I am looking fo an 11-page report from Bear Stearns by Francois
Trahan, Kurt Waters, and Caroline Portny entitled "REIT All About It:
A Bubble Looming in Real Estate?"

Here are some passages:
"Clearly, it's always easier to identify a bubble with hindsight
perspective.  That said, any asset class whose returns look vertical
requires a critical assessment, in our opinion, particularly when its
valuations are deemed justifiable by the consensus."

"In our opinion, these statements are similar to the ones used to
explain the sky-high valuations of many stocks during the tech bubble
of the late-1990s.  Certainly, even an overvalued asset class will
look undervalued relative to one that is even more stretched."

"While most would agree that REIT valuations are somewhat rich, the
consensus seems to be that they are not dramatically so.  Furthermore,
with the economy, real estate prices, and cash flow universally
expected to grow in the near term, there's enough fundamental evidence
to convince many of the doubters that they will at least grow into
their valuations in the near term."

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Request for Question Clarification by omnivorous-ga on 26 May 2005 08:52 PDT

Wminami --

There is a fee-based data service that may well have the Bear Stearns
report -- and the good news is that it's available at better-resourced
public libraries online at no charge.

Will a citation of the report and where it's available be an
acceptable Answer for you?  (Copyright law obviously prevents
researchers posting the whole report here.)

Best regards,

Omnivorous-GA

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Clarification of Question by wminami-ga on 27 May 2005 06:41 PDT

Finding a well resourced library might be a problem.  However, if you
can also give me instructions for finding the report at the library,
and if I do indeed find it, I would be more than happy to accept.

Wminami --

The resource to which I was referring is the Investext database of
Wall Street analysts reports.  Often libraries carry it under the
Thomson-Gale "Business & Company Resource Center," with it being
searchable as "Investment Reports".

However, I checked it this morning and there's only one Bear Stearns
report listed on REITs -- from December, 2004.  That said, Bear
Stearsn publishes an REIT newsletter biweekly and it's highly possible
that your article is the theme of one of those newsletters.

Having done many investment-related searches -- and having tried a
number of techniques on this one -- I don't think that you'll find it
on the Internet.  If you do, it will likely be with a search string
using company name and authors.  An alternate needle-in-a-haystack
option is to check REIT sites to see if they might have industry news
linked on either a news/publications or investor relations page. 
Sometimes articles appear here which escape the Googlebot searching,
either because of timing or special formatting.

Best regards,

Omnivorous-GA

Acutally I used Thomson Analytics and searched for the Bear Stearns
report by looking up equity research for various REITs.  Any other
suggestions?

Wminami --

My only other suggestion would be to use Google to get the e-mail
address of the authors and send them a personal request for the
report:
http://www.bearstearns.com/bear/bsportal/CorporateHome.do

Best regards,

Omnivorous-GA