Question: Cheng, Lin and Liu ( 2 0 1 7 - JRER ) develop the mixed - asset portfolio by extending the Modern Portfolio Theory (

Cheng, Lin and Liu (2017-JRER) develop the mixed-asset portfolio by extending the Modern Portfolio Theory (MPT) as follow, Briefly discuss the difference between these two models and explain why the real estate should have its own asset allocation model.
 Cheng, Lin and Liu (2017-JRER) develop the mixed-asset portfolio by extending

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