Real estate has performed far better than we expected since the financial crises. Did we think there would be some kind of recovery? Yes, but we thought it would look more like stability than the overpriced mess we have today. After getting burned in the real estate craze from 2002 to 2008, we naively thought that people would not go back to gambling on real estate. And after gambling on tech stock in the late 1990s and oil stocks in late 2007 and losing big, we thought investors might take a more sober approach to investing. It seems that investor memory is shorter than short.
