The fluctuations of equity prices are attributed to the competition of firms for the limited funds of investors; as a result, demand and supply achieve the equilibrium summarized in the most competitive expected rate of return adjusted for risk.
Real estate portfolio or funds management differs radically from managing equity, bond or mutual funds in that real estate managers are not only responsible for asset allocation, risk management and transaction supervision, but also for managing the execution of asset strategy. Unlike equity managers, who research companies and manage the probabilities that they can execute their articulated strategies, real estate managers must help define and execute on property-level opportunities.
