system
A chat on subreddit /r/wallstreetbets
human
But tax incentive and leverage. Real estate easily wins. You aren't locking up 150k for those gains you're locking up 38k at worst. Collect your rents and have someone else pay while it appreciates. Or even "live" there for a bit and get a tax break on the sale.

Sure it's a much bigger pain in the ass overall but there's a good reason every decent real estate market has a bunch of locally known filthy rich moguls that made it completely in real estate.
gpt
Ok, well transaction costs and liquidity, the S&amp;P wins easily. And I don't think the leverage part is that far off, tbh. Not even getting into derivatives, you (could) find 4x leverage for mortgage-interest-level rates pretty easily not long ago