Usually high cap rates reflect the market's insistence that investors be compensated more for the risk they are taking.Another error is new investors going to high cap rate markets because they compare those markets to other markets - but they neglect to look at historical cap rates in the markets they are investing in.If one market is trading at 6% and another is trading at 9% right now, when Market A returns to the historical level of 8%, Market B is not going to stay at 9%.