"The US property billionaire Sam Zell once observed, “liquidity equals value”. You can own as many assets as you like, but if there’s no liquidity their value is a lot less than what you think.
(Liquidity is the ability to be able to sell an asset to raise cash whenever you want at a reasonable price.)
"In the US, the financial instability brought by two of the past three US recessions (1990 and 2007) was due to declining real estate values."
No more free money
"We have seen the end of quantitative easing by the world’s largest central banks. Free money, zero interest policy and negative interest rate policy are all over and given the massive influence these policies had on flattening the yield curve and forcing savings towards asset speculation, the reversal of the former cannot occur without consequences for the latter."
