"The essence of the problem is that during the extended economic crisis created by the coronavirus pandemic, many large companies — and especially their stock market values — have been growing rapidly while their small business competitors have faced something of an apocalypse. More than 400,000 small businesses have already closed and millions more are at risk.

"Indeed, the death of these competitors may be part of why the stock market is up so much from its low point in March."

​"My normal advice to new investors is to jump in sooner rather than later. It’s easy to get stuck endlessly reading books and listening to podcasts and never actually starting. My normal advice doesn’t necessarily apply right now.

"This is not a market I would be head-over-heels to jump into. Sure, if you find the right deal, go for it. But investors and particularly newbies should be substantially more cautious and conservative right now.

"If you have been considering liquidating a few properties—with prices rising and inventory at historic lows—this is not a bad time to do it.
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"That doesn’t, of course, mean that you need to or should sell all or even some of your properties. We certainly aren’t doing so. But we are being far more cautious with our purchases. A more volatile market that’s likely near the top means we want a better deal than before."