Hi Pete,

Swensen, like the rest of us, has a right to alter his views over time.  In his book, his discussion of TREA, as you know, falls under the general heading of "real estate" (private and public).  We know he believes TREA represents a unique opportunity as a private real estate fund (his term, p. 79).

On the other hand, he writes on the same page: "Unless investors identify an unusually equitable private deal structure, gaining real estate exposure through public securities makes the most sense" (hence, the Boglehead option).  Clearly, for TIAA folks TREA is "an unusually equitable private deal structure" (or at least I and some others believe so despite the ER).

Now, I happen to be influenced by the TIAA Asset Management study that recommends using both TREA and a REIT fund, but when Swensen was last (to my knowledge) given the opportunity to comment on "real estate" he used the examples of TIAA-CREF and Vanguard REIT funds, with nary a mention of TREA.

Here's a link to his April 3, 2008 NPR interview wherein he lists two REITS--VGSIX, TCREX--that he recommends.  http://www.npr.org/templates/story/story.php?storyId=89324244

Look for the boxed in section in the interview.  Bob U.