18,99 €
Mehr erfahren.
- Herausgeber: John Wiley & Sons
- Kategorie: Fachliteratur
- Serie: The Getting Started In Series
- Sprache: Englisch
Explore exciting alternatives to traditional securities in this eye-opening investment resource In Getting Started in Alternative Investments: Understanding the World of Investment Strategies, a team of accomplished investment and finance experts delivers a concise and robust exploration of mainstream and alternative investments. From cryptocurrencies to streetwear, you'll learn about new opportunities for investment capturing the imagination of the latest generation of investors. In this book, the authors discuss investments as varied as catastrophe bonds and non-fungible tokens, as well as the growing influence of the ESG (Environmental, Social, and Governance) movement on different financial instruments. It also examines: * More "traditional" alternatives to typical securities, like venture capital, private equity, and real estate-related investments * "Modern" alternative investments, including alternative finance (e.g., peer-to-peer lending), insurance-linked securities, and impact investing * Niche assets, such as intellectual property (e.g., royalties and patents), fractional ownership of collectibles, and income-sharing agreements Getting Started in Alternative Investments is a must-read book for individual and retail investors, as well as investment and finance professionals seeking to expand their investment horizons beyond traditional stocks and bonds.
Sie lesen das E-Book in den Legimi-Apps auf:
Seitenzahl: 459
Veröffentlichungsjahr: 2023
Ähnliche
Table of Contents
Cover
Title Page
Copyright
Dedication
Acknowledgments
About the Authors
Introduction
Note
Chapter 1: Introduction to Alternatives
1.1 What Are Alternatives?
1.2 Investing in Alternatives
1.3 Diversification
1.4 Regulation
1.5 Summary
Notes
Chapter 2: Traditional Alternatives
2.1 Venture Capital
2.2 Private Equity
2.3 Hedge Funds
2.4 Infrastructure
2.5 Land and Commodities
2.6 Funds of Funds
2.7 Summary
Notes
Chapter 3: Real Estate
3.1 The Global Real Estate Market
3.2 Structure of This Chapter
3.3 Characteristics of Real Estate
3.4 Classifying Real Estate Segments
3.5 Real Estate Valuation
3.6 Due Diligence
3.7 The Four Quadrants of Real Estate Investment
3.8 Future Trends in Real Estate
Chapter 4: Modern Alternatives
4.1 Private Credit and Alternative Finance
4.2 Insurance‐Related Finance
4.3 Impact Investing
4.4 Blockchain, Coins, and Non‐Fungible Tokens
4.5 Real Estate Tokenization and the Metaverse
4.6 Collectibles
4.7 Other Opportunities
Notes
Chapter 5: Building Portfolios
5.1 The Portfolio Management Process
5.2 Traditional Portfolios
5.3 Mean‐Variance Optimization
5.4 Adding Alternative Investments
5.5 The Endowment Model
5.6 Risk Budgets, Risk Parity
5.7 Summary
Notes
Appendix: Real Estate Investments
A.1 The Characteristics of Real Estate as an Asset Class
A.2 Classifying Real Estate Segments
A.3 Analyzing the Real Estate Segments
A.4 Real Estate Valuation
A.5 Due Diligence
A.6 The Four Quadrants of Real Estate Investment
Notes
About the Website
Index
End User License Agreement
List of Tables
Chapter 1
TABLE 1.1 Common features of alternative investments
TABLE 1.2 The 10 largest long‐short ETFs in the VettaFi database
TABLE 1.3 Sample long and short portfolios.
TABLE 1.4 Performance of due diligence on third‐party managed funds
TABLE 1.5 Accredited investor equivalents in different countries
EXHIBIT 1.1 Fund performance and fee calculation
EXHIBIT 1.2 Calculation of public market equivalent return ($ million)
Chapter 2
TABLE 2.1 Rolling one‐year horizon IRR by strategy (%)
TABLE 2.2 Successful VC investors and their investments
TABLE 2.3 Stages in startup development and typical investors
TABLE 2.4 Difference between pre‐money and post‐money valuations
TABLE 2.5 Representative performance of VC investments by decile
TABLE 2.6 Successful PE investors and their investments
TABLE 2.7 Definitions of important terms for investors in private equity
TABLE 2.8 Largest hedge fund managers and ranking, 2021–2022
TABLE 2.9 Hypothetical capital usage ($ million) by different types of hedge...
TABLE 2.10 Company improvements potentially targeted by activist investors
TABLE 2.11 Largest infrastructure investors
TABLE 2.12 Sub‐categories of commodities
TABLE 2.13 Sizeable managed futures investment managers ($ billion)
EXHIBIT 2.1 Persistence for venture capital funds
EXHIBIT 2.2 Persistence for buyout funds
Chapter 4
TABLE 4.1 Risk‐adjusted returns vs. traditional asset classes during market ...
Chapter 5
TABLE 5.1 Issues to be considered when setting portfolio constraints
Appendix
TABLE A.1 New York City's share of visitors by category, 2018–2019 (%)
TABLE A.2 Key characteristics of US REITs
TABLE A.3 Comparison of characteristics of private and public equity
TABLE A.4 Ungeared purchase example
TABLE A.5 Geared purchase using senior loan only example
TABLE A.6 Geared purchase using senior and mezzanine loan example
TABLE A.7 Risks of private debt for borrower and lender
List of Illustrations
Chapter 1
FIGURE 1.1 Performance of major asset classes, 1984–2015.
FIGURE 1.2 Comparison of AUM and CAGR, Alternatives vs. Active Core, 2003–20...
FIGURE 1.3 Roles of financial sponsor and investor.
FIGURE 1.4 Explanation of high water mark.
FIGURE 1.5 Tencent stock performance, October 11, 2021 to October 10, 2022....
FIGURE 1.6 Five‐year price history of FedEx and UPS.
FIGURE 1.7 Historical “spread”, long UPS / short FedEx.
FIGURE 1.8 One‐day stock price chart of Itau Unibanco in Brazil.
FIGURE 1.9 Risk and return trade‐off with and without alternatives.
Chapter 2
FIGURE 2.1 Global venture financing activity, 2014–2021.
FIGURE 2.2 Global venture fundraising, 2014–2021.
FIGURE 2.3 Dispersion of returns by asset class, 1980–2018.
Note:
Returns for...
FIGURE 2.4 Global buyout activity by region, 2005−2021 ($B)
FIGURE 2.5 Global buyout capital raised by investment region, 2003−2021 ($B)...
FIGURE 2.6 The private equity “J‐Curve.”
FIGURE 2.7 Global buyout capital raised by fund size ($B).
FIGURE 2.8 Global private capital dry powder, by fund type ($T).
FIGURE 2.9 Average EBITDA purchase price for leveraged buyout transactions, ...
FIGURE 2.10 AUM by primary region, all PE asset classes ($T).
FIGURE 2.11 Annualized quarterly total shareholder return (TSR) (%).
FIGURE 2.12 Managed futures AUM and % returns, 2000–2021.
Chapter 3
FIGURE 3.1 2020 global real estate universe in comparison.
FIGURE 3.2 Pyramid relationship of net operating income, cap rate, and proje...
FIGURE 3.3 The four quadrants of real estate investment.
Chapter 4
FIGURE 4.1 Primary market loan participation.
FIGURE 4.2 Direct lending in the context of credit strategies.
FIGURE 4.3 Competing views on the tradeoff between social and financial retu...
FIGURE 4.4 Top 10 cryptocurrencies by market cap (November 2022).
FIGURE 4.5 EtherRocks.
FIGURE 4.6 Effect of adding bitcoin to investment portfolios.
FIGURE 4.7 Tokenisation of real assets that exist off the chain.
FIGURE 4.8 Collectible departments in Sotheby's.
Chapter 5
FIGURE 5.1 Bridgewater's All Weather portfolio strategy.
1
FIGURE A.1 Residential and commercial real estate sub‐asset classes.
FIGURE A.2 Share of households in different tenure types, in percent, 2020 o...
FIGURE A.3 Tenant mix of a retail REIT.
FIGURE A.4 A furniture store designed with a “fixed path” layout guiding sho...
FIGURE A.5 Number of tourists and annual tourist spending in Hong Kong. Sour...
FIGURE A.6 Growth of e‐commerce as a share of total retail sales in eight co...
FIGURE A.7 Breakdown of travel expenditure in Japan in 2019 (overall 27.9 tr...
FIGURE A.8 Share of total international spending and visitors by country of ...
FIGURE A.9 Manufacturing output report for Singapore (June 2022).
FIGURE A.10 Price index of industrial space in Singapore.
FIGURE A.11 Pyramid relationship of net operating income, cap rate and prope...
FIGURE A.12 Types of depreciation to consider in real estate.
FIGURE A.13 The four quadrants of real estate investment.
FIGURE A.14 Expected risks‐returns characteristics of real estate in various...
FIGURE A.15 4x4 matrix of real estate portfolio allocation.
FIGURE A.16 An example of a REIT structure.
FIGURE A.17 The cash flow waterfall.
FIGURE A.18 Example of a capital stack financing a property or a real estate...
FIGURE A.19 Structuring the MBS.
Guide
Cover Page
Title Page
Copyright
Dedication
Acknowledgments
About the Authors
Table of Contents
Begin Reading
Appendix: Real Estate Investments
About the Website
Index
Wiley End User License Agreement
Pages
iii
iv
v
ix
x
xi
xiii
xiv
1
2
3
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
275
276
277
278
279
280
281
282
283
284
285
286
287
288
Getting Started inALTERNATIVE INVESTMENTS
Matthew DearthSwee Yong Ku
This edition first published 2023© 2023 John Wiley & Sons Ltd
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, except as permitted by law. Advice on how to obtain permission to reuse material from this title is available at http://www.wiley.com/go/permissions.
The right of Matthew Dearth and Swee Yong Ku to be identified as the authors of this work has been asserted in accordance with law.
Registered Office(s)John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, USAJohn Wiley & Sons Singapore Pte. Ltd, 134 Jurong Gateway Road, #04‐307H, Singapore 600134
Editorial OfficeJohn Wiley & Sons Singapore Pte. Ltd, 134 Jurong Gateway Road, #04‐307H, Singapore 600134
For details of our global editorial offices, customer services, and more information about Wiley products visit us at www.wiley.com.
Wiley also publishes its books in a variety of electronic formats and by print‐on‐demand. Some content that appears in standard print versions of this book may not be available in other formats.
Trademarks: Wiley and the Wiley logo are trademarks or registered trademarks of John Wiley & Sons, Inc. and/or its affiliates in the United States and other countries and may not be used without written permission. All other trademarks are the property of their respective owners. John Wiley & Sons, Inc. is not associated with any product or vendor mentioned in this book.
Limit of Liability/Disclaimer of WarrantyWhile the publisher and authors have used their best efforts in preparing this work, they make no representations or warranties with respect to the accuracy or completeness of the contents of this work and specifically disclaim all warranties, including without limitation any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives, written sales materials or promotional statements for this work. This work is sold with the understanding that the publisher is not engaged in rendering professional services. The advice and strategies contained herein may not be suitable for your situation. You should consult with a specialist where appropriate. The fact that an organization, website, or product is referred to in this work as a citation and/or potential source of further information does not mean that the publisher and authors endorse the information or services the organization, website, or product may provide or recommendations it may make. Further, readers should be aware that websites listed in this work may have changed or disappeared between when this work was written and when it is read. Neither the publisher nor authors shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.
Library of Congress Cataloging‐in‐Publication Data
Names: Dearth, Matthew, author. | Ku, Swee Yong, author.Title: Getting started in alternative investments / Matthew Dearth, Swee Yong Ku.Description: First edition. | Hoboken, NJ : Wiley, 2023. | Includes index.Identifiers: LCCN 2023003045 (print) | LCCN 2023003046 (ebook) | ISBN 9781119860280 (paperback) | ISBN 9781119860297 (adobe pdf) | ISBN 9781119860303 (epub)Subjects: LCSH: Asset allocation. | Investments. | Portfolio management. | Investment analysis.Classification: LCC HG4529.5 .D43 2023 (print) | LCC HG4529.5 (ebook) | DDC 220.94/05—dc24
LC record available at https://lccn.loc.gov/2023003045LC ebook record available at https://lccn.loc.gov/2023003046
Cover Design: WileyCover Image: © Yuichiro Chino/Getty Images
To Sebastian, Nicolas, and Mateo. Don’t be scared by big ideas because they seem like a lot of work. Be stubborn, eat the elephant by pieces, and you will be surprised by what you can accomplish.
To the hardworking investors and learners seeking new opportunities and financial growth, I hope this book provides you with new insights to enhance your portfolio with Alternative Investments.
Acknowledgments
Matthew Dearth: As a first‐time author, writing this book was a magnificent, challenging experience. I naïvely assumed that because I had taught much of this material for five years, turning the course material into a book wouldn't be too difficult. Ha! I learned the hard way that the difference between 20 slide decks and 80,000 words is far greater than I expected. Still, reflecting on the journey and the finished product, I have more people to thank than the average Academy Awards winner, so cue the music…
I consider myself blessed to have had the opportunity to teach at SMU, and I owe a debt of gratitude to Guy Weyns, Lieven Demeester, and Ser Keng Ang in the MBA program, as well as Soon Huat Chan, Fangjian Fu, and John Sequeira in the GMF/MAF programs. Their support helped me grow as an instructor to the point where this book is even remotely possible. My students in FNCE695, FNCE6023, and FNCE6055 have been an immense help without knowing it, as every raised hand, confused look, and missed exam question forced me to sharpen my teaching and materials. Thank you for your interest and enthusiasm; it has been a pleasure and privilege to stand at the front of the room every week.
Tackling three smaller challenges—case writing—gave me the experience (and false confidence!) to tackle this book, and I must thank my colleagues for their assistance in bringing my ideas to reality, especially Philip Zerillo and Havovi Joshi. A special shout‐out to Jaclyn Seow and Shane Chesson at Openspace Ventures, whose support was instrumental in the case writing that underpins the chapter on venture capital. Some of these chapters were based on scripts I prepared for a blended learning version of FNCE6055, and I would be remiss without thanking Ivy Seow for her tireless support despite many, many delays on my part.
In my career I have been incredibly fortunate to meet and break bread with so many thoughtful, knowledgeable, and wonderful people whose fingerprints are all over this text: my colleagues at Silvercrest, especially Robert Teeter and Mark Morris; Joanne Kwek and the team at Nordea Asset Management; a long list of subject matter experts, including Ryan Collins, James Cox, Anthony Huston, Ashish Jain, Scott Johnson, Robert Kraybill, Munib Madni, and Brian Toh; my intrepid guest “judges” for student projects, especially Eric Nietsch and Leon Toh; and in NY, Tom Adams, Matt Barnard, Jed Bonnem, Peter Boodell, Brian Gonick, Tom Kanter, and Claudio Macchetto.
At some point we probably wished we hadn't signed up for this special torture together, but it was my friend and co‐author Swee Yong's idea in the first place, so I blame and thank him at the same time. The Wiley team of Syd, Purvi, Stacey, and Susan have been great to work with, and I'm grateful for their understanding with all my missed deadlines and naïve questions along the way.
Finally, a most special thanks to my family across the world who supported me on this path, even though it meant they saw less of me for weeks on end. I am so blessed to have your love and understanding, thank you.
Swee Yong Ku: The beginning of this journey seemed like an enjoyable stroll through a large beautiful garden. The overarching rain trees provided a canopy that corresponded to the key concepts in finance and investments, the footpaths and the shelters represented the various forms of real estate, and the vibrant colors of the roses highlighted the insights and intricacies of real estate investments.
I wanted to introduce our readers the ideas of real estate finance and real estate investments in simple terms. It would allow readers outside the real estate industry to gain a broad perspective of this field, with a bit more depth to lead inquisitive readers to more specialized publications.
But the stroll was not an easy one. The garden was indeed beautiful, but it had a challenging terrain with knolls and valleys that I had to navigate. The writing was more challenging than I had expected: Who is the reader? Which country is the reader from? What are the real estate laws and types of financial investment that the reader is familiar and unfamiliar with? I struggled with considering how to make the writing useful to readers from various countries who would view real estate from their specific local lenses.
However, the undulating landscape was made easier, more enjoyable, and more rewarding by the supportive people around me.
I would like to express my deepest gratitude to all of the people who helped me to write, edit, and fact check my work. First and foremost, I would like to thank my family: Annabelle, Trevor, and Simone, who provided constant support, sometimes nagging, and encouragement throughout the writing process. You know how much I dread writing, and your love and belief in me kept me motivated and inspired. I am grateful for your unwavering support, especially as I am making progress toward my thesis.
Additionally, I would like to thank Konstantina Barker, Steven Chan, Kok Keong Tan, Joel Kam, Guan Wei Tan, Heidi Tan, Benjamin Tay, and Tristan Yu for reading and improving my work and providing me with additional content. I am lucky to have your support. Your attention to detail and commitment to excellence were invaluable and allowed me more time to rest and reflect along the journey.
I would also like to thank my co‐author Dr. Matthew Dearth and editors Stacey Rivera and Syd Ganaden for your patience and guidance. Your support made the whole process of putting this book together more enjoyable. Thank you.
These acknowledgments would not be complete if I do not express my appreciation for Emeritus Professor Francis Cher Chiew Koh from Singapore Management University. You have taught me how to deliver lessons more clearly, in class and through my writing, and to be more meticulous with research and methodologies. Thank you very much for your generous sharing.
About the Authors
Matthew Dearth is managing director at Silvercrest Asset Management, a leading independent advisory and financial services firm created to provide traditional and alternative asset management and focused family office services to wealthy families and select institutional investors. His 30 years of financial services experience also include roles with leading equity hedge fund manager Marshall Wace, global investment bank Goldman Sachs, and strategy consulting firm Booz Allen & Hamilton. Matt founded his own firm in 2013, advising clients in the United States, Asia, and Europe on new product development, performance attribution analysis, and portfolio manager decision‐making.
In addition, since 2016 he has served as Adjunct Faculty (Finance) at the Lee Kong Chian School of Business at Singapore Management University, teaching graduate‐level courses on alternative investments and sustainable investing. In recognition of his teaching, Matt has been awarded the Dean's Teaching Honor List for Top Adjunct Faculty (Postgraduate Programs) since 2019.
Matt holds a PhD (General Management) from Singapore Management University, an MBA from Massachusetts Institute of Technology (MIT), and a Bachelor of Science in Civil Engineering and Operations Research from Princeton University. He has written several teaching cases available through Harvard Business Publishing on topics ranging from investing in collectibles (Merlion Investments, ISB220‐PDF‐ENG) and sustainable venture capital (Openspace Ventures, SMU028‐PDF‐ENG).
A native of the American Midwest who spent 20 years living and working in the New York area, Matt has lived in Singapore since 2015.
Swee Yong Ku has been a director of a licensed property consulting firm International Property Advisor Pte Ltd since 2010. In the past two decades, he has also taken on the roles of chief marketing officer of Kasa Singapore, a real estate tokenization platform, and was the country CEO of Century 21 real estate agency in Singapore. Prior to running his own practice, he was a director in the Real Estate Centre of Expertise at Société Générale Private Banking, responsible for advising clients on real estate investments; the director of Marketing and Business Development at real estate consulting firm Savills Singapore and the general manager at property developer Far East Organization's Indonesia office.
He was an adjunct faculty at three institutions of higher learning: the Lee Kong Chian School of Business in the Singapore Management University, the Department of Real Estate in the National University of Singapore, and the School of Design and Environment in Ngee Ann Polytechnic.
He holds an MBA in marketing from University of Hull, UK, and completed his BSc in chemistry at the Imperial College, University of London, UK and the Institut Louis Pasteur, Université de Strasbourg, France.
Swee has written six books on the property market: Real Estate Riches, Building Your Real Estate Riches, Real Estate Realities, Weathering a Property Downturn, Preparing for a Property Upturn, and The Future of Real Estate.
Swee is now researching how new technologies impact the real estate market. In particular, he is focused on how autonomous vehicles will affect the built environment and bring about urban regeneration.
Introduction
For several years the authors co‐taught a course called “Alternative Investments” for the Masters of Applied Finance (MAF) program at Singapore Management University. This course served several purposes. First and foremost, it provided a foundation for students studying for the Chartered Financial Analyst (CFA) exams. Because the MAF program at that time did not offer a separate elective in real estate, academic directors allocated two out of eight class sessions to cover this important part of the Level I and Level II exams. The university engaged two Adjunct Faculty—Dr. Dearth with a background in institutional equities and hedge funds, and Mr. Ku with deep experience in real estate investing—to teach these sessions, which is how the authors of this book met.
The course provided students with a high‐level overview of the major alternative asset classes, including Venture Capital, Private Equity, Real Estate, and Hedge Funds. While other elective courses were available for these topics, not every student could fit all the electives into a single schedule, so by taking “Alternative Investments” students were assured of at least a base level of understanding of these asset classes.
Beyond catering to the CFA material, however, Dr. Dearth believed that a course on alternative investments would be more interesting and valuable if it covered a wider range of so‐called “modern alternatives” such as catastrophe bonds, impact investments, and collectibles. These assets were not typically covered in a Master's program, but based on his 20+ year career in the financial markets, he understood that modern alternatives played an important role in many institutional and high net worth (HNW) investors’ portfolios. Thus, the curriculum came to include a very broad range of alternative investments, from the traditional to the modern.
With such a wide range of assets to cover in their class, the authors were motivated to write this book because a suitable text on the topic did not yet exist. They believed alternatives to be increasingly important because of the relative scarcity of yield in more liquid public markets. Institutional investors such as US pension funds often require target returns of 8% to meet their funding obligations to their retirees. When interest rates were as low as they had been in much of the world after the Global Financial Crisis (GFC) of 2008–2009, that 8% would be a difficult hurdle to clear without more risk than pension funds might like to take. Many wealthy individuals and families faced similar pressures, though perhaps more self‐imposed.
This book, therefore, provides the reader with an overview of the market for alternative investments, both traditional and modern. For traditional alternatives, Chapter 2 describes each asset class1 in terms of a typical investment process, historical performance, and a review of more recent developments. As many readers may be familiar with real estate investing from personal experience, Chapter 3 contains a detailed description of the range of real estate assets and their corresponding investment techniques. The chapter on modern alternatives, Chapter 4, covers a broad range of investments but without the same level of detail since many of these assets are relatively new, such as cryptocurrency and asset‐backed tokens, and less broadly adopted by institutional investors. Finally, Chapter 5 provides background information on the process of portfolio management and explains the important contribution that alternative investments can provide, for both institutions and individuals. The Appendix continues the topic of Chapter 3, real estate, in more detail.
It is important to acknowledge that since human creativity has resulted in a wide variety of investments around the world, this book is not intended to cover an exhaustive list of assets. For example, many readers will have heard of SPACs, or Special Purpose Acquisition Companies, which became a sensation among retail traders during the Covid‐19 lockdowns of 2020–2021. The authors do not address SPACs separately, believing that they represent an alternative form of initial public offering and, as such, are more properly considered a subset of public equity investing. The long list of niche or country‐specific opportunities that are not addressed here includes:
tax lien investing, billboards, etc. (United States)
favorable tax treatment for treasure hunting (UK)
reselling certain qualifying insurance policies (Singapore)
favorable tax treatment for conversion/restoration of certain classes of property (Germany)
Despite these limitations, the authors believe that the material contained in this book will be of considerable interest to many different readers. Anyone who is curious about new and unusual investment opportunities will find much to learn, as will individuals or families with financial means, risk appetite, and illiquidity tolerance to consider something new and different. Advisors to qualified investors who want to be knowledgeable about up‐and‐coming opportunities will similarly find new ideas here. Finally, this book may be a useful supplementary text for students in courses on alternative investments, or for anyone preparing for the Chartered Alternative Investment Analyst exam and other industry exams.
Note
1.
This book uses the terms “assets,” “asset class,” and “investments” interchangeably as is common in industry practice.
