Yep! I wouldn't quite agree with Munger 100%, though. I think his analysis is overall correct, but only from a purely "rational consumer agent" perspective. I think what he leaves out is the feeling of dignity of owning something, versus having to rent everything. Even with hyper-efficient rental markets, part of me believes that people will inherently prefer ownership. This is why people reacted so strongly to the WEF's "You will own nothing, and you will be happy" messaging.