Скачать или смотреть Commercial Real Estate Is Historically Undervalued? Risk Appetite Surges Into 2026

Topics this week include:
-Has Commercial Real Estate Gotten Cheap?
-Rising Risk Appetite

December 11th, 2025

Presented by Adam Harter, CFA®, and Andrew Thrasher, CMT

In this week’s Market Carver, Adam Harter discusses a major valuation shift between public equities and commercial real estate. With stock valuations stretched and institutional investors reducing real estate exposure in recent years, the relative value between the two asset classes has reached an extreme—three standard deviations from historical norms. Adam explains why this divergence matters and how real estate could play an important role in portfolios heading into 2026.

Andrew Thrasher then covers the latest trends in investor risk appetite. After weakening earlier in the year, risk appetite indicators have surged to their highest levels of 2025. Andrew breaks down the data behind this shift—including increased strength in high-beta sectors, growth stocks, and other risk-on signals—and explains why this late-year chase for performance may offer a supportive backdrop for equities.

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