Thanks Evelyn, so yeah, I don’t know how we explain the higher returns that housing usually delivers. As noted in my first discussion of this research, the authors explicitly point to the lower variability in returns. I myself wonder if there isn’t a sort of “Heisenberg uncertainty principle” at play here… All the measuring and monitoring of publicly traded stocks results in their prices getting pushed around more. Or maybe the usual higher returns to housing simply reflect housing investments are harder to make?