Real estate futures and options




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Real estate futures and optionsREAL ESTATE FUTURES and OPTIONS

This excerpt was written in the 1980s with an early 1990 publication date. It predates other, perhaps all other, writings about real estate futures and options. The method expressed a cash settlement and index feature for real estate futures, options and derivatives.

“The application of portfolio theory enhances the value of this instrument. By collectivizing numerous properties, the entire security is not one event dependent but, rather, is predicated on diverse properties and events. (The sale of each property within a portfolio that is the security class generates an immediate cash flow similar to an extraordinary dividend declaration.) The construction of these portfolios can be configured with land-only properties, condos, houses, commercial buildings, and so on. These portfolios can then be partitioned into trading units or equity rights participation securities. The collection and distribution procedures created homogenized security units. A powerful hedging tool emerges because the market can essentially sell-hedge “pure” real estate equities, not the underlying singular properties.”