David, thanks for reading and your comment. You are correct that the comparison is between leveraged RE and I leveraged equities. It is also for investment RE where tenants pay the costs, not personal RE. RE is much more stable than equities and therefore much easier and safer to use leverage. It is easy for the average person to use a 75% loan to value ration on a single-family rental and make over 20% returns (CAGR) in a regular market (before the recent run up in prices). Trying to use the same amount of leverage in equities is much more difficult and also dangerous for average investors. So the comparison is between two options available to regular investors: leveraged real estate and unleveraged equities. There are certainly ways to boost returns in equities through options and other products, but they are much more dangerous than buying a single-family rental with positive cash flow in my opinion and experience.