CWT.un Calloway Real Estate Investment Trust update.

cwt,un dec 2012

We always seem to underestimate the forces that are brought to bear on stocks to push them up. We were wrong in thinking that this stock was a sell at about $27 back in early July as, unexpectedly , the stock did manage to add the extra $4 to double top and then some. But nothing has changed so the outlook remains the same. Theoretically , of course, a valid argument can be made that this stock should trade at higher, if not much higher, valuations than it did back in 2006 when were also relatively low but double what they are today. But then the market is always supposedly forward looking so the boost from the discount rate may itself be discounted.