I would amend that to say that "all bubbles have a trail of tears in the short term." That's probably the major difference between the way you invest and the way I invest. Buy and hold is a viable strategy as long as you a) buy right b) buy right and c) buy right. Did I say buy right?
You and I know that you make your profits when you buy, which is why you look for sharp down moves. It's about the only "safe" way to buy in the pinks and even then you can get a fake out. I buy real estate at $.65 on the $1 no matter what the market conditions are and I preserve my capital to fight another day regardless. When you buy right you have increased your margin for error. IMO the current RE market is cleansing itself of "investors" who didn't have the first clue about buying right. Hopefully for all the lesson will not be too hard...
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