The long term really-bear case is: asset owners becoming a minority of the electorate, revolution, war, and then everybody dying and most of the housing stock b

The long term really-bear case is: asset owners becoming a minority of the electorate, revolution, war, and then everybody dying and most of the housing stock being destroyed. I'd rather be an asset owner than a revolutionary in that case, though, because it's always easier to play defense than offense. The vast majority of non-billionaires can sit tight and not be explicitly targeted, but starving revolutionaries have to fight for survival. Assets can be rebuilt, but death is permanent.