Few people today know it but Leland Speed was a revolutionary in the world of finance. Congress allowed investors to buy portfolios of commercial properties in the 1960's known as Real Estate Investment Trusts (REITs). REITs were considered to be money-losers before Mr. Speed came along a decade later. Applying the business savvy that served him so well over the years, he transformed REIT's into a mainstay on the stock exchanges.
The 1979 Clarion-Ledger article below gives a glimpse of how Mr. Speed created REIT's that later made it to the New York Stock Exchange.
9 comments:
Sadly, this success story came full circle after the Great Recession. Parkway was over-leveraged in high-price metros and the rent/value of their commercial real estate collapsed. Their stock price shriveled and they were acquired by a larger REIT who liquidated the portfolio - and the people.
The clarion ledger couldnt write that kind of article today of they had to. Man, what a different era. Leland was ahead of his time for sure.
REITs are a money sinkhole today. You know your investment is garbage when you are advertising on news talk radio. If your “investment” is worth a damn then people will be knocking down your doors and you don’t have to buy airtime with DinoVite and Youngevity.
Eastgroup is doing quite well, Bozo's, and Parkway was stolen from him as he was stabbed in the back by Steve Rogers, who HE put in charge as President.
Eastgroup doing fine. Check it's stock performance. He was Chairman of Parkway but had stepped back at the time from operations.
@ 4:47 Yeah, a real sinkhole.
15 year annualized returns on U.S. REIT Index a mere 12.82%, XUS 10.92%.
AIS Investment Guide, January 31, 2021 at page 3. AIS has recommended REIT exposure, roughly comparable to gold-related holdings, say 2 1/2 to 8% (depending on risk tolerance) for decades.
Two appropriate low-cost (Vanguard) funds would be VNQ and VNQI. But don't tell anybody, I'm leaving my money in an old sock under the bed.
"Whereof one cannot speak, thereof one must be silent," Wittgenstein once observed. It means, if you really don't know, why not keep your mouth shut?
No offense.
@4:59 dont be posting any investment tips online. Someone might make a dollar and Wall Street will get pissed and shut it down.
4:59. No worries. 4:27 is one of those sad losers that stalk this site, salivating at the chance to be an asshole anonymously.
@4:59 thanks for taking the time to comment intelligently.
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