The Bedokian Portfolio blog is turning three soon! And since all good things come in threes, I shall give you three tips and opinions for you to ponder about! One: Are S-REITs Overvalued? Singapore real estate investment trusts (S-REITs) are currently enjoying a boom. Based on the iEdge S-REIT 20 Index, since 1 Jan 2019 it has risen from 1208 to 1436 as at 26 Jul 20191, an 18.9% rise. Recently in some of my investment chats with others, very often REITs were creeping into the conversations. So with all the talk about REITs, is it a sign that this asset class is getting overheated? Based on my own aggregation from data sourced from REIT Oracle2, the average price-to-book (P/B) ratio is about 1.13, meaning in general S-REITs are 13% above its net asset value, so can say it is not cheap. However, quantitatively there are still S-REITs that are...