"If you get the right stock you are talking many multiples in a short time frame."
Sure, and if you get the wrong one you are talking fast loses. Don't get me wrong, I invest in shares more than I do real estate. With the exception of my PPOR. But my investing style is not hoping for many multiples in a short time frame. This is high risk investing or gambling.
"Many are reducing debt because even in the ZIRP environment,"
Sure, but many are also looking at the opportunity ZIRP offers. You need a very modest return to cover 2.5% interest payments...
Cash is certainly not king right now. The US share market is on a tear during a global pandemic/recession because there is a butt load of cash around and bonds and deposits offer near zero return. So the low risk option is off the table. You either get no return or take some risk in shares. Which is clearly most investors preferred option... This will flow over to property as well. It always does, not all investors like/trust the share market. It also offers high leverage which inflates returns (and loses).
So if you have been sitting on cash this year you have done very very poorly indeed. I regret keeping my relatively small percentage of cash holdings.
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