Hi Mr T, I agree it's hard to get the data. That's kind of why I recommended to subscribers to ask their relevant fund managers. In terms of a longer time series many of these vehicles weren't listed then and as such I can't get the data, but I agree the longer the time series the better.

On Are you swimming naked? -

Hi Jerome, I'd refer back to my Chart 1 in a wire I wrote last year: https://www.livewiremarkets.com/wires/property-goes-down-when-rates-go-up-right It's all about the cost of money. If you think rates are going back to where they were in 1973, or 1994, or any random year for the last 50 then I'd say any asset looks overvalued now. But the only way rates are going up is if inflation goes up and I don't forsee that as a problem in the short to medium term. Regardless, if you are wary of that, then you want to be in inflation hedged assets (eg real estate.....I'm obviously talking my own book here but it's true). Equities do look marginally over-valued on a cyclically adjusted PE basis when looking back 40 years, but as said it looks marginal. Look forward to our next coffee.

On Are you swimming naked? -

Actually Chris I majored in Economics at the University of Sydney. When we overlay inflation over the figure I quote above [to give a REAL return], only 1 of the 5 periods of positive price increases turns from positive to negative, and it still remains that the average total return of real estate in tightening economic and interest rate environments is overwhelmingly positive. I guess that's why people always say they like real estate as an inflation hedge because it captures rising prices in the leases.

On Property goes down when rates go up, right? -