Portfolio Implications of Apartment Investing

In this article, we examine the portfolio implications of apartment investing. In particular, we explore the sector’s relative stability, liquidity, and current market outlook. In general, we find support for many of the advantages attributed to apartments relative to other property types. The apartment sector has historically offered high risk-adjusted returns and a relatively low correlation with other property sectors. These features, combined with the attractive demographics and stable space market fundamentals, suggest that the current environment should be favorable for apartment investing. However, the popularity of the sector, aggressive rent growth assumptions, and potential limitations on future immigration provide sources of performance risk.

Mac to Jim, 13 March 1961

Personal correspondenc

Management-training effectivess; a study of nurse managers

Includes bibliographical references.Mode of access: Internet

Active Technological Similarity and Mutual Fund Performance

We examine whether superior understanding of technological innovation is a source of mutual fund managers\u27 ability to garner positive abnormal returns. Consistent with our hypothesis, the inter-quintile annual net Carhart alpha spread for mutual funds sorted on changes in the technological similarity (TS) of their portfolio holdings is 282 basis points. Moreover, because changes in TS are largely orthogonal to other predictors of mutual fund success (e.g., industry concentration, active share, fund R 2, and lag fund alpha), changes in TS can be combined with other measures to help identify the best performing funds