The probability of ruin is absolute - any self-respecting risk theorist will tell you that. Ruin is certain. It's just a matter of time.

If one happens to be an investor in the Australian real estate investment trust sector however, one's probability of ruin is greatly enhanced.

At least half the REITs would appear to be bound for the warm embrace of the insolvency profession. It is indeed a good thing that insolvency practitioners finally introduced a 'code of practice'' the year before last, for theirs is a growth sector.

Not so the REIT sector which has dropped some 73% over the past 15 months.

The Age