He discusses real estate in a separate chapter, but what he says is interesting: "Real estate isn't an essential investment for a Permanent Portfolio. Real es

He discusses real estate in a separate chapter, but what he says is interesting: "Real estate isn't an essential investment for a Permanent Portfolio. Real estate offers no profit or protection to a portfolio that can't be achieved more easily with stocks and gold." He then accepts the reality that many readers have invested or wish to invest in real estate, and goes on to talk about it at length. Clearly real estate can produce high income and gains for those who have the capital to buy property and the time and money to manage it, but I do see his point.