It's been an exhilarating quarter for those who kept the faith after a terrible 2018 and held onto their REITs this quarter. As explained in a prior post, falling bond yields globally have been the fuel behind the sharp S-REIT rally. The rally had little to do with the underlying fundamentals of the sector, and more of global institutional flows hunting for yield as bond yields plunged. Yield curve Inversion With much ado over the US bond yield curve inversion, what does this mean for REITs? Should we sell all and run for the hills? Well, historically we know that it has been a reliable indicator of an impending recession. However, in many instances in the past, stock markets rallied on for as far as a couple of years. In the prior cycle, the 3m/10y inversion first occurred in January 2006 but the S&P 500 would run up by another...