REML - REML: A Better Non-Medical Vaccine Play

• The endgame for the Covid-19 pandemic is now in sight, due to the very successful vaccine trials.
• Securities that suffered severe losses due to the pandemic could now be considered the “non-medical vaccine plays”.
• The markets may be underestimating the extent that pandemic losses may have reduced the value of some of the “non-medical vaccine plays”.
• Book value may not be a good metric to measure the permanent damage done to some securities, by the pandemic. Thus, their valuation is problematic.
• Agency mREITs are one sector where book value is the major determinant of value. The pandemic damage to the agency mREITs is finite and is now known.

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