My friend David Kotok, Chairman and Chief Investment Officer of Cumberland Advisors, came across some very important research on housing, stocks, and income elasticity. Don’t roll your eyes, the implications are important, class. I have a somewhat different take than David, but I think we agree that this is another part of the New Normal that just isn’t going to change back for longer than we would like. Thankfully, given the material, David writes clearly and succinctly.