Based on the private real estate model developed to estimate return volatility, the true variance is most likely: A. lower than the variance of the observed data. B. approximately equal to the variance of the observed data. C. greater than the variance of the observed data。这个题目和题干里说的用reits替代的一大段没有关系吗？那一大段是想说啥？

reading 21课后题第11题，为什么不选c选项。我理解的是根据risk tolerance 问卷做了个goal based组合，目标是依此建立的sub-portfolio达到最优化

老师，道德R32的课后题28，这里的B选项应该也不对吧？为什么选C而不是B

老师，R12example题中的cash flow yield 是什么意思啊？这个概念我不懂，这个概念怎么用啊？

C is incorrect because the discount rate over finite horizons (not long-run horizons) needs to include the anticipated rate of change in the cap rate. For long-run expected return calculations, theanticipated rate of change in the cap rate is not included。请问为什么有这样的区别？应该怎么理解这个区别

b也对吧

这个有没有夸大cfa呢？

我记得好像二级里面讲房地产caprate=r-g? 

寿险不算fc吗，还有什么不算

这里的BULL和bear上下不一致呢，麻烦老师解答一下