CHAPTER 5
REITs: Mysteries and Myths
“To suppose that the value of a common stock is determined purely by a corporation's earnings discounted by the relevant interest rate and adjusted for the marginal tax rate is to forget that people have burned witches, gone to war on a whim, rose to the defense of Joseph Stalin, and believed Orson Wells when he told them over the radio that the Martians had landed.”
—James Grant, Minding Mr. Market
Despite a long and successful track record, increasing industry size, and growing investor acceptance, REITs have been plagued by lingering mysteries and myths that they haven't been able to shake off. This chapter addresses these misconceptions and seeks to dispel them.
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