Restauranteur A and B both have profitable restaurants and $1 million in savings. A invested his profits in stocks. B invested his profits in the building that houses his restaurant. A's resto is bankrupt. B's is on sabbatical. Vertical integration as a de-risker.
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That's true. If you're interested in that period of NYC real estate (or, really, real estate in general), Risk Game is an incredible book
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Thanks, will check it out.
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He definitely did all right with those investments :)
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