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To: reaper who wrote (168533)	5/28/2002 3:38:32 PM
From: Mark Adams	Respond to of 436258

Excellent observation. My thanks for sharing your work. The way I'd interpret it, is that there is increasing risk in REIT debt. Or the perception thereof. This could be due to a combination of overbuilding, increased insurance costs due to terrorism, lower revpar and so on. Another take would be that traditional REIT debt holders have found better opportunity elsewhere. Or that repackaged CMBS has a wider audience, therefore better pricing. As to REIT shares moving higher in light of wider spreads, that sounds like a market inefficiency. BWDIK?

To: reaper who wrote (168533)	5/28/2002 3:59:26 PM
From: patron_anejo_por_favor	Respond to of 436258

<<Also, why in the world are REIT equities going up when the spreads on their debt are blowing out??>> 'Cause REIT equity holders are clowns?<G/NG>

To: reaper who wrote (168533)	5/28/2002 6:48:49 PM
From: yard_man	Read Replies (2) \| Respond to of 436258

I think that the REITs are going up while spreads are widening because folks are shifting from stocks to something with yield anticipating a recovery. REITs have the aura of something boring, but safe. Just imagine yourself with an IQ that you have minus 40 - 50 pts and you are a financial advisor who must advise his clients to invest in something that is not too out of step with what you find in the latest copy of Money or some such other pub. <g> If recovery really were right around the corner -- buying high yield stuff wouldn't be a bad idea -- on the other side, I suspect the REITs are being forced to issue more debt given less than stellar earnings on their properties and they have to pay up to do so because the creditors realize some of this is to make the payments (dividends) -- even if it is in a roundabout way.

To: reaper who wrote (168533)	5/28/2002 9:14:44 PM
From: EepOpp	Respond to of 436258

Even if generic drugmakers are successful in pleading their case in New York, they risk incurring significant damages if they launch copycats before the conclusion of an appeals case, which is likely to be brought by AstraZeneca if it loses. A generic drugmaker that launches a copycat drug but then loses an appeals court decision can face expensive lawsuits from the original manufacturer of the medicine -- especially if the treatment is as lucrative as Prilosec. biz.yahoo.com ___________________________________________ reaper, i was wondering if you have followed generic companies enough to know whether or not they're likely to start selling a drug even if they know that an appeal is probable. thanks. EO

To: reaper who wrote (168533)	5/29/2002 2:05:15 AM
From: LLCF	Respond to of 436258

<<However, TODAY we are looking at CMBS spreads that are nearly back at their 1998 levels. BUT, at the same time we are looking at debt spreads on REITs (which own commercial real estate) at levels never before seen (at least not in this 5-year-ish data set). This seems like an insane dis-connect to me. Could somebody please explain to me what I'm missing?>> All I can think of is you have GSE's in the market snapping at anything that moves. <<Also, why in the world are REIT equities going up when the spreads on their debt are blowing out??>> Good questiong... folks smelling inflation??? Only thing I can think of. I'm not buying 'em. DAK

To: reaper who wrote (168533)	5/30/2002 9:24:42 AM
From: yard_man	Respond to of 436258

light at the end of the tunnel -- not a train coming the other way after all ... biz.yahoo.com