The financial world is a mess, both in the United States and abroad. Its problems, moreover, have been leaking into the general economy, and the leaks are now turning into a gusher. In the near term, unemployment will rise, business activity will falter and headlines will continue to be scary.
So ... I’ve been buying real estate.
A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors.
Investors are right to be wary of the still declining markets. But fears regarding the long-term prosperity of the nation’s many sound real estate markets make no sense. These areas will indeed be setting new growth and appreciation records 5, 10 and 20 years from now.
So if you wait for the robins, spring will be over.
Over the long term, the market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet everything went up considerably over time.
Those investors who cling now to cash are betting they can efficiently time their move away from it later. In waiting for the comfort of good news, they are ignoring Wayne Gretzky’s advice: “I skate to where the puck is going to be, not to where it has been.”
I’ll follow the lead of a restaurant that opened in an empty bank building and then advertised: “Put your mouth where your money was.” Today my money and my mouth both say buy real estate!
Buy American. I Am - To learn more about this author, visit Michael Shuster's Website.
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Michael Shuster
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