Investor perceptions are critical to the selection of investment media. It is the perceived level of those attributes the investor considers important that determines the similarity or dissimilarity of alternative investment media. This study investigates investment perception by developing a geometrical representation of the perceptual space of a subject group for alternative investment media using multidimensional scaling techniques. The dimensions most salient to differences in perception are then analyzed. A four dimensional configuration is considered the best. Risk and return are important, but not simple, dimensions. Risk requires two dimensions, corresponding to different concepts of risk, to be adequately explained. Return occupies only one dimension, but the concept incorporates both monetary and non‐monetary returns. Real estate is perceived as possessing high returns and moderate ris