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We are drowning in paper wealth.
Equity ownership has doubled since 2008. We are sitting at ~31% of net worth in stocks vs <30% in real estate.
This is a massive divergence. We are overweight "promises" (equities) and underweight "physics" (property).
Asset owners are winning, but the quality of the wealth has changed. It’s more liquid, more volatile, and infinitely more fragile.
Don't confuse a high net worth with a stable foundation.