Real Estate: Finding Shelter And A Bit Of Comfort

There's reliable income for investors with long horizons

Martin Cohen, of Cohen & Steers Realty Shares, has good reason to feel depressed. "It's a tough environment when your stocks go down every day," says the portfolio manager. Cohen & Steers's $3 billion fund, which had total returns of 38.5% in 1996 and 21.2% in 1997, is down more than 6% in 1998. Meanwhile, the Standard & Poor's 500-stock index is up 12.4%. Says Cohen: "I think people look at real estate investment trusts [REITs] being down and the broad market up more than 12% and say, `I'm in the wrong asset."'

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