REITs (Real estate investment trusts) may become popular over the next few years as the prices for real estate fall, while the rents remain largely the same. This would lead to attractive Price/Earnings ratios. A real estate investment trust based in Europe is selling at 5.37 times the earnings, and would provide returns of around 20% in the next year to a person who purchases it now.
The trouble with REITs is the unpredictability of the value of land over a period of time. An REIT may be purchased at a discount, but earnings/Rent may not grow at a fast pace. Secondly, all hard asset such as Land, Gold, Wheat, Sugar, etc grow at a pace close or equivalent to the level of inflation over a longer period. So investing in Land may not make sense unless the investor can be reasonably certain of the growth potential of a piece of land. Thirdly, REITs do not invest in properties for longer periods and suffer capital losses on selling them at a loss at times. As a result most REITs have suffered huge losses in the last year. This is also the reason for low PE ratios.
Lastly, the tax benefit at REITs is not uncommon. The tax benefit available at an REIT saves an investor from the Corporate level taxes on the condition that the REIT pay 90% of its earnings as dividends. Due to this, the investor then faces the risk of reinvestment since a reinvestment in the same REIT may be at an unattractive price and may lower the profits. The same tax benefits of no corporate taxation are available at several Hedge Funds and Mutual funds too. Several Hedge Funds have in addition been designed to reinvest the profits of the fund and also not offer any corporate taxation, going one up on the REITs.
REITs are not the foolproof investments they are sometimes understood to be. They offer significant risks in bearish times due to the falling property prices, with little or no safeguards.
An investor in an REIT must carefully assess the qualifications of the management and their understanding of the possible risks.
For information on our investment products, please contact one of our financial representatives at 1-888-828-9916.
August 20th, 2008
Companies that do not offer a dividend save the investor dividend tax. Dividend is taxable at 15%. This tax is in addition to the corporate income tax of 30%, so there is double taxation on companies that offer dividend. Hedge Funds, on the other hand are usually registered as Limited Liability companies and pay no corporate tax. So an investor in a Hedge Fund would pay taxes on the earnings at 15%. Mutual funds too do not pay taxes since they transfer 100% of the dividend to the shareholders. A company that transfers more than 90% of its dividend to the shareholders is exempt from taxation.
A mutual fund or a Hedge fund would, however, receive dividend that has been taxed already at the company level, the mutual or the hedge fund simply transfer the dividends to their investors.
Hence, any Hedge Fund or Mutual Fund not receiving any dividend from another company would involve NO taxes whatsoever.
A popular example of such a company is a Real Estate Hedge Fund or Mutual Fund that invests directly in properties, or a Fund that invests in derivatives.
Many of these Real Estate Funds invest in making private loans to rehabbers or professionals. They usually charge a higher interest rate than does the bank, and ironically are much safer.
These companies usually secure a guarantee of payment from the borrower. This is done by demanding a collateral at least 3 times the size of the loan. This protects the interests of the lender in times when house prices crash and foreclosures are made. These lenders use many more kinds of safeguards to protect their money. Add to this the taxation benefit and the results are impressive.
In addition, a Real Estate Hedge Fund may decide not to pay interest/dividend and instead accrue the income onto the capital, delaying taxation until the money is withdrawn. This is one of very few situations in a corporate system where no tax is levied upon the company/investor`s profit in a given year.
Business schools often teach in an economics class that markets are efficient, in other words, the higher the risk at a business the greater the return offered. This may not hold true in the case of such Real estate funds, which have provided double digit returns year after year.
For more information, contact one our representatives at 1-888-828-9916.
August 6th, 2008
The Treasury and the Fed decided a few days ago to bail out Fannie and Freddie. That was predictable. To bail out Fannie and Freddie, Fed would have to print at least a few hundred billion dollars. The Fed would purchase the MBS from the two companies, and in return provide them dollars. It has a limited amount it can afford to lose through such purchases, about $800 billion. The Fed used about $200b of those while bailing out Bear Stearns this March. It has less than $600b to lose now. If it loses any more, the Fed would have to be bailed out.
To slow the pace of bankruptcies, the SEC has now curbed improper ways of short selling, a way to make money when a stock declines. This is unlikely to protect any of the financials from meeting their fate. Looking over at their balance sheets, accounting fraud can easily be realized. Financials, all of them, have engaged in a new technique of fraud which is easy to identify. It has used a new accounting standard FAS 157 that segregates assets into 3 kinds, Level 1, that can be valued based on market prices, Level 2, valued with the help of computer models, Level 3, valued by the managers based on their “expectations”. It is no surprise that these financials are now transferring a lot of their Mortgage assets to Level 3. That helps them value the junk bonds higher, avoiding write offs. It lets them wait out the crisis and hope the Fed would bail them out before they go bankrupt.
Merrill Lynch`s Level 3 assets rose from 5% to 8% during the 1st Q, 08. Their level 3 assets are 130% of their shareholder`s equity. So, assuming Merrill Lynch has lied about the valuations of its Level 3 assets, which could be inherently worthless, then the company is already insolvent. Morgan Stanley`s Level 3 assets are 235% of Equity.
Add to that the growing off-balance sheet transactions, which artificially decrease the debt taken by the company by transferring assets on to a Special purpose entity created solely for the purpose of reducing the debt. These off balance sheet transactions are briefly mentioned in the 150+ pages financial reports of these banks. As a result valuation of these banks has become extremely difficult.
Today, Wachovia reported a multi billion dollar loss, and its stock price went up. This is due to heavier losses predicted by the analysts who had as a result significantly downgraded the company, leading to extremely low prices. Again, every time a bank reports a write down, its stock rises, because the optimists on Wall street believe the worst is over. The worst is far from over.
A significant amount of blame must be shouldered by the rating agencies which gave AAA ratings to lower quality assets. There is hope that regulation would increase the transparency in the rating process. But, regulation has never been effective at controlling fraud. The only investors who have made money over a longer period are the ones who have relied on their own judgment rather than that of the business interests.
The US shall eventually come out of the crisis, but not before a few well known staple banks fail. It is extremely important to keep your money safe until the crisis is over, but also ensure you beat the inflation figures (June - 1.1%, avg annual based on June figures - 13.2%)
For more information, contact one of our financial advisers at 1-888-828-9916.
July 23rd, 2008
Euroization is the concept which allows European countries to adopt the EURO as their currency. Why do countries adopt the Euro? It assures the companies that do business with those countries that their currency would not depreciate due to bad monetary policy. How is that? The countries have no central bank and the increase in money supply is managed by the European Central Bank (ECB) . So it is the faith in the policies of the ECB which leads the companies to continue their work in those countries that use the Euro. Has it worked so far? Yes, 12 countries that follow the Euro have had lower inflation, and the ECB has not shied away from raising interest rates to lower inflation further. So what do we have to do with it? The US dollar too is used by other countries (such as Ecuador, El Salvador etc) in our very own Dollarization. Countries that have had trouble with managing inflation have resorted to the Euro and Dollar IZATION of their economies. So far, it sounds fine, BUT ….
The US has huge trouble due to the Federal Reserve`s inflationary policies and the lack of faith amongst foreign investors in the American Economy. Due to rising inflation, the interest rates can NOT stay lower for much longer and as the rates rise, the US would go into a much deeper recession. Remember the 80`s? This time, the situation is a lot worse. The US has a huge National Debt and an increasing Current account deficit. To help the liquidity and the economy, the Federal Reserve would print huge amounts of Dollars and this would lower the value of the Dollar significantly. As much as 30% of the current value will have been lost by then.
So, the US would probably adopt the same policies that Ecuador and El Salvador have used, the concept of IZATION. The US may get Euroized and use the Euro as its currency from there on.
this would mark the end of the greatest currency ever, our US Dollar.
Will Euroization occur? It may, it may not. That depends on the morale of the US and whether the US politicians can convince the population that they could still be trusted with our money.
So what should Americans do? The best thing to do is to hold on to your dollars;
Not invest in the stock market - it is headed anywhere but up;
Not invest overseas - contrary to the expectations of our economists, there is no such thing as decoupling from the economy that consumes 20% of the world`s products. Chinese and Indian stock markets have lost almost 50% of their value since October last year, a lot more than has the Dow Jones Industrial Average.
It is important to invest at a place where the investment is secure. Do Not Lose Your Principal. Try to find a fixed return investment and try your best to beat the inflation, which is probably around 10%.
For more information and to discuss your individual financial situation, contact one of our representatives at 1-888-828-9916.
July 7th, 2008
The US economy would be in greater, deeper trouble irrespective of who becomes the president in 2009. Taking a look at the economic policies proposed by John McCain and Barack Obama, we realize neither has much idea (Obama, more so) about how economies become successful.
Obama`s genius
Mr. Obama wants to increase government spending to spur the economy and help the alternate fuel economy become developed. Historically, increased government spending has contributed to just one result, increased DEBT. Leaders such as Milton Friedman, Thomas Paine, Henry David Thoreau have all used the argument that, “GOVERNMENT IS BEST THAT GOVERNS LEAST”. Government has never and may never be as efficient at using a people`s money than the people themselves. The US government is neck deep in debt and a further increase would lead to higher interest rates and worse recessions than the one we are in.
Mr. Obama also wants to raise the capital gains tax. It has been shown with the help of a chart how simply the tax revenue declines as the taxes are raised and how the total revenues increase as taxes are lowered.
I do not know what his adviser Bob Rubin is thinking about, but it would not work.
He also wants to increase taxes on wealthier Americans, yes, we are talking about you guys. He wants to lower the tax burden on the Middle Class and increase the tax burden on the wealthier.
The top 1% of income earners in the country pay “one third” of the total taxes received. So what do you believe these top 1% people, which probably includes you, should do to avoid these higher taxes? I have an idea, why not leave the US and renounce your US citizenship and leave Obama`s beloved middle income tax payers cover the deficit caused due to the emigration. Sounds good? Consider this, more than 300,000 wealthy Americans are leaving the US permanently every year. They must leave it permanently and renounce their US citizenship because our IRS taxes a US citizen`s income irrespective of where it was generated. Such a policy is probably not in place in any other country in the world except in the USA. So, what happens when the rich leave? We go further into debt and soon we realize the Chinese and the Indians own everything there is in the country. Remember, the ascent of any country to Prosperity is coupled with lower taxes, and the descent is always accompanied with higher taxes. This applies to all great economies that ever existed, including the Roman and the British Empire. So we now know where we are headed.
McCain`s policies
Mr. McCain plans to keep Capital gains tax rate the same and wants to lower the corporate tax rate from 35% to 25%. His policies are not wholesome, but are definitely in the right direction.
Conclusion
Irrespective of what either of these politicians does, they still have NO idea what can bring the country back on its feet. What they should be proposing is free markets, emphasis on exports, much lower flat taxes, a more transparent and accountable Federal Reserve failing abolishing it in the first place, and most importantly lowering the personal consumption.
Let us all realize that the foreign policy, Iraq war, terrorism and so on are secondary. These would remain important only if our economy did well, if the economy collapsed, THE US MAY NOT NEED A FOREIGN POLICY. As Bill Clinton famously said, “Its the economy, Stupid”.
Do not expect anything from the two leaders as regards anything. Consider their`s a milder version of another Bush term. And DO NOT EXPECT THE STOCK MARKET TO DO WELL.
Bibliography
The Daily Reckoning, “Are Rich Americans Leaving The Country?”
http://2cents.dailyreckoning.com/viewtopic.php?p=356958&sid=fb575deeea0ac8f43b36caa9e7b016f0
Wall Street journal, “Obama’s Tax Evasion”
http://online.wsj.com/article/SB120847505709424727.html
Escapeartist.com, “Tick - Tick - Tick The Economy Bomb”
http://www.escapeartist.com/efam20/Tick_Tick_Tick.html
Wall Street journal, “Obama Plans Spending Boost, Possible Cut in Business Tax”
http://online.wsj.com/article/SB121366164848479237.html?mod=hpp_us_whats_news
June 17th, 2008
As gas prices at the pump have risen, Americans have driven less or given up on their cars completely. Some others have switched to an alternative called Ethanol. Ethanol fuel is ethanol (ethyl alcohol), the same type of alcohol found in alcoholic beverages. It can be used as a fuel, mainly as a biofuel alternative to gasoline, and is being widely used in cars in many countries. Gas prices are expected to continue to rise for the next few years, according to the Russian Oil company, Gazprom, crude oil prices would reach $250 a barrel soon, an increase of a 100% from the already bloated level of $125 a barrel. This would lead to a rush into Ethanol, its derivative E85, solar, windpower etc. E85 is a mixture of 85% ethanol and 15% gasoline. E85 is widely used in Brazil and Sweden and is starting to become popular in the US. A gasoline engine can be modified to accept all kinds of biofuels such as E85.
Increased use of Ethanol as fuel has increased the demand for the grains it is made from and contributed to the global food shortage. Ethanol can be produced from a variety of feedstocks such as sugar cane, barley, potatoes, sunflower, fruit, molasses, corn, grain, wheat, cotton, and other biomass. Most of the Ethanol produced is made from corn, thereby increasing the demand for corn in general. As a result, Ethanol, which is blended with gasoline, consumes 20-25% of the annual corn crop. Corn prices have increased 200% in the last 2yrs and are likely to continue to rise due to the torrential rains in the midwest this year that would reduce the US corn produce by 3.2%. As the corn prices rise, prices for alternative foods rise. Alternative foods such as wheat, rice, soybean have all noticed increases as farmers decided to switch to producing corn and abandoned these crops due to greater profitability offered by corn production.
Ethanol prices are the lowest in Illinois, Colorado, and South Dakota, primarily states that are heavy producers of corn. The lowest price for E85 is $2.59 in Illinois as opposed to the average price for Gasoline at $4 across the country. The use and further development of Ethanol in the country would assume a long time before the fuel can replace Gasoline as a popular and sustainable alternative. Until then, prices for oil would rise to $6 - $10 at the pump and this would cause all tangible products to rise in price due to expensive transportation costs. Costs of renting a ship have risen 200% since January this year. This kind of inflation can not be controlled by a strong monetary policy, i.e. control over money supply, because this was never caused by excessive credit. The only solution a consumer has is to increase his income enough so as to meet the higher prices and maintain the same standard of living.
June 11th, 2008
A lot has been said about the potential growth in China and India. It is expected their economies would surpass that of the US in the next few decades. A look at the Mutual funds in the US shows that only those that invest in these countries have done well during the last 1 year. Critics often point to the corruption in India and one party state in China as the biggest hurdles to be passed before the countries meet their objectives. But, the real snag in their path to prosperity is rooted in a natural commodity that westerners take for granted, WATER.
China is facing increasingly frequent and desperate water shortages, disastrous flooding in some areas, and dangerous levels of pollution. And the problem is not just environmental - insufficient water is already limiting industrial and agricultural output in some areas and threatening to curb China’s high economic growth rate and food production if solutions are not found quickly. An estimated 44 per cent of the population lives in the northern and northeastern provinces, and some 58 per cent of its cultivated land is also in this area; yet only 14 per cent of the country’s total water resources are found in the region.The country suffers from low water use efficiency, but particularly agriculture, where it is estimated that some 60-80 per cent of water is wasted through evaporation from canals and irrigation systems.
In India, water below the ground has dropped dangerously low, farmers are investing heavily - and often going into debt - to bore deeper wells and install more powerful pumps. The river water in India originates from the Mountain peaks to the north, The Himalayas. Due to global warming, the ice has begun to melt rapidly and it is expected the the ice and water would run out in a few decades, leaving the large populations with a severe shortage. In addition, around 65% of primary schools lack basic drinking water facilities. As the water drawn from the well, rivers, and ponds are not adequately hygienic, water borne diseases like Hepatitis B have sprung up.
In both China and India, water diversion schemes linking the water abundant areas to the deficient ones are being implemented. Unfortunately, the schemes come at a huge financial and demographical loss, since large populations would have be displaced to build the dams and reservoirs. Solving these issues is not easy, but that remains the only option for the two Asian countries if they are to have any long term prospects of becoming prosperous one day.
Bibliography
Daniel Pepper, “India’s water shortage”
http://money.cnn.com/2008/01/24/news/international/India_water_shortage.fortune/
index.htm?postversion=2008012904
S. CHAKARAPANI, “WATER SHORTAGE IN INDIA AND DISEASES CAUSED”
http://www.ananthapuri.com/article.asp?title=Water-Problem-in-India&id=48
New-Agri.co.uk, “China’s water problems”, 1st September 2004
http://www.new-agri.co.uk/04-5/focuson/focuson4.html
May 28th, 2008
Some people may have started to believe the economy is out of the recession, but we need not celebrate just as yet. We have too many problems to deal with before we can pull out the champagne. Social Security is going bankrupt, so is Medicare. These are social benefits accorded to the needy. Both have been around for more than fifty years, but it is now that we fully understand the side effects of such unsustainable programs.
Both Social Security and Medicare are insurance programs, to which individuals contribute throughout their working lives, and receive health, retirement and disability benefits. But, like any insurance, if the claims rise too much, the insurance company loses, and as a result, every now and then there is an insurance company that goes under. So, as more people become “senior citizens”, they start to qualify for these benefits and there comes a day when the people becoming sick, old or disabled increase too much and hence the claims rise, but the insurance company, in this case, Social security, may not have enough money to make those payments. Fairly easy to understand; Its a gamble, sometimes the insurance company loses. But, how could such big funds go bankrupt? They could, because insurance is a game of large numbers, many people must contribute premiums each year to support the claims made by a few. So when the programs began in 1935, the first generation to contribute premiums were eventually supported by larger populations, baby boomers. But the populations are not rising at a very high rate anymore and hence the premiums would grow at a slower pace, while a huge population of baby boomers retires and file claims. The system is bound to collapse. Social Security and Medicare are often referred to as Pyramid schemes, where each passing generation must pay significantly higher and higher premiums to support the senior generations. What if they do not?
The government would have to raise the Social Security tax to ensure more revenue flows in. Social Security and Medicare are issues likely to hog the most limelight in the next 2 decades as the government struggles not to let its external debt and current account deficit increase.
Social Security taxes are collected each year to pay off the claims in that year, and the remaining money is stored in the Social Security trust fund, which is then invested in the US treasuries. In 2019, the taxes originating from social security would be insufficient to pay the claims in that year, and the government would have to draw on the Trust fund to make payments. In 2041, the Trust Fund is expected to be emptied of its reserves, and Social Security would go bankrupt, while Medicare is expected to be insolvent by 2019, while the Medicare Trust Fund is to be drawn on starting this year.
What do we do about it? Dont spend the tax rebate money you receive from the Government this year. Open a retirement plan, if you do not have one already. The country may have been burdened with bad politicians, but the real blame lies with the American consumers, who are officially consuming more than they are making. Compare this with Eastern countries, where savings rates are as high as 35%. It is difficult to predict who wins the election in 2008, but we are certain, each passing President is likely to find it tougher to keep the country together, until some structural changes are made. Till then, SAVE.
May 12th, 2008
Whatever goes up must come down, but what never went up enough need not fall much. The office properties gained 70% in price between 2001 and 2007 as opposed to the increase of 95% in the price for residential apartments during the same period. The house prices have fallen 10-15% since the start of 2007, while the office property prices have increased 3-5%. One of the main reasons why the commercial mortgages never grew into a bubble was that there was no Fannie Mae or Freddie Mac to purchase the commercial mortgages the way they purchase the residential mortgages. (Note - Fannie Mae and Freddie Mac together, purchase 2/3rd of all residential mortgages originated in the country). Hence commercial mortgages are made with more care because there are no Big brothers to guarantee the payment to the lenders, in case the homeowner defaults. Another reason is the presence of a personal guarantee from the borrower to the lender that ensures the lender may seize any of the borrower`s personal assets in case the borrower defaults. The third major reason for the lesser risk in this market is the lesser demand for commercial MBS (Mortgage backed securities), this leaves the lender with nowhere to dump his assets and create revenue for further mortgage originations. However, the commercial mortgage market has grown significantly since 1990, from $40 billion to $800 billion last year and growing rapidly. As this market develops further, the interest rates charged on commercial mortgages should come down a lot, and make it easier for business owners to expand profitably.
The biggest investors in the commercial mortgage market are REITs (Real Estate Investment Trusts). These are investment funds that invest in mostly commercial real estate, such as hotels, buildings, offices, and also Commercial MBS. REITs are closed end funds that must distribute 90% of their profits as dividends. A comparison of the returns of the various indexes in the country and REITs is as follows:
Returns in 2008 (as seen until Feb 29` 08)
Equity REITs -4.55%
S&P500 -9.05%
DJIA -7.53%
Russell 2000 -10.27%
Nasdaq -14.36%
T-Note 10Yr -0.50%
The REITs have posted the best performance in the last 6 out of 11 years amongst all the above indexes, with the best return in 2000 of 192.14%, and an average return of 25.48% in those 11 years.
The commercial mortgage sector is perhaps one of the most underutilized in the economy, especially in view of their historic performance and stable value, but they would grow as the derivative markets are opened to them and different methods of diversifying the risks and receiving insurance on the loans are made available to the lenders.
Referenced Information
“National - Apartments Properties Index”
http://web.mit.edu/cre/research/credl/rca/national/L-Qtr-Natl-A.png
“National - Office Properties Index”
http://web.mit.edu/cre/research/credl/rca/national/L-Qtr-Natl-O.png
“REItWatch”
http://www.nareit.com/REITWatch/RW0803.pdf
“How to screen for top REITs”
http://articles.moneycentral.msn.com/Investing/InvestingForIncome/HowToScreenForTopREITs.aspx
May 1st, 2008
Most of the ETFs and Mutual Funds at the different Asset Managers are losing value, as can be noticed from the website of any one of the companies(Vanguard, fidelity, T Rowe Price, etc). One of the exceptions is the equity in the emerging markets. This sector has grown seemingly unaffected by the Recession in the US. India is one of the 4 countries Goldman Sachs pointed out as the leaders in FDI and development along with China, Russia, Brazil (BRIC) in the coming years. Along with China, India too has enjoyed booming exports and growth rates of 8-9% in the
last few years, but India`s major economic strength is stated to be internal, or consumption
based, rather than a focus on exports solely. At the heart of the boom in India is its real estate, which unlike Communist China`s, is privately owned. Real Estate prices in India have been growing at a rate of 30-40% for the last few years. Investment banks and Hedge Funds around the world have been investing more and more in the Indian Real estate, driving the prices higher. According to the Associated Chambers of Commerce and Industry of India (Assocham), the Indian realty sector is likely to see high growth rates in 2008. DLF, one of India`s premier Real Estate Development companies recently sold 49 per cent stake in its seven townships to Merrill Lynch and Brahma Investments to raise $420 million. Wachovia Bank picked up a 15% stake in another Indian Real Estate company for $59 million. These US banks are the same ones that have lost billions in the US real estate market in the last 1year.
A comparison of the Real Estate prices in New Delhi and Chicago reveals the following figures:
* Condos in New Delhi, India: 2-bedroom, 1000 sq. ft. apartment for $200,000. [$200 per sq ft] (Source: 99acres.com)
* Condos in Chicago, USA: 2-bedroom, 1000 sq. ft. apartment for $400,000 [$400 per sq ft] (Source: Google Housing)
The above has occurred despite the fact that the median income in Chicago is 50 times that in New Delhi.
Clearly, the House price increase in India is an unsustainable bubble. Such land or property bubbles have propped up in Russia, China, Ireland, etc. A bubble is characterized by low income to price ratios (when property rises a lot while income does not), or rent to price ratios(when property rises and rent does not). Such bubbles are financed by low interest rates, bad financing, or too much Foreign Direct Investment. Assuming there is a huge bubble in India, larger than that of the United States, this would have the same effect(if not larger) on the Indian Equity markets as has the US Real Estate on the US stock market. Studies show that a person is 2 times more likely not to spend his money if his house price falls by $1 than if his stock falls by $1. Tell that to Walmart, Carrefour and other Retail Stores that intend to open shop in India this year. As a bubble bursts, banks that lent the money always get into trouble as they recover less than what they lent, the low liquidity of the banks would cause lower business and a stock market crash.
In addition, the emerging markets are so well intertwined with the US that as the US suffers even more, they would too. A case in point is this chart showing lower trade due to problems in the US. . Indian stocks are struggling already with the bulk of American Depository receipts in the red. see them at .
Banks such as Merrill Lynch and Wachovia are already in big trouble within the US and would suffer even more as the Indian bubble bursts and this time too, they would have no one to blame except for themselves. Individual investors would be smart to invest their money in investments offering the highest possible yields, but keeping an eye on the downside risk.
Referenced information
Wikipedia, “Real estate bubble”
http://en.wikipedia.org/wiki/Real_estate_bubble
Anshu Sharma, “India’s Exploding Real Estate Market: Shades of the Florida Condo Bubble”, February 08, 2008
http://seekingalpha.com/article/63763-india-s-exploding-real-estate-market-shades-
of-the-florida-condo-bubble
Mukul Pareek, “Seeking Alpha in Indian Real Estate”, February 26, 2008
http://seekingalpha.com/article/66079-seeking-alpha-in-indian-real-estate
Paul Kedrosky, “Collapse of the BRIC Trade”, March 31, 2008
http://seekingalpha.com/article/70573-collapse-of-the-bric-trade
Himanshu Pandya, “Indian Stocks 2008: Are There Any Winners?”, March 03, 2008
http://seekingalpha.com/article/66863-indian-stocks-2008-are-there-any-winners
Yogesh Dashrath, “Indian Realty Sector Expected to Grow 45% in 2008″, February 12, 2008
http://seekingalpha.com/article/64214-indian-realty-sector-expected-to-grow-45-in-2008
April 21st, 2008
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