Research is the bedrock of real estate investment. Instinct is fine, but without the data, analysis, trend recognition, thoughtful processes and sound theory, investors and fund managers cannot defend the decisions necessary to support their investment strategies. The real estate business is notable for the number of people who are active at a senior level in research roles in insurance companies, consulting firms, fund managers and academia. A smaller number have been able to move seamlessly between and within sectors. Editor Richard Fleming spoke recently with researcher and author Andrew Baum, professor of land management at Henley Business School, University of Reading, United Kingdom, about the economic downturn and the wider implications for real estate investors and fund managers. Baum, who has held senior positions at Prudential