DWCAP, the points that you make sound very intuitive to me. Makes sense.
Would should try to forecast what the average Joe will do. Most people don’t understand amortization, taxes, or anything. They have a blurry concept of tax “write-off” (deductions). But in the end, Average Joe wants money in his pocket. When that is not forthcoming in terms of equity, he will quit buying.
When public sentiment makes a 180 it’ll be hard to turn the ship around again.
