Hello, Rebel Capital's hope you're well. Let's talk about the housing market. I put out a tweet this morning that I think you guys will find interesting because everyone wants to tell you that the housing market is not in jeopardy at all of going down

because no one's ever going to sell and the reason no one's going to sell is because

they're locked in to a very low fixed rate mortgage.

And if their mortgage never ever goes up,

then we don't have the issue of the adjustable rate mortgages

that we had in 2006 and 2007.

So their cost of ownership won't go up,

and therefore, why would they ever sell?

They won't.

And so we're gonna have short supply for the rest of our lives and therefore

housing prices are just going to go up. I like 10% per year every year for the next 1,000 years. You can bank on it. That's basically the

argument, right? That's the bull argument. And my argument isn't that housing

prices are going to crash or come down or any of these things.

I've always said that they've got to adjust to incomes and they have to come down in real terms.

Open nominal terms, who knows?

The real terms, that's when you adjust for inflation.

When you go back a couple years you see that housing prices are down slightly in real terms,

but the main point that I try to make is that the risk reward doesn't really make a lot of sense

when you're buying an asset that's way above the values we saw in 2006 when no one would dispute

there was a bubble and the argument is just well you can't

compare the two because now we have short supply okay fine but then that implies

that we're never ever ever nothing's gonna change and we're never going to have just moderate supply,

...