There's a setup emerging for real estate investment trusts, one fund manager says
It was only last week that Morgan Stanley opined that one of the macroeconomic surprises for 2023 could be that the Bank of Japan decides not to make any changes to its ultra-loose policy.
That just goes to show the perils of forecasting surprises after Japan’s central bank on Tuesday widened the band that it would tolerate bond yields by a quarter point, a move that sent the yen surging and rattled markets.Analysts at wealth manager Glenmede Investment Management point out there’s been a huge disparity between the performance of real estate investment trusts listed publicly, and those that are private.
That sets up an opportunity, however. According to Glenmede, when public REITs underperform by at least 30%, they then outperform by an annual 13.5% over the next three years. The last time there was such an outperformance, in early 2009, public REITs more than doubled in value, whereas private REITs fell 18%.
3M MMM says it will take up to a $2.3 billion charge as it stops making PFAS-based additive products.Negotiators released their 4,000+ page appropriations bill, ahead of a vote on the $1.7 trillion package.Best of the web Binance’s ex-CFO didn’t have full access to its books, a Reuters profile of the cryptocurrency exchange finds.
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