the size of S&amp;P 500 ETFs like SPY, IVV, VOO, and SPLG. Readers may consider the Vanguard Mega Cap ETF (MGC) a more suitable peer, as the two have a 96% weight overlap, according to the ETF Research Center&#39;s Fund Overlap Tool.</p><p><img src=\"https://static.tigerbbs.com/5235ccf5a601b7e39ec0427b47be82f0\" tg-width=\"640\" tg-height=\"482\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The Sunday Investor</p><p>You can see the similarities between BKLC&#39;s and MGC&#39;s fundamentals, and that is because they both genuinely are mega-cap ETFs. Each has weighted-average market capitalizations above $500 billion compared to $432 billion for SPY. There&#39;s a solid argument here that BKLC is the superior of the three, at least currently. Remember, its expense ratio is zero and has virtually identical growth and valuation metrics compared to the four S&amp;P 500 Index ETFs but better profitability.</p><p>Unfortunately, past performance may hold back AUM growth. Also, the fund&#39;s most recent turnover was 17% compared to 4% and 2% for MGC and SPY. Therefore, while the above metrics suggest similar performance going forward, there could be a little too much activity to the detriment of shareholders.</p><p><img src=\"https://static.tigerbbs.com/f6626985060ad86e957b65465a02151e\" tg-width=\"640\" tg-height=\"310\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Portfolio Visualizer</p><h2>Vanguard Total Stock Market ETF</h2><p>The Vanguard Total Stock Market ETF (VTI) has you covered if you&#39;re looking to access all size segments with above-average earnings growth. VTI&#39;s expense ratio is low at 0.03% and provides higher estimated growth metrics than S&amp;P 500 Index ETFs. The downside is that adding small- and mid-cap stocks makes VTI more volatile and less profitable. I chose the <a href=\"https://laohu8.com/S/DBXVF\">Xtrackers</a> MSCI USA ESG Leaders Equity ETF (USSG) for comparison purposes. You may view it as a slightly unusual choice, but USSG excels in earnings growth despite having less than half exposure to the high-growth Energy sector. Put this one on your list of ETFs to watch should inflation, led by lower oil prices, falls.</p><p><img src=\"https://static.seekingalpha.com/uploads/2022/12/22/51194860-1671757004130282.png\" tg-width=\"640\" tg-height=\"482\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The Sunday Investor</p><p>Interestingly, USSG has outperformed VTI with lower volatility since its inception in February 2019. It&#39;s one example where you shouldn&#39;t judge a book by its cover. The ESG theme is a negative for some investors, but USSG proves that performance isn&#39;t always sacrificed. Based on the metrics above, USSG is nearly identical to VTI in all areas, with outperformance likely linked only to slight sector exposure differences.</p><p><img src=\"https://static.tigerbbs.com/73b2907e8669d093ce7d1938837474bb\" tg-width=\"640\" tg-height=\"300\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Portfolio Visualizer</p><h2>Historical Performance</h2><p>For some, it all comes down to past performance. While I disagree that it&#39;s an acceptable way to assess an ETF, past performance provides concrete evidence of how well a strategy performed over a particular period. Therefore, consider these historical returns through November 2022 for all ETFs listed in this article. I&#39;ve organized them by best ten-year performance, then five-year, and so forth.</p><p><img src=\"https://static.tigerbbs.com/8c9060b83fa26837d46da2d1f6851115\" tg-width=\"640\" tg-height=\"481\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>The Sunday Investor</p><p>This table also includes return-to-risk ratios based on annualized returns divided by the annualized standard deviation. MGC, VOO, SPLG, IVV, and SPY have the best ten-year annualized returns and risk-adjusted returns, but it&#39;s crucial to recognize the shift that&#39;s occurred recently. For example, ILCV lagged MGC by 77.27% over ten years but has outperformed by 15% in the last year. As a reminder, the fundamentals described earlier indicate ILCV offers a lower risk-return profile that I think works in its favor. Furthermore, Vanguard&#39;s ten-year projections are for value to outperform growth, so I caution readers against relying too much on historical performance.</p><p><img src=\"https://static.tigerbbs.com/f6c7d1f2aca5c69fca369b88a910fc81\" tg-width=\"640\" tg-height=\"278\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Vanguard</p><h2>Conclusion</h2><p>This article aimed to highlight all ETF options for investors wanting simple exposure to the U.S. large-cap market. As core holdings, the ETFs presented had average volatilities, low fees, high profitability scores, and relatively high assets under management. The historical performance table showed how well highly-profitable mega-cap ETFs like MGC performed over the last decade, but the fundamentals suggest a different market. Value-focused ETFs like ILCV feature meaningful valuation discounts for only small sacrifices in estimated growth and are more likely to outperform going forward.</p><p>If I missed anything or you have questions about another ETF you use as a core holding, please let me know in the comments section below. Thanks for reading, and Happy Holidays!</p></body></html>","source":"seekingalpha_fund","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Core U.S. Equity ETFs For 2023</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n3 Core U.S. Equity ETFs For 2023\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-12-24 09:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4566088-3-core-us-equity-etfs-for-2023><strong>Seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>IntroductionHigh-quality, low-fee ETFs form the backbone of most investors' portfolios. They move in line with the market, track Indexes that include the most successful companies, and generally work ...</p>\n\n<a href=\"https://seekingalpha.com/article/4566088-3-core-us-equity-etfs-for-2023\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BKLC":"BNY Mellon US Large Cap Core Equity ETF","ILCV":"iShares Morningstar Value ETF","VTI":"大盘指数ETF-Vanguard MSCI"},"source_url":"https://seekingalpha.com/article/4566088-3-core-us-equity-etfs-for-2023","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2293562381","content_text":"IntroductionHigh-quality, low-fee ETFs form the backbone of most investors' portfolios. They move in line with the market, track Indexes that include the most successful companies, and generally work out well in the long run. However, finding the right one that meets your needs can be challenging. Making that job easier for you is the purpose of this article.Some readers may know that I calculate dozens of fundamental metrics for 850+ U.S. Equity ETFs. I started doing this after reviewing feedback from readers questioning why they should sell their current ETF in favor of the one recommended. These questions were reasonable, and I quickly realized that my analysis was incomplete unless I considered these alternatives in advance. It took some effort, but I can now confidently state that I have done the research, and my articles are fact-based, comprehensive, and timely.It sounds straightforward. However, there were only 33 results. This article presents a variety of fundamental metrics for each in summary format, then highlights three in more detail that may match your investment style.The SelectionsTo begin, the following table highlights basic information for these 33 ETFs. I've included the ETF's focus, niche, strategy, and weighting scheme, along with the expense ratio and assets under management. Most are market-cap-weighted, but a few alternatively-weighted ETFs can help you diversify away from mega-cap companies.The Sunday InvestorThere are advantages to focusing on the largest ETFs by assets under management. They often have the smallest bid-ask spreads, thereby limiting trading costs. However, remember that with ETFs, market makers provide a secondary level of liquidity. The best measure of an ETF's liquidity is the liquidity of the underlying holdings, and since these are all large or total market ETFs, they all seem suitable to me.ETF FundamentalsThe following table highlights 12 fundamentals for each ETF. I've bolded three that stand out based on estimated earnings per share growth, forward price-earnings ratio, and overall profitability.The Sunday InvestorI also included each ETF's total return over the last year, from December 2021 to November 2022. ETFs with low valuations have outperformed. One example is the iShares Morningstar Value ETF (ILCV), which trades at 16.59x forward earnings and is up 3.44% over that period. Let's look at that ETF first.iShares Morningstar Value ETFILCV tracks the Morningstar US Large-Mid Cap Broad Value Index, selecting 500 U.S. large- and mid-cap stocks based on a ten-point factor model. ILCV doesn't get much coverage and has just 383 followers on Seeking Alpha. However, it's the second-oldest total-market-cap value ETF and has the same low 0.04% expense ratio as the more popular iShares Core S&P U.S. Value ETF (IUSV). IUSV missed the cut for this analysis because of its 0.94 five-year beta and has a relatively low 9.02/10 profitability score compared to 9.24/10 for ILCV. Here's a closer look at ILCV's fundamentals for its top 25 industries, and I've included the same for IUSV in the bottom row.The Sunday InvestorCurrently, I view ILCV as superior across the board. It's less volatile than IUSV, as indicated by its lower five-year beta (0.97 vs. 1.02). It has solid sales growth and nearly identical estimated earnings growth but trades at a 3-4 point discount on forward earnings and trailing cash flow. Finally, its selections are surprisingly more profitable with better earnings sentiment, as measured by Seeking Alpha's Profitability and EPS Revision Grades. I expect ILCV's relative underperformance to reverse soon.Portfolio VisualizerBNY Mellon US Large Cap Core Equity ETFThe BNY Mellon US Large Cap Core Equity ETF (BKLC) stands out because of its 9.69/10 profitability score. Tracking the Morningstar U.S. Large Cap Index, BKLC has 210 holdings, or about 40% the size of S&P 500 ETFs like SPY, IVV, VOO, and SPLG. Readers may consider the Vanguard Mega Cap ETF (MGC) a more suitable peer, as the two have a 96% weight overlap, according to the ETF Research Center's Fund Overlap Tool.The Sunday InvestorYou can see the similarities between BKLC's and MGC's fundamentals, and that is because they both genuinely are mega-cap ETFs. Each has weighted-average market capitalizations above $500 billion compared to $432 billion for SPY. There's a solid argument here that BKLC is the superior of the three, at least currently. Remember, its expense ratio is zero and has virtually identical growth and valuation metrics compared to the four S&P 500 Index ETFs but better profitability.Unfortunately, past performance may hold back AUM growth. Also, the fund's most recent turnover was 17% compared to 4% and 2% for MGC and SPY. Therefore, while the above metrics suggest similar performance going forward, there could be a little too much activity to the detriment of shareholders.Portfolio VisualizerVanguard Total Stock Market ETFThe Vanguard Total Stock Market ETF (VTI) has you covered if you're looking to access all size segments with above-average earnings growth. VTI's expense ratio is low at 0.03% and provides higher estimated growth metrics than S&P 500 Index ETFs. The downside is that adding small- and mid-cap stocks makes VTI more volatile and less profitable. I chose the Xtrackers MSCI USA ESG Leaders Equity ETF (USSG) for comparison purposes. You may view it as a slightly unusual choice, but USSG excels in earnings growth despite having less than half exposure to the high-growth Energy sector. Put this one on your list of ETFs to watch should inflation, led by lower oil prices, falls.The Sunday InvestorInterestingly, USSG has outperformed VTI with lower volatility since its inception in February 2019. It's one example where you shouldn't judge a book by its cover. The ESG theme is a negative for some investors, but USSG proves that performance isn't always sacrificed. Based on the metrics above, USSG is nearly identical to VTI in all areas, with outperformance likely linked only to slight sector exposure differences.Portfolio VisualizerHistorical PerformanceFor some, it all comes down to past performance. While I disagree that it's an acceptable way to assess an ETF, past performance provides concrete evidence of how well a strategy performed over a particular period. Therefore, consider these historical returns through November 2022 for all ETFs listed in this article. I've organized them by best ten-year performance, then five-year, and so forth.The Sunday InvestorThis table also includes return-to-risk ratios based on annualized returns divided by the annualized standard deviation. MGC, VOO, SPLG, IVV, and SPY have the best ten-year annualized returns and risk-adjusted returns, but it's crucial to recognize the shift that's occurred recently. For example, ILCV lagged MGC by 77.27% over ten years but has outperformed by 15% in the last year. As a reminder, the fundamentals described earlier indicate ILCV offers a lower risk-return profile that I think works in its favor. Furthermore, Vanguard's ten-year projections are for value to outperform growth, so I caution readers against relying too much on historical performance.VanguardConclusionThis article aimed to highlight all ETF options for investors wanting simple exposure to the U.S. large-cap market. As core holdings, the ETFs presented had average volatilities, low fees, high profitability scores, and relatively high assets under management. The historical performance table showed how well highly-profitable mega-cap ETFs like MGC performed over the last decade, but the fundamentals suggest a different market. Value-focused ETFs like ILCV feature meaningful valuation discounts for only small sacrifices in estimated growth and are more likely to outperform going forward.If I missed anything or you have questions about another ETF you use as a core holding, please let me know in the comments section below. Thanks for reading, and Happy Holidays!","news_type":1},"isVote":1,"tweetType":1,"viewCount":142,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9021294598,"gmtCreate":1653056534114,"gmtModify":1676535215946,"author":{"id":"4093587736915030","authorId":"4093587736915030","name":"Mazemasu","avatar":"https://static.tigerbbs.com/6d8df5a6dd1e7c2524a1c467cac57569","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/Q01.SI\">$QAF LIMITED(Q01.SI)$</a>to share","listText":"<a href=\"https://ttm.financial/S/Q01.SI\">$QAF LIMITED(Q01.SI)$</a>to share","text":"$QAF LIMITED(Q01.SI)$to 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LIMITED(U9E.SI)$gain momentum","images":[{"img":"https://static.tigerbbs.com/d9a02fb78dc0349d2650c74878aaca32","width":"1080","height":"2429"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/886481018","isVote":1,"tweetType":1,"viewCount":281,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":883015986,"gmtCreate":1631188588245,"gmtModify":1676530491229,"author":{"id":"4093587736915030","authorId":"4093587736915030","name":"Mazemasu","avatar":"https://static.tigerbbs.com/6d8df5a6dd1e7c2524a1c467cac57569","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Free stock","listText":"<a href=\"https://laohu8.com/S/AAPL\">$Apple(AAPL)$</a>Free stock","text":"$Apple(AAPL)$Free stock","images":[{"img":"https://static.tigerbbs.com/9b218671c8a4119865a796d4436115e6","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/883015986","isVote":1,"tweetType":1,"viewCount":167,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":310953689161928,"gmtCreate":1716922086221,"gmtModify":1716922091352,"author":{"id":"4093587736915030","authorId":"4093587736915030","name":"Mazemasu","avatar":"https://static.tigerbbs.com/6d8df5a6dd1e7c2524a1c467cac57569","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"Senior 🐯","listText":"Senior 🐯","text":"Senior 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America(BAC)$","images":[{"img":"https://community-static.tradeup.com/news/cf0d15ac96f9ee491dbcce0942db0c2f","width":"588","height":"1072"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/297021482021144","isVote":1,"tweetType":1,"viewCount":109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":262322533785776,"gmtCreate":1705077819178,"gmtModify":1705077824087,"author":{"id":"4093587736915030","authorId":"4093587736915030","name":"Mazemasu","avatar":"https://static.tigerbbs.com/6d8df5a6dd1e7c2524a1c467cac57569","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"Last few laps to go for Tiger Tycoon race[LOL]&nbsp;&nbsp;[Happy]&nbsp;&nbsp;","listText":"Last few laps to go for Tiger Tycoon race[LOL]&nbsp;&nbsp;[Happy]&nbsp;&nbsp;","text":"Last few laps to go for Tiger Tycoon race[LOL] [Happy]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/262322533785776","isVote":1,"tweetType":1,"viewCount":171,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9946455194,"gmtCreate":1681034396018,"gmtModify":1681034400895,"author":{"id":"4093587736915030","authorId":"4093587736915030","name":"Mazemasu","avatar":"https://static.tigerbbs.com/6d8df5a6dd1e7c2524a1c467cac57569","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"A season to hunt the egg","listText":"A season to hunt the egg","text":"A season to hunt the egg","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9946455194","isVote":1,"tweetType":1,"viewCount":150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9946322662,"gmtCreate":1680871062057,"gmtModify":1680871066660,"author":{"id":"4093587736915030","authorId":"4093587736915030","name":"Mazemasu","avatar":"https://static.tigerbbs.com/6d8df5a6dd1e7c2524a1c467cac57569","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"Nice game 👍. Happy Easter Day..","listText":"Nice game 👍. Happy Easter Day..","text":"Nice game 👍. Happy Easter Day..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9946322662","isVote":1,"tweetType":1,"viewCount":135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9929676166,"gmtCreate":1670661715655,"gmtModify":1676538414178,"author":{"id":"4093587736915030","authorId":"4093587736915030","name":"Mazemasu","avatar":"https://static.tigerbbs.com/6d8df5a6dd1e7c2524a1c467cac57569","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"Nice game. High chance France will repeat the history..","listText":"Nice game. High chance France will repeat the history..","text":"Nice game. High chance France will repeat the history..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9929676166","isVote":1,"tweetType":1,"viewCount":65,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9964231003,"gmtCreate":1670154024403,"gmtModify":1676538310995,"author":{"id":"4093587736915030","authorId":"4093587736915030","name":"Mazemasu","avatar":"https://static.tigerbbs.com/6d8df5a6dd1e7c2524a1c467cac57569","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"👍 wonderful game of the year..","listText":"👍 wonderful game of the year..","text":"👍 wonderful game of the year..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9964231003","repostId":"9963969638","repostType":1,"repost":{"id":9963969638,"gmtCreate":1668567458425,"gmtModify":1677745765888,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/c266ef25181ace18bec1262357bbe1a8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"title":"Join Tiger's Football Season, share the prizes worth up to US$200,000","htmlText":"This year is the year of football, the Qatar World Cup, AFF championship, make the following days a big carnival for football fans all around the world!&nbsp;While you enjoy your football carnival, don't forget to join in Tiger's Football Season on Tiger Trade App, and share the prizes worth up to USD 200,000!Play the \"Perfect Goals\" game with us, and feel the score moment by only pressing the button.Keep completing the daily tasks and play the game, win more points to redeem stock vouchers worth up to USD 2,000 or AFF tickets, and the top prize - the free journey of watching the AFF finals!You can also predict a football match of the World Cup or AFF Championship, and cheer for your home team.Besides, you may obtain the Tiger Football Card by participating in the campaign every day.Goalke","listText":"This year is the year of football, the Qatar World Cup, AFF championship, make the following days a big carnival for football fans all around the world!&nbsp;While you enjoy your football carnival, don't forget to join in Tiger's Football Season on Tiger Trade App, and share the prizes worth up to USD 200,000!Play the \"Perfect Goals\" game with us, and feel the score moment by only pressing the button.Keep completing the daily tasks and play the game, win more points to redeem stock vouchers worth up to USD 2,000 or AFF tickets, and the top prize - the free journey of watching the AFF finals!You can also predict a football match of the World Cup or AFF Championship, and cheer for your home team.Besides, you may obtain the Tiger Football Card by participating in the campaign every day.Goalke","text":"This year is the year of football, the Qatar World Cup, AFF championship, make the following days a big carnival for football fans all around the world! While you enjoy your football carnival, don't forget to join in Tiger's Football Season on Tiger Trade App, and share the prizes worth up to USD 200,000!Play the \"Perfect Goals\" game with us, and feel the score moment by only pressing the button.Keep completing the daily tasks and play the game, win more points to redeem stock vouchers worth up to USD 2,000 or AFF tickets, and the top prize - the free journey of watching the AFF finals!You can also predict a football match of the World Cup or AFF Championship, and cheer for your home team.Besides, you may obtain the Tiger Football Card by participating in the campaign every day.Goalke","images":[{"img":"https://community-static.tradeup.com/news/e8c9b6ab16214df413c77708cf5957bf","width":"404","height":"707"},{"img":"https://community-static.tradeup.com/news/6f0ddb54cc9e55b9b9b59a0c9908bfb5","width":"358","height":"471"},{"img":"https://community-static.tradeup.com/news/d9cc4adf57a9972e62e94d321ecc6734","width":"402","height":"712"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9963969638","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":54,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9966979378,"gmtCreate":1669397096695,"gmtModify":1676538193101,"author":{"id":"4093587736915030","authorId":"4093587736915030","name":"Mazemasu","avatar":"https://static.tigerbbs.com/6d8df5a6dd1e7c2524a1c467cac57569","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/F34.SI\">$WILMAR INTERNATIONAL LIMITED(F34.SI)$ &nbsp;</a> <a href=\"https://ttm.financial/S/F34.SI\"></a>My holding","listText":"<a href=\"https://ttm.financial/S/F34.SI\">$WILMAR INTERNATIONAL LIMITED(F34.SI)$ &nbsp;</a> <a href=\"https://ttm.financial/S/F34.SI\"></a>My holding","text":"$WILMAR INTERNATIONAL LIMITED(F34.SI)$ My holding","images":[{"img":"https://community-static.tradeup.com/news/18c7241f654bdf0badee0239c50ca458","width":"720","height":"1310"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9966979378","isVote":1,"tweetType":1,"viewCount":210,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}