And it seems very likely that the catastrophic collapse of the real estate market in New York City that lasted from 1988 until 1996 would have weighed on Trump’s fortune. Rents dropped by 15 percent in these years, and prices for condos and coops fell by more than 30 percent. The largest landlord in New York City went bankrupt and had to turn over his assets to his creditors. By Forbes’ estimate, his net worth fell from $1 billion in 1988 to $500 million in 1990.

Then there’s the prudishly naive notion that losses are a sign of a failing business, which operates throughout the Times story. That’s not the way the world works–especially not today. Amazon, now the most valuable public company in the world, was a money-loser when it had its initial public offering in 1997. It didn’t turn a profit until 2001. The company still has over $600 million of tax-loss carryforwards on its balance sheet. Amazon, like Trump in the 1980s, paid no taxes on last year’s $10 billion profits because of tax credits and deductions.