Phil talks about his interest in forecasting and timing in investment – what’s coming next? Study the past; you will know about the future. Phil was so lucky he read Fred Harrison’s book, The Power in the Land. 

Phil also said that the U.S. real estate market has 18.6 real estate cycles, and the US market led the recession. Phil put his economic forecasting on his real estate clock and also talked about the importance of economic rent in the real estate cycle.