The Importance of Property Prices in London

I think London has gone past the Maryland point of benefiting from more people coming into it. I don't think London's still on that nice curve of things getting better as smarter people come in. Now London's just become a place where a lot of people are pretty miserable, and it's too big and too congested. And I think London's too big. Property prices say you're wrong. You cannot use property prices in London for anything. There are way too many billionaires. But San Francisco is an exception to everything when it comes to that kind of comparison.