A couple of days ago, our investment analyst Choon Siong forwarded me this hilarious piece of commentary on the Financial Times. The chart below shows the performance of six real estate investment trusts, five mainly listed in the United States: For the past year, the performance of five of the trusts has been bunched together. There was an outlier: Breit Class I Nav. Breit Class I Nav is Blackstone’s Real Estate Income Trust fund. Breit, as of September, has a debt-to-equity ratio of 1.6 times and less than 10% of its debt is due within the next two years. 55% of the portfolio is residential housing, and 23% is industrial. By reputation, it has high-quality properties. David Auerbach, who runs the fund, sums up the puzzle: “How can everyone else’s valuation be going down, and theirs is going up?” As a private REIT or a private equity fund, Breit...