Correction

In the posting just after this one, on TIAA-CREF, it was suggested that the Real Estate Fund had to sell buildings, because of the Great Recession. It did not. Other parts of TIAA-CREF, as I understand it, stepped in and enabled the Real Estate Fund to hold on to its buildings. Its price declined so because its buildings were overvalued, as I understand it. Hopefully, and it would appear so, that period is over. In addition, it is less leveraged than before. That is, it owns outright most of its buildings and more than previously. Lastly, my source for this–and I spoke to this person on the phone and did not take notes–also confirms that the directors of the fund are first rate.