Most people did not expect that the epidemic could trigger a sharp rise in housing prices in Canada. From March 2020 when the Bank of Canada lowered the overnight interest rate to 0.25% and raised interest rates to 0.5% in March 2022, Canadian housing prices soared by about 40% in two years.
Housing prices don’t lie. There are indeed people who stuck to their posts during the epidemic, worked hard while fighting the epidemic, obtained loans with a positive attitude of striving for the top, continued to buy houses, either improved their own homes, or invested in more properties. Honest housing prices reward families who strive for the top.
House prices don’t lie. The driving force for rising house prices comes from the central bank’s massive money printing. The increase in money supply seriously exceeds the increase in output. A large amount of money chases limited assets, causing the prices of valuable assets to skyrocket. Honest housing prices have contributed greatly to absorbing a large amount of excess currency.
House prices don’t lie. The real interest rate after subtracting the inflation rate from the mortgage interest rate is negative. Families that can borrow money will make money as soon as they borrow it. Households that do not invest but keep their money in banks contribute to negative real interest rates. Mortgage is the loan with the largest absolute value of actual negative interest rates, so borrowing money to buy a house for investment has become an investment hot spot in a negative interest rate environment. Honest house prices reflect real real interest rates.
House prices don’t lie. They always worry about gains and losses. They are worried that as soon as they buy a house, the hands of those who regulate house prices will be pressed to the ground. They have stood guard over house prices for two years and are still holding on to their money. This is the inevitable result of not understanding economics and lacking financial intelligence. Use honest housing prices to teach families who have no foundation in finance and economics. The tuition is indeed more expensive, but it can serve as a warning to future generations.
Prices don’t lie,The returns on all non-real estate investments are far lower than those on real estate investments. This is a Canadian characteristic.. Various so-called alternative real estate investments and financial asset investments, as long as they are investments made without applying for a mortgage loan, have much lower returns than real estate investments. Honest house prices tell advocates of other investments just how certain real estate investing can be.
House prices don’t lie. House prices have risen sharply in the past two years. Real estate investors have plenty of time to build a foundation on house ownership, withdraw cash through additional mortgages, and purchase more properties. Families who invest in second-hand houses are better than those who lock up their down payments in off-the-plan properties. Honest housing prices are the basis for obtaining bank loans. With a solid increase in housing prices, it is possible for real estate investors to continue to use leverage to leverage real estate. For those who have locked their down payment in an off-the-plan property, why don't you try borrowing money from a bank with the off-the-plan property contract?
House prices don’t lie, because families who invest in real estate have the opportunity to withdraw cash from the property rights, and the liquidity of their assets becomes very strong. A large amount of the money they earn can be used to accelerate the repayment of their home loans, and take great strides towards early retirement. Honest housing prices do not lock up the liquidity of real estate, but fully release the liquidity of real estate.Liquidity of real estate, dependent on income, families with no income or low income cannot increase their mortgage, and the property rights are locked in the house, unable to move. There is no liquidity other than selling.
Faced with the honesty and reliability of housing prices, many people's judgments appear less reliable. When the epidemic broke out, some people predicted deflation, that is, falling prices and housing prices. Such predictions and judgments showed a serious lack of economic foundation. The representative figures are CMHC, the Canadian Finance Minister and Deputy Prime Minister, and the former Governor of the Bank of Canada. It doesn’t matter if they are slapped in the face by economic laws. The key is that we cannot trust these people and organizations. Ordinary people have always been eager to understand the impact of economic laws on their wealth. Since Dalio's new video was launched on March 2, it has been viewed by 7 million people by March 20, which shows how eager everyone is to get out of confusion. The economic law that affects family wealth is very simple: in the 22 years of the 21st century, the basic economic theory that has ruled the world is monetary theory, that is, using money supply to regulate the economy, alleviate financial crises and epidemics, and solve thousands of problems with one seal. After the money supply increases, the currency depreciates and asset prices rise.Therefore, to preserve family wealth, it is necessary to purchase "hard assets" as early as possible, including stocks of high-quality companies and real estate in core cities in developed countries.. Dalio has mentioned an experience in many books and interviews. On August 15, 1971, when Nixon officially announced that the U.S. dollar would no longer be linked to gold, Dalio thought that the stock price would plummet due to the depreciation of the U.S. dollar. As a result, he saw that the stock price soared by 25%.Facts are things that happened in the past and cannot be changed. Faced with the fact that asset prices rise as soon as the currency depreciates, many people still cannot accept it. That is because they do not have hard assets in their hands and do not understand the principle of "the hands are valuable and the heart is not panic".
The Federal Reserve has begun to raise interest rates; the Russia-Ukraine war broke out, and supply chain problems occurred; inflation remains high; oil prices have skyrocketed, and many people are panicking. How should I protect my assets?First, respect the facts, and second, understand the principles of economics. If you do these two, you will know how to protect your assets.I use the connection between current challenges and housing prices to make the following deduction. It is just to demonstrate how to use facts and economic principles to look at the future. It does not represent any prediction. Readers should just think that I am talking nonsense and read it with the attitude of reading mystery novels.
01Fed rate hikes and housing prices
From 2009 to now, the Federal Reserve has shouted at the top of its lungs when raising interest rates, raising interest rates by 0.25, and raising interest rates by 0.25. However, when lowering interest rates, it has done the exact opposite and dropped directly to 0 without making a sound. That's the truth. When the interest rate drops to 0, monetary policy has reached its extreme, but what should we do if the economy still fails to improve? Print money.So every time the interest rate drops to0QE will start when. After overcoming the difficulties, they began to shout for interest rate hikes, and sometimes they even shouted for balance sheet reduction, but the actions and slogans were seriously inconsistent. The current inflation rate in the United States is 8%, and the interest rate hike rate is 0.25%. Americans joke that the Federal Reserve uses French fries as a door latch to resist the invasion of gangsters.
The opposite of QE quantitative easing policy is QT balance sheet reduction. Everyone is clear that QE releases money through the capital market, so QT will withdraw money from the capital market, sell bonds held by the Federal Reserve on a large scale, suppress the capital market, stock market, and bond market, can they bear it? The last QT was in the second half of 2018. As a result, everyone still remembers that in December 2018, the U.S. stock market and bond market were filled with blood. So QT died young.
The Federal Reserve threatens to raise interest rates seven times. Does it scare people? It also says it will shrink its balance sheet. Does it scare people? What was the stock market's reaction after hearing the news? On March 16, the Federal Reserve announced a 0.25% interest rate hike and threatened to raise interest rates seven times a year. The U.S. stock market experienced a V-shaped reversal that day. No one believed that the Fed could do it. The huge contrast between the alleged rate hike and the actual rate hike shows that the Fed does not have the courage to continue raising interest rates. The market saw through this trick of saying one thing and doing another on the same day. What's worse is that the Fed's expected guidance policy has completely lost credibility, and no matter how loud it is, it won't work.
If the Federal Reserve raises interest rates in rapid succession, the stock market will die and the economy will fall into recession. The blame lies with the Federal Reserve. If you don't raise interest rates quickly and continuously, inflation will rise for you, and the entire responsibility lies with the Federal Reserve. The person who has made the Fed so embarrassed is none other than the Biden administration. Originally, if there was only QE, the worst result would be to widen the gap between the rich and the poor. However, the US Treasury Department also used fiscal policy to the extreme during the QE period. During the epidemic, Americans received an average of 10,000 yuan in monthly relief payments. Too much money chased limited assets and commodities, leading to severe inflation. It is obviously impossible to recover the money released by fiscal policy using the QT of monetary policy.
The above mentioned are all from the United States, and the magical operations in Canada and the United States are exactly the same, and they are absolutely different. Okay,The deduction results are out: If interest rates are raised continuously and rapidly, the economy will immediately fall into recession, and life will be difficult for everyone except billionaires, so the rulers will have to pay a political price; if the method of raising interest rates with big thunder and small rain is still maintained, inflation will not be suppressed and debt will depreciate. When borrowing money, 100 yuan can buy 20 kilograms of pork, and when repaying the money, 100 yuan can buy 2 kilograms of pork. The borrower is the biggest beneficiary.
Raising interest rates is a high probability event, but raising interest rates too quickly and continuously is a small probability event, and there is little hope of shrinking the balance sheet.During this process, housing prices were firmly supported by the huge amount of money in stock. The biggest difference between Canada and China and the United States is that the over-issued currency mainly flows into real estate, while the over-issued currency in the United States mainly flows into the stock market. China had a huge trade surplus during the epidemic. Although the new increase in RMB used for foreign exchange settlement was very large, it was firmly locked in deposit reserves. During the epidemic, the deposit reserve ratio of large financial institutions was as high as 21%, while Canada’s deposit reserve ratio was only 2.5%. China absorbed excess liquidity by restricting commercial bank lending, while Canada used housing prices to absorb it. Since housing prices are as rigid as wage increases, it is difficult to come down once they rise, so it is difficult for real estate prices to fall. If there is no forced policy intervention, and the currency stock is huge, commercial banks are actively lending, and investors can still continue to withdraw cash through additional mortgages. Canadian housing prices will still rise in 2022. Who puts the central bank in a dilemma?
02The Russo-Ukrainian War and Housing Prices
On February 24, the day the Russian-Ukrainian war broke out, I gave a lecture on the latest housing loan policies as scheduled. The organizer asked me to talk about my views on this war. This video has been uploaded to my YouTube channel. Regarding war, Einstein has already made a conclusion: "I don't know what weapons will be used in World War III, but I know that the main weapon of World War IV will be sticks." Humanity's existing weapons, if a world war breaks out, are enough to destroy mankind several times. Human civilization will be completely destroyed in World War III. If there are still people who survive, they will return to primitive society overnight. Therefore, the possibility of World War III breaking out is zero.
Piketty's "Capital in the 21st Century" has a core point. The longer the world is at peace, the wider the gap between rich and poor, the longer human life, the larger the currency stock, and the greater social conflicts. But even so, wealth cannot be redistributed through war. World peace still has more benefits than disadvantages.
The main impact of the Russo-Ukrainian war was the reorganization of the world order. The United Nations conducted a thorough vote on the war, in which 141 countries condemned Russia, demanded that Russia withdraw its troops immediately and unconditionally, and agreed to impose sanctions on Russia. The significance of this vote is to divide countries around the world into two camps, allowing each country to clearly see its enemies and friends. This information is so important as the pandemic subsides and the world scrambles to repair supply chains. Canada sent Minister of Trade Ng Fengyi to visit India on March 11, 2022, and announced on the 13th that it would restart trade partnership negotiations with India. Walmart suddenly announced on October 15 last year that it would transfer its global procurement center in Shenzhen to India, which took effect on that day. The global procurement center that had been in operation for 20 years was transferred overnight. Francis Fukuyama proposed the theory of the end of history in 1992, believing that capitalism and the democratically elected system would unify the world and the polarization of the world order would end. Unfortunately, the Russia-Ukraine war greatly weakened this optimistic prediction. Trump's trade policies were previously unpopular and his allies abandoned them like old shoes. Now they understand and are following suit.
If the supply chain is not repaired but rebuilt, it will take much longer. The supply chain problems facing the world will take a long time to return to before the epidemic. War would also cause countries to reassess security issues, and butter production would be negatively affected by the production of cannon. In a word,Supply rebuilding due to war will prolong inflation。
Canada is a country that shows its talents in times of crisis, and it can also achieve the objective consequences of attracting new immigrants to bargain hunting. Absorbing refugees from war-torn countries is both humanitarian and in line with immigration policy. Why not? Refugees should be more productive than reunification immigrants and should be counted as high-quality immigrants by comparison.
The deduction results came out:The repair of the supply chain will not happen overnight. The inflow of new immigrants has further accelerated, far exceeding the speed of housing supply, and Canadian housing prices continue to rise.
03Inflation and house prices
No country can resist the temptation of inflation. With inflation, the national debt depreciates in value, collecting seigniorage more indirectly and less easily than by offending voters by raising taxes. In the early stages of inflation, both the United States and Canada claimed that inflation was temporary, but the fire could not be contained in the paper, and now the secret has been exposed.
The largest increases in consumer price index CPI are usually in energy, food and housing. Oil prices have been high as the economy recovers, but now the sanctions on Russia have caused oil prices to stop falling for a while. Food demand is the most rigid, so food prices depend on supply. However, the proportion of food prices in residents' consumption is different in various countries. 30% of residents' consumption expenditure in China is food, and almost 8% in Canada. Therefore, the same rise in food prices will have little impact on Canadians. Housing consumption consists of rent and loan interest, and the level of rent has a greater impact. Many people are curious why house prices are not included in CPI becauseAll countries in the world count buying a house as investment rather than consumption when calculating national economic data.. Officially speaking, buying a house is an investment, whether it is for self-occupation or rental.
Rising energy prices are a double-edged sword for Canada, because Canada exports oil and natural gas and its people also consume these energy sources. But for net energy consuming countries, it is a single-edged sword that is harmful but not beneficial. The Bank of Canada predicts that Canada will continue last year's economic recovery in 2022, but only two provinces are higher than the national economic recovery level, one is oil-producing Albert and the other is grain-producing Saskatoon. The other provinces are below the average. Canada's economic recovery depends entirely on rising oil and food prices.
Whether energy and raw material price increases can be passed on to end consumers as quickly as possible depends on the digestion and absorption capabilities of intermediate links. Usually, the longer the industrial chain, the more excess production capacity there is and the stronger the digestion capacity. Industries with few intermediate links, or leading companies, have pricing power and can quickly pass on upstream commodity price increases to consumers. Countries with the most severe overcapacity, if they do not belong to the 141 countries mentioned above, have no function of helping to absorb the rise in upstream raw materials; leading companies with pricing power like FANG will never absorb the costs themselves, but directly pass on the price increases of upstream production materials to consumers. Therefore, in an environment where leading companies dominate the world, upstream raw material and energy price increases will be quickly passed on to end consumers. Therefore, it is impossible to curb this round of inflation quickly.
The price increase caused by the increase in the price of production means has intermediate links, and the price increase factors are absorbed layer by layer, so the transmission power is weak. However, the power of inflation caused by the increase in labor costs is 6 times the impact of the increase in the price of production means. The reason is that the price increase is added layer by layer instead of absorbed layer by layer. Now, labor costs have begun to rise, and the inflationary spiral has begun to be driven by rising wages. In this case, we have to talk about the fiscal policies of the United States and Canada during the epidemic. In order to fight the epidemic,The practice of direct payment severely undermines the work ethic of no work, no food., and the stock market has been rising, many people are enjoying the epidemic holiday by taking advantage of welfare benefits and speculating in stocks. After the epidemic, there will be 10 million unfilled jobs in the United States, compared with only 5 million before the epidemic. I think only a meltdown in the stock market will allow these people to come out and look for jobs. If companies can't hire people, they have to raise wages to retain existing employees and attract new ones. Wages and prices spiral like this.
After the interest rate hike, mortgage interest payments increased, and interest payments were included in the CPI. In the past two years, due to low interest rates, the mortgage interest expense in the CPI has remained atNegativeBetween 8 and 9 percent, but this expenditure will increase after interest rates are raised, pushing up the CPI.
The deduction results came out:Vigorously absorbing new immigrants and opening the country's borders to welcome new immigrants and non-residents will intensify competition among tenants. As local wages are pushed up by inflation, rental bidding will lead to supplementary rent increases, which will be beneficial to real estate investors and continue to attract real estate investment. CIP will not fall back quickly with the slow rate increase, because French fries cannot defeat gangsters. On the contrary, rising rents and interest payments will continue to push up CPI. Inflation is good for real estate investors. As long as the inflation rate minus the mortgage interest rate is negative, borrowing money is making money, so investors will be attracted to borrow money to buy houses, and house prices will continue to rise.
04Oil prices and house prices
Oil prices are the most bizarre commodity prices in the world, fickle and unpredictable. It has only been 160 years since oil entered industrial production, but it has continued to set off huge waves, affecting the global political and economic situation. The first oil crisis was caused by oil-producing countries imposing sanctions on the United States. It was awesome. The second oil crisis was simply due to problems in Iran's internal affairs. Alfonso of Venezuela proposed the idea of OPEC and completed this impossible task. As a result, Venezuela was the first to be cursed by oil. After Chavez stepped down, the country had no meat to eat. The new president called on the country to raise rabbits because rabbits reproduce quickly. CNOOC acquired Canada's Nexen Corporation in early 2013. At that time, oil was priced at 100 yuan per barrel. When the acquisition losses were written down in 2016, the annual profit fell by 96%. Oil prices are a crazy thing, try to stay away from it.
Oil prices soared from 2004 to 2008, with the record of 147 yuan per barrel set in 2008. What is dramatic is not this record, but that in 2008, when the record was set, oil prices plummeted to below 40 yuan. Nowadays, some people go to Calgary to buy investment houses when the oil price is 120 yuan. The result should be similar to CNOOC's acquisition in Canada.
When economic expectations turn from growth to recession, oil prices are likely to plummet. The year 2008 is a good textbook for the history of oil prices. If the Fed really goes crazy and raises interest rates continuously, recession expectations can form overnight.As far into the past as you can see, you can see as far into the future, predicting the future must be based on understanding facts and history.
The deduction results came out:Don't touch the oil price, don't touch the real estate in Oil City, don't make friends with the most unstable thing in the world out of arrogance, don't lose the money earned through luck and through hard work.
05Can I still invest when house prices are so high?
The stupidest question I get asked is when will the inflection point for housing prices be reached. I think,If the real estate agent believes that the turning point has arrived, it is the best time to buy throughout the year.
The length of human life is as short as the length of world history, like a meteor streaking across the night sky. In a short life, looking for an inflection point in an industry, company, or economy is the stupidest thing to do.Instead of looking for an inflection point, follow the trend.People who are looking for an inflection point in housing prices are usually the most timid people, because they have missed out on hundreds of millions because of their timidity. If the inflection point comes, these people will be the first to be scared away, all of them are Mr. Ye's mistresses.Those looking for an inflection point in housing prices are all opportunists, treating investment as a game rather than an allocation., people with this mentality will lose money in any investment, because they are playing in a zero-sum game.
When house prices were 200,000 or 300,000, the main force in real estate investment and Internet celebrities were decoration masters. Buy a house, renovate it, and then sell it, thus forcing the appreciation in value. Can you still find such investors today? They have basically been wiped out. Now the decoration masters must rely on capital to buy dilapidated houses and renovate them as companies. Those who work alone have been eliminated for more than 10 years.
Real estate investors with cash flow have been struggling to survive, but after the epidemic, they really can’t survive. Even if they try to sublet illegally, they can no longer afford real estate in core cities. They're moving on to Oil City.
Investors from the Airbnb group, who used their houses as hotels, were the first to be wiped out after the outbreak. As the hotel business has not fully recovered, it is unlikely to open soon.
In short, all real estate investors who can turn real estate investment into a stranglehold will be driven out of real estate investment in the first city sooner or later, quickly or slowly. There have long been no blue-collar real estate investors in New York, Tokyo, and Hong Kong. Thanks to the epidemic, housing prices have increased significantly, completely changing the blue-collar nature of real estate investment.
In an environment of high housing prices, the competition in the real estate investment market has been purified. Families with low owner-occupied housing debt, love their essential work, truthfully file taxes, and maintain high income for a long time have finally reached the C stage of real estate investment.
The basic characteristic of capitalism is that capital makes more money than people and makes money faster, otherwise it would not be capitalism. Wage income changes linearly, but the accumulation of capital and wealth can multiply. Working-class people, with their wages, cannot double their wealth by working overtime. The time a person can work only accounts for 1/3 of his life. If you don't want to have a hard landing after retirement, you must double your assets while working. The cornerstone of wealth and hard assets for middle-class families is real estate. Fortunately, mortgage loan interest rates are the lowest, and the leverage of each investment house can reach 5 times. Mortgage loans have naturally become the engine for middle-class families to double their assets.
Compared with international metropolises, Toronto, as Canada's first city, has low housing prices. There are still many properties suitable for investment, and the investment slope is still very long, enough to make the snowball grow before retirement. The advantage of the market economy is that it does not listen to analysis, but only looks at actions.The individual choices of each family can be aggregated into the price. Disrespecting prices means contempt for the power of the market and overestimating one's capabilities, becauseno one is bigger than the market.. Since the market has set housing prices at this position, it means that this is the result of competition. Prices don’t lie, it’s up to you to believe it or not. Think about it, when we bought our first house, did we try our best and spare no effort to get into the car? The same is true when investing in real estate. High-quality real estate is the core hard asset. You have to grab it to get it and spare no effort to get it. Buying a second-hand house is a competition for existing wealth, and no one will give in. Families with an annual household income of more than 140,000 still have the opportunity to buy and hold 6 to 10 investment properties in Toronto for a long time.
06House prices don’t lie, but what about other assets?
Have you ever seen someone get rich by buying insurance? I have seen people get rich by selling insurance. In life, not in storybooks, how many people do you know who made a fortune by holding stocks for a long time? I haven't met one yet. I don’t know anyone who has made a fortune by investing in gold, and no one around me has made money by investing in digital currencies. I have never met anyone who has made a fortune through tax avoidance techniques, but I have heard a lot about the above investment classes. There is a scene in the movie "The Wolf of Wall Street" where Leonardo DiCaprio has just entered the workplace. He strikes up a conversation with his senior in the restaurant and expresses his longing for job prospects. The senior interrupts him impatiently and tells him how people on Wall Street make money: tell your customers a story about getting rich. , make a steady profit without losing money, get rich quickly, then take the customers' money, continue to tell other stories, and let the money be transferred in these stories. You must not let the money return to the hands of the customers. You must keep telling and trickling. During this period, the only money that can be realized is your own commission.
Buffett once appeared in the Chinese community, with a monthly return of 1% and capital preservation. Recently, I listened to some online lectures and it seems that a new generation of Buffett is about to emerge.
Financial asset investment seems to be very environmentally friendly, but there are many pitfalls in this invisible investment that are also invisible and intangible, which ultimately leads to invisible and intangible investment results. If you want to invest in financial assets, just buy Vanguard Group's S&P 500 Index Fund. There is no need to look far. Any delusion about surpassing the market will result in the loss of the principal.
A few days ago, I saw someone discussing the Merrill Lynch Clock Asset Allocation Chart. It is said that buying REITs during stagflation is the best way to preserve value. The result of inflation is interest rate hikes, and REITs are absolutely interest-rate sensitive assets. Those who guide others with these old strategies that are more than 20 years old are SA or bad? Can we still see the economic cycle now? The economic recovery period was so short that it passed almost imperceptibly. Do you feel the economic recovery after the epidemic? It was over as soon as the Federal Reserve raised interest rates, and there was no sense of it at all.
Buffett published a long article in Fortune magazine in 1977, discussing the relationship between inflation and the stock market, How the inflation swindles the equity investor. The conclusion is simple. "No bull market for inflation", setting a tone for the stock market in an inflationary environment. Before inflation drops below 3.5%, a big bull market is not easy to see, but it is a good time to build short positions. People who rely on stock trading to survive may have to live a hard life.
Precious metal investment is the funniest thing. Susan, a financial consultant in the United States, as well as motorcycle-riding investors Jim Rogers and Robert Qingqi, have been recommending investors to invest in precious metals such as silver for many years. Not only have they not made a fortune themselves, they also have few followers. I recently read an economics reading that is more popular and comprehensive than "Xue Zhaofeng Economics Lecture Notes" and I understand why investing in precious metals, including oil and gold, and other things that are dug out of the ground cannot make money. This book is "The Economic Way of Thinking" written by Thomas Sowell. He said that as long as the value of precious metals appreciates, someone will delve into new prospecting and smelting technologies. After the production increases, the price will drop back. Reserves are actually proportional to the price, rather than a constant number, that is, the reserve figures are not reliable at all. What a simple relationship between supply and demand. I almost bought gold bricks before I read this book. I highly recommend everyone to read this book. Search for "Tianji Bookstore" online, enter hongyu in the promotion code when placing an order, and you can get a 10% discount, and the paper book will be sent to your home soon.
House prices don’t lie, other assets don’t necessarily. It’s even harder for people selling other assets to tell lies.
Conclusion:
I repeat, the above reasoning is all bullshit. Why? Because I'm not sure if the facts cited are facts. My reasoning is just to show you how to conduct logical reasoning based on the basic laws of economics. BUT, if the facts based on it are not facts, then the conclusion is wrong. Please ignore the conclusion.
In one of his last video interviews, the philosopher Bertrand Russell was asked what advice he would give to future generations. Russell's two pieces of advice are: 1. Regarding wisdom, the most important thing is to understand the facts. The process of increasing wisdom is the process of finding facts, not opinions; 2. Regarding morality, the most important thing is to be filled with love instead of hate. Love makes people smart, hate makes people stupid, love makes each other close and tolerant, and hate makes each other alienate and exclude each other, because human beings pursue coexistence, not perish together.Only by knowing the facts can you be wise, I totally agree. Therefore, if the fact that housing prices are rising is ignored, where will the investment wisdom come from?
Debater Zhan Qingyun said in a Qi Pa Shuo program,People are green, not because they listen too little, but because they don't make choices.Very well said. Life is not written by doing nothing, life is written by choices. The reason why I know so much but can't live a good life is that I either don't make a choice or make the wrong choice. If you clearly see the facts but don't make a choice, then you will be accompanied by green.
Entering tax filing season, the busiest people are accountants, followed by loan providers. Income is the engine of real estate investment. Many people who used to hide their income when reporting income will learn from the pain after hitting a wall. They turned back and hurriedly filed last year's taxes and immediately applied for a mortgage loan in order to make up for it. I have been very busy with work recently and do not have much time to update the article. I hope the above can help everyone think about the challenges we are facing, use facts, logic and basic economic principles to reason, and make your own choices.
