Hi Ray,

I actually thought you might be posting to report on VNQ's 7% decline today, and seeing as I've already looked it up I suspect anything I personally do should be discounted inasmuch as I just experience following all this stuff as a consumption good!  I was also initially attracted to TREA and Traditional given some lefty academic misgivings about investing in publicly-traded companies that I (still) don't much like -- e.g., not least of all the marketing-intensive oligopolies that typically feature prominently in the TIAA-CREF "Social Choice" account . . . so, as I think I've said before, I personally see my portfolio as as much an "academic exercise" as anything else :  )

All best,

Pete