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Alex, I tend to agree. The one caveat I would place on that is if we continue to see the exceptional capital gains of the last five years in the next five years without corresponding growth in income streams. Were we, in five years time, facing yields in the order of 1-1.5% across the board...

Not necessarily. It just shows it's not a risk-free strategy. Doing what they did would result in healthy long terms returns 'almost all' the time in 'almost all' markets. They just happened to be in the wrong market at the wrong time. And because they were leveraged into debt, their...

Rastus, it wasn't just greed that led to this situation, it was also 'fear of missing out' as the market careered towards the top of the bubble. I have friends who bought in Tokyo 18 years ago who now have negative 100% equity in their home, and still 32 years to go on their mortgage. They...