This world is very realistic: you worry about everyone else, but no one has time to worry about you.

No matter how big the cake is, if you don't have the ability to make money, not a single bite belongs to you. No matter how small the cake is, if you do have that ability, the broader economic environment's impact on you is effectively zero.

Ordinary houses also appreciate in value—provided there are people. You can only see elderly people, white-haired and frail; you can't even hear a baby cry. Do you think property values in such a place will rise over time?

So-called "appreciation" has two parts.

One part comes from households taking on leverage (easier consumer lending) and borrowing against future demand—like the foam on a beer.

The other part comes with inflation and over a sufficiently long period, as the purchasing power of money inevitably declines, leading to rises in nominal household income (higher wages), which drives up house prices—like the liquid body of the beer itself.

When we talk about rising house prices, we need to be clear: which part are we discussing? The foam, or the beer itself? If it's the former, when the household sector's overall balance sheet is still at elevated levels, there's simply no room to add more leverage. If it's the latter, then we're talking about growth in residents' nominal incomes.

In the future, what will drive overall appreciation for ordinary houses is an increase in residents' nominal income. If you made $15,000 last year, you need to make $16,000 this year—that's growth.

But when wealthy people discover that real estate can still make them money, will they be willing to invest in entrepreneurs in high-tech sectors? Or in founders across various emerging consumer areas?

The demand people have for housing is real. The vast majority of people want to upgrade their living situations. But most people, after improving to a certain stage, hit a threshold they simply cannot cross. Not every American family lives across from Central Park either. As incomes continue to rise, when most people realize it's impossible—and there's no way around it—to live in a luxury mansion, consumption will flow into other areas: buying a game, picking up a comic, traveling to another city, experiencing a murder mystery game, getting a pet, or going to a concert. They might even collect all sorts of quirky little assets, like cards, sneakers, dolls, figurines, and the like.

In the coming years, the share of productive services will rise dramatically. Where's the cake? It's in the next ten to twenty years, in that portion of increased nominal household income, in the structural composition of new industries that are set to grow significantly. These are what we commonly call services that bring people joy. What you need to do is meet everyone's new demands within these emerging industries.

The key has never been the market. The key is you—what exactly can you provide?