Summary
Phil Anderson discusses why the size of markets, economies, and debt levels matters in the context of the real estate cycle, examining how the scale of the current cycle’s excess compares to prior cycles and what this implies for the eventual peak and correction.
Key Claims
- The scale of current market and debt levels is historically significant
- Size matters in determining the amplitude of the eventual cycle peak and correction
- Current cycle may be larger in scale than prior cycles given unprecedented post-pandemic stimulus