NO.PZ202405210200000106
问题如下：
In DeMarco’s discussion with Morgan regarding the comparison of REITs versus direct real estate as an investment, which of the following statements are most likely correct?
选项：
A.Although REITs tend to act like real estate in the short run, they act like stocks in the longer run. B.Studies have shown that direct real estate investment is a good diversifier since it is not very highly correlated with equities. C.REITs are more highly correlated with direct real estate investment and less highly correlated with equities over multi-year time horizons.解释：
Answer Choice (A) is incorrect. Although REITs tend to act like stocks in the short run, they act like real estate in the longer run.
Answer Choice (B) is also incorrect. In contrast, direct real estate is often touted as a good diversifier based on the notion that it is not very highly correlated with equities.
The smoothed nature of most published real estate returns is a major contributor to the appearance of low correlation with financial assets, including REITs. Once that is corrected, however, the correlation is higher, even over reasonably short horizons, such as a quarter or a year.
选项（A）是错误的。尽管房地产投资信托基金（REITs）在短期内的表现往往类似于股票，但从更长远来看，它们的表现则类似于房地产。
选项（B）同样是错误的。相反，基于直接房地产与股票的相关性不是很高这一观点，直接房地产常常被视为一种良好的分散投资工具。
大多数已公布的房地产回报率所具有的平滑特性，是造成其与包括房地产投资信托基金在内的金融资产之间看似相关性较低的一个主要原因。然而，一旦对这种平滑特性进行修正，即便在相对较短的时间段（比如一个季度或一年）内，相关性也会更高。
根据解释来看的话，B的问题主要是在于脱离了时间范围来说相关性是吗? 最终的结论就是短期和股市相关性很高，长期看是有比较好的分散性的
