Part Two on real assets is the first of five parts that focus on specific categories of alternative investments. Real assets directly create or add to the consumption opportunities available to people. All consumption ultimately flows from real assets. Real assets are the counterpart to financial assets. Financial assets serve as conduits of consumption opportunities rather than direct creators of consumption opportunities. The category of real assets includes both tangible assets such as land and intangible assets such as intellectual property, both discussed in Chapter 8. Chapter 8 discusses land, timberland, farmland, infrastructure, and intellectual property. Chapters 9 and 10 discuss real estate. Chapter 9 focuses on fixed-income claims to real estate, and Chapter 10 focuses on equity claims to real estate.