[ItendToDisagree]

Just no.

All investments are not owned on the back of consumption foregone in the past.

Unless you believe that someone with 100 million dollars is "foregoing consumption" when they invest (particularly in real estate).

[sokoloff]

I do believe that. They can take that $X MM and put it into an investment xor into a yacht/airplane/supercars/vacations.

One is consumption; the other is investing.

[mywittyname]

Fancy-ass houses and condos are consumption. Most of these people buy up a place, then completely gut it, replacing everything with the new trendy kitchen or whatever. Even if they sold it for more than they paid, there's no way they made money on it after renovations, taxes, utilities, upkeep, and staffing.