A friend of mine is a top lawyer on the island of Jersey. She works in global trust law, spending much of her time flying around the world to meet high-net-worth families.

‘Everything has a process,’ she likes to say. ‘Figure out the process — then do what you need to get through it as successfully as possible.’

 

 

Gorey Habour, Jersey, Channel Islands. Source: Image by Allan Washbrook from Pixabay

 

It turns out that in becoming a top-tier lawyer, a capable investor, or succeeding in almost any endeavour, the process is what matters.

Most of us get in our own way. We fixate on the goal or the outcome, rather than the steps required to reach it. I realised this was a mistake I had been making myself.

Trying to solve a big problem or achieve an important goal is stressful. But once you understand the process, working through the steps becomes surprisingly calming. You only need to focus on what must be done right now.

 

Investing challenge

 

Today, we’re chasing return in higher markets. It’s not easy. But there are always opportunities — if you follow the process.

 

Source: Boston Public Library / Flickr

 

Back in October 2025, we knew interest rates in America were still expected to fall. Trump was jawboning. Analysts blamed the Fed for holding back the economy. Many real estate stocks had been hammered — yet the underlying properties were doing fine, and dividends remained strong.

We stopped worrying about the outcome and activated the process:

1) Identify the sector: US real estate.

2) Find the most promising business.

3) Study that business intensively.

4) Begin nibbling into the stock.

That led us to Alexander & Baldwin [NYSE:ALEX]

 

 

Why ALEX?

 

ALEX is one of Hawaii’s largest landowners. It converted to a REIT in 2017 and owns a diversified portfolio of retail (including the state’s largest collection of grocery‑anchored centres), industrial assets, and extensive ground leases.

 

Hawaii consistently has the highest home prices in the United States — a function of limited land,
strict zoning, and strong long‑term demand. Source: Image by coyotelang from Pixabay

ALEX’s fundamentals were compelling:

  • Occupancy above 95%.
  • Weighted Average Lease Term (WALT) over 13 years.
  • Dividend yield around 5% p.a.
  • Five‑year annualised capital returns above 10% p.a.

Combined, that brought the total return potential within our 15% target. Yet in October, the stock was trading at a real low point.

The process required preparing a full report, sharing it with colleagues, and deepening our understanding of the Hawaiian economy. We also had a client with property interests there who had recently returned — providing valuable on‑the‑ground insight.

The more I learned, the clearer it became: for such a premium location, ALEX was being undervalued by the market.

We began nibbling in October and adding to positions in November.

I wrote to our wholesale investors at the time:

For investors with long run conviction on the Hawaii economy, ALEX could offer a mix of value, income and long-run potential growth. Its disciplined approach to capital management should see the business grow its yield and provide attractive total returns over the long run.

 

The payoff

 

Then, on 10 December 2025, the stock suddenly jumped 37%.

It was announced that ALEX was being acquired by an investor group that included Blackstone Real Estate:

Shareholders to Receive $21.20 Per Share in Cash Representing a 40.0% Premium to Closing Price on December 8, 2025.

Following the process delivered overall profits of around 27%, including dividends, in about two months.

Would we have preferred to hold ALEX longer? Yes. But the process delivered.

 

The lesson

 

Focusing on overall returns — as many funds do — would not have led us here. The pursuit of big goals often invites disorder and distraction. Process cuts through that.

So the next time you face a challenge or want to achieve something meaningful, think about the process. Break it into steps. Address the obstacles at each stage. Don’t worry about the end. Focus on surviving, progressing, and enjoying the journey!

 

Quantum Income Strategy

 

At Wealth Morning, we follow a process‑driven approach to investing in developed markets — with a keen eye for what others miss.

We build strong, income‑rich portfolios for Eligible and Wholesale Clients. Our Principals invest their own money in the same strategy. You retain full ownership and custody of your assets.

If you have investing experience or have built meaningful wealth, we’d be pleased to offer you a free consultation.

 


Regards,

Simon Angelo

Editor, Wealth Morning

(This article is the author’s personal opinion and commentary only. It is general in nature and should not be construed as any financial or investment advice. Please contact a licensed Financial Advice Provider to discuss your personal situation. Wealth Morning offers Managed Account Services for Wholesale or Eligible investors as defined in the Financial Markets Conduct Act 2013.)