some back of envelope numbers, page-7

Whilst the property market globally is a bit depressing currently, reality is that if you print money and throw it around like confetti, then the only certainty IMO is inflation (particularly US). With inflation comes rising property values with a stable economy.

So for long term holders, a bounce off the bottom, a lift from inflation and a pick up in yield when deleveraging stops.

Anyway, just my uninformed opinion. Must be beer o'clock by now!