唯學(xué)網(wǎng)小編提醒：CFA金融分析師考試的另類投資是考試的重點之一�？忌梢詮牧眍愅顿Y中了解到關(guān)于非傳統(tǒng)的投資工具，如對沖基金、風(fēng)險投資基金和房地產(chǎn)信托基金等等，和認(rèn)識投資這些工具時面對的風(fēng)險。所以，考試是對平時經(jīng)驗的總結(jié)，了解這些知識點需要循序漸進(jìn)。希望考生都能順利通過CFA金融分析師考試。
十七 Asset Valuation: Alternative Investments
1: Real Estate and Other Tangible Investments
a: Describe how real estate investment objectives are set.
Setting investment objectives involves two steps: Consider the differences in the investment characteristics of real estate.
Consider the types of real estate investments:
Equity holdings: This is the physical ownership of real estate properties.
Debt instruments: This is the purchase of real estate mortgages and deeds of trust.
Real estate properties can be classified as:
Income properties: Here the returns come mainly from rental income which includes residential properties (houses, duplexes, and apartments) and commercial properties (office buildings, shopping centers, and factories).
Speculative properties: Here the returns come mainly from price appreciation.
You should establish your investment constraints and goals.
To consider your financial goals and constraints, you need to determine:
the risk-return relationship of real estate.
how much of your portfolio should be in real estate (asset allocation).
how you should quantify the goals of these long term investments.
To consider your nonfinancial goals and constraints, you need to determine:
the technical skills needed to maintain the property.
the managerial talents necessary to control the property.
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