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The Risks of the Real Estate Market in 2022
The real estate market is by far the biggest asset class in the world. It's a very leveraged system because of the mortgage market underlying it. So I think there are quite some, quite a confluence of negative factors that could make this pretty bad. This always surprises me, Preston, but in 2020, we printed the ridiculous amount of money. We know direct liability attached to it like literally new money that you can spend,. Now we did so much. You need to wait for under three to six months. Well, I think that we're getting pretty close to the point where the tightening in conditions, both in credit and financial condition that we saw in 2022, the system can't