Was on the Investing Experts @SeekingAlpha Podcast with @RenaSherbill where I discussed the safest preferred stock I have ever seen with a 9.5% yield, and why $IIPR is also a conviction buy at a 15% yield $MSOS podcasts.apple.com/us/podcas… open.spotify.com/show/30dUmq…

The software pain will end due to one or a more of the following catalysts: Insider buying Aggressive margin expansion plans PE takeout Growth isn't the answer (even if the stocks may appear to sell off on decelerating growth). $MSFT $CRM $ADBE $HUBS $MNDY $WIX $GTLB $TEAM

The trading action today in $CRM was interesting. I have some suspicion that a lot of investors were in SaaS solely due to the opinion of a certain @akramsrazor and have bailed following his most recent commentary. I can't speak for him but I think he'll return to bullishness again. I like his takes, especially on $GTLB but fully expect to come back after bailing on CRM here. I am doubtful that Claude cowork (or any of the other vibes) pose real threat to Salesforce as the company is now delivering real agentic products while being deeply entrenched with customer data. The path to upside is simple here: drive operating leverage (which they already are doing) with GAAP margins rising from the current 21% towards 25% (year 1) and 30% (year 2, yes this is a bullish case but is actually feasible) and when the market finally realizes that this is still the high quality business that they used to think it was, stock re-rates to 20x earnings or around 7x sales - if not much higher.

🚨 Is THIS the SAFEST 9.5% Yield in Preferred Stocks?🚨 $IIPR-PR-A: 9.00% Cumulative Preferred - Dividend covered 48x by AFFO 😱 - Debt/EBITDA just 1.3x (vs. peers 7x+) - Debt/Equity ~0.2x (peers often 8x) Way stronger metrics than most REIT preferreds. Yet $PFFA (big preferred ETF) owns ZERO—cannabis stigma? Safest high-yield preferred out there? Or am I missing something? $PFFA $IIPR Thoughts? 👇

It isn't often the market gives blatant gifts. $IIPR is selling off as $MSOS rises Cannabis rescheduling is set to be finalized and IIPR yields 14% It may feel hard to buy here given the tape action. It is on days like this that one might feel dumb to be "buying the dip." But I focus on the numbers: debt to EBITDA is at 1x versus ~5x to 6x for NNN REIT peers rescheduling makes most of its tenant base GAAP profitable, with potential for further improvements in cost of capital In some sense, as long as MSOS isn't a zero, IIPR gets paid. 56% upside to a 9% dividend yield. This is one of my top conviction buys at the moment. $NLCP is obviously attractive here

Now that the "sell the news event" has gone underway in cannabis rescheduling, we can reflect. I think it would be a mistake to hope for $MSOS to suddenly bounce back for no reason. Not all operators are created equal. Some trade at big valuations for no reason. Some have higher quality brands and management teams. I suspect that many may have piled into the sector without differentiating beyond just hype. This is a good moment to note that many such as @420Odysseus have valuable research that's all for free on their feeds. I wonder how many investors in the space have no idea of the relative multiples when Pablo has them all clearly laid out in his reports. To add to what's already commonly be said, I have some things I'm looking for moving forward: What will happen to the "uncertain tax liabilities?" If they are forgiven, then names like $TCNNF stand to benefit materially How will these operators use the extra cash flow? Many stand to push into GAAP profitability in theory, but this might not be so simple in practice. Will we finally see more M&A? There's still a lot of small SSOs and (mostly) SSOs out there, trading at steep discounts. Will we see any of these names take advantage of the recent run-up to fortify their balance sheets with cash? Ironically, $TLRY now has a stronger balance sheet than the vast majority of the US sector. That is not a typo... As @WeedStreet420 commonly notes, there is no need to narrow your focus to just a small list of names. On that note, I continue to suggest investors look into the landlords $IIPR and $NLCP. In my opinion, these are asymmetric opportunities offering more upside with far less drama. Following rescheduling, I see no reasons why they should have yields in the double-digits (they have 12% to 13% dividend yields) given their pristine balance sheets and de-risked tenant credit quality. I see a clear path for these names to re-rate to the 7.5% to 8% yield range (retail net lease names trade at 5.5% yields with far more leverage). They have 35% to 50% upside to a 9% yield. With rescheduling more or less on the way, I now view these to be "conviction buys" in my portfolio. The easy money has been made. Be careful out there!

The executive order to reschedule cannabis is finally official $MSOS is pulling back. $IIPR is curiously down in sympathy I have switched from my IIPR calls an bought the dip in size I expect IIPR and $NLCP to re-rate to a 10% dividend yield at the very least (8% yield is probably where they settle) over the next 3 months. The best case scenario has just occurred and the market is asleep. Not for long. These go ex-dividend in two weeks.

Unpopular opinion: $IIPR > $MSOS for the cannabis rescheduling trade. Here is why: 280E going away massively improves tenant balance sheets. Better tenants = safer rent checks. You get paid a 13% dividend while you wait for the rerating. This is a disconnect. 40% upside to a 9% dividend yield.

Rescheduling could allow "the stars to align" for cannabis stocks $MSOS Removing 280e taxes is just the first step and it may lead to a GAAP transformation for many. But this then opens the way for operators to refinance debt at lower interest rates, creating a positive feedback loop More profits mean more investment. More investment may improve profitability. The operators clearly stand to benefit. My bias is for the landlords $IIPR $NLCP due to valuation. These names trade at 13% dividend yields with little to no debt on the balance sheet. If their tenants stand to see their profit margins expand, then I am doubtful that these stocks still yield double-digits. Realty Income $O yields around 5.5%. At a 9% yield, IIPR would trade 50% higher. If $GTBIF $VRNO $CURLF $TCNNF soar another 50% to 100%, then I wouldn't be surprised if IIPR and NLCP get to a 7% yield or lower. As I noted elsewhere, the call option premiums for IIPR are significantly lower than for MSOS. This means that one can emulate the "juice" of the operators while being backed by rental revenues, pristine balance sheet, and double-digit dividend yield. MSOS got all the love today (not necessarily wrong) but I expect the landlords to get serious love at some point.

What I'm hoping to see at the @blocks Investor Day, in order of priority $XYZ 1. Margin Expansion targets, with 2026 already seeing expansion. We do not want a delay on profit expansion. The stock will likely fall if you make 2026 an "investment year." Do not consider this. Many say this stock is expensive because they do not understand the long term trajectory of margins. Fix this issue. This is a 30% to 40% op margin business (or even higher?) but market doesn't know it. 2. As many pages as possible discussing Cash App Borrow - resolve market's fear about riskiness. If you can't convince that this isn't risky, then no amount of Borrow growth here will help. This is far more important than driving up growth. The current stock price is held down by concerns on business model quality, not the growth rates. 3. Share repurchases. Block is already repurchasing a lot of stock. Highlight this. Say you want to spend 75% to 100% of earnings on share repurchases (as you already are doing). Give $$$ amounts. Your peers are also repurchasing stock and get credit for nominal amounts. This should be an easy one - get credit for something you're already doing. Committing to expanding GAAP margins + share repurchases is the time tested way to get out of a low stock multiple. 4. Multi-year Growth outlook - limit the ambition and have it only include Square and Cash App. Market will *not* take it happily if you say something like 15-20% growth powered by expansion of Borrow (unless you can succeed on point 2). Make Proto and Tidal "extras" and perhaps include some potential targets for them (but again, exclude the numbers from official outlook) @nachunja @BlockIR @owenbjennings @jack