Very thought provoking! Question is, what are these hedge funds seeing that Warren Buffett missed? Wealth is a by-product of excess labor or productivity.

If we all had to go back to being hunter gatherers than every house would end up worth very little. In the beginning they were more valuable if near a fortress of farm. Now they benefit if near a city (intellectual productivity). People can move, as they are today! Things change.

No house has an absolute value. That may ruin some of those dastardly plans of the hedge funds who buy in a place that doesn't make it.

You mention the railroads. Yeah. Mic drop ;)