老师，这句话对吗：
Laura Powers is a senior investment analyst at Brotley University Foundation and works for the university endowment. Powers is preparing a recommendation to allocate more funds into illiquid investments for a higher potential return and is discussing the rationale with junior analyst Jasper Heard. Heard makes the following statement to Powers:
statement： The endowment should consider low liquidity public equity investments because they are shown to be close substitutes for private equity and real estate investments in terms of liquidity premium.
--它给的答案这说的啥啊 听不懂它想表达啥
the statement is incorrect because of a misinterpretation of the effects of the illiquidity premium.
Heard’s statement on public equities is partially true, but it does not rely on a fully defensible basis for an investment recommendation. While a significant body of literature documents a positive relationship between lack of liquidity and expected returns in the case of public equity, overall it is difficult to isolate the illiquidity premium with precision and separate its effects from such other risk factors as the market, value, and size in the case of equity investments. Furthermore, estimates of the illiquidity premium are based on broad market indexes, yet an investor in these asset classes would typically invest in only a small subset of the universe with the result that individual investment experience could be very different and more susceptible to idiosyncratic factors. These challenges further emphasize the importance of liquidity budgeting in facilitating capture of the illiquidity premium while controlling for risk.
