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But we saved everything 🙂.
Caleb Franzen compares investment returns between real estate and the S&P 500. According to Franzen, an initial $3.86 million investment in the S&P 500 would have grown to $30 million, significantly outperforming real estate investments.
Franzen asserts that this represents more than four times the outperformance and cautions against buying real estate as an investment strategy.
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Franzen has previously responded to negative sentiment around the Japanese yen by increasing his purchases of risk assets. In July 2026, he added to his SNOW position, making it his seventh largest holding after several years of patience, according to prior disclosures. These actions reflect a continued focus on equity and risk asset strategies.