In CFA Level Reading 45

Commodities include precious metals, energy products, industrial metals, and agricultural products. Real assets are tangible properties such as real estate, airplanes, or machinery. Securities, currencies, and contracts are classified as financial assets whereas commodities and real assets are classified as physical assets.

So commodities is not a real asset? Commodities and real assets are part of physical assets?

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    $\begingroup$ The distinction is as I understand it between capital (airplanes, real estate) and commodities. Both are physical (pumpkins and bridges), but real assets are capital assets. $\endgroup$ – Forgottenscience Oct 28 '15 at 8:59
  • $\begingroup$ I'm voting to close this question as off-topic because it's not related to Quantitative Finance in particular. $\endgroup$ – SRKX Oct 28 '15 at 9:02
  • $\begingroup$ do whatever you want... $\endgroup$ – Ben Oct 28 '15 at 9:41
  • $\begingroup$ quant.stackexchange.com/questions/21417/… Mine q is off topic, but this basic rudimentary question about CAPM is "quantitative finance"? Oh please. $\endgroup$ – Ben Oct 29 '15 at 5:46

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