It’s an observable reality that all gains in income by the unlanded class are captured by the landed class in the form of rents. There is hysteresis, so in the

It’s an observable reality that all gains in income by the unlanded class are captured by the landed class in the form of rents. There is hysteresis, so in the short term it can appear the landlord class is losing ground, but it’s just an illusion and they always catch up eventually. Moral: if you have significant financial assets and no real property and you want to provide lasting wealth for your descendants, then a portfolio rebalance is in order.