Image Credit: Alex Nabaum
What an asset is worth depends on who owns it — and how.
If you own publicly traded real-estate investment trusts, your REITs are worth an average of 21% less than they were at the end of 2019. If, however, you hold the TIAA Real Estate Account, a $25.2 billion variable annuity invested mostly in private assets, your stake is down only 1.1% for the year.
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This article was originally published on The Wall Street Journal.
Further reading
Benjamin Graham, The Intelligent Investor
Jason Zweig, The Devil’s Financial Dictionary
Jason Zweig, Your Money and Your Brain
Jason Zweig, The Little Book of Safe Money