Joseph Moore

And this is how the really wealthy did it.

No, it doesn't.

No, it isn't.

And no, they didn't.

Let's start with real estate always goes up.

There were investors in the 1700s who bought all of what is today West Virginia.

And they died with no profits.

To this day, there are portions of what they bought that no human being has ever inhabited.

Homes in most American cities, Pittsburgh, Atlanta, Houston, I could go on, cost the same adjusted for inflation in the 1990s as they had in the 1890s.

And they're bigger, nicer, better insulated.

So to a certain extent, they've gotten cheaper.

the myth that real estate always goes up is a product of two things one there are boom towns where it does go up chicago in certain periods san francisco in the gold rush etc but in our in not not our entire lifetime but if you're if you're you know unless you're about 70 years old you've never really lived through a period where real estate didn't go up because starting in the 1990s real estate everywhere started to go up and then after 2008 when we under supplied the market

It's gone up dramatically.

But that's actually not historically normal.

It's actually historically weird.

But when you live in a historically weird time, you assume this is what it always did.

Which leads to the next thing.

It's not passive.

I've owned a lot of real estate.

And...