Re: Reits
Rotair You hit the nail on the head. No matter which way interest rates are predicted to go, the market is ready to penalize Reits, for contradictory reasons. The market also seems ready to penalize dividend-growers like pipelines, utilities and banks as well.
I'm reminded at times like these of Benjamin Graham's parable in his book "The Intelligent Investor",about having a business partner named Mr. Market. "Every day he tells you what he thinks your business is worth...Sometimes his idea of value appears plausible and justified by business developments and prospects as you know them. Often,on the other hand, Mr. Market lets his enthusiasm or his fears run away with him and the value he proposes seems to you a little short of silly." Graham then concludes that sometimes you may be happy to buy or sell but most of the time "you will be wiser to form your own ideas of the value of your holdings, based on full reports from the company and its operations and financial position". Good advice when he wrote it and especially for times like these when the market places little value on companies paying (and well able to pay) relatively high and sometimes increasing yields.