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Property shares are looking much better value than physical property and there is a need for consolidation in the sector with too many companies and liquidity only in the leading stocks.This is the sort of property analyst’s message that the industry has become used to in the 1990s. But the same message was being heard 50 years ago when Warburg (then known as Hurst-Brown, Buckmaster and Peter Hicks) began property research.Warburg’s first note, which came out in January 1949, was re-published this week to celebrate the broker’s 50 years of research and the retirement of head analyst Roger Moore after 25 years.Moore was arguably the doyen of property analysts and, until recently, was voted the best in the sector every year.Fifty years ago, there were 132 quoted property companies – roughly the same number as today.‘Very little changes over the cycles other than the names of companies and personalities,’ concludes Moore.‘Property will always be a sector prone to feast or famine and one in which fortunes can be made with little equity capital outlay won or lost. History shows that the shrewd investor cystallises or consolidates gains but those who become so intoxicated by their success that they begin to think they are infallible often lose their fortunes in cataclysmic fashion.’ read more
Protesters have argued that people should be able to decide what happens to their salaries, and that any supplementary pension payment should be voluntary.Some news sources reported that the protesters have also filed a petition with the Constitutional Court.So far, the government has made no comment on the protests or the petition. Thousands of Armenians have taken to the streets to protest the mandatory funding of the second-pillar pension system, introduced at the beginning of this year.According to reports from French news agency AFP, approximately 6,000 protesters marched in the Armenian capital of Yerevan over the weekend to protest against the government’s controversial decision. Since 1 January, all Armenians born after 1974 have had to transfer 5% of their salaries to newly created pension funds managed by the local subsidiaries of France’s Amundi and Germany’s Talanx Asset Management.According to the AFP, Naira Zohrabyan, secretary of opposition party Prosperous Armenia, described the law as a “racket”, allowing the government to “get its hands into people’s pockets”. read more