location

嗨，努力学习的PZer你好：

这里其实用的是基础班讲义里这段话的结论。

Third, although real estate investors increasingly venture outside their home markets,

real estate is still location specific and may be more closely related to local, as opposed to global,

economic/market factors than are financial claims.

这里的相关性低，是和global market关联性低，而global market是一个分散好的投资标的。

房地产和global market关联低的原因是本地化程度高，所以和本国的投资就形成不了很好的分散化效果（受到本国经济的影响）。

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就算太阳没有迎着我们而来，我们正在朝着它而去，加油！