Tagged: young people

Funds are madly demonized, suffering young people

suffering young people

Obviously, we will never be able to guess where the next field that will make young people “not insane, not alive” will be. I have gone through the mythical age of shoe-making riches, and I have also witnessed the deformed consumption trend spawned by blind boxes, but the incomprehension and laughter from the outside have not been able to build the rational nerves of young people. Therefore, when they frequently wander in funds and stock markets, they just add a little uncertainty to this already turbulent circle.

The real mutation of the fund circle starts with the influx of the rice circle culture. This is a common topic for years, but when fund managers are forced to “debut” on social networks, the whole circle is among young people. Surrounded by, gradually drove towards the pathological direction.

According to data from the Mob Research Institute, in the first half of 2020 alone, China’s new Christians exceeded 20 million, and about half of them were born in the 90s under 30. It is unclear how much value this figure can bring. Do those fledglings born in the 95s and 00s really understand investment and financial management? The facts are mostly ridiculous. On Alipay, some people don’t know that there are fees for fund redemption, some are pointing fingers at fund managers, and some even mocking Buffett’s annual return rate of only 20%.

It’s not alarmist. Looking around, young people’s enthusiasm for buying funds has transitioned from star-chasing fund managers to “backfeeding” short video celebrities. Xiaohongshu does not grow lipstick and replants funds. Sina Weibo’s “Novice Buying Fund” topic has 6383w Reading volume. Behind the investment spree, people can’t help but suspect that countless invisible hands are fueling the flames.

This year’s crazy active young people in the fund circle are being harvested as leeks by various forces. When the fund became crazy, no young man was innocent.

Why does the fund frequently “call” with young people?

Forget about when the outside world is keen to talk about young people. Capital likes to cater to the young people’s market. Consumerism, kidnapped by various bubbles, has become an enduring topic. In recent years, blind boxes, sneakers, fashion games, Hanfu, e-sports… countless money-burning projects have not only emptied young people’s wallets, but have further formed pseudo-exquisite consumption traps, feeding the values ​​of advanced consumption.

According to the “Report on China’s Young People’s Indebtedness” released by Nielsen, only 13.4% of young people aged 18 to 29 have zero debt. In other words, compared with the middle-aged group whose economy is stable, young people who excessively pursue consumption upgrades have more financial needs. The survey conducted by iResearch also confirms this point: Fund management can enable post-90s generations to have a certain economic strength to pay for their hobbies.

In essence, various methods of financial management are actually a combination of current cognition and future demand after the consumption level has developed to a certain level. Affected by the epidemic last year, how many people are in a state of “sitting and eating nothing”. More importantly, as the Internet level penetrates downward, the path of contact with young people tends to be diversified.

It is undeniable that the sinking side of fund sales channels has driven young people to run in. Data show that as early as 2015, the market size of my country’s life financial mobile APP reached 836.87 billion yuan, of which funds accounted for more than half. In 2014, 14 third-party payment institutions were approved to provide corresponding services for fund companies.

Nowadays, the two major payment giants, Alipay and WeChat, have infinitely magnified the concept of financial management. All kinds of red envelopes and activities for buying funds are the boosters for their acceleration of the fund.

Not only that, Weibo, Zhihu, Douban, Station B, Xiaohongshu and other young people gather in the community atmosphere, and even expand to the radiation range of the entire online celebrity group, becoming a springboard for content exporters to make profit, whether it is financial or not. In the field, as long as there is traffic, it can take the opportunity to build momentum.

The income is the white moonlight and cinnabar mole in Xiaobai’s heart, and every set of rhetoric without specific basis can make them eager to move. Of course, we can’t be too harsh on the current overall environment’s pursuit of financial management, but as Buffett said, “Never touch investments outside of your ability.”

But the fact is that young people have a tendency to blindly and passively accept funds under the influence of the general environment, and even the most basic information acquisition and knowledge learning are controlled by intentional people in a commercial way. As a result, we sadly discovered that it is not that young people have a basic plan for the future, but that the temptation is changing and upgrading.

It is worth noting that according to QuestMobile’s survey of post-90s in third-tier cities and below, their income is generally below 6000 yuan, with an average monthly income of about 3938 yuan, of which 36.6% are below 2000 yuan, and 2001-4000 yuan. Is 20.5%. According to a data from the National Bureau of Statistics in 2018, only 16% of people in China have a monthly income of more than 5,000.

These two sets of data are intriguing. On the one hand, the fund circle is madly recruiting new ones, and on the other hand, the assets of young people are not satisfactory. With the sickle waved, it will be the collapse and helplessness of the leeks’ investment rationality.

Don’t need young people in the fund circle?

Today, the fund circle has become a social carnival corner for young people, even under Alipay, an online dating conference spontaneously formed by the new foundation has been born, and various hot stalks and god comments are frequently out of the circle. For this reason, Jack Ma was caught by netizens. The ridicule has achieved years of social dreams in disguise.

In fact, the excitement on the surface does not mean anything. According to the survey, individual fund investors are still dominated by middle-aged people with a certain degree of financial strength, aged 30 to 40, and investors with annual income of more than 150,000 after tax accounted for the majority; 41% of investors have investment experience in 5 Only 26% of newbies who have been in the game for less than one year are more than two years old.

On the other hand, CBNData has investigated and found that young people prefer current and short-term products. Paradoxically, the data released by Ant Fortune in 2020 shows that the actual profit and loss of fund investors is positively correlated with the average holding time, and the profit probability of holding for more than 5 years is nearly 80%.

At present, many wealth management apps only show a curve in the past three years, but looking back over the past few years, excellent funds have long-term compound interest. In 2020, liquor, medicine, and ChiNext index will all enter the structural bull market at the same time. Many new funds, Xiaobai, have tasted the sweetness in a short period of time, which indirectly determines the next explosive situation of the fund. It is precisely because of this that when the fall was so “declining” after that, the people who cut meat and increase positions in the major fund exchange groups looked at each other.

One thing to note is that fund companies have always talked about heroes based on scale, and the importance of sales channels is far greater than the ability of fund investment and research. Under this premise, the idolization behavior of young people who regard star fund managers as their standard has given fund companies a loophole to create explosive funds from a certain angle.

Taking GF Fund as an example, since Liu Gesong became a well-known star manager in the circle, GF Fund has issued 4 new funds in a row within six months, all of which are managed by Liu Gesong.

Every move of the young forces can arouse a wave of capital no matter when and where, as long as there are young groups in various tracks and fields, then the interests will be pervasive. According to statistics from Flush, from January 19 to the end of the month, a total of 81 fund products of 34 fund companies, including E Fund, will start to raise funds.

It is worth noting that the explosive funds seem bright, but they are not. Many APP’s first funds are because they continue to rise, but when newcomers buy, they are likely to be close to the highest level. Once the size of the fund is too large, operating constraints will increase. This is also the key to many experienced fund players deliberately avoiding the explosion of funds.

It is not difficult to see that the status of young people in the fund circle is negligible, whether it is asset strength or investment ability. The avant-garde action to idolize fund managers makes a lot of old investors almost vomit blood and call “dark smoke”, but Does the fund circle really need young people? It’s not certain to look into it carefully.

The myth of creating wealth in the Internet age has given birth to young people’s desire for excessive possession of wealth, and various forces are making unlimited use of this psychology. In the past 70 years, the proportion of retail investors in the United States has dropped from 93% to 11%. In China, the opposite is true. Nearly 90% of A-share trading volume is contributed by retail investors, among which young people cannot be underestimated. After all, without those young people who are inexperienced in the world, the leek field will inevitably be deserted.

The proliferation of leeks vs the talent gap

On February 25, the “Fund Practice Qualification Examination Registration” took advantage of the wind to board the hot search on Weibo. Up to now, the reading volume of topics has reached 32.244 million. Although there is no specific data to prove the scale of the exam, looking at the response of social platforms, the official registration website is on the verge of paralysis, and some netizens laugh at themselves that registration is more difficult than the exam.

From fried shoes to blind boxes, Hanfu to JK, the craze spawned by young forces is always endless. While the market is changing horizontally, only the scale of leeks has only increased. But what’s interesting is that funds are different from other industries. The rapid expansion of the scale is also the acute growth of the industry’s demand for talents.

In particular, the financial sector naturally has great supervision and strict compliance systems. Fund practitioners who can meet the standards are often in short supply in terms of quantity and quality. Recently, because star fund managers have moved out of the circle strongly with the help of young people, mainstream public opinion has gradually shifted their attention from funds to managers.

Earlier, some media made a fuss about the age of fund managers, bluntly saying that this investment PK is like entering an entertainment talent show. It is reported that the average age of fund managers in the United States is 54.9 years old, while in China it is 39 years old. Compared with Wall Street’s seniority ranking, domestic fund talents do tend to be younger.

This does not involve the so-called contempt chain of age. After all, only one has served more than 15 years among the top-ranking members, and the rest are under 10 years.

In fact, the rejuvenation of fund managers is a reflection of the talent gap in the final analysis. Statistics show that under the background of a normal mature market, it takes about 10 years to train a fund manager. Today, this number has become 5 years or less amid increasing demand. There are rumors that the minimum entry period for domestic fund managers is only 0.02 years.

With the influx of post-90s or post-00s into the workplace, the overall employment trend of all walks of life is showing a younger development, and the entrepreneurial market has also taken the opportunity to set off a wave. There is nothing worth discussing about youthfulness in the workplace, but for the fund circle, age may mean many key factors.

For example, have you experienced a complete market cycle, have experienced several market bull-bear transitions, or have sufficient in-depth understanding of risks… These worries have made the Citizens have a natural stereotype of young fund managers.

Obviously, we cannot eliminate this age contempt chain in a short period of time, but we can only be alert to the potential impact of the talent gap.

Young people “educated” by the fund

The market is hot, young people run into the market, but there is no shortcut to getting rich. The market plunged to give this young people a deep investor education.

Young people "educated" by the fund

The withdrawal of funds has become a phenomenon-level event in the financial market.

In addition to the hot market, young people running into the stadium are important catalysts. Data show that among the newly added “basic people” in 2020, the post-90s accounted for more than half.

The young man who plunged into the fund market originally thought, “You buy the bottom of the military industry, he studs baijiu, I have a lot of new energy, and we all have a bright future.”

Only after being “green to panic” did he come back to his senses. Behind the gains, there are equivalent risks. There is no shortcut to getting rich, and the market has given this young man a profound investor education with the plunge.

“I’m Chasing Ups and Downs Once Again” Ji Jing丨29 years old丨Public unit

History is always surprisingly similar.

In 2017, I graduated from university for two years and worked as a teller in a bank. At that time, the fund market was good, and I happened to have some spare money in my hands, so I bought some funds on the theme of medicine and environmental protection. Among them, China-Europe Medicine and Health, which is now well-known, is included.

Although I was working in a bank at the time, I actually didn’t know much about funds, and I was completely experimenting. At the beginning, I didn’t hold a lot of positions. When I increased by about 20% later, I started to increase my position substantially. As a result, it didn’t take long for me to lose all my previous gains.

When the principal loss was close to 10%, my mentality collapsed and I redeemed all the funds. At that time, I also seriously reflected on it and regretted my behavior of chasing ups and downs.

In the following two years, I never touched the fund again. Until the outbreak of the epidemic in 2020, the market of the pharmaceutical sector was very good, and I bought another 20,000 yuan for CEIBS Healthcare. By the Spring Festival of 2021, the income has been close to 7,000 yuan.

When I saw that the fund market was so good, I couldn’t hold back my restless heart. Thinking that the year-end bonus will be issued after the new year, in the half month before the Spring Festival, I bought all the free money in my hand, and the position was close to 100,000 yuan at one time.

At that time, liquor was very popular, and Moutai’s stock price was close to 2,300 yuan. In fact, when the stock price is more than 900 yuan, I have considered whether to buy one lot, but I also feel that who would be so stupid to take the 100,000 yuan Maotai.

Until the stock price broke through 2,000 yuan, I felt that I was that fool. It was too late to regret, and Moutai stocks could not be bought, but when I thought of a fund that could buy Shigekura liquor, I was motivated again.

So, I bought a few Shigekura liquor funds at once, including Zhang Kun’s Yi Fangda Blue Chip and Liu Yanchun’s Invesco Great Wall Emerging Growth.

The lessons learned three years ago were forgotten, and I once again chased the rise and the fall. The joy of making money is short-lived, after the year the fund began to fall.

Due to the high position, the income previously earned by CEIBS Medical and Health quickly fell. When I lost 1,000 yuan, I cleared my position.

Looking back on the whole process, it was exactly the same as in 2017: When the fund was rising in the ups and downs, I would never think of increasing positions. On the contrary, when the net worth soared, I became extremely aggressive. Self-confidence in himself, in funds, and fascination with the market, began to blindly increase positions, and eventually became leeks.

“The first base purchase ended in failure” Da Dan丨25 years old丨Tech industry

Since my sophomore year, I have been trading stocks. After 5 years of experience, I thought I was at a good level, and through short-term speculation, I bought a 30-square-meter single apartment in Changsha.

At the end of last year, the liquor market was extremely hot. I cashed out 80,000 yuan from my credit card, plus my own 20,000 yuan in cash, and successively bought shares of Golden Seed Wine. In more than half a month, I won 12 daily limits and earned 120,000.

During that time, some people were always recommending China Merchants Zhongzheng Liquor. So I bought 3,000 yuan from Alipay and sold it after earning 30% a year ago.

This is my first time buying a fund. In fact, I don’t know anything about the fund. The news is saying that the fund’s returns have been very good in the past two years, and the argument that “investing in stocks is not as good as buying the base” is also widely circulated. Many people around me who do not manage money have also begun to discuss funds.

I am a person with high earnings expectations, and I never look at financial products with an annualized rate of less than 20%. The temptation for me in the stock market is that I have the opportunity to make a lot of money in a short period of time. Although I have eaten many price limits, I tossed it down all year and earned a net profit of 70,000 or 80,000 yuan.

This kind of operation is too aggressive, and I am worried that sooner or later, I will fall in love. I heard that many fund incomes doubled last year, and there is no need to keep an eye on the market like stocks. I just thought, I can slowly move the money from the stock market to the fund.

Just choosing the fund has stumped me. Thousands of products are unavailable, so I adopt a “three-step” strategy: one is to choose from the top-ranked funds in the past year, the second is to buy thematic funds that are optimistic about the sector, and the third is to buy recommended by friends around you. fund.

The non-ferrous sector performed well a year ago. In mid-December, I bought Zhengzhou Coal and Electricity and earned 7 daily limit, and the income was about 20,000 yuan.

In the first week of the year, while holding the two non-ferrous metals stocks of GEM and Shenghe Resources, I also bought 20,000 yuan in Cathay Pacific Non-ferrous Metals. Unexpectedly, this fund lost more than 2,000 a week, and I cut the meat decisively.

I didn’t pay attention to fund managers at the beginning, until Zhang Kunhuo got out of the circle, all major social platforms could see his information. On the recommendation of a colleague, I bought a 10,000 yuan E Fund blue chip on February 4. Later I learned that the colleague who called me “get in the car” only bought a few hundred yuan.

The fund’s gains were gratifying years ago, and I have successively bought several funds. After the Spring Festival, the market took a sharp turn. At first, I made up the warehouse a few times, but I couldn’t hold it later, so I cleared it all out.

A total of 40,000 bought and a loss of 4,700 yuan-the actual battle of the fund ended in failure.

“We inevitably buy at a high point, but investment should not be anxious” Zhou Yue丨29 years old丨Internet product operation

At present, I mainly buy index funds, brokerage firms, and some ETFs. My fund investment is in a state of falling income, and the principal is temporarily retained.

I have been in contact with financial investment since 2016. That was the first year of my work, and there was not much salary yet, so I had to use Yu’e Bao to force savings. Later, due to work reasons, I needed to understand investment and financial management knowledge. I read a lot of articles on investment and financial management public accounts. At that time, Internet companies produced many financial products. Through these investments, I was basically able to guarantee an annualization of 5%-6%. income.

Because the previous forced savings gave me a certain fund base, I began to have the ability to contact some funds with medium and high risks. The large-scale investment fund was in March 2020. At that time, I started to buy industry index funds and ETFs, mainly brokers. Later, I successively invested in some wide-based products, such as CSI 300 and China Securities 500. Last year, I bought semiconductor-related funds at a low point last year, and it probably reached an annualized return of 15%.

Regarding fund investment, I intend to hold it for at least 2 years. This year’s goal is to achieve an annualized rate of return of 20%.

In fact, when ordinary investors are just getting in touch with financial investment, they will inevitably buy on the hillside or high point, but investment is not something to be anxious, do not invest enthusiastically because of individual events.

I feel that the titles of many self-media articles are too scary. These articles actually do not reflect the real market conditions. It seems that the real investors and the people who write these articles are not the same group of people. For example, many media and platforms used to follow Zhang Kun, but now they start to belittle him, which will be very emotional for investors. Investors are advised to study the macroeconomic situation, economic policies, etc., and then make purchases based on the actual situation of the product.

“Buy at a high point, drop in return and drop in principal” Yu Shan, 28, media practitioner

Up to now, my annualized return is -5.3%, and the 5 fund products I bought are all in decline. The holding rate of return of the one with the largest decline has been -7%. This result makes me a real volatility. Real “leeks”.

Because of my work, I have been exposed to various financial information, but I have never really bought stocks or funds. It was not until the beginning of 2020 that I actually started to buy fund products. At that time, due to the impact of the epidemic, medical supplies and equipment were in short supply. I felt that investing in medical-related foundations was a good opportunity. So I simply selected and bought a medical foundation, and this fund really made me very rewarding.

It is this fund that gave me the confidence to invest, and at the end of 2020 I started to raise. Judging from the situation at the time, as the epidemic is gradually brought under control, the fundamentals of China’s economy are generally optimistic. This makes me feel that the next period of time is a relatively safe investment time. So I bought new energy, Shanghai-Shenzhen-Hong Kong Stock Connect, Shanghai-Shenzhen 300 ETF and other fund products, as well as E Fund’s blue chip, which was very popular at the time. These funds were all up well at the end of last year and early this year. Until about February 17, almost all funds began to fall continuously, and their profits fell after they fell.

In the winter of 2020, two friends who have never invested in financial management began to talk to me about how to trade in stocks and funds. At that time, my feeling was that the funds were overheated. However, looking at the rising situation, I still did not hold back, and after the huge rise, I took a fluke and did not retreat in time.

This crash made me realize that my fund investment is unruly. Not only do I have no deep understanding of the market, industry, and products, but I also like to listen to gossip and “wild experts”. After experiencing this incident, I want to learn financial management and investment knowledge more systematically in the future, instead of taking actions based on feelings.

However, until now, I still have not redeemed it. On the one hand, I am holding the psychological investment fund of “pay the tuition if I lose money”, so I don’t invest a lot of money; on the other hand, I still want to wait for the increase in the future before re-allocation.

“I have a gambler mentality to buy a fund this time” Hulk丨32 years old丨Product operation

In January of this year, I bought the China Merchants China Securities Liquor Index Fund for 5,000 yuan through Alipay. At that time, the liquor was at a high level. I wanted to try the water first. In the following week, it continued to rise almost continuously, and after more than half a month, the income exceeded 1,000 yuan. I felt that I bought it right at the time. Although it occasionally fell, it was still within my tolerance! After tasting the sweetness, I bought another 2,000 yuan.

But soon, the liquor stocks began to oscillate. At the beginning, when losing two or three days in a row, I told myself to stabilize, but later found that the losses were still going on, and the friends around me were basically losing money. Everyone comforted each other and said no Check the income again, forget about these funds.

At this time, my friends who had always insisted on buying bank financial management jumped out and joked that you are all “gambling dogs” and should be more stable. But when I think back to my mood when I bought the fund, I actually didn’t want to be prudent. Although the bank’s financial management is stable, the fluctuations are also small, and it always feels less exciting. Although it loses less, it makes less!

To say that I regret it most, it may be that I did not redeem it in time when the income was 1,000 yuan. At present, the fund has lost more than 500.

I got on the bus when the fund was at a high point, because too many people around me were discussing the fund, and many of them had a good return. Every time I had a party, everyone talked about the fund, and I was naturally infected and attracted.

The purchase of funds this time was driven by friends around me to a certain extent, and there were factors to follow suit, but this experience also made me realize the importance of financial management (especially scientific financial management). In the future, I will continue to invest in medium and high-risk funds, but I will try to diversify the investment within my own tolerance range, stop all-for-all, and redeem it in time when the return reaches my expectations.

Hong Kong property prices have soared four times in 15 years!

Property prices in Hong Kong continue to remain high, and the dream of home ownership is beyond reach for many young people.

The Hong Kong Legislative Council Secretariat published the “Research Briefing on the Impact of Home Ownership on Hong Kong’s Social Economy” on March 1. According to the “Research Briefing”, among the overall home ownership owners, young people under the age of 35 accounted for only 7.6%. The average age has reached 44 in 2019.

Hong Kong property prices have soared four times in 15 years!

The “Research Briefing” pointed out that Hong Kong property prices soared nearly four times in the 15 years from 2004 to 2019. However, the home ownership ratio dropped to 49.8% in 2019, the lowest in about 20 years. Although the data rebounded slightly to 51.2% in the fourth quarter of last year, it was still lower than the 2004 high of 54.3% and well below the average level of more than 60% in the rich economies.

In the context of severe land shortages and declining affordability of home ownership, the proportion of the young generation under the age of 35 in the overall homeownership has dropped from 22.1% (198,100) in 1997 to 7.6% in 2019 ( 98,200 people).

The report pointed out that young people in Hong Kong cannot keep up with rising property prices based on their work income alone, nor do they have enough financial resources to compete with other buyers in the property market. It is reported that the difficulty of home ownership is one of the sources of hopelessness for the young generation in Hong Kong. Looking at property prices from 2004 to 2019, the figure has soared by 391%. However, the median monthly income of Hong Kong households only increased by 78%, which is far behind the increase in the property market.

At the same time, the proportion of elderly people aged 60 and above among the homeowners of home ownership is 41% (536,000), becoming the main force in home ownership, which has doubled from 21% (192,100) in 1997.

Self-owned properties accounted for “inverted U”

In fact, the home ownership ratio in Hong Kong has shown an “inverted U-shaped” development in the past 23 years. The report pointed out that the ratio soared from 46.7% to the highest 54.3% during 1997-2004, and then stayed at about 53% until 2011, but then fell back to 49.8% in 2019 and 49.8% in the fourth quarter of 2020. 51.2%.

Statistics show that between 1997 and 2004, an average of about 62,000 residential units were completed each year in Hong Kong. Ample supply, coupled with the 52% drop in property prices triggered by the Asian financial turmoil, provides rare home ownership opportunities for first-time home buyers. From 1997 to 2004, the number of homeowners increased by 264,000, of which about half were private housing.

It is worth noting that between 1997 and 2008, the number of Hong Kong households increased by 354,000. During this period, the number of home ownership households increased significantly by 337,000, while the number of tenants increased by only 47,000, and tenants accounted for only 13%. This was mainly due to the abundant housing supply and affordable property prices at that time. This means that 1997-2008 can be described as the best time window for “getting on the bus” in the Hong Kong property market.

Since then, the SAR government has continuously tightened the supply of land and housing, and introduced a series of policies, including stopping land auctions, abandoning the set digital targets for home ownership, reducing the scale of new land development through reclamation and land leveling, and stopping indefinitely. Building subsidized sale houses, etc.

These measures have led to a cliff-like decline in the housing supply in Hong Kong, superimposed on the economic recovery, Hong Kong property prices rebounded sharply during this period, making most of the working class helpless to become renters. From 2009 to 2019, the overall number of households in Hong Kong increased by 335,000, while the number of homeowners only increased by 80,200 during the same period. However, the number of tenants living in public or private housing soared by 250,000, accounting for nearly 75%.

Property market wealth effect

With the continued boom in the property market, self-owned units have become an important source of wealth for wealthy families.

According to the statistics of the Rating and Valuation Department, it is roughly estimated that the market value of private residential properties in Hong Kong has tripled from 1997 to 2019 to approximately HK$12 trillion, which is higher than the 109% increase in GDP in the same period. In 2019, the total value of private residential properties in Hong Kong was approximately 4 times the GDP, which was much higher than 1.6 times that of the United States. The research report pointed out that the wealth effect brought about by changes in property prices can have a significant impact on local consumption and GDP.

In order to help the younger generation to buy a home for the first time, many initiatives have been made in the community to increase the supply of land and housing in recent years. With reference to the development experience from 1997 to 2004, when the supply of buildings is abundant, property prices can fall to an affordable level, and the home ownership ratio can also rise significantly as a result.

According to the latest progress report of the “Long Term Housing Strategy” issued by the SAR government in December 2020, after the public-private housing ratio was changed from 60:40 to 70:30 in 2018, private housing will be The target of building a house will only be an average of 12,900 units per year, which is lower than the actual average annual housing capacity of about 13,500 units in the past 10 years. Housing supply is still very tight.