If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.

3. Although the A-Team contains six BDCs and four mREITs, its average total return is closer to the best-performing REM than to the third-best performing BDCS. As a matter of fact, if we would have added the A-Team performance to the above chart, it would have taken the second-best performing place!

4. While VNQ performed very well, I still find eREITs to be extremely expensive and overvalued. Many commentators keep throwing the following John Maynard Keynes famous quote to my face

The market can stay irrational longer than you can stay solvent

While this is factual truth that I can't - and don't intend to - fight, I always keep throwing back another at least as famous quote by the Indiana poet James Whitcomb Riley:

If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.

Sorry, folks... I know that I disappoint many by not accepting that the law of gravity doesn't apply to many eREITs, but when I see a duck, it takes more than a Keynes quote to convince me otherwise. Not only that I have great respect to Sir Isaac Newton, but in my career I've learned (the hard way) not to ignore price and valuations that can't be justified or explained unless people use non-conventional methods... and/or conventional quotes. A price/valuation that can't be explained or justified by common methods/laws is unsustainable in my book.