Bias, after his release from prison, had formed a five-state network of salesmen to find investors to fund restaurant REITs managed by the shell company he had created--FIIK. He also controlled Richmond Energy in Houston, which owned a chain of Mexican restaurants.
More recently, all four publicly traded data-center REITs took a tumble after hedge-fund manager Jonathon Jacobson, founder of Highfields Capital Management, raised questions earlier this month about how Digital Realty accounts for certain capital expenditures, while warning of rising competition.
"Some REITs have high yields for a reason, " says mutual fund manager Andrew Davis--the payouts are vulnerable.
More recently Winer and Wolf have turned to depressed Australian REITs, and Aussie stocks now make up 10% of their fund.
Burton left General Electric's pension fund management arm to join ING in 1995, convinced REITs would come to dominate U.S. commercial real estate.
Burton left General Electric (nyse: GE - news - people )'s pension fund management arm to join ING in 1995, convinced REITs would come to dominate U.S. commercial real estate.
Besides long term JGBs, the fund has bought commercial paper and Tokyo-listed ETFs and REITs.
Hedge fund manager Jon A. Fosheim made 19% last year shorting REITs and remains short today, although less so.
Liquidity has improved, thanks to the widespread use of real-estate investment trusts (REITs). (The American-based National Association of Real Estate Investment Trusts commissioned the Ibbotson study.) But the global enthusiasm for REITs, together with the growing trend for property launches in the British mutual-fund sector, has a top-of-the-market feel.
ECONOMIST: Property��s strong run is not represented in portfolios
With REITs, an investor can buy shares on an open exchange or invest in a real estate focused mutual fund, partaking in a highly liquid way of investing in real estate.
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