Interviews
AMAZON LINKS TO BOOKS
BELOW


Don't miss! -
"Great Thoughts from Great
Investors"
FREE!
A compendium of select
quotes from my interviews woven into a coherent narrative on the nature of
the market and investment philosophy -
http://www.crystalequityresearch.citymax.com/f/Great_Thoughts__January_2008.pdf

I've talked to some amazing
people for my regular column on the capital markets for the National Association
of Real Estate Investment Trusts (NAREIT) - John Bogle, Burton Malkiel, Jeremy
Siegel, etc. - many of whom have written books. Link to the columns and find
their books on Amazon
below.
NEW!
REIT Fund and JV Roundtable 2010
-
American
Century, Prudential Real Estate, Green Street Advisors
("transparency
will be critically important over the next several years as investors re-assess
risk in all asset classes - it's always the case after a severe market
correction")

All the NAREIT Interviews below are
FREE!

Jim Cramer
- CNBC's Mad Money
("I like
to find stocks with great fundamentals selling at a reduced price-to-earnings
multiple versus their growth rate or, alternatively, that pay good dividends.")
GO TO CONTENTS / CAPITAL
MARKETS
John C. Bogle
BOOK
- Investment legend
and Vanguard founder
("The most important single thing being lost is the notion of long term
investing")
Jeremy Siegel
BOOK
- Wharton professor and author of
Stocks for the Long Run
("The average historical PE of 15 is way too low for today's market.")
Burton Malkiel
BOOK
- Princeton professor and author
of the classic text A Random Walk Down Wall Street
("The evidence is now remarkable how much better off individuals are in index
funds than with actively managed mutual funds that try to pick winners. ")
Jeremy Grantham - celebrated value manager
("value will usually win in a 3-5 year timeframe")
David Swensen
BOOK
- book author and
market-beating manager of the Yale University endowment portfolio
("Investors
are far-better served in a not-for-profit environment. Vanguard and TIAA-CREF
are the two large not-for-profits that provide investment management services to
individuals.")
Robert Arnott - financial innovator on
fundamental indexing
("A
cap-weighted index loads you up on growth stocks and trendy stocks, most of
which have put their run of performance behind them. They are less likely to
deliver the goods in the future....")
Michael Mauboussin
BOOK -
Legg Mason Chief Investment Strategist
("Buying a basket of large-cap
stocks will deliver good results over the next few years.")
Joel Greenblatt
BOOK
-
author of The Little
Book That Beats the Market
("If you
can buy a portfolio of "good" companies at below average prices, you will have a
successful investment strategy.")
Harry S. Dent, Jr.
BOOK
- baby boom spending wave
theorist
("The baby boom generational spending wave has been
rising since the early 1980s. The economy and the stock market have followed it
very closely.... The wave will start to turn downward approximately in 2010.")
Roger Gibson
BOOK
- wrote the book on asset
allocation (Asset Allocation: Balancing Financial Risk)
("We don’t try to time markets and we don’t abandon asset classes when they take
their turn in the doghouse")
James K. Glassman
BOOK
-
author and columnist
("a
diversified portfolio of stocks is no more risky than bonds over the long term")
Richard Lehmann
BOOK
- book
author and Forbes bond columnist
("Preferreds have mushroomed
as a type of security to suit precisely small individual investors....")
Lester Thurow
BOOK
- prominent MIT economist and
best-selling author (e.g., 'Fortune Favors the Bold')
("globalization ... is placing downward pressure on U.S. wages, no question")
Byron Wien
- Morgan Stanley senior investment strategist
("There are hundreds of variables that reflect on the stock market and some of
them are very important at certain times and unimportant at other times. The
skill of a strategist is to know what counts when. ")
Marvin
Zonis
BOOK
- country risk expert, book author, and University of Chicago professor
("The Chinese economy is very
vulnerable, and I don’t think it can continue such growth without a severe
setback. How severe I don’t know, but I think there will be political
instability, which will be significant.")
Benoit Mandelbrot
BOOK
- inventor of fractal geometry and co-author of The (mis)Behavior of Markets
("In records of any financial price series, you will see long periods of
relatively stable prices and short periods of extraordinary variation I call
'storms' or 'clusters'. ")

Michael Anikeeff
- real estate chair Johns Hopkins Carey Business School
(weighs in on emerging markets, hotels, and seniors housing)
Peter Baccile - vice chairman J.P. Morgan Securities
(lays out the case for government assistance to jump-start the commercial
mortgage-backed securities [CMBS] market)
GO TO CONTENTS / CAPITAL
MARKETS
Tim
Callahan
- Callahan Capital Partners on
life after the credit crunch
("Debt capital will be
available, but it’ll be more expensive, making the next environment more like it
was three or four years ago.")
Todd Canter - global
strategist at
LaSalle Investment Management
("We’re forecasting average total returns of 8 percent to 10 percent per year
for the next three years for global real estate securities.")
CEO Roundtable 2007 - View from
the Corner Office: Leading REIT CEOs discuss the
opportunities and challenges that lie ahead
("The
trend that will have the largest impact on our company is globalization of real
estate markets....")
CEO Roundtable 2008
-
Weathering the Crisis:
Top REIT executives
discuss managing through the credit crunch and a slowing economy
("Investors’
major concerns today are the absence of liquidity in a non-functioning debt
market, and the impact of a potential recession on real estate cash flows....")
Martin Cohen - co-chairman and co-CEO of Cohen
& Steers
("I can't
tell you what the stock market is going to do, but I can tell you that the
long-term rational return expectation for REITs is 9 percent to 12 percent a
year, including dividends.")
Cohen & Steers - chief investment officer for
real estate James Corl
("Most of our
U.S. clients have converted—or are actively evaluating the conversion of—their
U.S. real estate securities allocation into a global allocation.")
Mark Decker -
group head of real estate at Robert W. Baird & Co.
("There is still tremendous
opportunity to carry the securitization of commercial real estate further both
globally and in the United States.
")
Jack
Foster -
managing
director of Franklin Templeton Real Estate Advisors
("We
like Japan for long-term fundamental trends, such as economic prospects and
continuing securitization of the market.")
Michael
Giliberto
- JPMorgan Asset Management on
real estate derivatives
("As a portfolio manager,
I would love to see this market develop liquidity and depth....")
Global
REIT Investor Roundtable
(Barclays Global, GE Real Estate, etc.)
("[E]merging markets are having an increase in importance and account for more
than 20 percent of the world’s annual economic output. The second wave of global
real estate investing will encompass investments in these emerging markets...."
- Amy Schioldager, Barclays)
Green Street Advisors
- co-founder and REIT
analyst Mike Kirby
("REITs are now a mainstream investment vehicle.")
Michael Hudgins - J.P. Morgan Asset Management
("anything that is publicly traded is only super-cheap once in a cycle")
FREE!
Investor Roundtable ("2009 Snapshot") -
analysts from Morgan Stanley, etc.
("buy stocks where the share prices represent a meaningful discount to the
underlying value of the company's portfolio")
Lee Munder Capital Group - REIT analysts
Patrick Donnelly and Arthur Hurley
("We're relatively concentrated versus most of our peers.... [T]hat's the most
prudent way to invest if you're attempting to generate superior returns.")
Steven Marks - Managing Director at Fitch
Ratings on REITs
("The
empirical evidence illustrates that real estate is a more stable asset class
than most, so REIT ratings are more likely to be resilient, presuming the
companies are well-managed."}
Retirement
Roundtable (AARP, Barclays Global
Investors, etc.)
(Defined contribution
plans "will
take on more and more of the characteristics of traditional pensions, such as
automatic enrollment and professional investment management...." - John Rother,
AARP)
Stan Ross - REIT
prognosticator on demographic changes and globalization
("I have
a vision for a global REIT holding company..."}
Schwab Global Real Estate Fund
("Real estate
fundamentals don't change overnight. Trends take a few quarters to develop.")
Andrew C. Spieler - Associate Professor of
Finance (Hofstra U.)
("The tobacco firms in the 1980s, they had lots of money.
What did they do? Buy Nabisco.... REITs use both their cash and lines of credit
judiciously. ")
Michael Thompson
- director, Standard & Poor's Risk Strategies Group
("Your
intrinsic valuations are only as good as your assumptions. That's why it's
important to run multiple scenarios....")
GO TO CONTENTS / CAPITAL
MARKETS

Alphabetical by author last name