 Good day fellow investors. Today I have a treat for the traders out there. For the short-term, medium-term traders that like to be exposed to 100% returns in the next year, two years max. I'm talking about Colony Nordstar, it's a REIT and it's priced as something else. So the company is going into transformation and when you hear about REIT investors, they like to see 20 years of dividends going up, like a normal REIT has. So if there is no such chart of constantly growing dividends, especially in a company that was formed this year, because Colony Nordstar has been created from the merger of three other companies, an asset manager, a REIT and so on. So it's a very, very complicated structure, but the management knows that. There is a discount on that complicated structure and they will work in order to make it more simple and to be priced as a normal REIT, which would imply a 100% higher stock price. In the meantime, you just get a dividend of 8.0%, not a bad deal. There are some risks which I'll also discuss at the end. So Colony Nordstar, an overview. It's a REIT, the stock price is 12.4, something like that. They have 56 billion under management, strong capitalization, lots of equity, high dividend, 8%, they have 5 billion global healthcare business, 4 billion hotel portfolio business, 3 billion light industrial business, mostly warehouses and then they have 6 billion global other equity and debt business plus a global investment management business with 56 billion under management. And when you see such a combination, okay, the REITs are okay for a diversified REIT and then you see what is that other equity and you see what they were involved into buying the Weinstein company, the movie business. So they are opportunistic, what are they doing there? That's not a REIT I want to own and that's why the price is low. However, the management is selling those opportunistically by both assets, like I want to buy real estate investment advisor from Colony Nordstar and so on. So they have been divesting and they will focus on the core assets, the core REIT. This is the portfolio now, as I said, hospitality, healthcare, industrial with other equity and debt. The point is that the current valuation according to the funds from operations, which is the usual metric watched in REITs is a 10. However, hybrid peer average REITs have a 15, 16, 17, 18 valuation. So a much higher average, 17.7 is here the average. So if Colony Nordstar manages to show some good quarters, table dividends or even increased dividends manages to sell those assets that it owns and becomes a normal hybrid REIT or a normal REIT, the valuation should be much higher. In the meantime, you get the 8% dividend. Just to look at the portfolios, we have the healthcare portfolio, 24,000 bets, well diversified account across the country, industrial portfolio, mostly warehouses, essentially in the last mile of the logistics chain. This is what they own part of it. Then we have the hospitality portfolio, 22,000 keys, 167 hotels that they owned. Airbnb isn't such a threat anymore. So those hotels should do well, especially if the situation in the economy stays like it is. And that's a risk for this REIT that we'll discuss later. The most 79% is rented to Marriott and then to Hilton. They also invested in real estate debt, other real estate equity, net leases, so very interesting distribution of debt. We'll see how it works out. The capital structure, common equity 8.5 billion, debt similarly, so debt just a little bit more. So it's a good debt to assets ratio that leads to strong dividend. Now, Seth Klarman owns 7.7% of this company. That is how I came to it. And on top of everything, he owns the company, but he plans to return some investor's money. The same as he did in 2010 and 2013. And he's now 42% in cash, which means that he really finds it difficult to invest his money. And that's another plus for Colony Nordstar. It's a complicated REIT. There are a lot of things going on, a lot of divestitures, a lot of investments. So it's a REIT that still has to stabilize. If the economy stays as is, if interest rates don't change too much and the economy grows, this REIT will continue with positive funds from operations with a stable dividend that will perhaps even grow in the future, which will then make it attractive to those who invest in such REITs, because they expect long-term stability. So give it six months, give it a year, give it that the management confirms its intention to be valued as a normal REIT, and the stock price should even increase 50-100%. If that doesn't happen, you still get the 98% dividend, which gives a bottom to the price. The risks. This company was merged from three companies, so there is goodwill. How can there be goodwill on a REIT? It means that they overpaid for something, which is very interesting. Nevertheless, okay, from the merger, depending on market valuations prices, there can be some goodwill. So that's one risk. The other risk, of course, it's a REIT. Higher interest rates would push all REITs lower. However, if this REIT manages to be revalued, then even if interest rates rise, this fair valuation would put a margin of safety. The price to book value is one close to the stock price. So again, there is some margin of safety. Of course, a recession with the warehouses, with the hotels wouldn't be that perfect. But nevertheless, for now, as it is, and as what is the plan for the management in the short term, it might be a good deal. So dig deeper if you're interested in such deals. I am a bit wary of REITs. I still have to see how they work a little bit in the sector and what are the most structural risks if they are such a good investment as they have been in the past 45 years. And will they continue to be so? You will of course get that answer in a video or not. But that's for more long-term investors. In the short term, look at it. Thank you for watching. Looking forward to your comments. If somebody has something to share on those REITs, please let us know. As the more we know, the more we learn together, the higher will our returns be and the lower the risks. I'll see you in the next video.