While I loved your article, I think it is very misleading. Many commenters already talked about the missing factor of leverage, so I shall skip that point. Another point to raise is that stocks are more an intellectual bet. You cannot do anything to improve or increase your stock prices. But real estate is an actual business. A good landlord is able to turn shitty places into gold. Your engagement strategy with the tenant also allows you to beat the market. Plus stocks is a one market game, Real Estate is a three market game (Rental market, Development Market, Sales Market). If you are discerning, you can switch your focus between the three markets when one is down. i.e. Rent high a shitty condo, Sell high to own-stays when rent is low, redevelop when construction prices are low.

But having said that, personally, my investment portfolio is almost 50–50 stocks and RE. So I think one cannot grow wealth without the other. I always tell people my idea of my portflio.

If real estate is my goose that lays the golden eggs, stocks is the food I feed it till it lays that egg.