You got it George. Owning something provides security in itself. but I bet you take a lot more risk than the pubcos do. The pubcos take no risk whatsover. They didn't even start out with their own money, they bought everything they own with share capital and borrowings. Many have sold everything they own to raise capital and have become service businesses 'managing' estates on behalf of banks and pension funds they flogged the crumbling bricks and mortar to.

They have security in guaranteed long term income from the tie, an ever above inflation income stream there which they can borrow against. They do not store product, employ large numbers of people, invest in their estate, market, promote, manage, provide service, expertise, advice or knowledge about the sector they operate in save to take rent aggressively and to sell products at outrageously inflated prices, prices and practices endorsed by OFT. Pubcos do nothing that conventional businesses do. The risk of operation is entirely given over to their tenants.

What is most shameful about the business they have made for themselves is that their true relationship with tenants does not even pay lip service to the things they say they do in their published literature and their public utterances in scenarios like the BEC hearings. They do NOT nurture their tenants who are taking ALL the risk and that is why tenants and now pubcos are in serious, serious deep pooo. Pubcos brought this all on themselves. Look out for 8 December Bec.

When Albert J Bailey was running pubs it was never thus.