Even during the darkest days of the global economic meltdown, the value of Israeli real estate properties across the entire country continued to rise. The combination of low-interest rates and the limited number of affordable new apartments in major cities and towns, created the perfect real estate storm for local and foreign buyers.
It’s a presenter’s worst nightmare: after fiddling with the PowerPoint for weeks, the big day arrives, everyone gathers in the conference room, and dozens of expectant eyes stare down at you. But the computer won’t boot. And it suddenly dawns on you — with a shudder — that you don’t have any backup.
In 1998, when Philadelphia attorney Clifford Goldstein wanted to cash in on the staggering increase in Israeli technology stocks, he was disappointed to discover that no index-based mutual funds of Israeli companies existed.
“Wall Street is slow,” Goldstein says, noting that top brokerage firms he approached “told me they didn’t want to invest in kibbutzniks growing oranges.”