In '08, many construction workers were forced into early retirement during the recession because their labor wasn't in demand anymore.

The shortage in construction labor has created lucrative opportunities for tradesmen today.

1/n

However, a knock-on effect of this labor shortage is that owners who bought stabilized, nicely-renovated buildings during this past cycle have a moat, as construction costs have skyrocketed.

2/n

These owners were effectively buying assets that supply a basic necessity (housing) that has crazy demand (nicely renovated apts in LA are rare and go quick!) in which the replacement cost was bound to increase.

In retrospect, simply buying should have been a no-brainer.

3/n

Are there any industries that supply a basic necessity (needs to be purchasable as an asset) that will likely (permanently) lose a large part of their supply-side labor during this recession?