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Another Perspective

The Income Investor


By David N. Frazier


When Richard’s team asked me during October 2013 if I’d be interested in writing some articles for Dow Theory Letters on income securities, I thought almost immediately about writing an article on real estate investment trusts (“REITs”).


However, my research at the time indicated that REITs would move lower for a couple of months in response to investors’ concerns that the Federal Reserve might soon begin to “taper” its purchases of U.S. government securities. And REITs did indeed turn lower in late October after reports indicated that the economic growth rate in the United States was improving, and investors became concerned that the Fed would soon raise lending rates in an effort to keep the economy from overheating.


After the Fed said on October 30 that it saw “the downside risks to the outlook for the economy and the labor market as having diminished,” REITs began to fall ... Log in or subscribe to continue reading.

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