IX. ANALYSIS OF ALTERNATIVE INVESTMENTS

К оглавлению 1 2 3 4 5 6 7 8 9 10 11

A. Real Estate

1. Forms of commercial/multi-family real estate investment

a. Free and clear equity (fee simple)

b. Leveraged equity

c. Mortgages

d. Aggregation vehicles (e.g., limited partnership, open and closed end commingled

funds, separate accounts and real estate investment trusts (REITs))

2. Valuation approaches

a. Real estate appraisal concepts

(1) Market value

(2) Investment value

b. Cost approach

c. Sales comparison approach

d. Income approach

e. Discounted cash flow approach

B. Investment Companies

1. Valuing investment company shares

2. Closed-end versus open-end investment companies (including exchange-traded

funds)

3. Fund management fees

4. Investment strategies

a. Style

b. Sector

c. Index

d. Global

e. Stable value

C. Venture Capital

1. Stages of venture capital investing

2. Risk

3. Investment characteristics

4. Types of liquidation

5. Performance measurement

D. Hedge Funds (e.g., characteristics, fee structure, leverage, short versus long)

E. Closely-held Companies and Inactively Traded Securities

1. Legal environment

2. Valuation alternatives

3. Bases for discounts/premiums (e.g., freely marketable minority value, enterprise

value, third party sale value, book value)

F. Distressed Securities/Bankruptcies

G. Commodity Markets and Commodity Derivatives

1. Types of commodity derivatives

a. Agricultural futures

b. Energy futures

c. Metals

2. Fundamental concepts

3. Analysis issues (e.g., contract specifications and delivery, cash and futures price

quotations)

4. Spreads