REITs have outperformed the overall U.S. stock market so far in 2008, Richard Shaw writes in a Seeking Alpha analysis. Shaw is a fee-based investment adviser in Connecticut that advised clients to avoid REITs in January 2007 and again in August of last year. "We did not say then, but clearly if an investor saw a steady shift from lower to higher yield by REITs, a gradual return to the class could have been considered. In fact, those who took that approach in 2008 have done well," Shaw said.

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