Q: In your recent article about REITs you mention recommending a 10% position in REITs, although some of your portfolios recommend less than 10%. Which is it?
A: In some mutual fund families I recommend a 10% position in U.S.REITs and in other portfolios I recommend as little as 5%. It depends on whether the family has an international real estate fund. For example, in the Vanguard all-equity portfolio, I recommend 5% in U.S. REITs and 5% in an international real estate fund. So, the 10%real estate commitment is spread between 2 funds.