The third REIT boom was in the 1990s and I think this third REIT boom is different from the others because it didn't arise from any government regulation change.
第三次发展浪潮在20世纪90年代,我认为第三次有别于前两次,因为这次不是源自政府监管的变革
Although, in some sense, it wasn't really disintermediation because you could say a REIT is a different kind of intermediary between the individual and the investment.
某种意义上这不是真正的去中介化,因为你也可以说REITs是另一种,个人投资中介
One--the first wave of REIT growth occurred right after Congress passed the 1960 bill.
EITs增长的第一波高潮,发生在国会1960年法案通过之后
It's not just a bubble; it's also that REITs began to be more diversified.
这不单单是一场泡沫,REIT也开始更多样化
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