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Why Buying Houses Often Underperforms Boring Index Funds
Most people think buying property is automatically a good investment.
As a business professor, I’m going to say something unpopular: most of the time, it probably isn’t.
When I think about investing, I always come back to one basic question:
What is the best return for the risk I’m actually bearing?
We know this pretty well by now. The best long-run returns usually come from owning the best companies in the world. Why? Because those companies combine the best people, the best knowledge, the best assets, and the best opportunities. Labor, capital, and knowledge all bundled together and managed…
The skinny
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