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Politics : Ask Michael Burke
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To: Joan Osland Graffius who wrote (29530)7/3/1998 12:18:00 PM
From: Knighty Tin  Read Replies (1) of 132070
 
JOan, The funny thing about yields is, 90% of the customers ask nothing about risk. They just want to know how much they are paid. That has led to scams like Executive Life and other annuity companies that paid out early and then lost their shirts. REITS, of course, have done the same thing several cycles, but it is a different crowd that comes in each time.

They are hot, but the main thing that disturbs me is that they can no longer buy properties well below replacement cost. That is sort of the mid-point of the fair value/overvalued line, IMHO. But, still, it is a one by one situation. New Plan has been criticized for not performing. My feeling is that is because they have not leveraged up the wazoo and made stupid purchases. But this soaring of the poorly managed could run a while before the inevitable crash.

MB
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