No, and I don't necessarily disagree with some of your criticism of KPG. Long term, historically, KPG have been quite cyclical. They've done pretty well in the good times and then been knocked right back in the bad times. Their sp grew quite well from 2000 up until the GFC and was then knocked back to where it was 10 years prior. After the GFC, the sp was growing reasonably well right up to covid when it was knocked right back below where it had been 20 years ago. Arguably, its sp is recovering post covid albeit with a tepid bounce to this point. So, its a property company that weirdly behaves like a cyclical company. Not then a good investment if we are about to go into a recession. But are we? Are we not about to burst out of covid into the sunlit uplands of retail therapy, international travel and business expansion? Shouldn't we expect KPG to do quite well in that environment as it has in the past?
If you compare KPG sp with say GMT, their performance is pretty much identical historically right up until covid. KPG's recovery from covid is delayed/muted compared to GMT, presumably because of the greater effect of covid on retail. Are you better to buy the company whose sp has recovered or the company whose sp is about to recover?