careful, page-71

WBL

"I did not recall having read " the following in Orbis most recent quarterly report.
"and as Orbis has said in its reports, the sector is subject to unusually high risk""

This is my interpretation from comments about diversifying across REITs, risk that banks may not rollover debt and tenant bankruptcy. Yes, all said in the context of a great investment opportunity. It is also consistent with conversations I have had with other REIT specialists.

"... thus holding many REITs that are in a similar predicament to diversify."

This is my opinion - they hold many for two reasons - risk that some don't make it through, and because at these prices they may end up owning too large a stake in the REIT. When I say "in a similar predicament", i mean that the share price has been smashed.

Once again, IMO, a small number may not survive, or at least wont deliver returns above current share prices before taken out by banks or takeover.