Are you rich, or at least moderately comfortable? Well, don't expect it to last. Bad fortune can, and will, come knocking on your door, The Wall Street Journal warns us today in a story about the declining prices of luxury real estate in Greenwich that takes an unexpectedly dark turn:
During — and after — a bubble, investors often hope that "quality assets" will hold value. It's usually a vain hope. Just ask people who owned luxury condos in Tokyo after 1990, or investors in Cisco Systems (CSCO) after the tech-stock bubble popped. Real estate is not that different. Sooner or later, even rich homeowners need to sell. They get divorced. Their company collapses. They relocate or retire. And, when they get tired of waiting, they cut their price.
Jeez, guys. Why not end the story with "AND IN THE END THEY DIE. WE ALL WILL"?