Senior Housing News March 20, 2025
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Last month, I heard something unusual on Welltower’s (NYSE: WELL) Q4 2024 earnings call: CEO Shankh Mitra referring to “underpants gnomes.”
The reference came up as he was describing the “fundamental misunderstanding” that senior living developers seem to have when talking about opportunities ahead. He compared their plans to those of the underpants gnomes – small fantasy creatures featured in a 1998 episode of South Park.
In the episode, the gnomes secretly steal underwear and stack them in a huge pile. When South Park’s protagonists ask the gnomes why they steal underpants, the gnomes reply they have a simple, three-phase business plan:
- Phase 1: Collect underpants
- Phase 2: ?
- Phase 3:...
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