Financial Services >> Sector Roundtables >> July 27, 1998
STEVEN R. HASH is a Senior Vice President of Lehman Brothers and the
Senior Equity Analyst for the Real Estate Investment Trust industry.
Previously, Mr. Hash was associated with Oppenheimer & Co. as a research
analyst and with Arthur Andersen & Co. as a Senior Auditor. He is a
graduate of Loyola University and earned his M.B.A. from New York
University. Mr. Hash is a member of NAREIT and is a past President of
the Real Estate Analyst Group. Profile
SAMUEL A. LIEBER is CEO/Portfolio Manager at Alpine Management &
Research, LLC. Previously, he was associated with The Evergreen
Funds as a Real Estate Portfolio Manager. Before that he was with
Whitbred-Nolan, Inc., and with The Project for Public Spaces as a
Noyes Fellow. Mr. Lieber's academic background includes Wesleyan
University, New York University Graduate School of Business, and
NYU Real Estate Institute. He is a member of NYSSA, NAREIT, the
International Council of Shopping Centers and the Urban Land
Institute. Profile
ROBERT MCCONNAUGHEY is a Managing Director and Senior Portfolio Manager
of Prudential Real Estate Securities Investors. Previously, he was
associated with Fidelity Investment. Mr. McConnaughey received his
Bachelor's degree from Dartmouth College. Profile
LAWRENCE D. RAIMAN is a Managing Director at Credit Suisse First Boston.
He was previously associated with Donaldson, Lufkin & Jenrette prior to
the recent merger. Prior to that Mr. Raiman worked for PaineWebber. He
received a BS in Accounting from the Pennsylvania State University and
an MBA in Finance from Columbia Business School. Mr. Raiman is a
Certified Public Accountant and a member of NAREIT, International
Council of Shopping Centers, Urban Land Institute, and various other
real estate trade organizations. Profile
DOUGLAS A. FUNKE is an Associate Portfolio Manager at Morgan Stanley
Asset Management. Previously, he was associated with Morgan Stanley &
Company. He earned an A.B. degree in Economics and an A.B. degree in
Political Science from the University of Chicago. Mr. Funke is a member
of NAREIT and the NYSSA. Profile
TWST: Steve, why have the REITs performed so badly in the first half of1998?
Mr. Hash: First, it really started in September 1997, which is when the
REIT group peaked, and they've been