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Do stocks or real estate provide better investment returns?

Do stocks or real estate provide better returns?

John Authers concludes: "The bottom line is that housing is restored to the position we might expect, with returns ranking between bonds and equities. Housing is lower risk than equities but, as Keynes surmised, once you look under the hood at volatility and expenses, it’s not the free lunch it may appear."

What do you think?
https://www.bloomberg.com/opinion/articles/2021-03-17/keynes-s-theory-of-property-risk-backed-by-endowment-data

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