Hi Brad,

See my response to Chuck. But to your point about real estate. At the individual asset level, a shopping center in some neighborhood in some city somewhere, can you assess risk? How about if that shopping center is a part of a larger entity's portfolio of real estate assets, is it possible to assess the risk in their portfolio, or do you just use a single measure, the fluctuation in its securities price relative to a mean (i.e. beta)? I think a better understanding or risk by research analysts and portfolio managers is a rich source of alpha, either harvesting or loss avoidance. What could be simpler than evaluating risk the way the underlying business/credit does?

Yours, in service,

Jason