Mr Neutral Man aka "Howard Marks of REITs” (@Mr_Neutral

Mr Neutral Man aka "Howard Marks of REITs”

17.8K posts

Mr Neutral Man aka "Howard Marks of REITs”

@Mr_Neutral_Man

Buying Real Estate in the Public Markets at Discounts to Private Market hardassetmemo.substack.com [email protected]

NYC Area

Joined September 2017

Pinned
Mr Neutral Man aka "Howard Marks of REITs”
@Mr_Neutral_Man
Sep 21, 2024
Hard Asset Memo #1 "Not All 15% IRRs are Created Equal" will likely go down as my favorite (repost) It examines risk-adjusted returns in a manner that can be easily understood. It highlights how cheap MF REITs were earlier this year $MAA $CPT Sign up at [email protected]
50K
Mr Neutral Man aka "Howard Marks of REITs”
@Mr_Neutral_Man
Jul 10, 2024
Throwing this out there. Any 18+ college students with kitchen experience in the NYC area willing to come out and help me prep for a beach BBQ middle of next week. $150 for the day. Location is Rockaway Beach accessible by subway. Perk is that you get to hang out with a bunch
2.5M
Mr Neutral Man aka "Howard Marks of REITs”
@Mr_Neutral_Man
Sep 19, 2022
Chinese Take Outs: We offer free delivery! No hidden fees. Uber Eats: Tech bros will turn your $8 stale burrito into a $20 order and somehow no one makes money.
Mr Neutral Man aka "Howard Marks of REITs”
@Mr_Neutral_Man
Nov 6, 2025
Just wow
148K
Mr Neutral Man aka "Howard Marks of REITs”
@Mr_Neutral_Man
Oct 28, 2022
Howard Hughes Corp $HHC is a two to four bagger sitting in plain sight. Today, Bill Ackman is trying to squeeze out minority shareholders to keep all the upside to himself. I will get into the valuation shortly, but first let me explain how Ackman is trying to screw us
Mr Neutral Man aka "Howard Marks of REITs”
@Mr_Neutral_Man
Nov 9, 2025
Buy REITs, become a fractional landlord No need to fix any broken toilets or deal with leasing. Diversification done for you with hundreds of buildings. Dividends hit your account quarterly or even monthly. Professionally managed. Transaction cost less than 1bp
Douglas A. Boneparth
@dougboneparth
Nov 8, 2025
What feels illegal, but isn’t?
123K
Mr Neutral Man aka "Howard Marks of REITs”
@Mr_Neutral_Man
Aug 23, 2025
Sources of investment edge shifts over time. At one point, having a Bloomberg terminal was likely a huge edge. Being in NYC with access to dinners etc was likely another edge some 15 years ago. I feel like the current edge is finding and curating really good Twitter follows
Cody Littlewood
@codylittlewood
Aug 23, 2025
Big shout out to @rhunterh for the $HPP preferred write up. Sold yesterday +33% plus distributions. @Mr_Neutral_Man for $DRR.U and a slick 30% and divvies sold this week. And $ALX holding at 25% unrealized right now. More value here than most RIA
122K
Mr Neutral Man aka "Howard Marks of REITs”
@Mr_Neutral_Man
Nov 11, 2024
This is why $COST trades at 57x p/e
41K
Mr Neutral Man aka "Howard Marks of REITs”
@Mr_Neutral_Man
Jul 10, 2024
Have you considered maybe I want to serve higher quality food than what a caterer can offer? Just bc you’re a HF manager or a finance type doesn’t mean you just throw money around. Buffett is known for spending $4 on MCD breakfast. I run a value strategy. We’re known for mot
157K
Mr Neutral Man aka "Howard Marks of REITs”
@Mr_Neutral_Man
Jun 30, 2022
1) I am an investment manager looking for a summer intern to start the week of July 11th. This will be a NYC based position. You have to work out of the beach house office (one row behind these houses) 4 out of 5 days a week. We are in the Rockaways accessible by bus/subway.
Mr Neutral Man aka "Howard Marks of REITs”
@Mr_Neutral_Man
Sep 12, 2025
This chart is kind of wild
42K
Mr Neutral Man aka "Howard Marks of REITs”
@Mr_Neutral_Man
Dec 28, 2022
Has anyone had a great career just trading 10-30 names that they know really well with overly capitalized balance sheets and conservative management teams? Like >15% CAGR from just doing DCFs and saying "I'll buy at >20% CAGR over 3-5 years and sell when it gets to <10%.
123K
Mr Neutral Man aka "Howard Marks of REITs”
@Mr_Neutral_Man
Sep 13, 2025
Will delete if I am wrong
19K
Mr Neutral Man aka "Howard Marks of REITs”
@Mr_Neutral_Man
Apr 7, 2023
1/n) FRP Holdings $FRPH is compelling here 1) It is trading at about 60% of NAV 2) Pristine balance sheet with 33% of market cap in cash 3) Great management team 4) Assets with strong moats. IMO NAV grows at 10% a year, buying it at 60% of NAV gets you mid-high teens CAGR for.
132K