You'd think that Wall Street would have learned its lesson after the market's crash in 2008 and early 2009. But already investors are returning to short-sighted, self-destructive behavior by chasing fads and forgetting the facts.
Look at the Morgan Stanley U.S. REIT Index (RMZ), for example. It has been flying high even in the face of horrific commercial and residential real estate figures. Since February 9, RMZ is up about 25%. The index has skyrocketed over 150% from its March 2009 low -- about double the gains for the broader market.
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