Why Real Estate?
探讨房地产在机构投资者组合中的多重角色，包括风险降低、通胀对冲和现金流提供，并分析当前市场环境下其吸引力是否超过1990年代末。
Institutional investors have traditionally viewed real estate as a risk–reducer, diversifying portfolios in line with the fiduciary responsibilities imposed by ERISA. This is not the only role that the asset class can fill. Real estate can obviously help make a portfolio market–neutral and more reflective of the overall investment universe. Can it also reduce the overall risk of a portfolio, provide high absolute returns, act as an inflation hedge, and offer strong cash flows? Recently, the equity market has faltered, and the specters of inflation and recession now haunt the collective psyche of the investor. Why real estate? Is the answer more compelling now than in the late 1990s? The author takes a detailed look.