For what it’s worth, I don’t think there is any necessary relationship between prognostication and profit. I profited nicely from the bubble: sold in So Cal in mid-2004, then bought in another area, where I recently sold again. I probably got close to the peak in both areas (won’t know about the other area until the decline fully sets in here). But I wouldn’t take that history as proof I can call future ups and downs. I might have just been lucky. In the other direction, there are all sorts of reasons someone might not have jumped on RE as an investment, but still be good at calling the market.

Obviously if you are good at calling a market, and are willing and able to invest in it, then ample profits await. But one can could definitely have one without the other.