Say No To Trading
Public Markets Investor, Opportunistic Buying & Cost-Basis Management
Welltower is uninvestable because a hired, non-founder executive is being paid billions. That is corporate greed out of control: it is not $3 billion at a $3 trillion company, nor a business like Nvidia where inventions must be made. People who create should be paid the most, not managers, and the best management is often to avoid big moves or wild M&A and simply steer the ship. x.com x.com
Welltower's operator and technology overhaul helps explain its growth, but the valuation leaves little margin of safety. Its 2025 annual report describes reworked operator agreements, upgraded partners and a Tech Quad for AI and data science while competitors retreated during COVID. AFFO grew about 18% annually since 2023, with 21%, 17% and 15% growth forecast for 2026-28. At 43.7x P/AFFO and a 1.5% yield, it has one of the richest REIT valuations, pricing in future growth. x.com
Welltower's risk/reward looks poor at almost 70 times forward earnings, even though senior-housing demand is rising while supply is not. x.com
Aging demographics are already delivering senior-housing pricing power for Welltower and Chartwell. Welltower's Q3 senior housing NOI rose 21%, occupancy gained 320 basis points and FFO grew 24.6%; guidance was raised again. x.com
IREN looks like an absurd management money grab, with compensation that carries zero performance hurdles. x.com
