Infrastructure, Intellectual Property, and Other Real Assets
Free CAIA Level I lesson in Real Assets. 50 min read, ~7,440 words.
Producer equities aren't pure commodity plays (gold 6x vs miners 3x, 2002-2012); demand elasticity, supply elasticity, and hedging shape the correlation. MLPs split upstream / midstream / downstream; midstream is the energy "toll road". Investable infrastructure: six attributes, five sectors, four equity styles. Equity-style gross returns span roughly 5-20%, from...
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What this lesson covers
- Content
- Example 1
- Example 2
- Common Mistakes
- Key Takeaways
- Exam Shortcuts
Learning objectives
- natural resources
- land
- timber
- farmland
- contagion indices
- timber farmland returns
- commodities no futures
- term structure
- rolling contracts
- backwardation contango
- commodity diversification
- expected returns
- commodity indices
- commodity returns
- commodity producers
- mlps
- infra overview
- infra classifications
- investing infra
- infra risks
- ip overview
- ip cash flows
- art
- patents
- re categories
- cre advantages
- re styles
- re office
- re industrial retail
- re multifamily
- cre debt
- cre equity leases
- mortgage underwriting
- commercial mortgages
- cre financing
- cre vehicles
- liquid cre
- re development
- cre valuation
- income approach
- public re vehicles
- reit returns
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