Graham Stephan

Do you know what that means?

That means they took their second largest expense, X taxes, second largest expense, X taxes, and fixed it for 30 years.

They are now living a better life

Because their fixed shelter expense is below rent and below all these others.

So they have more money to deploy on Teslas and Rolex watches and Gucci bags.

That's just reality is they have more money to spend because their shelter is fixed.

So they're not motivated to sell.

So there are certainly some markets, Austin, Texas being one, Port Louis and Florida being another that certainly got over their skis and have fallen 20%.

But these are not national phenomenons.

The key to real estate is you've got to hold it for a decade, right?

If you're coming into the game with a one or two year hold period, just rent.

transaction cost alone is going to eat you alive so again if you came into this because you thought you were going to be a quick flipper or something of that you have you're misguided right real estate in ownership you have to think in decades in my opinion what do you think of the 18-year cycle that i've seen in real estate i see a lot of these twitter posts that go into like every 18 years there's a cycle and the 18 years for the next 18 years started like a year or two ago

So again, this spreadsheet that you've shared on the screen goes back to 1970.

So I don't know what that is, three 18-year cycles.

It's not there, right?

We had one GFC where prices fell 4%.

We had one year in the 80s where it fell below 1%.

But that's it.

It's just not there.

It's just somebody telling a story.