malcom128

What to Expect From US Investment Returns

Interesting stuff.
Are the PE's used in the study based on historical (ie trailing) or expected earnings? Given the length of the study, I would guess that they are based on actual earnings. If so, it does not seem surprising that if you bought at a low earnings multiple that you did well. This may have been because you bought at a low PE based on expectations that came to fruition or because you bought at a higher expected PE, but the earnings turned out to be much higher, thereby resulting in a low PE for the study.

Lipper Launches Target-Risk Indexes

Can it be long before someone forms an ETF to track these ETF indexes? An ETF of ETF's. If fund of funds can layer on the fees, why not ETFs?

Insanity Reigns in Commercial Real Estate

Timing is key to the deflation of the REIT bubble. Either buyers must recede or supply must surge to end the mania. The supply of REITs is shrinking as private equity takes it out to increase the leverage. The buyers are the same private equity buyers, plus the dedicated REIT investors who have to reinvest in a shrinking universe. Until CMBS spreads widen sufficiently to make the private equity take out math unattractive, or private equity loses access to capital for some other reason, there is no reason to expect the buyers to recede.