Saturday, July 09, 2005

Betting against the experts

Reichmann Family's Plan to Sell Assets Is Rejected

July 7 (Bloomberg) -- The Reichmann family's plan to sell its Canadian real estate to a group led by Brookfield Properties Corp. was rejected by O&Y Real Estate Investment Trust unit holders, scuttling a C$2 billion ($1.6 billion) deal that would have made Brookfield Canada's No. 2 office-building manager (continued)...

- Reichman has previously said it was time to get out of the real estate market...........sage advice from a group that made a fortune in real estate, lost it and made it back again. This is a prime example of the Bigger Fool Theory working against you.............the bigger fool is supposed to be the purchaser, not the seller's minor shareholders.

One shareholder was quoted as saying ``I voted it down because when you have an asset that's bringing in income like the O&Y REIT has, and it's got the finest real estate in Toronto, you don't sell something like that.'' Sounds like someone who has never lost any money before...............a bird in the hand baby, a bird in the hand......................................

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