19 classification of its own, creating an 11th sector. Since that time, the GICS structure has added one more sector, breaking out communications into a 12th sector. These classification shifts represent an important signal as to the growth expected in these two segments in the global equity mar- kets. The real estate equity securities markets are expected to grow. One reason is the growth of urban areas, which is creating a demand for capital investment in both real estate and infra- structure. That capital investment is expected to create income-producing assets that lend themselves to securitization. Changing demographics also mean demand for highly specific products, such as housing for the elderly or agriculture. For example, the United States now has over 200 “agrihoods.” These are communities organized around a farm. Homebuyers are looking for a trusted source of fresh food rather than a golf course. Add to this a push to integrate new technology. Should I mention that the Chinese are using large 3D printers to create houses quickly? “In the past few years, demand for private capital for real estate investment and support- ing infrastructure has increased enormously. In the emerging economies, the great migration to the cities, growing population and swell- ing middle class are creating a desperate need for more urban real estate. In the advanced economies, the cities are also growing, although not so rapidly, while technology, demographics and environmental issues are becoming new value drivers…. Real estate as an asset class is changing fast. Mega real estate managers are emerging, which are building and investing in real estate on an epic scale; yet, small specialist managers are also playing a significant part. The landscape is becoming more widespread and complex with a wider range of risk and return than ever; plus new drivers of value.” ~PwC: Real Estate 2020—Building the Future This is all part of the push for “Planet Equity” that I have talked and written about for many years, starting with the 2014 Annual Wrap Up. My guess is that Mr. Global’s vision is that the global population will move out of rural communities and into the cities as industrial- ization and central control of the seed and food systems proceeds. This means turning people from owners of land who can grow their own food into renters who will be dependent on the company store. This was part of the global housing bubble—creating product for Wall Street to pump and dump, while ultimately generating rental properties for investment vehicles. Greater securitization of real estate is a part of broader efforts to centralize data, control, and wealth. The Planet Equity vision includes significant increases in global rental income and proper- ties that can be securitized and traded globally. One of the greatest challenges in the securities market, however, is that global retail investors outside of the United States traditionally have not been equity market investors. For securities markets to offer broad liquidity globally, emerg- ing market populations need to own stocks. Real estate stocks are a logical product to get them to participate. The bottom line is that global REITs and real estate securities are likely to grow signifi- cantly as an asset class over the next 10-20 years. This means that if you are interested in equities and are looking for opportunities to earn income, it would be a good use of your time to get to understand this sector now. Here is a place to begin. Our tables of real estate companies listed and traded in the U.S. markets as of the 3rd Quarter of 2018 are orga- nized into three sections. • General Real Estate Companies • Real Estate Services Companies • REITs