Ở Việt Nam, kết luận như này thì không phải mất công nghiên cứu

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The authors of the aforementioned study — Òscar Jordà, Moritz Schularick and Alan M. Taylor — have constructed a new database for the U.S. and 15 other advanced economies (nền kinh tế tiên tiến/phát triển), ranging from 1870 through the present. Their striking finding (phát hiện nổi bật) is that housing returns are about equal to equity returns, and furthermore housing as an investment is significantly less risky than equities.

In their full sample, equities average a 6.7 percent return per annum, and housing 6.9 percent. For the U.S. alone, equities return 8.5 percent and housing 6.1 percent, the latter figure being lower but still quite respectable. The standard deviation of housing returns, one measure of risk, is less than half of that for equities, whether for the cross-country data or for the U.S. alone. Another measure of risk, the covariance of housing returns with private consumption levels, also shows real estate to be a safer investment than equities, again on average.

One obvious implication (hàm ý hiển nhiên) is that many people should consider investing more in housing. The authors show that the transaction costs of dealing in real estate probably do not erase the gains to be made from investing in real estate, at least for the typical homebuyer.

Furthermore, due to globalization (toàn cầu hóa), returns on equities (lợi nhuận trên cổ phiếu) are increasingly correlated (tương quan) across countries, which makes diversification (đa dạng hóa) harder to achieve. That is less true with real estate markets, which depend more on local conditions.

Bài trước: Thế nào là một người giàu?