Steven

If you look at a good historical comparison to what it would be, which is like the S&P 500, if you go back, you can go back 100 years. There's a guy from Yale University named Robert Schiller who has data going back to the 1880s on US stocks. And basically what it shows is over time, on average, which that phrase is doing some heavy lifting here, but on average... eight to 10% per year.

If you look at a good historical comparison to what it would be, which is like the S&P 500, if you go back, you can go back 100 years. There's a guy from Yale University named Robert Schiller who has data going back to the 1880s on US stocks. And basically what it shows is over time, on average, which that phrase is doing some heavy lifting here, but on average... eight to 10% per year.

And why that is like, there's a big asterisk there is you almost never earn eight or 10% in any given year. You're much more likely to be up 30% or down 15%. And it averages out to eight or 10% per year, but it's always chaos in any individual year.

And why that is like, there's a big asterisk there is you almost never earn eight or 10% in any given year. You're much more likely to be up 30% or down 15%. And it averages out to eight or 10% per year, but it's always chaos in any individual year.

Well, there's a lot of technology in that index fund. That's the highest weight because those are the biggest companies in America, Amazon, Google, and whatnot. But there's also a tremendous amount of value that can be created by a company like Procter & Gamble selling toothpaste and deodorant.

Well, there's a lot of technology in that index fund. That's the highest weight because those are the biggest companies in America, Amazon, Google, and whatnot. But there's also a tremendous amount of value that can be created by a company like Procter & Gamble selling toothpaste and deodorant.

And there can actually be more value in those kind of companies than technology because I would bet good money that in 30 years, people will still be using Old Spice deodorant. I would not bet good money that in 30 years, Google is going to be the dominant way that people find information.

And there can actually be more value in those kind of companies than technology because I would bet good money that in 30 years, people will still be using Old Spice deodorant. I would not bet good money that in 30 years, Google is going to be the dominant way that people find information.

And so companies that sell the same product for a long period of time, have endurance and longevity, like can actually create a ton of value for their investors.

And so companies that sell the same product for a long period of time, have endurance and longevity, like can actually create a ton of value for their investors.

I mean, it's one of the biggest social problems, and it's so much bigger than housing and so much bigger than money. I think you can tie everything from homelessness to heroin to suicide to the fact that we in America and a lot of areas around the world have not built enough homes in the last 50 years.

I mean, it's one of the biggest social problems, and it's so much bigger than housing and so much bigger than money. I think you can tie everything from homelessness to heroin to suicide to the fact that we in America and a lot of areas around the world have not built enough homes in the last 50 years.

That has pushed the price higher and higher and higher, and it's pushed out what was a small sliver and now a growing large chunk of society. who rightly feels like they cannot afford a basic middle-class home. And it's probably one of the biggest societal problems that we face right now is a housing shortage that has pushed housing out of affordability for tens of millions of people.

That has pushed the price higher and higher and higher, and it's pushed out what was a small sliver and now a growing large chunk of society. who rightly feels like they cannot afford a basic middle-class home. And it's probably one of the biggest societal problems that we face right now is a housing shortage that has pushed housing out of affordability for tens of millions of people.

So I've purchased three homes in my life.

So I've purchased three homes in my life.

Every one of those three homes, I don't feel like I got a good deal. It wasn't like, oh, this is a bargain. God, this is a great deal. None of the three were like that. I bought them. I could afford them. I was not doing something that I should not have been doing financially.

Every one of those three homes, I don't feel like I got a good deal. It wasn't like, oh, this is a bargain. God, this is a great deal. None of the three were like that. I bought them. I could afford them. I was not doing something that I should not have been doing financially.

But the reason I bought them is because they were a good, safe home for my family in a community that we wanted to live in. And I was not thinking about, is this going to be a house that I can make a fortune on? Is this going to go up in value? Is this going to go down in value? That was never part of the equation. It was, yes, I can afford this and it's not imperiling my finances at all.

But the reason I bought them is because they were a good, safe home for my family in a community that we wanted to live in. And I was not thinking about, is this going to be a house that I can make a fortune on? Is this going to go up in value? Is this going to go down in value? That was never part of the equation. It was, yes, I can afford this and it's not imperiling my finances at all.