"On the other hand, because of Peter’s prior experience and success with real estate projects, the Ingers might include more than one real estate investment asset type among those permissible for investment. " (Institute 189) Institute, CFA. Level III 2013 Volume 2 Behavioral Finance, Individual Investors, and Institutional Investors. John Wiley & Sons P&T, 6/18/2012. vbk:9781937537340#page(189) What has Peter’s expertise in real estate got to do with his portfolio? The advisor is manageing it, not Peter. Otherwise, an entrepreneur’s portfolio should be totally concentrated in his company stock because of his expertise. I don’t follow CFAI’s logic here.