I believe the leverage advice is very good, and people may not know how good it is or how broadly it really applies. Real-estate with 20% down amounts to a 5x leveraged investment (and one which is expensive to maintain). For about half a century it was a home-run for most people who did it, despite caveats. Since 2011, the volatility is higher than before, and I am not even confident in that as a hill to die on much more than NVDA.
Accelerated progress also means increased volatility / wider confidence bands, probably on everything.
Real estate can definitely be a special case, because (1) you are also doing consumption, (2) it is non-recourse and you never get a margin call, which provides a lot of protection and (3) The USG is massively subsidizing you doing that...
I believe the leverage advice is very good, and people may not know how good it is or how broadly it really applies. Real-estate with 20% down amounts to a 5x leveraged investment (and one which is expensive to maintain). For about half a century it was a home-run for most people who did it, despite caveats. Since 2011, the volatility is higher than before, and I am not even confident in that as a hill to die on much more than NVDA.
Accelerated progress also means increased volatility / wider confidence bands, probably on everything.
Real estate can definitely be a special case, because (1) you are also doing consumption, (2) it is non-recourse and you never get a margin call, which provides a lot of protection and (3) The USG is massively subsidizing you doing that...