CHAPTER 13
Tea Leaves: Some Thoughts about the Future
“Forecasts usually tell us more of the forecaster than of the forecast.”
—Warren Buffett
Investors' relationships with REIT stocks are like some love affairs—they can change very quickly from hot to cold and back again. REITs were greatly admired by investors from 1993 through 1997, and then hated from 1998 until 2000. Investors rediscovered them in 2000, when value and income investing became fashionable, and drove REIT prices to very lofty levels in 2006 and 2007. But real estate became a dirty word for the next few years, and it was debatable whether I'd ever be asked to write another edition of this book. But reports of the death of REITs seem always to be greatly exaggerated, and they ...
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