Listen to SWI on
YOUR MONEY MATTERS 
for
 June 14, 2009
*   *   *
 Don't Miss My
 Interviews
    - with -   
 John Bogle and other
 market luminaries 

*   *   *
Follow me
on

 Small Cap Specialist
 Crystal Equity Research

Interviews

AMAZON LINKS TO BOOKS BELOW
 

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! 

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