"Your Home Is Your Biggest Asset"... Or Is It?

Real estate has become a quasi-obsession in the United States, especially after some significant drawdowns in the stock market.  The truth is that real estate is a poor investment for most investors.   

You hear a lot that your home is your largest as...

This is part II of “What We Are Doing in A Likely Low Future Returns.” You can read that here.

In part I of this memo, I detailed how current valuations suggest that future returns will be downright terrible. Goldman Sachs recently updated their projections, which suggest only 3% nominal returns pe...