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• If you are trying to figure out whether Four Corners Property Trust at around US$23.84 is a bargain or not, the starting point is understanding what the current price actually reflects.

• Over shorter periods the stock has been mixed, with a 0.8% move over the last week, a 7.2% decline over the past 30 days, and a 2.6% gain year to date, while the 1 year return sits at a 3.0% decline.

• These moves sit against a longer backdrop where the stock has produced 6.5% and 9.7% returns over the past 3 and 5 years respectively. This gives you a wider context than just the latest swings. With that in…