October 2011
Beginner
448 pages
11h 7m
English
Content preview from Investing in REITs: Real Estate Investment Trusts, 4th EditionBecome an O’Reilly member and get unlimited access to this title plus top books and audiobooks from O’Reilly and nearly 200 top publishers, thousands of courses curated by job role, 150+ live events each month,
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CHAPTER 9
The Quest for Investment Value
“The combination of precise formulas with highly imprecise assumptions can be used to establish, or rather to justify, practically any value one wishes, however high, for a really outstanding issue … calculus [gives] speculation the deceptive guise of investment.”
—Ben Graham, The Intelligent Investor
Successful REIT investing is a marathon, not a sprint. The wise REIT investor will buy quality merchandise at reasonable prices, and hold on despite often annoying volatility and the ups and downs of commercial real estate cycles. Nevertheless, our returns will be higher if we are able to add new stocks to our REIT portfolios (and cull them occasionally), taking advantage of overvalued or undervalued situations. ...
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