Financial Serenity is a financial analysis and quantitative research column with a particular focus on the asset management sector. It is actively managed by Tommaso Scarpellini, a seasoned financial researcher and data analyst with proven experience in banking and financial analytics platforms. This initiative aims to provide an in-depth analysis of the dynamics driving the asset management market. On Seeking Alpha, we combine insights from rigorous data analysis with actionable opinions and ratings on ETF ...

Core Viewpoint - The article discusses the multifaceted identity of the blogger known as Ironman, who operates on the Political Calculations site, focusing on investing, business, and economics [1] Group 1 - Ironman may have multiple professional roles, including engineer, researcher, analyst, and possibly educator [1] - The identity of Ironman is ambiguous, suggesting that it could represent one individual or a collective of contributors [1] - The site aims to present both established and innovative theories related to its topics of interest [1]

Core Viewpoint - Delta Air Lines (DAL) is considered undervalued despite a stock price increase of over 18.5% since August [1] Financial Performance - The financial performance of Delta Air Lines indicates potential for further growth and investment opportunities [1]

分组1 - Autodesk is undergoing a sales and marketing restructuring that is expected to significantly impact its stockholders [1] - The restructuring initiative was officially announced in an 8-K filing released on January 22nd [1]

分组1 - Over the past year, international stocks have significantly outperformed U.S. equities, with the State Street SPDR Portfolio Devt World ex-US ETF (SPDW) rising by 37%, including dividends, while the S&P 500 ETF (SPY) has only returned 14% [1]

Group 1 - The company Similarweb (SMWB) reported a decent set of results, but there is a rising intensity in R&D due to significant changes in the environment since the last coverage [2] - The company continues to offer its core SEO-oriented data suite, indicating a focus on maintaining its primary product offerings [2] Group 2 - The Value Lab is an investment group that focuses on long-only value ideas, aiming for a portfolio yield of about 4% and has performed well over the last five years [1] - The Valkyrie Trading Society is another team of analysts that shares high conviction and obscure developed market ideas, targeting downside-limited investments likely to generate non-correlated and outsized returns [2]

Group 1 - The analyst team has a proven track record of outperforming across all market conditions, achieving an annualized return of almost 40% over the past decade with a long-only model portfolio return of over 23x [1] - The focus is on income-oriented investments, particularly in lower-risk firms that provide steady dividend payouts [1] - The company specializes in providing research on the energy, shipping, and offshore markets, indicating a strong expertise in these sectors [1] Group 2 - SolarEdge Technologies, Inc. (SEDG) is mentioned as a company previously covered, suggesting ongoing interest and updates regarding its performance [2] - The analyst has expanded coverage to include the offshore drilling and supply industry, as well as the shipping industry, indicating a broadening of focus beyond just technology stocks [3] - The analyst has a background in auditing and trading, which adds credibility to the research provided [3]

Core Insights - REITs are regaining favor in 2026, leading to renewed equity issuance opportunities for companies like W.P. Carey Inc. (WPC) and Getty Realty Corp. (GTY) [1][2] - Both companies experienced temporary declines in share prices following their equity offerings, presenting potential buying opportunities for investors [1][5] REIT Market Dynamics - Historically, REITs have been hesitant to issue equity due to concerns over dilution affecting AFFO/share and NAV [2] - In 2026, stock prices for WPC and GTY have risen due to strong earnings reports, making equity issuance more viable [2][3] Share Offerings Impact - Share offerings create temporary liquidity events that can significantly alter stock prices [4] - WPC's issuance of 6 million shares at $72 each raised $432 million, resulting in a 4% drop in stock price on the announcement day [6][10] - GTY's offering of 4 million shares at $32.75 led to a larger price drop of about 7% due to its proportionally larger impact on outstanding shares [14][16] Financial Metrics and Projections - WPC's expected AFFO/share for 2026 is $5.17, leading to a cost of equity of 7.18% from the recent issuance [10][12] - The capital raised will fund approximately $864 million in acquisitions, with a projected cash cap rate of around 7.25%, significantly above WPC's cost of capital [10][12] - GTY's expected AFFO/share is $2.51, with a cost of equity of 7.66% from its recent issuance, and a blended cost of capital of 6.71% [16][17] Management and Strategy - Effective REIT management is crucial for determining the success of equity offerings, focusing on cost of capital and cap rates on the use of proceeds [19][20] - Both WPC and GTY strategically chose to issue equity when market conditions were favorable, indicating disciplined management practices [21]

Core Insights - Quality investments tend to outperform over time, but the duration for this to materialize can be prolonged, particularly for investors in weak industries [1] Group 1 - The article discusses the challenges faced by investors holding quality companies in underperforming sectors [1]

Core Viewpoint - The article discusses the investment positions held by the author in specific companies, indicating a long position in NHYDY and KALU, which may suggest a positive outlook on these stocks [1]. Group 1 - The author has a beneficial long position in NHYDY and KALU, either through stock ownership, options, or other derivatives [1]. - The article expresses the author's personal opinions and is not influenced by compensation from any company mentioned [1]. Group 2 - The author emphasizes that the article should not be considered financial advice and that investors are expected to conduct their own due diligence [2]. - It is noted that short-term trading and options trading can be extremely risky and may not be suitable for all investors [2]. Group 3 - The article clarifies that past performance is not indicative of future results and that no specific investment recommendations are provided [3]. - The views expressed may not reflect those of Seeking Alpha as a whole, highlighting the diversity of opinions among analysts [3].