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

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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

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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

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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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