Eureka Correspondence

Mortgage Choice takeover, investing in REITs, residential property versus stockmarket.

I enjoyed reading Tom Elliott's thoughts on a likely bid for Mortgage Choice (see Bank on it! Our next takeover target). I note that the return on equity (ROE) for MOC is still an impressive 18%, though it has dropped significantly from five years ago. Management seems to be paying out an increasing ratio in order to maintain the dividend. I have a few questions though:

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