If Manny either has a horse ranch or competes in horse dressage shows, then Manny has not invested in high-quality equestrian equipment and gear.
All people who have a horse ranch regularly ride horses for pleasure and sport. All people who have a lot of disposable income have a horse ranch. If people compete in horse dressage shows, then they have a lot of disposable income. If people compete in horse dressage shows, then they have invested in high-quality equestrian gear and equipment. If people regularly ride horses for pleasure and sport, then they do not live in cramped residential buildings. Manny either has a horse ranch and lives in cramped residential buildings, or he neither has a horse ranch nor lives in cramped residential buildings.
∀x (Ranch(x) → RegularlyRide(x)) ∀x (DisposableIncome(x) → Ranch(x)) ∀x (Compete(x) → DisposableIncome(x)) ∀x (Compete(x) → Invested(x)) ∀x (RegularlyRide(x) → ¬Cramped(x)) (Ranch(manny) ∧ Cramped(manny)) ⊕ (¬Ranch(manny) ∧ ¬Cramped(manny))