· Many investors who concentrate th

· Many investors who concentrate their holdings in real estate do so by choice. They
see it as a way of leveraging their specialized knowledge of real estate. Thus, we
would view them the same way we view investors who choose to hold only
technology stocks in their portfolios.
· Even large real estate investments can be broken up into smaller pieces, allowing
investors the option of holding real estate investments in conjunction with financial
assets.
· Just as the marginal investor in stocks is often an institutional investor, with the
resources to diversify and keep transactions costs low, the marginal investor in many
real estate markets today has sufficient resources to diversify.