2009 has started out well. If you keep your portfolio on line, you should be seeing green ink from one end to the other.

This is cause for celebration. But poking under rocks to find the losers is interesting. Every industrial group and sector has a smattering of stragglers. And one industry is doing much worse than any other. If you are feeling contrarian, this is where to look for bargains among the unloved–in real estate investment trusts.

Known as REITs, pronounced "reets," these trusts pass most of their profits through to investors as generous dividends. Among the REIT losers so far this year, the current yields range from 4% to 22%.

The problem with REITs is that to pay out a portion of profits, the company has to make a profit in the first place. So this is not an automatic gimme. But it is an exceptional place to look for companies that are undervalued. The stronger companies in this group will come out of the recession and reward investors well for getting in early while the shares are cheap. My estimate at this point is that this group of stocks will look very smart about 18-months from now. But the best gains will go to investors who get in within the next six months.

Just a hint to those who know what to do next.

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