He also shows that home prices, when adjusted for inflation, have produced very modest returns of less than 1% per year.
But the modest financial returns proved inadequate, and maintenance of the buildings suffered.
With a modest return of risk appetite, financials were among the best performers.
But we've contained our costs, and we feel there's a good chance for a modest return.
"We just have to set our sights on more modest returns."
Here is a man who spent 40 or 50 years serving the people for modest returns.
The two eventually teamed up for a while with another Internet company for a more modest return - a guarantee of about $10,000 a month.
The program offers local organizations a well-supported intern who provides a modest return on investment.
When taxes, interest and a modest return are added in, the cost of operating such an apartment, owners estimate, is $465 a month.
The capital markets looking ahead will provide modest but decent returns.