Which one of the following is not true for the direct equity real estate investing?
A. Real estate involves substantial operating and maintenance costs and hands-on management expertise, which are expenses or requirements not incurred by securities investors
B. The cost of acquiring information is high because each piece of real estate is unique.
C. Real estate returns on average have relatively higher volatility in comparison with returns to public equities.
D. Geographical diversification can be effective in reducing exposure to catastrophic risks.