72 ZELL/LURIE REAL ESTATE CENTER “AS PROTECTION against financial illusion or insanity,” according to John Kenneth Galbraith, “memory is far bet- ter than law.” But memory fades. In his conclusion in The Great Crash 1929, Galbraith wrote a passage that could eas- ily find its way into any newspaper today: “As those days of disenchantment drew to a close, tens of thousands of Americans shook their heads and muttered, ‘Never again.’” Of course, they were wrong. The 1960s bull market collapsed and stag- nated for a decade; the 1929 record for the largest single-day drop in stock mar- ket history was broken in 1987; and the recent housing bubble unraveled into a global recession even faster than the Great Booms and Busts in Real Estate Historically, real estate has exhibited the most severe cycles of any asset class. SUSAN M. WACHTER ANTHONY W. ORLANDO