He argues that with lots of investors looking at real estate but not many prime properties coming up for sale, derivatives offer a way to get quick and accurate exposure to the asset class.

The greater acceptance of debt allowed private-equity firms and hedge funds to bet on rising asset prices with borrowed money, which is a quick route to riches when all goes well.

Sometimes you have players who are super quick but you don't see it in their game because they don't run at the right time, they don't use their asset.