James Foord is an economist by trade and has been analyzing global markets for the past decade. He leads the investing group The Pragmatic Investor where the focus is on building robust and truly diversified portfolios that will continually preserve and increase wealth. The Pragmatic Investor covers global macro, international equities, commodities, tech and cryptocurrencies and is designed to guide investors of all levels in their journey. Features include a The Pragmatic Investor Portfolio, weekly market ...

Summary of British Land Company Update / Briefing (November 25, 2025) Company Overview - **Company**: British Land Company (OTCPK:BRLA.F) - **Focus**: Market-leading position in campuses and retail parks, representing 90% of the business [2][60] Key Industry Insights - **Occupational Fundamentals**: Strong demand and constrained supply in the office and retail sectors, leading to affordable rents [2][60] - **Investment Trends**: Increased investor allocations to retail and office sectors due to attractive total return profiles [2][7] - **Office Market Dynamics**: - Return to office utilization exceeds pre-pandemic levels, with midweek usage above 2019 figures [2] - Active demand for office space is 50% above the long-term average, with a predicted vacancy rate below 2% for new and refurbished spaces [3] - Historical trends indicate potential for double-digit rental growth when vacancy rates are this low [3] Financial Performance Highlights - **Underlying Profit**: Increased by 8% to GBP 155 million [9] - **Earnings Per Share (EPS)**: Up 1% to GBP 15.40, with a corresponding 1% increase in dividends [10] - **Net Asset Value (NTA)**: Increased by 2% to GBP 579 per share, reflecting a 1.2% rise in property values [12] - **Total Accounting Return**: Achieved 4% for the half-year, on track for a full-year target of 8-10% [12] Growth Drivers and Earnings Levers - **Like-for-Like Rental Growth**: Achieved 4% growth, with expectations of 3-5% for the full year [17] - **Fee Income**: Flat at GBP 13 million in the first half, but projected to grow by 10% for the full year [18] - **Cost Control**: Admin costs reduced by GBP 5 million (12% decrease) [10] - **Development Leasing**: Benefiting from schemes like One Broadgate and The Optic, with ongoing leasing activity [19] - **Capital Recycling**: Focus on disposing of lower-returning assets to reinvest in higher-return opportunities [15] Retail Parks Insights - **Market Position**: Largest owner and operator of multi-let retail parks in the U.K., with a portfolio accessible to half the U.K. population within a 30-minute drive [5] - **Retailer Demand**: Strong demand from retailers like M&S, Lidl, and Aldi, with no new supply expected in the next decade [5][6] - **Occupancy Cost Ratios**: Improved from 17% in 2016 to around 9% today, allowing retailers to operate profitably [55] Future Outlook - **EPS Growth Guidance**: Expected to be at least GBP 0.285 for FY2026, with at least 6% growth for FY2027 [34][38] - **Sustainable Earnings Growth**: Projected sustainable EPS growth of 3-6% over the medium term, driven by strong occupational fundamentals [19][60] - **Investment Strategy**: Continued focus on retail parks and campus developments, with a capital-light approach to reduce risk [15][42] Additional Considerations - **Technological Enhancements**: Implementation of digital technologies for improved building experiences, such as contactless entry [56] - **Sustainability Initiatives**: Focus on low-cost interventions to enhance building sustainability, which also improves rental values [58] - **Market Adaptation**: Observations of changing tenant mixes, with increased demand from tech and AI sectors [46][47] This summary encapsulates the key points from the British Land Company update, highlighting the company's strategic focus, financial performance, and market dynamics.

James Foord is an economist by trade and has been analyzing global markets for the past decade. He leads the investing group The Pragmatic Investor where the focus is on building robust and truly diversified portfolios that will continually preserve and increase wealth. The Pragmatic Investor covers global macro, international equities, commodities, tech and cryptocurrencies and is designed to guide investors of all levels in their journey. Features include a The Pragmatic Investor Portfolio, weekly market ...

Bro it’s unbelievable how unreliable the tech is - isn’t it CRAZY??! ...

Core Insights - James Foord is an economist with a decade of experience analyzing global markets, leading the investing group The Pragmatic Investor, which focuses on building diversified portfolios to preserve and increase wealth [1] Group 1: Company Overview - The Pragmatic Investor covers various sectors including global macro, international equities, commodities, technology, and cryptocurrencies [1] - The platform is designed to assist investors of all levels in their investment journey [1] Group 2: Features and Offerings - The Pragmatic Investor offers a portfolio, weekly market update newsletter, actionable trades, technical analysis, and a chat room for discussions [1]

Core Insights - The article discusses the role of James Foord as an economist and his leadership in The Pragmatic Investor, which focuses on building diversified investment portfolios to preserve and increase wealth [1] Group 1: Company Overview - The Pragmatic Investor is an investing group that covers various sectors including global macro, international equities, commodities, technology, and cryptocurrencies [1] - The group aims to guide investors of all levels through features such as a dedicated portfolio, weekly market updates, actionable trades, technical analysis, and a chat room for discussions [1]

Core Insights - James Foord is an economist with a decade of experience analyzing global markets, leading the investing group The Pragmatic Investor, which focuses on building diversified portfolios to preserve and increase wealth [1] Group 1: Company Overview - The Pragmatic Investor covers various sectors including global macro, international equities, commodities, technology, and cryptocurrencies [1] - The platform is designed to assist investors of all levels in their investment journey [1] Group 2: Features and Offerings - The Pragmatic Investor provides a portfolio, weekly market update newsletter, actionable trades, technical analysis, and a chat room for discussions [1]

Michael Cuggino, Permanent Portfolio Funds president, joins 'Power Lunch' to discuss why stocks should keep moving higher, bitcoin and gold's recent move higher and much more. ...

Core Insights - The article emphasizes the importance of building robust and diversified investment portfolios to preserve and increase wealth over time [1]. Group 1: Company and Industry Overview - The Pragmatic Investor focuses on global macroeconomic trends, international equities, commodities, technology, and cryptocurrencies, aiming to guide investors at all levels [1]. - The investment group is led by economist James Foord, who has a decade of experience analyzing global markets [1]. - The platform offers various features including a portfolio, weekly market updates, actionable trades, technical analysis, and a chat room for investor interaction [1].

Core Insights - Crescat's five funds have experienced significant value increases through the end of September, indicating strong performance despite market fluctuations [1] - The firm maintains a bullish outlook on gold, suggesting confidence in the long-term value of the asset despite recent declines [1] Fund Performance - The value of Crescat's funds has soared, reflecting effective investment strategies and market positioning [1] - The firm has not been deterred by the recent slide in gold prices, indicating resilience and a long-term investment perspective [1]