McDonald's.
Americans around the world love its food, but what is it really? Most people say it's a fast food company. The smart people say it's in the real estate business.
But the real secret of $MCD's success is something NOBODY is talking about... 1/npic.twitter.com/YeMR8zO1B6
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You need at least $500,000 in liquid assets to be considered as a
$MCD franchisee. If leases are debt, then by signing up creditworthy franchisees incentivized by a big chunk of their savings being on the line,$MCD is creating its own high quality debt portfolio. 10/npic.twitter.com/y0p31hvtWzShow this thread -
By leasing its real estate to quality tenants,
$MCD creates its own high quality debt portfolio. Gouging those tenants with above market rent allegedly allows$MCD to earn an ROI of between 10.5% and 19.3%.$MCD's real biz? Manufacturing subprime yields from prime assets. 11/11pic.twitter.com/q9XslWbGBSShow this thread
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