Investment essays by Penn Wu
Thinking in public about companies, markets, and the long view.
A personal publication exploring businesses, market shifts, and the investment theses behind long-term conviction.
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Featured investment essay
Macerich
Examining a shopping-mall REIT against the retail-apocalypse narrative, its rental model, and the durability of the underlying assets.
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One thesis, revisited.
Macerich explores the tension between the retail-apocalypse narrative and the enduring economics of high-quality mall assets.
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