Illiquid Asset Investing 1. Liquidating Harvard
Illiquid Asset Investing 1. Liquidating Harvard
Illiquid Asset Investing 1. Liquidating Harvard
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Andrew Ang <strong>Illiquid</strong> <strong>Asset</strong> <strong>Investing</strong> <strong>Asset</strong> Management<br />
30<br />
20<br />
10<br />
‐10<br />
‐20<br />
‐30<br />
‐40<br />
Figure 3<br />
Smoothed and Unsmoothed Real Estate Returns<br />
0<br />
06‐78 02‐81 11‐83 08‐86 05‐89 02‐92 11‐94 07‐97 04‐00 01‐03 10‐05 07‐08 04‐11<br />
Unsmoothed Returns Raw Data (Smoothed)<br />
46<br />
30<br />
20<br />
10<br />
0<br />
‐10<br />
‐20<br />
‐30<br />
‐40