Legends of stock-picking

From BusinessWeek, 8/3/2006:

5 smart bets for the housing slump

A survey of experts uncovers ways you can invest in real estate — or, at least, keep an eye on it — in preparation for the inevitable rebound.

…are you brave enough to bet against conventional wisdom and buy real estate stocks now? Even if you are, bear in mind that it’s hard to find five stock picks in real estate now… . Yet there are a handful of ways to approach real estate’s uptick…

If you want stability, performance, and some income, a better bet is a mortgage operation such as IndyMac Bancorp or Countrywide Financial. IndyMac yields 4.1%, it’s up for the year, and it’s gained a reputation as a particularly tech-savvy, cost-conscious operator.

IndyMac, of course, is now worth zero. Countrywide trades at a lofty $4.25–down 85% from August 2006.

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