Investing Versus Flipping

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Investing Versus Flipping Chris Brightman, Research Affiliates [klarman] Key Points High stock prices, just like high house prices, are harbingers of low returns. Investing in price-depressed residential rental property in Atlanta is like investing in EM equities today—the future expected long-term yield is much superior to their respective high-priced alternatives. Many parallels exist between the political/economic environment and the relative valuation of U.S. and EM equities in the periods from 1994 to 2002 and 2008 to 2015. Our forecast of the 10-year real return for U.S. equities is 1% compared to that of EM equities at 8%, now valued at…

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