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Russell Katz

5 articles published

The November Property Bear Massacre

19 November 2020 The month of November has really sent the property bears running for cover as the S&P/ASX 200 A-REIT index rose around 12% and the month is not even over. This is compared to the roughly 8% decline the index has suffered so far during 2020. To make a quick comparison to our own…

ByRussell KatzNovember 19, 20200Comments

Property Uncategorized

Cromwell Property Group: Everything spilled, now for the cleanup

19 November 2020 In a reminder to boards everywhere not to discount the ability of their major shareholders to cause trouble, Cromwell Property Group’s (ASX: CMW) board was spilled on 18 November 2020. The spill resolution was passed by a 60% majority after ARA Asset Management used its 29.8% ownership to block the board’s second attempt…

ByRussell KatzNovember 19, 20200Comments

Large Caps Uncategorized

Crown Resorts: From bad to worse

9 November 2020 We rated Crown Resorts two stars back on 19 October 2020 for two main reasons: the NSW investigation and COVID-19 keeping Australia’s borders on lockdown. One of our biggest issues with the NSW investigation was that it seemed unlikely to be contained just to NSW with Victoria’s regulators seemingly chomping at the bit…

ByRussell KatzNovember 9, 20200Comments

Large Caps Uncategorized

AMP Limited: Breaking up is the best thing to do

5 November 2020 When we rated AMP four stars back on 4 September 2020, we placed a fairly significant requirement that the company was sold, either in pieces or in a single sale. We stand by our analysis today and sincerely believe that AMP management has so thoroughly destroyed its brand that if the company is…

ByRussell KatzNovember 5, 20200Comments

Property Uncategorized

Unibail-Rodamco-Westfield: A cap raise, new strategy, the situation has changed

19 October 2020 A lot has changed for URW since our first publication on 18 August. The stock had fallen 19.7% prior to Friday, 16 October 2020’s market open due to shareholders rejecting management’s massive dilution and balance sheet revamp plan. In fact, after a group of shareholders, representing 4.1% ownership in URW, released a different…

ByRussell KatzOctober 19, 20200Comments