We don't have anything to be ashamed of in Hawaii, but there are other places that have obviously had a really dynamic time over the last decade and where the cost of living is a lot lower.

In some places, like Iowa or Texas, where there are no such things as building permits, the path is smoother, with a steady rate of return of 4 percent each year. In other places, it comes in fits and starts, and the distinction between the smooth path and the stair step has to do with the extent of geographic and regulatory scarcity.

I mean, Hawaii is beautiful, but the world is full of beautiful places.

Hawaii is not a state of mind, but a state of grace.

should be ashamed of himself.

If you go to Hawaii, I'll guarantee I'll be there.