This is the way you have to think about higher volatility frontier assets/stores of value relative to short volatility rentier boomer assets. Remember that old antique China (dinnerware) that your grandparents because it was a good investment- yea, that now worthless…. You have to think about what happens to boomer assets when the inflation regime changes now and faith in central banks is lost- it’s a giant volatility arbitrage. Boomer assets (low volatility) were a generational psy-op, if you want to stay ahead of the monetary dilution you’ll have to own things that boomers do not (higher volatility stores of value). Great framing from @LawrenceLepard !!

I think the Capex is going to be astronomical for income generating assets that are based off middle class growth going forward. The real estate infrastructure hasn’t been seriously upgraded for a generation. You might still get a return in nominal terms but I think it’s a relative loser.