Barron's Streetwise
Ugly Turnaround Attempts
Dec 6, 2024
Greg Kuhl, a Global Property Equities Portfolio Manager at Janus Henderson, dives into the booming market for senior housing, revealing lucrative investment opportunities in REITs as the population ages. He discusses AT&T's turnaround and newfound investor confidence amidst past mistakes. The conversation also touches on Intel's struggles in the semiconductor landscape, while shedding light on the REIT market's recovery, driven by inflation and interest rates. Kuhl outlines exciting prospects in assisted living and retail investments, emphasizing strategic management.
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Quick takeaways
- The surge in demand for senior housing driven by an aging population highlights the importance of strategic investments in this sector.
- Intel's struggle with market share loss and heavy cash burn underscores the challenges faced by legacy tech companies in adapting to new demand trends.
Deep dives
The Growth of Senior Housing
Senior housing, particularly assisted living, is experiencing significant demand due to demographic shifts. The over-80 demographic is projected to grow substantially through the end of the decade, with a demand growth rate of 4% to 5% annually. This is coupled with the fact that this older generation is wealthier than their predecessors, allowing more individuals to afford these services. Furthermore, the recent higher interest rate environment has hindered new construction, exacerbating the supply-demand imbalance, which is expected to keep occupancy rates and prices high.
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