Tony Soprano's rehash of this classic Mark Twain wisdom (see quote below) always feels more pertinent in times of uncertainty. No less because this particular slice of the American Dream - land ownership - translates exponentially to our small island.

Tony's advice is for Anthony Jnr, his son. With a generational time horizon

, a finite supply is the ultimate underwrite for any investment in land. However, in a political and taxation regime that over centuries has eroded (though not eradicated) the number of domestic investors who can operate from a truly long term perspective, it is international money that often steps up to take advantage when the outlook is less certain.

For the vast majority with a shorter perspective, the timing and price of entry is more critical. Nonetheless, the fundamental demand for this limited commodity ensures that, even in a difficult market, there is invariably an angle to exploit with land. Keeping it out of the hands of the Tony Soprano's of this world is a subject for another post.