In an inflationary world, a toll bridge (like company) would be a great thing to own because you've laid out the capital costs. You built it in old dollars and you don't have to keep replacing it.
Warren BuffettWith housing it's something even more dramatic than that, because most people aspire to own their own home.If you really think that houses prices are going to go up next year and the year after, you feel if I don't buy it this year, I'm going to have to buy it next year.That's not true of an Internet stock. But it's true of a home.
Warren BuffettWhat you really want to do in investments is figure out what's important and knowable. If it's unimportant or unknowable you forget about it.
Warren BuffettWhy not invest your assets in the companies you really like? As Mae West said, 'Too much of a good thing can be wonderful'.
Warren Buffett