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No. of Recommendations: 2
Until the MNR merger, buying EQC was like buying a money market mutual funds that can pretty much only be used to buy real estate and with Sam Zell getting to choose the real estate purchases.

I view EQC as a form of market timing strategy. Zell has a reputation for having done well by buying major dips, but he has been waiting a long time for such a dip. In the interim cash each and every year has underperformed.

Perhaps the bottom will fall out of the real estate markets soon and Zell can put the cash to good use, but real estate has been beating cash over the last few years as one would expect.

On the other hand EQC was offices which have underperformed lately.

No position or interest in EQC.
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