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Thought Leaders

Michael Milken states, "Real Estate can become as easily tradable and as liquid as a stock or bond. The effect of such a thing on the investment world would be nothing short of revolutionary. Indeed, a developer who wanted to build a series of apartment buildings could issue securities to investors - just as companies issue stock in IPOs. And the owners of these securities could trade them whenever they wanted. There is a clear need for a financial technology in this area."
References: Michael Milken, Fortune Magazine. About Michael Milken

"Real estate investments are one of the largest asset classes in the United States, along with stocks and bonds. However, investments in real estate are not very liquid, as compared to stocks or bonds. For example, homeowners who hold a large percentage of their wealth in real estate, mostly in their homes, are not diversified and are sensitive to price declines of their homes" states Harry Markowitz, Nobel Prize winner in Economics in 1990 for his seminal theory of portfolio allocation under uncertainty. "IRESE helps property owners insure their properties against the risk of property value declines and raise debt-free cash. Investors will have the opportunity to hold a diversified portfolio of real estate investments when they project an opportunity for this asset class", adds Mr. Markowitz.
About Harry Markowitz

"To date, there is no straight forward way to insure against property price declines and leverage property equity debt-free. But one can construct a position, which allows property owners and investors to benefit from changes in the value of the underlying asset, a real estate property. At the same time, the risk of price decline can be transferred from the property owner to investors for a price. IRESE developed a system by which one can apply options contracts to individual real estate properties", states Rossen Valkanov, an associate professor of finance at the Rady School of Management, UCSD.
About Rossen Valkanov

Academics and Researchers

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