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<<You didn't mention UDR which is selling at a P/E of 40...>>

UDR's new management is certainly taking steps in the right direction, and its class B assets are very much in vogue today. That's the main reason, I think, why the stock has done well relative to its peers. However, the company still has a way to go, and its debt leverage is still pretty high relative to its peer group. My belief is that UDR's stock is a bit overpriced, but not hugely so. Try to keep that 40x p/e ratio in perspective, as it's based on net income. On an AFFO basis, the multiple is 12.3x, pretty much in line with its peers.

On a completely unrelated topic, I have finally learned why (for those who care) the new edition of the book hasn't been available on Amazon.com. It seems that the Amazon folks accidentally switched codes; according to Bloomberg, "They have the first edition coded as the new edition, and vice versa." Amazon has now been notified, and will most likely get it fixed within the next few days.

Ralph
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