The company is in the real estate business; we own a number of residential properties.
And at the annual shareholder meeting a few weeks ago, one of the obvious topics that came up was the fact that real estate prices are near their all-time highs in many places around the world.
In the UK, Canada, Australia, New Zealand, for example, property prices are near record highs.
It's the same in the US, where the median home sold for a record high price at the end of 2017.
In fact US home prices are rising at twice the rate of inflation, according to Bloomberg.
But it's not just real estate prices that have gone through the roof.
Bond markets are also near all-time highs, and there's still trillions of dollars worth of bonds out there with negative yields.
Stock markets around the world are also near all-time highs, or at least multi-decade highs– including the United States, Germany, UK, Japan, etc.
And there's no shortage of companies, including some very prominent brand names, that perennially lose money, go deeper into debt, and fail to generate enough revenue to even be able to afford their interest payments.
Yet even those stock prices are near record highs.
There's so much that defies basic common sense.
Just yesterday, we discussed that Warren Buffett, the most successful investor in modern history, is NOT buying in this market.