BPY - The Real Alpha In Brookfield Property Partners Is Not 10.5% But 8%

• The market is so obsessed with common stocks that it completely misses the whole picture.
• A lagging preferred unit is where the Sharpe ratio is hidden.
• 8% from a preferred unit with 25% capital appreciation potential with pure "Alpha" embedded is very rare in such an overheated market.
• The 8% preferred dividend is "covered" by the 30 times higher common unit dividend.
• Comparison with all comparable preferred stocks mathematically proves the "Alpha".

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