In the second half of the 19th century, Singer Sewing Machine Company co-founder Edward Cabot Clark used some of the proceeds from his fortune to purchase several blocks of land above 72nd Street in Manhattan. What a steal, readers are no doubt thinking. But at the time of his purchase, it’s worth pointing out that the land was farmland.
This is why markets are markets. Differing views, and the views differ because the future is generally unknowable.
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