People are the essence of life, so as the birth rate declines, the number of newborns will only continue to shrink, the pool of takers will dwindle, population will regress, and the wave of business closures will increasingly loom.
What the market recognizes is the center, what's bid up by trading is the center, what outsiders buy into becomes the center.
Always believe in the value of transactions, in the judgment and power of money.
Rent + appreciation > savings deposit rates—that's how you win at asset allocation.
If you think it’s going down, and the other party also thinks it’s going down, will they take over? Trades only happen when there’s a cognitive gap — when you believe it’s falling, but they believe it’s rising.