With a little topping up in the last 24 hours, Buffett has finally gained a CNP holding of 3 million shares.
Earlier this year I thought about 1 million then 2 million, but I never thought I would get to 3 million without parting some other key holdings but it has happened. Besides having a big holding keeps one focused on the company rather than having bits & pieces everywhere.
Having spent many hours calculating asset values/possible scenarios I am happy to hold CNP, because I must have some conviction about my research being at least 80% accurate.
Recent positives for CNP include:
1. Bank extensions
2. Positive movement in Australia Dollar from CNP's viewpoint.
3. Occupancy rates remaining quite strong for centres.
4. Rise in rents partly offsetting softening of yields.
5. Recent sales give no indication of "tank out" for quality retail assets.
Whilst the next few weeks may be a little challenging in regard to profit report, CNP I feel has given me a chance to own some quality retail assets at heavily discounted prices.
Please not this post is not mention to offer investment advice to any investor regarding CNP & they should do their own research, because my situation is probably different.
Regards
Buffett
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