- Yield vs. speculation: tech stocks trade at high P/E multiples with minimal dividend yield and rely on future multiple expansion. Parks generate tangible cash-on-cash distributions backed by essential real estate.
- Downside protection: equity valuations can drop 30%–50% in corrections, while park revenues remain stable because housing is an unavoidable human necessity.
Key Takeaway
Tangible, land-backed cash flows provide essential portfolio ballast against equity market volatility.