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Originally Posted by Zar
Pray do tell me how you used your 'economic training' to 'dodge the crash'. Clearly at the time it was evident that the rally was over extended and that stocks were trading at very high p/e ratios. It was anyones guess when the 'crash' would happen and you certainly didn't predict it. At best you took the cautious path and sold out early.
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Yeah, it was so evident that the stockmarket was so over-extended that everyone kept playing the game from greed. Had they known anything about common sense and/or some economic history (Kondratiev, Jugler waves, Minsky distant memory hypothesis and other things) all pointed to it ending soon. Greed kept them in 'the game', so they got burnt. I didnt. I call that a win, even if i hadnt maximised my profits (which is really only possible given hindsight). Sure, i sold out early and i was more cautious. I dont care.
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World's most expensive city eh? London, New York? Tokyo? 2 homes!
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To be fair, around the time of my posting, it was reported that Mandurah was the world's
least affordable city, which is just down the road a bit. I already acknowledged that what I said was incorrect, and i posted a correction later. This you would know, had you read it.
Now, the distinction between least affordable and most expensive is that least affordable compares the income going in compared to house prices, thus you can have medium prices and very low income is less affordable than high prices with high income. Turns out that its actually a case of high prices and medium/low income, skewed a bit. Nevertheless, the prices according that that study that I posted shows that Perth prices are similar to those of (greater?) London, which is still very far from cheap.
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If that is true and you are 22 there are only a few options:
i) You are bulls******
ii) Inheritance
iii) They are the worst possible homes imaginable
iv) You are bulls******
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If you dont want to believe me, that's ok. Like i said already, there are ways of accumulating wealth, most of which revolve around plenty of hard work and finding good information. I would encourage you to do both, but clearly you're not interested in making money for yourself or acquiring some modicum of financial freedom, believing in some lofty notion that the State actually cares about you and will freely pay your pension well into retirement, even though there is no possible way that they can afford to do that.
Its your loss. Why dont you go back to reading the Daily Tele and gossip about Paris Hilton's latest expoits?? It might help you stop thinking about these hard things.