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No. of Recommendations: 14
I still love ARE and AREEP, and have been buying a lot more of both. I exchanged emails with CEO Joel Marcus recently, and learned that, in his entire history in this business, market conditions have never been this good. A key factor is the substantial jump in new FDA drug approvals and the availability of capital to many younger players. Why the stock is still trading below NAV is a riddle I am not able to answer. But I am taking advantage (at least I think I am), especially at prices below $96.

Ralph
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