On: Buy payphones and retire

[georgeecollins]

What really happens: if everyone tries to acquire a particular income producing asset, the asset gets so expensive that the return is not worth the risk plus the time value of the money it could generate. Stocks in the 1920's, Tokyo real estate in the 1990s, US housing the mid 2000's...

[eru → georgeecollins]

There was a US housing bust in the late 2000s, but there was never a bubble in the mid 2000s. Contrary to popular opinion.

Otherwise I agree that in principle and in general all else being equal increasing prices lead to lower returns.