Bill Lenehan, CEO of Four Corners Property Trust, discusses the unique landscape of REITs, highlighting how capital allocation and shareholder value drive success. He shares insights on navigating investment strategies during COVID-19, emphasizing patience and disciplined judgment. Lenehan also explores balancing innovation in business models with user acceptance, diversifying investments effectively, and improving investor relations. The conversation delves into the role of stock buybacks in market perception and the importance of transparency in communication with investors.
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insights INSIGHT
REITs as a Pure Model
REITs are a pure model of capital allocation, similar to C. elegans in scientific research.
Their simplicity isolates variables, making it easier to analyze the effectiveness of capital allocation decisions.
question_answer ANECDOTE
Four Corners Origins
Four Corners Property Trust started as a spin-off from Darden, owning primarily Olive Garden restaurants.
This provided a high-quality initial portfolio, simplifying the capital allocation process.
volunteer_activism ADVICE
Prioritize Capital Allocation
Focus on consistent, disciplined capital allocation rather than seeking trophy properties.
Prioritize opportunities for steady returns through efficient capital deployment.
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The Rebel Allocator tells the story of Nick, a young man who encounters Francis Xavier ('Mr. X'), a billionaire with a chain of hamburger joints called Cootie Burger. Mr. X, who is terminally ill, mentors Nick on the principles of capital allocation, drawing heavily from the teachings of Warren Buffett and Charlie Munger. The book combines a fictional narrative with business lessons, making complex concepts more accessible and engaging for readers. It explores themes such as the importance of capital allocation, the balance between work and personal life, and the application of business philosophies in real-world scenarios.
Value: After Hours is a podcast about value investing, Fintwit, and all things finance and investment by investors Tobias Carlisle, and Jake Taylor. See our latest episodes at https://acquirersmultiple.com/podcast
We are live every Tuesday at 1.30pm E / 10.30am P.
About Jake
Jake's Twitter: https://twitter.com/farnamjake1
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Hi, I'm Tobias Carlisle. I launched The Acquirers Podcast to discuss the process of finding undervalued stocks, deep value investing, hedge funds, activism, buyouts, and special situations.
We uncover the tactics and strategies for finding good investments, managing risk, dealing with bad luck, and maximizing success.
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ABOUT TOBIAS CARLISLE
Tobias Carlisle is the founder of The Acquirer’s Multiple®, and Acquirers Funds®.
He is best known as the author of the #1 new release in Amazon’s Business and Finance The Acquirer’s Multiple: How the Billionaire Contrarians of Deep Value Beat the Market, the Amazon best-sellers Deep Value: Why Activists Investors and Other Contrarians Battle for Control of Losing Corporations (2014) (https://amzn.to/2VwvAGF), Quantitative Value: A Practitioner’s Guide to Automating Intelligent Investment and Eliminating Behavioral Errors (2012) (https://amzn.to/2SDDxrN), and Concentrated Investing: Strategies of the World’s Greatest Concentrated Value Investors (2016) (https://amzn.to/2SEEjVn). He has extensive experience in investment management, business valuation, public company corporate governance, and corporate law.
Prior to founding the forerunner to Acquirers Funds in 2010, Tobias was an analyst at an activist hedge fund, general counsel of a company listed on the Australian Stock Exchange, and a corporate advisory lawyer. As a lawyer specializing in mergers and acquisitions he has advised on transactions across a variety of industries in the United States, the United Kingdom, China, Australia, Singapore, Bermuda, Papua New Guinea, New Zealand, and Guam.
He is a graduate of the University of Queensland in Australia with degrees in Law (2001) and Business (Management) (1999).
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