Public Storage (PSA) - Storing Stuff In Life's Transitions

by Alex Mason | Companies, Episodes

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Mental Details
  • Although the self-storage industry is relatively new, a few companies have grown to dominate the space over the past few decades. The biggest player is Public Storage (PSA), a company with over 2,500 rental locations across the U.S. and Europe. But did this industry begin, let alone this company? How do we think about investing in a business like this?
  • In today's episode we cover the history, business model, financials, and future outlook of Public Storage.


  • Alex Mason: Hey, how's it going? I hope you're having a great day today. I certainly am. The reason is I have almost completed a move. Yep. That's right. As I've mentioned before on the show, I'm actually getting ready to move my family across the country. Now, if you've ever moved before, you know what this experience is like, and I'm sure you can relate to what I'm going through right now.
  • [00:00:23] There's a lot involved in a move. You pack boxes, you unpack boxes. There's people coming through your house, phone calls with realtors. It's a lot, but it's also necessary to do all of these things in order to transition. And it's really important to do all of these things. One of the things that my wife and I decided to do was get rid of almost.
  • [00:00:48] All of our stuff. So we decided to intentionally pursue a minimalist lifestyle. And for us, that means getting rid of 90% of our material possessions. Yeah, so it was a little difficult, but we actually did it. We just did a practice run the other day, just to see if all of our things would fit inside our four door sedan.
  • [00:01:10] And, yep. I'm proud to report that we can actually fit everything we own into our car. Like, isn't that awesome? Well, if you just heard that and you're thinking, yeah, that's kind of intense and definitely not for me. I have so much stuff. Yeah, never fear. You're not alone. A lot of people, especially if you're in America, listening to this.
  • [00:01:33] Simply have too much stuff. And when we see things changing in our lives and we have a major change such as a wedding or a divorce moving up in houses are moving across the country. We often need a place to store our stuff. And this was a legitimate concern for my family up until recently when we decided to give most things away.
  • [00:01:55] So what do you do when you need to move, but you're not ready to part with your things. What is the solution? Today, we'll talk about a company that aims to solve exactly that problem. Find out more today on stock stories.
  • [00:02:11] Alright, alright, alright, alright, alright, alright!. Welcome to the stock stories podcast. My name is Alex Mason, and I am your host and stock storyteller. On this show, we decode the business behind the stock in order to help you become a better investor. And we also learn about mental models and investing principles in order to compliment stock analysis.
  • [00:03:02] So thank you so much for joining me today. We've got another great episode for you. I've done a lot of research on this particular company that we're about to discuss, and I'm just excited to get into it. It's a little bit different. Industry different business model than we've talked about before. So it's always exciting when we get into a new industry, right.
  • [00:03:22] Just kind of learn the dynamics of a different type of company. So without further ado, let's get into it. Let's talk about public storage.
  • [00:03:33] What is public storage? Ticker symbol P S a well, they are a large publicly traded REITs. And remember, last year when we talked about REITs, REITs stand for real estate investment trusts. And these are companies like host hotels or Ventas and their primary business is some form of real estate ownership.
  • [00:04:07] That's basically what they do. It's kind of like a company, but specifically focused on real estate. So simply put public storage is a company that owns many warehouses, and then they rent them out to people to store their things. Okay. Simple enough to understand, right. But how did this all start?
  • [00:04:29]Let's talk about the origins of the self storage industry first. So the self storage industry is actually really new. It didn't exist until about a hundred years ago and really in its modern form only about 50 or so years ago. So in the late 1890s, there were two brothers and their names were John and Martin Bekins
  • [00:04:51] and they started the first self storage company in Omaha, Nebraska. And they later expanded to Los Angeles and they didn't just do stores, but they also sold moving services as well. And their company was called the Bekins company. And that was kind of a first, very early iteration of self storage. Now decades later in the 1960s, the first self storage facilities with garage style doors, which you and I might be familiar with today was created by a man named Russ Williams and his stepson, Bob Munn.
  • [00:05:25] Now this was in Odessa, Texas. And if you imagine Texas, if you've never been there. Homes in Texas don't have basements the land and the soil is just not really conducive to putting basements in houses. And so people didn't have a way to naturally store extra things, especially if they were working in the oil rigs down there in Odessa.
  • [00:05:48] And so they started this company called A-1 U-Store-It-You-Lock-It-You-Carry-The-Key very, very long company name. But they created these self storage units in order for people to be able to store their things after working in the oil rigs. And this was back in 1964. So the origins of the modern self storage industry really did come down to Texas.
  • [00:06:16] And that brings us to the beginnings of public storage.
  • [00:06:20]In the 1970s, Wayne Hughes and Kenneth Volk traveled to Texas. And they saw that outside the cities of Dallas and Houston, there were local land developers that had started building miniature warehouses for storage facilities. And I thought, huh, that seems like a pretty good idea. So they went back to California, their home state, and after putting up $50,000 between the two of them founded a company called private storage spaces, Inc.
  • [00:06:50] Now this was in 1972. The thing is, even though they thought this was a good idea, they didn't even really want to be in the storage business. Their focus was on the underlying real estate that they were developing on because they hope that as real estate prices in California went up, they would be able to develop the land for something more valuable than just a place to store stuff.
  • [00:07:13] So they spent a whole year researching building, obtaining permits, doing all that leg work to build on some land in the city of El Cajon, California. And finally the new facility was ready. And on the first day of business, Wayne Hughes made a big sign that said private storage spaces and he went outside and he hung it up.
  • [00:07:38]
  • [00:07:38] After this, they waited. The new building was right next to a busy highway in California. So. They expected a decent amount of foot traffic. I mean, they did their homework. They researched exactly where they're going to develop this land. They used what they saw in Texas as a blueprint for how they could bring this business back to California and they expected some great results, but over time they had no customers and they were just so confused as to why no one is buying into this concept of self storage.
  • [00:08:14] So they kept waiting and waiting, but then one day someone walked into the office. Yes. Can I help you, sir? Hi, the person replied. Do you guys have storage space available to the general public at that moment? Hughes realized the error that they had made. The name of the business was confusing. People naturally thought the storage space was somehow private for other people and not for them.
  • [00:08:44] So Hughes immediately when his action, he changed the name of the business, along with its accompanying sign to public storage.
  • [00:08:53] Hughes immediately saw a return on his investment after the name, change, everything else was finally aligned the location the demand for the product and the name we're all in sync. Now, after just three months at only 35% occupancy, the business broke even, and they found success with such a low occupancy rate due to the fact that they could charge.
  • [00:09:18] Per square foot, the same as an apartment building could charge. But the difference was that their costs were at least 30% lower. So let's stop and think about this for a second. Why would the cost be so much lower? Well, with an apartment complex. You have to provide things like basic furnishings, paint, carpet, tile, floors, and then just the core infrastructure of the building.
  • [00:09:42] Things like bathrooms and kitchens in the self storage business. You just need a secure room and that's pretty much it. Now of course, some units are climate controlled, but that's a premium feature for businesses like public storage and they can charge more for those types of services. So you have this big difference between the amount of maintenance and upkeep required for a storage facility versus something like an apartment.
  • [00:10:10] Wayne Hughes knew he had something big on his hands. He and his partner immediately made plans to expand to over a dozen new locations in the area. Now, at first. It was difficult for them to raise money. One thing that distinguished Hughes from other real estate investors was that he hated going into debt.
  • [00:10:30] He did not like debt. And if you know anything about investing in real estate is that debt financing and building new properties. They tend to go hand in hand. So how was Hughes going to finance the expansion of his business? I mean, he was quickly becoming profitable with this one location, but would that be enough?
  • [00:10:51] Even back in the 1970s land in California, it was pretty expensive. So how would he finance public storage's expansion?
  • [00:11:00] Instead of turning to the debt markets, Hughes reasons that he could raise equity from investors as his primary form of financing. He didn't need to borrow money from banks. If he could convince enough private investors to hand over cash in exchange for a piece of equity in his business. So let's stop and think about it like this.
  • [00:11:22] So at the time public storage was still a privately held company. So people like you and me, we couldn't easily just go and buy stock in the corporation, like on a stock exchange. Instead, investors had to put up money privately in the form of real estate partnerships. Now, what are real estate partnerships?
  • [00:11:43] These were a popular legal structure for investing in real estate back in the day. Now this is before REITs were really invented and became a thing in the 1990s. So real estate partnerships were really important because they allowed investors to pool their money into a private real estate deal and then make money from the profits.
  • [00:12:04] So it's just another form of legal entity, kind of like an LLC or an S corporation. If you're familiar with those terms, just different types of business structures.
  • [00:12:15] So little by little Hughes proved his concept to investors and with every new storage facility he built, the customers came and the profits came rolling in which in turn, it ties a whole new cohort of investors to put up even more money. So fast forward to the mid 1980s now Hughes was bringing in somewhere between 200 and $300 million per year from new investors wanting to get into the self storage business.
  • [00:12:45] So with these funds, Hughes launched a national growth campaign and began to expand to the largest cities in America. His goal was to expand to the 39 biggest cities. Now by 1990, public storage had become bigger than its nine biggest competitors combined with around a thousand storage facilities. So they were the big company in America and had the lead in the industry all the way back in 1990.
  • [00:13:17] Things. Weren't all great though. Now, as they say nothing fails, like success. As the company expanded Hughes started losing his focus and he did some bad deals. He started investing in office developments, which are a little bit trickier to rent, than self storage units, because you need successful businesses to occupy those spaces and pay your lease.
  • [00:13:42] So those had low occupancy rates and ended up losing a lot of money. He also invested in a brokerage company that failed. And at one point, he even bought a pizza chain, not sure what he was thinking there, but it wasn't just bad management that was troubling in Southern California, where the company started.
  • [00:14:02] The weather was good all year round. Now it turns out other areas of the country have weather that, you know, we could say a fluctuates quite a bit as the seasons change. These were adjustments that Hughes and his management team, they just had to deal with it. And it took them longer to open new locations than it did when they were starting out in their home state.
  • [00:14:23] Not to mention the cost to develop land was increasing too, and that was further reducing returns to investors. So they had all these headwinds kind of working against them and they struggled for a little bit.
  • [00:14:36] Hughes kept going though. One of the great things about how he structured the business early on was that he refused to go into debt. So this meant that he was able to withstand economic cycles better than his competitors. And because he did that, he was able to invest more in advertising and new developments.
  • [00:14:57] Now legal structures for real estate deals started changing in the 1990s. And REITs became the preferred method to structure large real estate portfolios. So gradually public storage, restructured its partnerships into over 17 different REITs. Pretty complicated stuff. They made several acquisitions and their competitors storage equity and storage trust ended up getting bought by them.
  • [00:15:24] So this was a period of a lot of change for the company structurally. They were buying these different companies, they're reorganizing, and they were just consolidating their overall business. Now by 2005, they were added to the S&P 500 index and they kept growing in size. So they were definitely a large company at this point.
  • [00:15:44] One interesting acquisition that they attempted to make around this time. was of a company called Shurgard storage centers. So they started buying up their stock around the year 2000. Now they made a proposal to buy the company, but the shareholders rejected it. So they decided to back off. But then management came back in 2005 and said, you know what?
  • [00:16:05] We really do want to buy this business. Let's try to require it, but they tried and failed yet again a year later, again, in 2006, public storage management made another attempt to acquire the company. And this time they succeeded in acquiring at least a portion of it. Now, the reason they wanted this business, I think there were multiple reasons they wanted it.
  • [00:16:28] But one of the major reasons was because sure guard owned 141 locations in Europe, and that had the effect of making public storage effectively, a multinational self storage business and not just a US-based business so that it, it expanded their geographic footprint quite a bit with this acquisition.
  • [00:16:49] Now that we know how public storage got started. What is the business like today? Have they managed to keep the reputation as the number one self storage business in America? What about returns to investors? Are they still a profitable business? And should we consider investing in it? We'll answer these questions next on stock stories.
  • [00:17:11] Don't go away.
  • [00:17:14]
  • [00:17:14] Hey, thanks so much for listening to this episode of stock stories. I hope you're enjoying the episode so far and learning a lot. One thing I wanted to remind you of very quickly is check out the website, stock It's now live. I've got all sorts of things up there. I've got a little bit about me.
  • [00:17:34] You can learn more about me and my investing journey. You can check out transcripts of some of the more recent episodes up there. If you're interested in that, you can also pick up a guide to the most downloaded episode. Of the podcast called 100 stock investing lessons, which is episode 100. You can get a curated guide created by me.
  • [00:17:55] Cause sometimes it helps to have something visual. In addition to just the audio content that I've been producing here. So go ahead and check out stock again, that stock and put in your email in order to get that free guide.
  • [00:18:11]
  • [00:18:11] All right. So we understand where Public Storage came from. And now we want to understand where it is today. Well, let's take a moment to first look at the state of the industry and what some of the dynamics are that are important for us to understand as investors. So, one big thing to understand is the four DS of self storage, the four DS.
  • [00:18:34] So apparently in the industry, they have these four DS that kind of drive everything. They are number one, death, number two, divorce, number three, downsizing and number four dislocation. So what do these things mean? So first of all, death, if somebody dies. You ever been to an estate sale where people sell all this stuff of someone who's passed away?
  • [00:18:59] Well, not all that stuff necessarily can get sold. So sometimes the surviving family members, they need a place to put that person's things while they sell their home. That kind of a situation is very common. So companies like public storage can come in and basically be, be there for the, for all of that stuff.
  • [00:19:20] They can hold all of that stuff. And then number two divorce when people break up. And one person moves outside of the house. Maybe whether or not they were married, they have a lot of stuff that they need to store. So public storage can store things for that situation. Downsizing, if you move from a big house to a small house, well, you probably have a lot of stuff you either need to get rid of or need a store.
  • [00:19:45] Right. So that makes sense. And then number four, dislocation. This is a different one. Think about someone who, who is a military family or someone who is a college student who's moving across the country or some kind of situation like that. Those are situations when. It's difficult enough as it is to move, but then you have to think about all of the different things that you own and have a place to store it.
  • [00:20:13] So that's another scenario where it's useful for people to purchase services from a self storage company.
  • [00:20:21]Okay. So what is public storage is business like today? Well, they've got over 2,500 properties and they're in 39 states now. And they are indeed still the largest self storage company in the world. Now in the United States, they own about 7% of the self storage business. And that's measured by square footage.
  • [00:20:44] So this is still a highly fragmented industry. They're the biggest player, but they only own 7%. So what does that tell you? That tells you that there's so many different, smaller, local operators that are probably just right for acquisitions from some of the bigger players. And I anticipate that this will probably happen more and more over time as the larger companies saturate their markets and they want to find more ways to grow.
  • [00:21:13] They're probably going to try to acquire the smaller players. Now public storage has businesses that are spread across three different types. So there's the self storage business in the U S then there's the international self storage business. And then there's the office park business. Now about 81% of the square footage that the company owns is in the self storage segment in the United States.
  • [00:21:38] Another 6% is international self storage, mostly in Europe. And 13% is office parks. One important thing to note is that public storage doesn't actually own a hundred percent of its international storage business or its office park business. It just has these really large stakes in other businesses. So for example, it owns 42% of the business called PS business parks, which trades under ticker symbol PSB.
  • [00:22:07] And it owns 35% of sure guard the company we mentioned earlier. And that trades on the Euro next exchange. Under ticker symbol, S H U Now in 2018, the company entered the property management business. So they manage properties for private individuals as if they were owned by public storage. Now, this can be a lucrative type of business because you don't actually need to own and manage their real estate in order to make money.
  • [00:22:35] You make money based on the management of someone else's real estate. So this is, this is kind of a small ancillary growth area for public storage. It's not a huge part of the business yet, but it's something that they're getting into more now over the past couple of years. Now, one thing I like about the business in general is their efforts around modernization.
  • [00:22:57] They have this app called the lease app or the eRental app, and you can basically just go on your phone and reserve a space and you're pretty much done. So that allows customers to reserve spaces and pay rent on their phone. So it's good to see that they're doing things like this to try to modernize, whereas maybe your local mom and pop.
  • [00:23:20] Self storage facility. Isn't going to have technology set up like that to make things easier for the customer.
  • [00:23:28]All right, let's talk about the financials. Now. What do the numbers of this business? Tell us we can't have a complete analysis of a business if we don't understand the numbers. So let's go over some of the main numbers for public storage. And as we usually do on this show, we'll look at the trends, right?
  • [00:23:47] We just want to see big picture trends. We don't need to get into the minutiae at this level of analysis. So we'll be comparing the fiscal years, 2013 and 2020. So a seven year period. And we'll see how things changed there. First let's look at the income statement. This tells us how much money the company made or lost.
  • [00:24:09] So let's start with sales. In 2013, public storage made $2 billion in sales and in 2020 they made 2.9 billion. So they increased their sales at a decent rate about five and a half percent per year, but nothing too crazy there, but they, they grew steadily during this period. And now let's look at the profits.
  • [00:24:29] Now remember with a real estate investment trust, we don't care so much about net income, as much as funds from operations. That's the term that we use for real estate investment trust. And that's because of things like depreciation on property, the way that the accounting rules work, it wouldn't make as much sense.
  • [00:24:49] To look at net income for real estate based business. We want to look at funds from operations. So the funds from operations for this business in 2013, they were about 1.3 billion. And in 2020, it was about 1.8. So again, similar growth there, this pretty much mirrors. The growth in sales. Now what about the funds from operations per share?
  • [00:25:12] Now remember, especially with real estate companies, we have to be careful of share dilution. If we're being diluted by owners, then we're not going to make as much money as an investors on a per share basis. So from a per share basis in 2013, this was about $7 and 50 cents. And now it's around $10 and 60 cents.
  • [00:25:33] So actually that growth rate is pretty much in line with sales growth. It's about 5% a year. Now let's look at the balance sheet. How is this company structured from the capital perspective? Now, the first thing I like to look at is always cash. Like how much money do they have in the bank? Because money in the bank means you can do stuff.
  • [00:25:55] And so in 2013, the company had just under $20 million in cash. So not a lot of cash. Whereas in 2020, they had over $250 million. So they really increased that cash, that cash balance. So I like to see that as far as their debt, remember Wayne Hughes really didn't like debt. Let's see if that legacy has continued.
  • [00:26:21] And if the current management has similar feelings about debt in 2013, the company had over $800 million in debt. And in 2020, they had just under $3 billion in debt. Now this is it increase. It seems like a big increase, but if we really put this in perspective and compare this to the funds from operations, They only have about two years worth of profits in debt, on their balance sheet.
  • [00:26:50] So that means that if the company really wanted to, if they weren't paying dividends, of course, they would be able to wipe out their longterm debt within just a couple of years. So even though the debt has grown a lot in absolute terms, the overall. Profit potential of this business has grown a lot too.
  • [00:27:10] So it's not actually that bad of a ratio. So I do still think that this is still pretty conservatively financed. Now let's look at the cash flows of the business. This is the money going into and out of the business. So operating cashflow in 2013 was just one and a half billion. And by 2020, it rose to about 2 billion.
  • [00:27:32] So again, pretty similar growth rates, about 5% a year. Now, the investing cashflow and financing, cashflow sections of the statement. I didn't see anything super important in there worth noting really. That was very, very unique or very special. So we'll go ahead and skip that. Now, as far as the dividends.
  • [00:27:53] The company paid out a billion dollars in dividends in 2013. And by 2020, that number rose to 1.6 billion. So they've been increasing their dividend a little bit faster than they've increased their sales and their profits. They've increased their dividends by about 7% per year, which is a good rate of increase, I think.
  • [00:28:15] And so their dividends per share, likewise has grown a lot too. Now, the last thing here is shares outstanding and they had about 170 million shares outstanding in 2013. And that number is basically the same today. It only went up by a couple million. So I really like the fact that management has not diluted shareholders over the years, and that profits have actually gone to owners.
  • [00:28:40] Now that's a great sign.
  • [00:28:42]Okay. So let's put all this information together. Now, what do we have here and how do we make sense of all this and make a sound assessment of public storage as an investment? The first thing that comes to mind is that public storage does indeed seem to be a very stable business. So even during the pandemic sales only drops slightly.
  • [00:29:06] They seem to be just a blip on the radar. Now in general, people keep paying their rent on storage units because they just don't want to have to deal with the hassle of finding a new place for all their stuff and going through the trouble of going to retrieve it. I know, I certainly wouldn't want to deal with that hassle.
  • [00:29:24] So that brings me to the business's competitive advantage. What is the moat here to me? It's the sunk cost business model. Now public storage often offers just a $1 payment for the first month's rent, especially for more expensive units. If you're willing to sign up for a more expensive unit, they'll give you a break on the first month.
  • [00:29:46] Now once the customer has paid this small fee to initiate the contract, well, then they pay recurring purchases that are much higher to keep their stuff securely. Stored. Now think about it. It would be such a hassle to go back to the facility, remove the items. And in many cases, To do this. So customers just keep paying.
  • [00:30:07] No problem. Now, one thing I noticed about this business too, is how many upsells there are. It's not just, here's a space and you rent it and that's it. You can pay more for different types of options. For example, you can pay more for a larger unit. You can pay more for climate control. If you need certain documents, you know, to, to be preserved at a certain temperature, you can pay extra for things like being on the first floor of the warehouse, or you can also pay more and to have a drive-up unit that where you just drive up directly to it.
  • [00:30:43] You don't have to go through this maze of units to find yours. So there's a lot of different options here for upsells. And I think that's a good thing from the business perspective, because now you're able to get a higher rate of return from your customers because they're willing to pay more for certain features.
  • [00:31:03] So just quick pause real quick. I mean, researching this business is kind of crazy, cause I'm thinking isn't it amazing that an entire industry has been built up and optimize around the management of stuff? I mean, I think it just says so much about our culture and where things are right now, but it just kind of fascinating to witness and to study it.
  • [00:31:26] So in general, I mean the business model of this. Business public storage. It seems pretty good. It seems pretty sound. People like to store their stuff. And as far as the financials go, it's not a fast growing business, but it does grow steadily. It's growing at about 5% a year, certainly respectable for a large REIT.
  • [00:31:46] That's been around for a long time and they've already. Saturated many of their markets. So I think that's respectable. Now the dividends, one thing about the dividends is that they've been held steady at $8 per share for a couple of years. Now, actually since 2017, they haven't grown their dividend at all.
  • [00:32:05] So right now the current share price is around $288 per share. And the dividend yield. If you do the math, it's about 2.7%. Now that's not very much for a REIT. Remember all the REITs we discussed months ago, like Simon property group and Macerich. So even though those stocks have rallied significantly, since I first covered them here on the show, their dividend yields are certainly higher.
  • [00:32:31] So I would say that the business model is indeed safer than something like a mall REIT, because. They're more based on the personal habit of not letting things go as opposed to the habit of going out and acquiring new things at a mall, for example. So I like this business model a lot more actually, and I do think the lower dividend yield is justified, but what does it mean though?
  • [00:32:58] That their dividend hasn't grown at all in the past several years? Well, it seems to me that the company is taking a break because they've been ramping up that dividend significantly over the past decade sales and profit growth have been slowing a little bit. So it would endanger the safety of the dividend to keep it growing so fast.
  • [00:33:17] So I can understand that move by management. As far as the balance sheet goes, they're still a relatively conservative business. I mean, their debt load has increased over the years. But they could still get rid of all their debt with less than two years of profits, which I think is pretty good, especially for a real estate company, as far as valuation, the trading at about 27 times funds from operations, which I think that's pretty high now, interest rates are still super low.
  • [00:33:45] Again, we've talked about that on the podcast. In the past many times, income investors want yield, especially from companies that have higher quality cash flows. Now I believe public storage has those high quality cashflows, but I just can't pay this high a price unless I'm willing to accept mid single digit returns from this investment for some time.
  • [00:34:07] Now, what I would be interested in as an investor is if the price came down to the point where the dividend yield was, I would say at least 4%, which would equate right now to a share price of around $200 per share or less, then things would get a lot more interesting. Now it's okay to own lower growth stocks.
  • [00:34:26] If they offer you high quality and a good income, especially as far as the component of return. But for me, public storage, the yield is just too low for me. And for REIT, you're mainly interested in the yield that it can produce, but. All this talk about self storage after researching it. It's making me want to learn more about the other companies in the industry.
  • [00:34:50] So I'll get to that eventually, but that's a story for another day.
  • [00:34:56]
  • [00:35:05] Hey, thanks so much for listening to the stock stories podcast. My name is Alex Mason, and I am your host and stock storyteller. Thank you so much for joining me for today's episode. I hope you learned a lot about the self storage industry. About public storage and yeah, I hope you grew as an investor today.
  • [00:35:24] Now, if you want to learn more about the podcast or other companies definitely check out other episodes and also head over to stock The brand new website, there are transcripts for episodes up there. There are a couple of blog posts. There is all sorts of things, and you can also get. The guide for 100 stock investing lessons, the most popular episode of this show, you can get that at
  • [00:35:51] So thank you so much again for joining me today, and I'm excited to bring more content to you next week. So I'll see you then.
  • [00:36:02] Legal Disclaimer:
  • [00:36:26] The information presented here on stock stories is for informational educational and entertainment purposes. Only you and you alone are responsible for your investment and financial decisions. Please consult inappropriate tax legal or financial advisor that can analyze your specific situation in the context of your goals and circumstances.

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Mental Model: Multiplying By Zero

Basic Definition If you multiply effort in any area by zero, then the effort is completely wasted. Explanation of the...


Nov 24, 2020

Ventas (VTR)

Ventas' Seniors Housing Sunrise of Lincoln Park, Chicago, IL . Image Source: Ventas Ventas is a healthcare Real...


Nov 23, 2020

Digital Realty (DRT)

One of Digital Realty's data centers. Image Source: Digital Realty Digital Realty buys and operates buildings that...

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