Over the past year real estate values in locales from Nantucket to Tahoe have exploded. Two factors have contributed to this: the desire to have some recreation and diversion which had become scarce or more likely completely eliminated in urban areas, and the ability to work from home. As mentioned in our July market update, WFH or the "hybrid work model" may well be the "biggest shift in a generation" (per Microsoft’s CEO, Satya Nadella), but the transition will be bumpy. If the snow drifts that linger until April were not enough to compel workers to return to the office, then the possibility of losing their jobs or seeing their salaries modified might do the trick. Some of the distillate from all of this will be continued strong chip demand, softening urban workspace demand, and a tailing off of the double digit compounding in vacation real estate. Additionally, there will be a lot of movement in the employment market as companies balance compensation and flexibility.