There are so many flaws in this blog post. Cities generally don’t move very quickly, decline infrequently, and the real estate assets are tied to locations that

There are so many flaws in this blog post. Cities generally don’t move very quickly, decline infrequently, and the real estate assets are tied to locations that are relatively stable over lifetimes. Google is not stable on those time horizons and neither is Airbnb. The valuation of these companies is still massively overblown because the current earnings may not going to exist in 20 years. So the chance of declines as well as the chance of growth needs to be included in present value calculations to find the fair market value of these firms. I can tell just by glancing at these P/E ratios that the potential for earnings decreases has not been priced in.