I’m not impressed by anyone who has been bearish on real estate since 2001.

We at Morningstar had long believed that the runup in real estate prices from 2001 to the end of 2005 was unsustainable and had to end at some point.

It sounds like if you followed Morningstar’s advice you would have missed a fantastic opportunity to make money in real estate. I suppose they don’t recommend any stocks unless they are sure they will never go down.

Nevertheless, it’s interesting to see which real estate related stocks they expect to do well.