唯学网小编提醒：CFA金融分析师考试的另类投资是考试的重点之一。考生可以从另类投资中了解到关于非传统的投资工具，如对冲基金、风险投资基金和房地产信托基金等等，和认识投资这些工具时面对的风险。所以，考试是对平时经验的总结，了解这些知识点需要循序渐进。希望考生都能顺利通过CFA金融分析师考试。
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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