Joe Eqcome

CEFs Continue to Advance; Real Estate Funds Surge

Nana 1

I’m always amused by people who resort to incensed name calling to defend their position. There is an old Chinese saying: “You can always tell which party is losing the argument by the one who strikes first.” Your strike is feeble, truly sophomoric and unprofessional. The only public lecture you’ve provided us is one regarding your poor upbringing and your inexperience in investing.

Let’s deal with the fact:

1. Real estate stocks didn’t go up last week because real estate prices when up;
2. The sharp move was especially in response to Kimco’s very successful public offering that demonstrated their ability to facilitate repayment of their debt. But don’t take my word for it, here’s a quote from the WSJ ("Research In Motion, Kimco Lead Stocks", April 3, 2009):

“Investors cheered Kimco Realty's sale of 105 million new shares to address its debt concerns, lifting shares in the owner of shopping centers 26%. The shares were sold at $7.10 apiece, or 5.2% below Thursday's closing price.

Kimco, which owns stakes in 1,950 shopping centers globally, gained $717 million from the sale. The New Hyde Park, N.Y., company was the third major REIT in recent weeks, behind mall owner Simon Property Group and warehouse REIT AMB Property, to pare its debt with a huge stock sale as the refinancing market remains prohibitively expensive.”

I’m happy that you’ve made money shorting “these idiots”, as you call them. However, judging from you comments, this may be the case of a blind squirrel occasionally finding an acorn.

Please, continue to short these stocks, we’ll all be happy to take your money because you’ve confused a bear market with brains.

Joe Eqcome