Hi Reader, Max here. In the previous issue, we looked at the price-to-rent benchmark from UBS’s report and used it as a reference point to put Uruguay into perspective. Today’s note is about something more important: what UBS’s Bubble Risk Index is actually saying, and how to use it intelligently in our own market analysis. Let’s dive in ⤵️ Miami is #1 in the bubble risk Index Does that mean Miami is the highest-risk city to invest in today? Before getting misled by clickbait headlines,...