2008 Coming To A Close

December 24, 2008

December 24, 2008
This will be my last blog entry for 2008, as I will be hitting the slopes in Vermont for my first, and last vacation of 2008. This was a year that many people are happy to leave behind, but I am not so sure that 2009 will be much better. We may get lucky, however, and the combination of an Obama stimulus package and the various bailout funds may finally get the capital markets, not to mention the housing market, back to some sort of stability.

We are not holding our breath. That being said, most seniors housing operators are doing reasonably well, and if they don't have much (or any) debt maturing in the next 12 to 18 months, they are focusing on operations and census, where the focus should be, and not on raising capital. There are a few notable exceptions, but there always will be. So we remain somewhat bullish on the sector, and we hope to look back in a few years and marvel on how cheap some of the stocks were in late 2008, and what idiots we were for not taking advantage of these low valuations. So on to 2009, have a Merry Christmas and a Happy New Year (we hope!). Signing off for 2008...

Steve

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