The Editorial Advisory Board of this publication will be meeting in San Diego, April 24–27. In preparation for the spring board meeting, let’s look at some highlights from the past year’s editorials that point to where we are headed in the future.

“Over the past 12 months, we have observed a definite shift amongst most investors to a more defensive posture. But different investors have different viewpoints on what the term ‘defensive’ means. Some are responding by focusing almost exclusively on core investments. Others, fearing the risks associated with investing in core at this stage in the cycle are actually higher than those of alternatives, are shifting their focus to areas where they sense pockets of opportunity, either in the opportunistic or value-added sectors, or in niche market sectors whose performance is more likely to be driven by non-economic forces. Others continue to focus on value-added but now exclude development from their value-add defini