I can see where they might think about a potential modification of their strategy though. They mentioned they have properties they’ve owned for quite some time. This is the old school approach, and will get you from ‘A’ to ‘B’ for sure.

That said, if they had exchanged those equities over the last couple decades they would easily be worth another $1Mil. This would be because of the more frequent use of prudent leverage which tends to turbo charge capital growth.

Imagine how well investors do if they took their gains when the market gave them the opportunity, and acquired more property. Now the appreciation rate is on much higher values, but the same amount of investment capital. It’s a win-win situation.

By the way, I really enjoy your blog.