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-- what does one man's opinion (WEB) have to do with the pricing of anything, and I'm sure he would be the first to admit that he could be way off? I believe WEB's point was that the stock market is overvalued so that it will underperform it's historic returns over the next 10 years. What does this have to do with real estate? Can't stocks simply go down to bring things back in line without real estate going up? Can't real estate be fairly priced while stocks are over-priced so that only one asset class would need to adjust?

This is a great point, WEB is most certainly talking about the S&P 500 in my opinion, this is what he has compared himself to forever. I have never really put a lot of net worth into the S%P stocks, so it does not concern my returns, or me.
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