1706: Why Taxes Aren't the Solution, Roth IRAs & the Hartman Comparison Index

Welcome to the Creating wealth show with Jason Hartman. You're about to learn a new slant on investing, some exciting techniques and fresh new approaches to the world's most historically proven asset class that will enable you to create more wealth and freedom than you ever thought possible. Jason is a genuine, self made multimillionaire who's actually been there and done it. He's a successful investor, lender, developer and entrepreneur who's owned properties in 11 states, had hundreds of tenants, and been involved in thousands of real estate transactions. This program will help you follow in Jason's footsteps on the road to your financial Independence Day. You really can do it. And now, here's your host, Jason Hartman with the complete solution for real estate investors.

Welcome to episode 1706. 1706. Today we have part two of my Dallas presentation and I wanted to explain something from part one and that is the rather quick statement I made about how, when I was talking about how the government has six ways to get out of its message. We've got massive debt, massive deficits and massive unfunded entitlements or unfunded mandates into the future promises the US Government simply cannot afford to keep. And I say this equals.

Inflation. Yes it does. It equals inflation. And inflation enriches people. Following my plan, my inflation induced debt destruction plan. So one of the six ways I discussed was raising taxes. Now we are living in a very imbalanced world. Look, I'm all for capitalism, but what we have right now is not capitalism. What we have right now is oligarchy and plutocracy. That is not capitalism. When we have these modern day robber barons like Jeff Bezos, Mark Zuckerberg, Tim Cook, etc, etc, just go down the line of all the big tech companies. This is not capitalism. And if you look at what just happened with Fakebook this week, a court ruled sadly in their favor and against you, against all of you, against all of us. That's basically what happened saying that fake book is not engaged in monopolistic practices. Now there are many more lawsuits and many more regulatory filings against them and hopefully one will take them down and level the playing field a bit because this is not capitalism. Anybody who thinks we have capitalism in the upper echelons of the 60 billion net worth and above class is absolutely out of their mind. This is not capitalism folks. Sorry, sorry to disappoint my libertarian friends who think this is capitalism. This is massive cronyism. It's insider dealings in every way and we've profiled it many times. But look, forget about that. So tax the rich eat the rich, right? And one of the statements I made when I was talking about the six ways the government could get out of its mess is through taxation. That's one of the six. Well, the math simply doesn't work. And I want you to just think of it this way. You know, just round it off, right? Very rough numbers here. Obviously look at the GDP and call it $20 trillion, give or take, you know, a trillionaire, a trillion there, what's the difference? You know, just let's round it off to 20 trillion. All right? That is the entire economy of the largest economy in the world, the United States. And then you look at Lawrence Cutlikoff's work, which, by the way, I'm citing old numbers, I'm citing pre Covid numbers, I'm citing numbers from several years ago. He's been on the show several times and you know, look at the other estimates out there. But the point is these numbers are understated now because they need an update. But just assume they're not and assume you tax the entire economy at 100%. So if the economy produces 20 trillion a year, the government goes and says to everybody in the economy, every company, every person, give us all your money, you get nothing.

We get everything.

Okay? So, well, let's just round it off again and call it 200 trillion when it's really probably now 260 trillion, but let's just call it 200 trillion, round it off. You know, let's just be really flippant with our numbers here today because it's easy to comprehend. So that means if the entire economy.

All of its revenue goes to uncle Sam.

It'S 10 years to work off the 200 trillion dollar problem. And we all know the problem is bigger than that and the problem keeps getting bigger. And if we taxed everybody at 100%, they would stop working, obviously, right? You know, communism clearly did not work very well. And even under communism, the government gave the workers something, right? Under this plan, every worker, every person, every individual, every company would get zero. All of their productivity, all of their labor, all of their intellectual property, all of their ideas, all of their ambition, all of everything would just go to the government. It's like create value, give it to the government 100%. Boom. 10 years. And that's a very conservative estimate. But of course, the work would stop pretty much in the first year. If they came out with that edict tomorrow. Everybody would just. Why should we work? What's the point? Well, okay, you have to work, because if you don't Work. We're gonna send you to the Gulag. Well, okay. That'll motivate some. Remember, as I talked about before in our. In our last live event, which, by the way, folks, we're gonna be announcing another live event. Yes, live event in Florida in September, I think. I think. I think. I don't want to say definitely until we have the contract signed, but at our last live event, which was Prophets in Paradise, seems like forever ago. I talked about that book I read that was very influential to me. Power Shift by Alvin and Heidi Toffler. Brilliant book. I think it's a 1989 book, maybe, and. But it's really brilliant. I read it a couple of times. Maybe three times even. And very interesting book. You know, he talks about the three forms of power throughout history. The ability to inflict violence, the ability to control capital, and the ability to control information. Those are the three forms of power. And so the government would basically say, look, if you don't give us your capital, we're going to inflict violence upon you. Which essentially is what they do now. But they don't require you to give them all of their capital. Right, so. So that's good. They don't require all of it, but they require. Well, depends on which socialist state you live in, you know, and. And what your tax bracket is. And. And just remember, beyond income taxes, there are, of course, a zillion other taxes. And remember, there's a lot of taxes you don't even see because you paid them before you bought the item.

For example, how many of you really.

Consider how much gas tax you're paying when you buy that gallon of gas that has now skyrocketed in price since sleepy Joe Biden took over? Oh, and here I'm gonna get the hate mail from the people that say I'm being political. Look, folks, wake up, okay? For those of you out there who want to give me a hard time about talking about a political issue here and there, just stop it, okay? Just stop it. Politics is money. Politics is the economy. Politics is investing. They're all related. You can't have one without the other. The government is a giant part of the economy, well over 20%. And that's only the. The direct government, all of the indirect government, meaning the taxation, the regulations. Is it possible to talk about investing without talking about politics? No. Only a very ignorant teacher would be talking to you about investing without talking about political issues. They are critical. They are inextricably related to each other, so just stop it, okay? Please don't. Don't give me a hard time about political stuff. This matters to you. And that's why I'm willing to talk about it while others aren't. Okay, so you know you buy gas, right? And you're paying a massive amount of tax there. And when you cut off the Keystone pipeline, for example, you're instantly going to cause gas prices to increase when you do things with geopolitical foreign trade agreements and so forth, tit for tat, this for that. There's all kinds of ways that the government causes inflation or deflation sometimes, but mostly inflation. So you cannot tax your way out of the problem. The only plausible, real solution is to inflate your way out of the problem. And on Monday's episode, that was the first part of today's speech, you'll hear the second part where you'll get more of that. But I want to talk to you about the brightest guy in Silicon Valley before we get to part two of the speech. That is Peter Thiel. Peter Thiel is brilliant. If you haven't read his book, zero to one, read it. It's really quite incredible. It took me a couple times through that one to really get. The guy's just so intellectual, at least for me, being in the slow class. Took me a few times to really understand it, and I don't even know if I still totally understand it. But he's in the news and he's not like the mega, mega rich. He's not like the Zuckerberg and Bezos people. But he did something interesting with a humble, a humble Roth ira. Now, I have never totally been a proponent of the Roth ira, and we've done shows on this before. I've talked about it before. So go to Jason Hartman.com, use the search bar, look up those episodes, just put in the keywords you want and you'll find those episodes. And by the way, we are going to have a new website here very soon. We are launching Everything just takes so much longer than it should.

It's just the way things go. Murphy is always showing up everywhere. You know, I'm referring to Murphy's Law, of course. All right. And Peter Thiel talks about the Power Law, which is pretty interesting stuff. So check him out. He's the smartest guy in Silicon Valley, not the richest, but the smartest. Anyway, so I've never been a big proponent of the Roth, and I'll tell you why. Because I don't trust that a hungry, desperate, imbalanced, broke government will let the laws stay the way they are. Now, I think they'll just come hunting for money and the low hanging fruit for them to pick will be these retirement accounts. But the Roth is good if you are going to actively manage your retirement account to make your money grow within the account. And by the way, we've had several guests talk about this before. I've got to invite one of them back. She is really brilliant at this stuff and has shared some great Roth IRA strategies on the show before. A few times she's been on. You know, I'll invite her back on the show to talk about some of these strategies. But that's where the Roth IRA is really good. And let me just tell you about what Peter Thiel did. The left leaning ProPublica website is doing a series about how the richest people avoid paying taxes. And I think when it's in the Tim Cook Zuckerberg Bezos world, I think what they're doing is just really disgusting. I mean if you look at the kind of tax avoidance, I'll call it evasion, but that's a legal. They're doing it legally, I'm pretty sure. But the way they are extracting all of the money from their biggest market, the US market and not paying back in I think is just disgusting. And that's what Amazon did and does and Apple and all these other companies. It's just pathetic what they do. It's awful. It's awful that they're allowed to get away with it. I don't think Peter Thiel's deal is bad. I think his is actually smart. I think he's just being smart, you know, same with Trump. And Trump's not even that rich compared to, you know, these other people. I mean what he did is simply take depreciation like duh. That's one of the great benefits of being a real estate investor. And of course the, the idiot mainstream media just vilified him. Oh my God. Can't do that. Well, guess what? Every other real estate investor is doing it. Or at least they should be. That's what the government is incentivizing you to do. Let me just tell you about this Peter Thiel thing real quick and then we'll get to part two and we'll talk about the Hartman Comparison Index, the hci. The best way to understand where the value of real estate has been, where it is now, and where it's going in the future. So we'll get to that in just a moment. Okay, so ProPublica doing this series, how the richest avoid paying taxes.

Right.

This article I'm Reading from Newser says the latest story is surprising in that it revolves around a relatively humdrum retirement tool, the Roth ira. The idea behind the Roth is that modest earners can sock away money for retirement and withdraw it tax free in their golden years. Typically, contributions are limited to $6,000 a year, and the average Roth account has about $40,000 as of, of 2018. Ah, the article says, but the uber rich have found a loophole.

And I don't know this is even really a loophole.

I mean, it's just being smart is all it is, right? But anyway, let's listen to what they say here. And nobody has exploited it as successfully as PayPal co founder Peter Thiel. Using stock deals unavailable to most people, Thiel has taken a retirement account worth less than $2,000 in 1999 and spun it into. You ready for this?

You ready for this? Wait for it.

$2,000 in 1999 and spun it into a 5 billion dollar windfall.

That's 5 billion with a B. $2,000 to 5 billion per the story. Okay, well, look, let's really think about it. So he was one of the original investors in Fakebook, right? And of course we know what happened there. And he's got all of these insider deals, right, that he, I mean, he's, you know, he's a venture capitalist, he's, he's a Silicon Valley entrepreneur. He's had some huge home runs, PayPal obviously being one of them. Right. Back in the day, he probably just put those stock options in that account, purchased them in the account, and then boom, they went crazy. So some big loophole. I don't know about that. Okay, so let's see now, he's 53 now, but when he turns 59 and a half, as you know, you can start taking distributions when you're 59 and a half. And I believe you're required to take the distributions when you're 70. Or maybe that's 69 and a half. I don't know why they do those funny half years. It's. Well, the government. Hey, depreciation on residential real estate, 27.5 years. Why? I don't know. You know, lobbyists. That's how it got to that funky number. Could have just made it 28 years or 27 years or maybe 30 rounded off. Right, but 27.5. Okay, the story explains the loophole with an example. Open an IRA account for $1,000. Then in a scenario that only a handful of people have access to use the money to buy 1 million shares in a new startup company for just a fraction of a penny per share. In a few years the company goes public and each share is worth 50 bucks. Well now that little $1,000 is now worth 50 million. And because it all transpired within the account, it's not subject to taxes. It flies against the face of the original intent of the Roth IRA and amounts to Bermuda style tax haven right here in the US says the left leaning ProPublica story. I don't think so. What really gets my goat is when you have this company, like let's use Apple for an example or use Fakebook or Amazon. They have these giant headquarters. I mean, look at Apple's UFO flying saucer donut thing. That's like $5 billion in Silicon Valley. Well, clearly this is their headquarters, right? Everybody with a brain, a five year old kid, can tell you that. Yet somehow they've managed to yank a ton of their revenue offshore into the double Irish twist, you know, and, and have companies in Amsterdam and Ireland and, you know, all these things that they do, right? And they suck all the revenue out of the country and then they keep it out there and they get fabulously rich because they don't have to pay tax on it, or they pay extremely little tax and they don't pay into the market where they earn the money. And this, ladies and gentlemen, is a decent argument for tariffs and for forcing these companies to domesticate that money. Or on the more libertarian side, doing what Trump did, lowering the tax rate to incentivize them with the carrot instead of the stick to just repatriate that money. Anyway, whatever. It's a long subject, a long story.

But that's the deal.

So Thiel is far from the only member of the 1% to exploit the loophole.

Warren Buffett.

Okay. Warren Buffett's aide, Ted Weschler, I guess, has $264 million in a Roth IRA. And hedge fund manager Randall Smith has $252 million. But Thiel earns the Lord of the Roths title. So there you go. Anyway, hey, I'd give him a pat on the back.

I think he did really well.

I think that was real smart. So real estate investors, what does that mean to you? What can you do with that? Well, if you are wanting to really manage a retirement plan, the Roth could be a good opportunity for you. But mostly if you're doing the traditional plan, just even a traditional ira, I don't think is that great.

It's okay.

I don't go quite as far as, you know, the rich dad, folks who.

Totally poo poo the idea, but I.

Also don't think it's great. I'm, I'm a bit in the middle. So there you go. All right. Make sure you've picked up a copy of our Pandemic Investing mini book@pandemicinvesting.com be sure you are engaging with our investment counselors for anything else you need, a portfolio makeover, a portfolio review, all of this free. We're happy to help you. Just go to jasonhartman.com for that or pandemicinvesting.com and you get the book there as well. So check that out. And now let's get to part two of the speech.

I played part one on Monday.

And let's take a deep dive into the Hartman comparison index. And by the way, I keep growing the index with more items. You'll hear some new ones today, but this by no means is all of them. There's a lot more to the index and a lot more coming as we're constantly trying to find ways to improve this economic index, which I hope will really outlive me for a long, long time. I hope this will really become something that is widely adopted by not just all of you super smart people, but the general population. Right, because they deserve to know. And hopefully the media will adopt it because it's dramatically better than the Case Shiller index. Let me tell you that. All right, here we go. And let's listen in live.

Now, the second part of the presentation is this talk about valuing real estate. And the way we can value properties is by comparing them to other things. I think this is the best way to value properties. So first we need to understand there's three basic types of markets anywhere in the world. Three types of markets. There is a linear market that is steady and profitable. My company helps people buy properties in linear markets. Places like Memphis, Indianapolis, many markets in Florida, Georgia, et cetera. If you're looking at a chart, these are the markets that are boring. Nothing much goes on. They don't make the news. You know, if you're looking at a chart, you know, it just shuffles along Here. It's no big deal, little ups and downs, peaks and valleys, no big deal. But cyclical markets, the ones that get all the media attention are like the west coast, right, where I grew up, Louisiana, cyclical market, for sure, where they have glorious highs and really ugly lows. They go up and down like a roller coaster. And then hybrid markets are between the two. So understand three types of markets. Most of the world is a linear market. There aren't that many cyclical markets in the world, if you think about it. So in the US it's most of the west coast, it's the expensive northeastern markets, it's South Florida, where I live, I live in Palm beach, cyclical market. And around the world, it's places like Dubai, Hong Kong, London, Paris, places like that, these trophy cities, all cyclical markets. Most of the world is linear, just chugs along and does its thing. So this question is a question I always ask, and my podcast listeners said it's the Jason Hartman question. I obviously didn't invent the question right, but it's compared to what? And a friend of mine, my buddy George Gammon, he says this, he says it this way. Is it cheap or is it expensive? And this is how we can know whether we're in a bubble and where we're going. Is it going to keep going up or are we going to have a crash? So I created a new index called the hci, the Hartman Comparison Index. And I'm going to share with you just a small sample of it today because we don't have much time. A lot of it is based on something I call packaged commodities investing. And I don't really think real estate is the ultimate investment. I think commodities are the ultimate investment because commodities, unlike dollars, have intrinsic value. They are meaningful regardless of any currency. Every human on earth needs them. And if you think of your properties that you buy as a package of commodities, copper wire, glass, steel, petroleum products, concrete, lumber, obviously that's been crazy lately. It's up, down now it's a little down again, but way up still. Overall, you're investing in packaged commodities. See, all the linear markets in the world have one thing in common. And this is how you can for.

Sure know if you're in a linear market.

Is the land really cheap? When you're buying a property, you're buying two things. You're buying the house or the apartment building or whatever sitting on the land, the improvement, and then you're buying the land itself, two components. So if the land value is high, you are in a cyclical market. If the land value is low, like Memphis, where 80% of the value is the structure, the packaged commodities, that's a linear market. So linear markets don't appreciate as much, but they're far more stable and they.

Have much better cash flow and they.

Tend to be landlord friendly. So if you get a bad tenant, you can get them out, right, and start getting a paying tenant, and they tend to be business friendly. So this is where money goes because that's where it's treated best. Okay, so our rich uncle Jerome Powell has been changing the game on us and a lot of people aren't paying close enough attention and they're not doing the right thing. So if you look at a couple of the popular indexes, and I don't have time to go into all these, but you know, the FHFA's HPI home price index is very popular. The Case Shiller index, obviously you hear.

About that one all the time.

This one has huge flaws. Let me just tell you one of them. The Case Shiller index has it profiles 20 markets. Guess what? Of these 20 markets, when there's over four or there's about 400 markets in the US MSAs Metropolitan Statistical Areas. Well, guess what? Case Shiller, of their 20 markets, 15 of them are cyclical. How could that be the right thing to do? You can't get the right pulse on the market when 3/4 of that index is cyclical.

Doesn't work.

This one is my favorite actually, the Housing Affordability Index. I think this one is pretty darn good, but it does have a couple of flaws. One of them is certainly that it doesn't account for foreign money in a market and it doesn't account for non working people like rich retirees. So the Housing Affordability Index, pretty good otherwise, but it has some blind spots. Okay, so let's look at my index. So let's compare the price of real estate to gold. Now I'm not a gold bug. I do own some. I own some bitcoin. I'm not a bitcoin bug, but whatever. Gold has been considered money for 5,000 years. 5,000 years ago, one ounce of gold would buy you a toga and a pair of sandals. Today it'll buy you a nice man's suit and a pair of shoes. It's about the same. It holds its value, right? That's what they all say, all the gold bugs. But look back to the year 2000, 21 years ago, right? If you wanted to buy the median price house, it would cost you 610 ounces of gold. Today, if you wanted to buy that same median price house, it would only cost you 186 ounces of gold. So that briefcase would be a lot lighter with its gold bars. So compared to gold, is real estate cheap or expensive? Compared to gold, it's what? Cheap? Absolutely. Okay, so what about bitcoin? So bitcoin didn't exist 21 years ago, but let's go. 10 years ago, 773,000 bitcoin to buy the median price house. Today, 9.6. And I don't know what bitcoin's doing.

The last few days, but it's about the same, I think.

So only 9.6 Bitcoin, you can buy a house. Okay, price in bitcoin, cheap, right? Okay, how about oil? The world runs on oil. What if you wanted to buy a house with barrels of oil? Now, here's the reason we're talking about this. If we go 21 years back, think about it. The last 21 years, you didn't have to store your savings, your wealth in dollars, did you could have simply stored it in oil or bitcoin or gold or many other things. So if you save up and you keep depositing money in your, whatever, store of wealth, oil, savings account, whatever, for 21 years, and you want to buy a house with cash, say you put it in oil. Well, 21 years ago, 5,500 barrels of oil to buy a house. Today, only 5,125. So it's cheap, right?

A little cheaper.

It's not that cheap. But it's not as dramatic as the others. Okay, what about orange juice? I mean, really, these are investments. People invest in orange juice. They do this on the commodities market. Well, 21 years ago, £182,000 to buy a house. Today, 286 priced in orange juice. Expensive. So you wouldn't want to necessarily buy it that way, would you? Okay, what about rice? Rice is the basic food for 2/3 of the planet. 2/3 of the human race survives on rice. 21 years ago, £29,000. Today, 25,000. So priced in rice, it's cheaper, median income. How about this one? This won't be so abstract, right? Priced in median income. How many years of the median income does it take to buy a house? Four years back in 2000, today, $4,800,000 more expensive. But this would be a huge mistake if we consider this to be the way you would value a house. Because people buy a house not on the price. They buy it based on the payment. We'll go into that in a moment. How about a different index? So you know, the Consumer Price index is the most widely used measure of inflation. The cpi, you hear about it all the time. And the CPI is a lie. It's understated, it's manipulated. It's bogus. Okay? They manipulate it by doing weighting, substitution and hedonic indexing.

And you can learn more about that.

If you're interested in like in my book or whatever, Forbes has its own CPI for rich people. So if you're rich, your inflation rate is different than if you're just a normal person, right in the CPI's basket of goods in the Forbes index, which is called the Cost of Living well Index.

I love it.

Right in the Cost of Living well index, 21 years ago it would be 130 units of the index. Today it's only 106 rounding. So in the cost of Living well for rich people, houses are cheaper for sure. Okay? But it's not about the price, it's about the payment. So let's look at the monthly payment. And here's where it gets really interesting. And it says a lot about where the market's going. So if we take the median mortgage payment of 988, we adjusted for inflation, it's only 777 today. So it's cheaper by the Consumer Price Index. But wait, the Consumer Price Index is understated. It understates inflation. So if inflation is higher, that means the real value of this payment is lower. Now, there's another index. You might want to write this down because it's far more accurate than the Consumer Price Index. It's called the Chapwood Index. Chapwood Index. Just look it up. It's real easy. And what it does is it doesn't move things around. It just takes 500 items that people buy and averages them and that's it. It doesn't have weighting, hedonics and substitution like the government's bogus index. So here, basically, here's the mortgage payment in Bitcoin 03 today, right? And here it is in dollars, but adjusted for the official inflation rate, okay? So mortgage payment in ounces of gold, 3.6. Now it's only 0.63. So just a little more than half an ounce of gold today to make your payment. Whereas 21 years ago it took you almost 4 ounces of gold. So much, much cheaper priced in gold. Barrels of oil, your monthly payment would be 30 rounding 33 barrels of oil 21 years ago. Today it's only 17 barrels of oil. Orange juice. Well, remember the orange juice one? It's even cheaper in orange juice when you consider it as a payment because the interest rates are so low. 10.7 today, only 9.6.

But still kind of expensive, but cheaper overall.

Okay, what about this one? Shares of the S&P 500. Instead of having your money in a savings account, what if you just Stuck it in the S and P over the last 21 years. Well, 11 shares to make your mortgage payment 21 years ago. Only 2.8 shares today. So much, much cheaper. How about average wage, 69 hours. People would have to work every month to make their payment. Now they only have to work 46 hours.

And I'm rounding them off, obviously.

Okay, how about minimum wage? Now, most minimum wage people can't buy a house unless there's like a cool lease option deal or something like that on a cheap house. But even minimum wage people have a cheaper monthly payment today. So pretty good. There's the index, okay? There's the median home price. And here you can see it's below 100. Meaning in the last 21 years, the price of the house paying cash is lower overall. And the payment on the house is.

Much, much lower overall.

Here's another way to look at it. The mortgage payment today is $657 cheaper. This is last year's stat, okay? $657 cheaper. So is there going to be a crash? What do you think? When. I mean, these houses have to get a lot more expensive, don't they, to have a crash? Now, obviously there are other factors, but this is the biggest factor. Comparing the asset to other things, that is the biggest factor. So how many people think there's going to be a crash? Real estate price crash, like in the next year? Nobody. Not a one. Okay, two years maybe. You know, you don't know. I mean, what if interest rates go up a lot, right? Okay, five years, A lot more.

Yeah.

That's opportunity, right? But the opportunity is really now. I mean, it's excellent. So there's a lot more on my YouTube channel. Check that out. You've got the pandemicinvesting.com book there. I just want to close with a little poem. This is a very meaningful, quick little poem. And it was written by a guy named Donald Weil in 1977. 1977. This guy wrote this, and he was a commercial real estate broker in New York City. And I want you to check out his perspective. One of the things I'm constantly saying on my podcast is that people need to have a sense of history. They must listen to old TV shows, watch old movies, listen to old music, just to get a sense of how things used to be. It's so easy to forget that. So just quickly, here's his poem called the Reluctant Investors Lament. I hesitate to make a list of all the countless deals I've missed Bonanzas that were in my grip I watched them through my fingers slip the windfalls which I should have bought were lost because I overthought I thought of this, I thought of that I could have sworn I smelled a rat and while I thought things over twice Another grabbed them at the price it seems I always hesitate Then make up my mind when it's much too late A very cautious man am I and that is why I never buy When Tucson was cheap desert land I could have had a heap of sand When Phoenix was the place to buy I thought the climate was much too dry Invest in Dallas, that's the spot but my sixth sense warned me I should not and that is why I never buy How Nassau, how Suffolk grew North Jersey Staten island too when others called those sprawling farms and welcomed deals with open arms a corner here, 10 acres there compounding values year by year I chose to think and as I thought they bought the deals I should have bought the golden chances I had then are lost and will not come again today I cannot be enticed for in 1977 everything is so overpriced.

The deals of yesteryear are dead the market's soft and so's my head at times a teardrop drowns my eye for the deals I had but did not buy and now life's saddest words I pen if only, if only I'd invested back then thanks everybody. Happy investing.

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