The conclusion of 2023 mirrors my sentiments and hopes – a robust recovery in the market, a realization that the oversold conditions were a consequence of countering high inflation rather than a market bubble. As the Year-on-Year inflation rate recedes, the persistently elevated living costs and prices of goods and services remain, if not escalate. The initial emergence of the year witnessed both high inflation and a spike in interest rates. Real Estate Investment Trusts (REITs) that failed to hedge their loans effectively suffered from a sudden increase in interest costs. Those exposed to currency risks were also significantly impacted, experiencing diminished rental income returns from overseas assets due to unfavorable forex rates. This dichotomy becomes evident when comparing strong and weak REITs during challenging times. This scenario implies that companies may not experience reduced returns per se, but rather encounter higher operating costs. The looming risk is that the economy might face a downturn if the high-interest rate situation...