REIT

“A sector like real estate is sort of a boring sector, right? There's not that many people who are looking security by security and saying, you know, here's the characteristics of REIT A versus REIT B, right? It's not a particularly exciting area, but it's one …”

“What we're getting is, yes, we're getting beta, but we could get cheaper beta buying a REIT, for God's sakes, people.”

“If you have competencies in a particular type of investing, just straying out of that category is just a really bad idea. If you specialize in REITs, you probably shouldn't be straying out of that unless you have a secondary stream, right? Unless you like hire…”

“Public REITs are not real estate. On any given day, it's equity. And convertible bonds, surprise, surprise, are not bonds. It's equity. And it's fine. You know, convert, convertible bond is a .8 S&P and a REIT is a .9 S&P and high yield is, we call it a .4 S&P…”

“If you looked at public markets to make this a simple comparison, the decision to invest in data centers over retail real estate was dramatically more impactful than the decision of which REIT you bought within that structure.”

“You're talking to somebody who's investing in the only GIC sector in the S&P that's still materially down since 22. The GIC and REITs is down almost 20%, while the S&P is up 40. We've now, since the beginning of 22, underperformed the S&P by 60%. I believe the…”

“REITs are just under a trillion and a half, and the non-REIT side is actually larger than that. The companies are generally much bigger. In aggregate, we cover about 325 companies in our coverage model.”

“REITs were the antithesis of what anybody wanted to own. So the most impactful thing that I learned at Lazard, having been the grunt guy, running all the models in advance of the CEOs coming in to complain to my managing director why their stocks all traded at…”

“If a REIT traded at 125% of NAV, That was Wall Street Journal News. Today, it's the norm.”

“REITs would be trading at a significant discount to NAV because people were selling public real estate stocks to buy the technology stocks. Conversely, those stocks did better when the technology stocks blew up.”