The Importance of Diversification in Real Estate

I wonder what is the scope for this to go bad how, how bad, how wrong can this get. I would rather be globally diversified to that end. Real estate is intrinsically local. It's always local. Yeah, it's very difficult to make these broad sweeping generalizations. You're downsize 100% of your investment. Okay, you know, when you, again, not trying to be too flippant about it, but fundamentally and anyone, particularly if you don't have liquidity.