Because even if liquid markets for securities could be efficient (which I do not think they are), that does not mean that real estate necessarily would be as well.Commercial real estate is not a commodity item with perfect substitutes.

You can't see the property often and video and pictures are no substitute for seeing it in person.

No substitute for hard work - discipline and perseverance.

@James Figliozzipick a market you can drive to. there is no substitute for being hands-on and in person. 

I also came across a portion where a bank was recorded as the appointment substitute trustee.

These are NOT rules, and are in no way a substitute for a proforma.

Then, after WWII with the GI Bill, a more formal educational training was substituted.

It is numbers.You substitute traffic for traffic and the equation holds!

(Feel free to substitute this experiment with its adult version at your nearby bar.)Ordinary rates are heavier, so the income taxable at the ordinary rate, like W2, stays at the bottom.

Pickle ( real name) would sell me the bad paper about 3 weeks from the published date of the auction.. we would do a substitute of trustee and bene and I would then take it to the sale as the bene..