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Karen Finerman has been racking up some fast money at her firm, Metropolitan Capital by betting against real-estate investment trusts.
What's the thinking behind the trade?
The underlying thinking is that the properties underneath the iShares Dow Jones Real Estate ETF [IYR
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] are performing well, but it takes more time for the economy to go through the commercial real estate complex, Finerman says on CNBC’s “Closing Bell.”. We haven’t yet seen vacancy rates tick up meaningfully, and I think there’s a very good chance that we will. I think that will translate into lower prices on the IYR – and so I recommend getting short.
Also we’re short Simon Property Groups [SPG
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] and Taubman [TCO
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] although we covered some Tuesday.
And we’re short Morgans Hotel Group [MHGC
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], she adds, because I don’t think this is an environment in which you want to be long hotel development – and Morgans has a heavy concentration in Florida.
Is it too late to get into these trades?
I think you can short the IYR if you own other stuff against it, Finerman replies. But be careful of Simon and Taubman at current levels. If they bounce, then I think you could short them again.
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