Jerry Tannenbach Case Scenario (CFA practice questions). Solution said that “An advantage of direct real estate investing is the low relative volatility of average real estate returns.”

Referenced Reading 30: Alternative Investments Portfolio Management Learning Outcome

  1. Describe advantages and disadvantages of direct equity investments in real estate

I have scoured the reading and nowhere does it say anything about direct real estate investing exhibiting lower volatility of returns. 

Anyone know where the CFA curriculum talks about this?