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...
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...