OUTLOOK

"Real Estate Stocks Rally Again"

1/24/2008

In our Outlook on 1/4/08, we stated that the Dow Jones Wilshire REIT Index was due for another rally.  From its close of 191.04 on 1/4/08, we expected the index to rally to 200 or more within 4 weeks.

Our forecast was correct.  The Dow Jones Wilshire REIT Index rallied to 200 or more, closing at 207.54 on 1/23/08.  At this point, we have taken profits on this trade and will re-establish new positions if we see another buying opportunity.

Mark Yuan, CFA