Entertainingly nuts case on household wealth made by Tobias Levkovich of Citi in a new report. He argues that we’ve exaggerated the connection between consumer wealth and home values, that it’s “only” around 15.4%, so we should just STFU about the subject, or least not get so worked up.
Here is the chart with which Levkovich tries to make his case: [-]
Rather than me saying why I think this is a bullshit argument, I’ll leave it as an exercise for you fine folks. Anyone want to explain to Tobias why he’s adrift?
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Check that off the list of things I was coufnesd about.