Prices is the answer. That's why you are failing to grasp the situation. If you can buy a house for 100 in boom times but 50 in panic times, it's often better t

Prices is the answer. That's why you are failing to grasp the situation. If you can buy a house for 100 in boom times but 50 in panic times, it's often better to get it for 50. Same asset, lower price = less risk. The only thing which is up for debate during a panic is "is it the same asset now? How similar?"