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Market Extra: Laszlo Birinyi is calling the S&P 500’s new 11th sector a boondoggle

Real estate will become the S&P 500’s 11th sector next month. Market historian and money manager Laszlo Birinyi isn’t applauding.

Birinyi, in a Monday note, characterized the move as aimed more “to the benefit of the vendor and not the customer.”

The move by S&P Dow Jones Indices and MSCI, announced in March 2015, carves 28 real-estate investment trusts and real estate management and development companies out of the financial sector and lets them stand alone as their own sector. Real estate shares will become the S&P 500’s SPX, +0.42% 11th sector sometime in mid September. Mortgage REITs will remain part of the financial sector, which includes banks and insurance firms.

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