Serpent on the Rock
Just finished this book. I did not read it when it came out ten years ago, probably because I was not into the topic as it seemed so 1980s and direct investments had given away to stocks, low fees, indexing and the internet and its endless investment possibilities. Fatigue from reviewing all the fallen deals and helping brokers and their clients, I am sure, also played a part.
The reemergence of real estate through TIC investments and non-traded REITs makes this book relevant once again. The frenzy for oil and gas programs is also high. The over-the-top antics of some sponsors at the recently completed TICA conference brought to mind the excesses of the 1980s hey-day. The rumor was that one sponsor had a hospitality suite running the entire length of the three-day conference and had flown to the conference on his own jet. It is always investor money paying for these antics, if true.
One difference, made clear in Serpent, is that the big broker/dealers and their management are not behind the TIC rush. (At least someone's memory is long.) There was a noticeable lack of major broker/dealer representation at the TICA conference. I only saw one representative and this person was trying to be as inconspicuous as possible. This is largely a rep and small broker/dealer driven market.