On the short side, you are bearish on mall real estate investment trusts. With economic growth accelerating, why don't you like malls?
Roseman: Retailers, by and large, are not growing. Moreover, mall REITs have more competition today than they have ever had. A lot of large-box retailers are actually looking to lease out space. They have become de facto competition for the mall REITs. Speaking very specifically though, mall REITs are paying out dividends that they can't afford to pay. They are trading at artificially low dividend yields because the money flooding back into the market is seeking yield. Investors have been seeking yield, and they have pushed down the yields on these stocks to historically low levels. And the fact of the matter is that their dividends are at risk.
-- Reported by Gregg Greenberg in New York.
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