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Strategies & Market Trends : Value Investing

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To: Q. who wrote (9014)	11/25/1999 2:54:00 AM
From: Michael Burry	Read Replies (1) of 78625

When I read Armin's comment, I had the same reaction you and Jim did. As far as REITs go, the biggest problem facing them is not the unit trusts or the possible cyclical downturn in certain sectors. Rather, IMO it's that the required return on equities for most investors these days is somewhere north of 25%. Per week. So what does a guaranteed taxable 14-18% offer an investor with such a high discount rate? Nada. A lot of my favorite REITS have absolutely fallen off a cliff in the last month, and I'm looking to move in with more capital. If the markets really take a dive, I expect the REIT sector (and not the net nets) to be one of the few true safe havens. Good investing, Mike

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