Artis Real Estate Investment Pref Shs Series E T.AX.PR.E

RE:RE:RE:IS THE CRASH COMING?

[DZtrader]

Hey Frankie, thanks. I know you have been vocal about monitizing the valuation dislocation for some time, excellent call as always, you are now being validated and are starting to see the benefits you had long suggested, well done sir! As you know, we are pretty much in the same camp save and except for the office component. Some time ago when I became a bit more bullish the sector, you might recall, I actually gave my blessings for external asset purchases (did I say that)..................but with the caveat to tread lightly on the office somponent. I remain in that camp and I guess that is where we differ. This is one time I truly hope you are more right than I ! In any event, I have been putting MM to work and have been concentrating on shifting holdings/portfolio and reallocating. Not as easy as it sounds given existing market conditions and somewhat tricky macro environment. The silver lining to this all is the fact that I can reinvest cash at a much higher yeild with upside capital gains to follow. Still keeping a delicate balance but slowly making it work. As noted will continue to hold U.S. MM until it dictates a move.

Enjoy the popcorn!

DZ