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Neuberger Berman Real Estate Se Message Board

  • llllorac llllorac Nov 18, 2008 10:14 PM Flag

    NRO NAV 2.28...21.49% discount..

    Things to consider about NRO....NRO has leverage because of its Auction Rate preferreds ....which is working against it in this REIT meltdown.(although it has substantially reduced that exposure recently). Considering that, tha NAV is acting remarkably close to the REIT ETF "RWR"...(keep an eye on that ETF to gauge how NRO is doing against the REIT universe on a day to day basis.. .on the other hand, NRO has a meaningful position in REIT "preferreds" giving it better dividend and principal protection in the downturn than if it just held common stocks...There is hope that this is the emotional capitulation stage that accompanies market and/or sector bottoms....Neuberger Berman was a very well respected money manager before Lehman bought it several years ago...there's no reason to believe they can't be that again..all money managers are having difficulty in this firestorm....remember Buffet's words..."get fearful when others are greedy, but get greedy when others are fearful"....I can't remember when people have been more fearful...(Walmart can't keep safes in stock)....I'm with those who believe we are making a may take some time ...but watch how many are surprized when the "meltup" comes....shortcovering like we've never seen before...

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