The author is a clown. He completely omits the positive impact of leverage over long periods of time. For example, if I purchase a property that is “fairly valued,” with a 20% down payment and it increases at 3%/year (that is, zero real return after 3% inflation), my nominal return is 15%/year on my invested capital (and 12%/year after inflation) assuming I relever the property every few years to maintain 20% equity.

Sounds like you’ve invented the financial perpetual motion machine. Why are you wasting your time posting here on Piggington when you should be frolicking in the Mediterranean on your 100ft yacht?