The 2008 Real Estate Crash

A Letter to a Friend on the Logic of Real Estate Investing  (March 2004)
Hi Dan,

It was interesting talking to you today about your decision with Dave to buy your own office space. It sounds like your decision is based on the old investment analysis that goes: real estate was up last year, it was up the year before that and even the year before that and for the last 2,500 years.