In the late 19 nineties, people said that about singapore and real estate. It had been absolutely soaring. But they ended up having a real estate crash in 19 97. And when i was living there in singapore, in two thousand and 13, prices still hadn't ended up back at the 19 97 level. What triggered that crash? It was, i think, a couple of things. With corporations, prices had risen so much faster than corporate earnings. So you could see it with japan. Japan was the case in point, ita. In the late nineties, it was bigger than the united states. This sort rule has counted for aits canada, whether

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