Not sure how this suddenly becomes disputable except perhaps this being not the most popular fact on a rei forum:)They are two different animals for sure but at the end of the day the passive paper animal covers the rock and wins.Your "academically proven fact stocks beat rei on average," is premised only on asset values plan and simple.There is no consideration to:- equity creation- market efficiencies- accessibility- control- tax advantaged returns and asset transferability- cash flow- leverage- risk mitigation- etc.If the point is to compare two peices of publicity in a narrow view negating all other factors from arm chair Ivy league people who may or may not have ever invested  then sure stocks beat REI.I've traded equities beyond these index comparisons with options via speculation, income strategies, shorted positions, and other strategies but the reality is it takes a lot of tracking, waking up early mornings, setting up and constantly modifying your software, and more brain damage then REI if.

Looking at the entire investment, the marginal difference in 0.8% vs 1.0% is single-A ball vs big leagues in terms of wealth creation over a long hold period. 

Biden released his housing policy in this paper last February. https://joebiden.com/housing/#... primary goals of the Biden housing plan are stated to be: 1) Addressing the issue of affordable housing and homelessness. 2) Increasing supply, lowering cost, improving quality of new housing through investments in new construction technology and energy efficiency.3) Ending redlining and other discriminatory practices in the housing industry.The most significant specific legislative changes he is planning are: 1) A $15,000 first-time homebuyer tax credit that is advance-able (so it helps with the down payment), not like a normal tax credit that you get the next year.  2) A new renter's tax credit. 3) New money for old Section 8 subsidized housing voucher program and other existing federal rental assistance programs.4) Single-Family Zoning changes/legislation similar to the proposed HOME Act of 2019 to loosen up zoning restrictions and allow for more urban density. 5) Creation of a public credit reporting agency.He does not mention getting rid of 1031 exchanges in his housing plan, but I believe the idea has been brought up in relation to his tax plan (which would only affect those with annual income $400k+). 

Some people have an end game in mind such as finding a potential partner for in other deals or the creation of a sales funnel where their mentees can funnel deals to them.

Job creation is another one to look out for.

Every key global and US economic indicator are worse today than in 2007, which was the last time the Fed cut rates for the first time after a long hiking cycle.We've lived, and continue to exist in a financial market that has afforded a limitless creation of debt.

@Neil AndrewsYou can either become a hard money lender yourself, which requires starting a company, website creation, legal assistance, program creation all to find yourself marketing a product that you have possibly little experience in, and potentially losing money for awhile . . .

Haven't invested out there yet but the tech scene is growing super fast thanks to Carnegie Mellon and other schools in the area that lead to a lot of hiring and job creation, I think it's a good area for both appreciation and cash flow.

OK gang, let see if we can automate the creation of an email list so I can track all of your and send out ticket info:<a href="https://leadinglandlord.leadpages.co/leadbox/144108a73f72a2%3A120cd1177346dc/5751700212154368/" target="_blank">Click Here to Join List for the 2016 REI Summit at the Guild</a><script data-leadbox="144108a73f72a2:120cd1177346dc" data-url="https://leadinglandlord.leadpages.co/leadbox/144108a73f72a2%3A120cd1177346dc/5751700212154368/" data-config="%7B%7D" type="text/javascript" src="https://leadinglandlord.leadpages.co/leadbox-954.js"></script>@Joe B. 

Timestamp on digital signings\creation is off.