Hedging The Bubble

"Expecting to catch and ride the wave of increasingly sophisticated real estate investors at the institutional level, fund manager and economist Ken Rosen -- never one of the most optimistic REIT watchers around -- is building a long-short hedge fund investing in a broad range of real estate stocks. The fund, started with a small core o assets he retained from the sale of Lend Lease Rosen Real Estate Securities in a management buyout last year, now stands at $100 million; Rosen's target is $500 million. His previous fund returned an average of 13% to its investors over its 11-year span."