On Aug. 3, 2016, I wrote an article with the title "Realty Income Corporation: Even More Extravagantly Overpriced."

Since that date, Realty Income shares have lost 12.2% on a price-only basis and have returned 4.4% on a total return basis.

Over a comparative time period, the S&P 500 Index has returned 56.4%.

Clearly, Realty Income shares have underperformed. Why? The answer is simple, and that's that starting valuation matters.

READ FULL ARTICLE HERE