UMH - REITS: A Quality And Risk Analysis
First, the context. This research focuses on the financial statement characteristics and trends of public companies (“moneyball investing”). It emphasizes two principles:
- All companies, public or private, are either improving or deteriorating. Static doesn’t exist, although the majority of companies lack a clear, protectable competitive advantage and move back and forth between improving and deteriorating.
- Companies with improving margins, improving asset turnover (revenues divided by assets) and declining debt outperform, over time, companies with the opposite characteristics.
For more on my methodology, scroll down to the bottom of this report.
To assist with the initial