The New Rules of Value: Why Is Cash Worth Less Than Ever?

By: Laura Devaney | Co-Founder | Next Legacy Group

November 31th, 2025

The Hidden Driver: Falling Discount Rates

When capital is cheap, future income looks more valuable today. That’s why investors now pay record prices for the same buildings, businesses, and commodities that once traded at half the multiple.

Cheap money, low discount rates and abundant liquidity have permanently redefined how we price value.

From Cash to Value

Capital is flowing toward anything that’s scarce, productive or tangible:

1. Income-producing real estate

2. Essential infrastructure

3. Scarcity assets like data centers, land, and gold

Cash is no longer the scarce resource, productive assets are.

 The End of Cyclical Thinking

Investors once assumed markets reverted to the mean expansion, contraction and recovery. Today, many price assets as if growth will continue forever. At Next Legacy Group, we recognize both forces:

Hope for compounding—reversion plan.

The Next Legacy Approach

We invest across the spectrum of growth assumptions—balancing risk and reward through disciplined underwriting and forward-looking strategy.

Strategy	Focus	Our Approach
Cyclical Reversion	Conservative returns, higher exit cap rates	Model downside protection
Secular Trends	Long-term structural tailwinds	High-Growth, Undervalued Markets, outdoor hospitality, affordable housing
Perpetual Growth	High-conviction, creative financing	Grounded in NOI and operations, not hype

Our goal: protect investor capital while positioning for expansion when market cycles favor growth.

In a world where liquidity is limitless and real assets are finite, true wealth comes from owning what the world can’t print.