破唱片再放一次：年轻投房市，年长投股市，超长线（40年+）股市完胜房市

必要条件：在美国!

原因：房市杠杆高，风险低，初始金需求少；股市需要有第一桶金（初始金要求高），自带扩大再生产，复利指数增长。

查理-芒格说过：“The first $100,000 is a b!+ch, but you gotta do it. I don’t care what you have to do—if it means walking everywhere and not eating anything that wasn’t purchased with a coupon, find a way to get your hands on $100,000. After that, you can ease off the gas a little bit.” - Charlie Munger. 

芒格当时讲的$100K，差不多相当于现在的$1米。也就是说，不论通过什么（合法的）手段，一定要搞定 $1M的第一桶金，之后投资就可以轻松多了。