The Baron Rothschild had two sayings, my French professor Doctor de la Menardierre taught me, about making money:
You see, Baron Rothschild made the family fortune by buying up property when the 30 Years War was about to roll into town, when the Protestants and the Catholics were slaughtering each other across France a couple hundred years ago. With a rampaging army just over the hill, desperate sellers would part with their land at bargain prices. Once the war had passed, the land value would rebound and the Baron sold at huge profits.
1. Buy too soon; sell too soon, and
2. Buy when blood is running in the streets
So it was with amusement I read this story in the St. Pete Times on Wednesday, July 21, 2004:
For Sale: Baghdad Beauty(Sorry for lack of hyperlink. Despite this being the St. Pete Times’ front page above the fold story, dang if I can find it on their website. Wait one, found it at the LA Times, but registration required so don’t bother.)Baghdad --- On the east bank of the Tigris River, a house is for sale…. In a nation with no mortgage lending, an estimated yearly per capita income of $1,600 and deadly attacks daily, real estate prices in the capital are flying high.
The unlikely flourishing of real estate is another example of how postwar Baghdad doesn’t live by the rules…
Wealthy Baghdad residents, it seems, are as bullish as millions of Americans when it comes to property…
I’m guessing the author of the story has never heard of the Baron Rothschild or his maxim BUY WHEN BLOOD IS RUNNING IN THE STREETS.
It goes along with The Happy Carpenter’s secret to success: HAVE THE COURAGE TO SEE THE OBVIOUS.
To anyone thinking clearly, it was obvious that a nation awash in oil money but screwed up beyond belief by tyranny and corrupt Arab ways would turn around in a huge way with a few billion US American dollars and 1,000 US American lives, +/-. You can confirm this with The Happy Wife: I wanted to buy real estate in Baghdad last year. Only problem (actually one of many): no excess money. Oh well, it’s not too late. The Iraqi stock market is back in business, and Iraqi banking is taking off. (I’d really like to know more about how Muslims conduct banking while observing Islam’s prohibition against interest charges.)
There’s still enough blood around that town to keep prices down. But not for long. Act NOW before the market matures and you find yourself out in the cold… AGAIN.
Rising real estate prices suggest that Iraqis believe that their future will be stable. Market signals mean often mean more.
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