Pat: I am a new Inner Circle member. Can you explain why you designate REITs as manufacturing-sector investments? In other publications, REITs are often considered part of the financial-services sector. Thanks for your advice.
One key criteria for deciding if a company falls into the manufacturing sector is whether it behaves in a cyclical or non-cyclical manner. A manufacturing company is subject to the ups and downs of the economic cycle. In contrast, consumer firms benefit from continuous and often habitual use of their products and services, so they have much more stability in their sales and earnings, regardless of the state of the economy.
It doesn’t matter who the company sells to. For instance, consumers buy cars and soup. But car-makers are subject to wide swings in demand, so they go in the Manufacturing sector. Soup demand is far more stable, so soup makers go into the Consumer sector. While the soup company “manufactures” its products, its customers buy them in good or bad economic times.
Real-estate investment trusts (REITs) mostly lease office or industrial space to firms that go through swings along with the rise and fall of the economy. So we place…
Privacy Policy and Terms of Use
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Does TSI Network Use the Information It Receives?
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Changes to this Policy
This Policy is the sole authorized statement of TSI Network's practices with respect to the collection of personal information through TSI Network's websites and the subsequent use and disclosure of such information. Any summaries of this Policy generated by third party software or otherwise (for example, in connection with the "Platform for Privacy Preferences" or "P3P") shall have no legal effect, are in no way binding upon TSI Network, shall not be relied upon in substitute for this Policy, and neither supersede nor modify this Policy.
TSI Network may revise this Policy from time to time.
Legal Notices and Disclaimers
The contents of this web site and our publications are based upon sources of information believed to be reliable, but no warranty or representation, expressed or implied, is given as to their accuracy or completeness. Any opinion reflects the Successful Investor’s judgment at the date of publication and neither the Successful Investor, nor any of its affiliated companies, nor any of their officers, directors or employees, accepts any responsibility in respect of the information or recommendations contained in the publications or on this web site. Moreover, the information or recommendations are subject to change without notice.
Information presented on this web site or contained in our publications is not an offer, nor a solicitation, to buy or sell any securities referred to on the web site or in the publications. The material is general information intended for recipients who understand the risks associated with an investment in any securities referred to in the publications or on this web site. The Successful Investor has made no determination regarding whether an investment, course of action, or associated risks are suitable for the recipient.
