Question: Results reported in the chapter showed that by including either REITs or the NCREIF Index in a portfolio containing S&P 500 securities, corporate bonds, and

Results reported in the chapter showed that by including either REITs or the NCREIF Index in a portfolio containing S&P 500 securities, corporate bonds, and T bills, diversification benefits resulted. Why was this true? Did those benefits come about for the same reason for each category of real estate investment?

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