As a good investment target, the charm of a house comes from two major elements.
First of all, we draw wisdom from the ancient "salt and iron official camps" and understand that if a commodity has the characteristics of rigid demand and monopoly at the same time, and is closely linked to finance, its value must be very high. Secondly, the house, under the magic of debt creation, conforms to the debt cycle, opening the door to wealth growth for ordinary people.
So, who will take over the financial baton of the house? The answer needs to meet a series of demanding conditions: in addition to rigid demand, monopoly, and debt creation, it needs to be able to "stimulate growth expectations". Everyone has made contributions, from energy, water and electricity to education, elderly care, medicine, and some even mention pork ......However, these areas may have been reduced to public welfare, such as hydropower, high-speed rail; or exist as a basic livelihood industry. Li Ka-shing's strategy of "guarding the country" is to acquire a large number of assets related to people's livelihood in Europe, such as telecommunications and hydropower. But these traditional industrial and consumer goods are stretched thin to create debt and growth expectations, making it difficult to replace the status of the house. 
In"Industrial society class society"The houses themselves are not scarce, as evidenced by the large number of vacant houses and land. The real scarce resources are the high class status and the upward channel, ie"Core area"The social status and opportunities for advancement represented. In this context, the emergence of substitutes will be closely related to class upgrading. Well, we can't help but ask, the so-called"Ascending channel"Does it refer to education? On the one hand, education can enhance people's abilities and skills, and this kind of improvement cannot be monopolized. Writers can be self-taught, and the talent and hard work of athletes are irreplaceable. On the other hand, when education becomes a means of acquiring academic qualifications, it can become the object of monopoly. For example, in "Cyberpunk Edge Walker", the male protagonist's mother wants the male protagonist to enter"Arasaka Academy", sparing no effort to fight for this school, which symbolizes entry into the rentier class. Therefore,"Arasaka graduate"identity becomes a valuable resource, triggering the phenomenon of people borrowing or hyping to obtain this status. 
Therefore,"Ascending channel"It doesn't just refer to education, it encompasses a wider range of social resources and opportunities. In industrial and class societies, what is scarce is the high class status and upward access, not just the house itself. In ancient times, the family of gate valves monopolized the upward channel by many means, among which the recommendation system and marriage were all identity demarcation classes, rather than personal ability, and the knowledge monopoly was even more ingenious. The recommendation system and marriage are based on identity, but ignore the importance of ability. And how exactly does a knowledge monopoly work? First of all, before the invention of printing, books were too precious to be reached by the homes of the wealthy. Second, in an agrarian society, where productivity is relatively backward and people at the bottom are exhausted in order to make a living, how can they have the leisure to study books and ponder philosophical questions? 
Nowadays, in the age of the Internet, knowledge and books are no longer a luxury, but effective information and real data are becoming more and more precious. We need to free ourselves from shallow entertainment and meaningless gossip and focus on what is more valuable.
It is foreseeable that: first, resources closely related to the rise of the class, such as the admission qualifications of aristocratic schools, will become more and more rare and expensive; Second,"data"It will become the asset with the most investment potential in the future. Therefore, I think our investment strategy should focus on these two directions.
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