Ari Lazar sees value in $KW

Ari Lazar, senior analyst at RGA investment advisors, discusses his bull case for KW. Ari believes KW trades at a material discount to NAV, and that discount should shrink as the company's growth starts to ramp up in the near future.My tweet thread on KW: https://twitter.com/AndrewRangeley/status/1465714725254307840?s=20RGA's Q3 letter w/ KW discussion: https://www.rgaia.com/commentary/q4-2021-investment-commentary-looking-inward-and-looking-westward/Chapters0:00 Intro1:25 KW Overview2:45 How KW fits into RGA's investment framework6:35 KW history8:30 Discussing the KWE / KW deal from ~201711:30 What's KW been doing since the KWE deal?18:35 Diving into KW's SOTP and their multifamily properties20:45 Slight technical difficulty21:25 Continued discussion of KW's SOTP / multifamily assets23:05 KW"s office assets29:45 How do you get comfortable when cap rates are this low?32:30 KW's development asset value40:20 Valuing KW's asset management business50:10 Don't all real estate companies trade at a discount to NAV?55:25 Is there financial engineering potential / could KW split into a REIT?1:02:00 Does KW belong on the Mount Rushmore of value traps?