[tjs8rj]

I’m specifically referring to this paper: https://www.nber.org/papers/w24112

where researchers tracked several asset returns since the 19th century across several western countries. While real estate and equities have similar absolute returns (7%) real estate returns are 4x less volatile, resulting in a sharpe ratio for real estate 5x higher than equities in a country like France, closer to 2x higher in the US, and just slightly higher in Australia - the rest of the measured developed countries fall in that range. In no country measured in the developed world are real estate sharpe ratios lower than equities on average annually over the last ~150yrs.