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Developed real estate ex-U.S. (WPS) holds its ground over the last 2 months as domestic property...
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Friday, November 16, 2012, 3:29 PM ETDeveloped real estate ex-U.S. (WPS) holds its ground over the last 2 months as domestic property (IYR) falls more than 7%. YTD, WPS is up 25.4% vs. an 8.7% gain for IYR. Another international fund, VNQI - holding many of the same stocks, but less top-heavy - has posted an even greater return, +28.1%.
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It's a good start. The amount of the tax should be designed to increase over time, to have a meaningful incentive effect in a meaningful timeframe (which at the level of $20 per tonne it likely won't have), yet not cause short term economic disruption.
But seeing Exxon's paws in it likely means it will be designed to be meaningless in reducing overall carbon consumption. We need to make sure the taking stick is in our hands, not theirs.