My view is that buying and holding real estate is not an effective investment strategy in our current economic environment, for a few reasons.1) Real estate is more interest rate sensitive than it is inflation sensitive, so given our current circumstances it is likely to go down in real terms2) It is a fixed asset that is easy to tax, which limits its impacts on your ability to diversify3) Real estate is nailed down, so investing in it makes it more difficult to move money fr

“If we are intended for great ends, we are called to great hazards.” - St. John Henry Newman, Doctor of the Church Where are we heading? I like attempting to read the tea leaves and try to skate where the puck is heading. As best as I can tell, here are the facts on the ground (as of August 10, 2025): Stretched market valuations. The S&P 500 forward 12-month P/E is ~22.1, above the 5-yr (19.9) and 10-yr (18.5) averages. Shiller CAPE sits around ~38, well above its long-run me

For the last 50 years, America traded its hands for its head. We told our kids to go to college, sit in offices, and work with ideas instead of things. Our parents said, "Don't do what I did" - generations who used to swing hammers, fix machines, or pour concrete. The result is that today, we live in a country where fewer people know how to build the physical world we live in. This was fine—for a while. But now, the cracks are showing. We’re at a crossroads, and two forces ar