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High-risk alts burn client in $1.2 million arbitration

Bruce Kelly's "High-risk alts burn client in $1.2 million arbitration" reports on a $1.2 million FINRA award against Concourse Financial Group Securities for its recommending and misrepresenting of high-risk private, illiquid and alternative investments and equity indexed annuities. The article quotes Dr. McCann, who testified in the case, describing the investments as "the worst or just about the worst portfolio I have ever seen."

The Big Questions Hanging Over a Blackstone Fund

The New York Times' "The Big Questions Hanging Over a Blackstone Fund" details concerns over the valuation of Blackstone's real estate fund in its impressive performance while rivals struggle with high interest rates and a flagging property market. The article raises questions about Blackstone's independent review of its third-party appraisal values, differing from many major firms that defer entirely to third-party appraisers. The approach has split Wall Street, and the article quotes Dr. McCann on his reservations towards Blackstone's independent review process.

Commissions exposed, adviser stops selling nontraded REITs

Ann Marsh's "Commissions exposed, adviser stops selling nontraded REITs" in discusses SLCG's non-traded REIT research. The article illustrates how disclosing commissions and their impact on the purchase date value of a nontraded REITs helps disinfect this odious business.

Non-traded REITs cost investors $50 billion: consultant

Ross Kerber and Suzanne Barlyn's "Non-traded REITs cost investors $50 billion: consultant" reports the result of SLCG's non-traded REIT research. In "An Empirical Analysis of Non-Traded REITs", Brian Henderson, Joshua Mallett, and Craig McCann found that the non-traded REIT industry has transferred at least $45.5 billion in wealth from investors to sponsors and the brokerage industry. The first 41 non-traded REITs had cost investors $25.5 billion in lost wealth and 40 additional non-traded REITs which had updated their NAVs had cost investors another $20 billion in lost wealth. In "Fiduciary Duties and Non-traded REITs", Craig McCann points out that no advisor with fiduciary duties could recommend a non-traded REIT.

The Growth of Non-traded REITs

SLCG's non-traded REIT research is cited in Deirdre Bolton's interview of Bob Rice of Tangent Capital Partners on the growth of illiquid, high-cost non-traded REITs. The non-traded REIT fees discussed in the Bloomberg TV segment is excerpted from Table 2 in our "A Primer on Non-Traded REITs and other Alternative Real Estate Investments".

Nontraded REITs Are Hot, But Have Plenty of Critics

Robbie Whelan's "Nontraded REITS are Hot, But Have Plenty of Critics" reports on the issues with nontraded REITS. The article quotes Dr. McCann on the problematic issues surrounding nontraded REITS.

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