So, tell me what happened if you shorted the US market starting in 2002.
False dilemma. Yeah you would have made some dollars. You would have made more dollars if you were going global, particularly in emerging markets. Heck, one double-index fund I watch that covers emerging markets is up 90% in the last year.
Given that real-estate is highly illiquid, you can’t compare it to something like gold. I can’t box up condos downtown and ship them to Bangalore. Domestic housing is pinned to local wages, which unfortunately are *not* inflating and therefore is fundamentally over-priced.
