Citation? There seem to be cases in high technology where the market is very patient for long term returns. Case in point: AMZN trades at a 320 P/E because the market (thus far correctly) can’t see a plausible scenario in which it cedes any e-commerce or AWS share.

Maybe this is optimism bias writ large? Another possibility is that even if there is robust demand despite certain destruction, these houses are really worth many millions for the short term (for cachet, status, etc.). Here we model them as really expensive vacations.