For ardent supporters of real estate investment, today’s issue is a tough read.
Bear highlights the sector’s hugely disappointing short and long term absolute and comparative returns.
As a result, he is not surprised that property is now at the bottom of the new fundraising pack.
In an institutional world where private equity, venture capital, credit, infrastructure, and real estate are all vying for the same funds, the prospects for an early uptick in property’s fortunes are weak.
Bull, probably tired from staying up too late to watch the football, nods off just as Bear’s miserable pitch reaches a crescendo.