An intermediary is a bank, so when they pull out of banks they were disintermediating and going from banks into REITs.

这里的中介就是指银行,所以人们将资金从银行转向REITs,就是去中介化

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They wanted REITs to be companies that just owned real estate and Wal-Mart is primarily a retailer.

EITs应是只持有房地产的公司,而沃尔玛主要经营零售

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The Tax Reform Act of 1986 made DPPs much less valuable to investors, and so a lot of wealthy people switched from DPPs to REITs.

986年的税制改革法案,使得DPP对投资者不再那么有价值,所以很多富人从DPP转向REITs

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So, a lot of people switched from savings accounts to REITs -that's called disintermediation.

于是很多人把钱从储蓄账户转向REITs,这被称为去中介化

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If they didn't have a particular tax advantage to DPPs, they went into REITs.

既然在DPP没有避税优势了,人们便转向投资REITs

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Although, in some sense, it wasn't really disintermediation because you could say a REIT is a different kind of intermediary between the individual and the investment.

某种意义上这不是真正的去中介化,因为你也可以说REITs是另一种,个人投资中介

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It's not just a bubble; it's also that REITs began to be more diversified.

这不单单是一场泡沫,REIT也开始更多样化

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They have many different kinds of REITs for different kinds of real estate.

针对不同的房地产市场,人们制造了很多不同的REITs

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There just became a lot of enthusiasm for REITs.

人们对REITs变得十分狂热

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These are called REITs, Real Estate Investment Trusts.

房地产投资信托基金也简称REITs

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The second boom in REITs occurred after 1986.

EITs的第二次繁荣在1986年后

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We have democratized -Now, REITs are a rapidly growing force in investing and now we have substantially democratized real estate holdings so it's not exclusively DPPs that are holding -not primarily--we have a lot of REITs now.

房地产投资已经公众化了,投资领域中的REITs正蓬勃发展,使得房产投资从根本上来说,公众化了,而不像DPP具有排他性,现在REITs数量众多

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