

You’re not wrong, except the part where the money becomes more real once you sell the stock. All assets are like this – if you lasso an asteroid that contains $45 umptillion of gold, you won’t be able to sell it for $45 umptillion because you’ll crash the gold market. Money has the same problem – when the money supply grows, everyone has less money per money, which we call inflation.











This is generally good analysis, but I think you overestimate how different legally a claim on the ongoing usage of a piece of real estate is to an ongoing share of corporate ownership and by extension profits, and underestimating how much speculation distorts real estate markets relative to the stock market.