The Misfits: Colliers International Group (CIGI)

The global property manager has delivered spectacular results under its founder since the 80s. What happens when the next person takes over?

Portrait of the Members of the Guild Oude Voetboog ("Old Arbalest") in Antwerp, David Teniers the Younger, 1643, oil on canvas (Hermitage)

We can all agree that being a landlord or a property manager is a pretty good business. It may not be on anyone’s top ten businesses, but it’s an essential service that, done well, can generate good returns.

Colliers International (NASDAQ: CIGI) is an excellent example of the potential for this kind of business. While the name Colliers has been associated with several real estate advisory and property management businesses over the years, the current iteration of the business, founded and led by Jay Hennick, has been a spectacular performer since going public.

Colliers is an exciting business (at least by Misfit Alpha standards), but it also raises broader questions about leadership and how investors view or analyze a business approaching a change in leadership.

Let’s dig in.

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