Something has been on my mind for a few days... I often flip through the Australian Property Investor magazine and they usually have articles featuring people who are doing well with real estate. They are general accounts of the people's investing and their portfolios - in black and white so to speak. There was a recent discussion on this site asking about property vs. managed funds - a variation of the long standing property vs. shares question/debate. Got me thinking. The API magazine documents a steady stream of ordinary people who are building substantial wealth via real estate. However, where is the evidence of people building substantial wealth from shares? Many large respected institutions can produce reports to demonstrate that shares are superior to real estate. However, at the end of the day, where are the successful share based investors? Some thoughts: 1. They are there but don't have a magazine/forum to be acknowledged. 2. Shares work in theory - but life gets in the way and the theory doesn't work in reality. Things like fear/greed/bad advice/bad selection/corporate collapse. 3. The apparent benefits of shares actually become negatives given human nature and market cycles? Maybe with share investment it's too easy to chop and change - and it ends up working against us? (The apparent chunkiness of real estate forces long term consistent investment and ultimately works for us?) I think I read once that the actual return to the average investor in managed funds is lower than the average managed fund - a subtle difference but important - people chase last year's winner, but it's often not current year's winner. 4. Maybe the real estate investors are not so well off if factor in loans; holding costs; maintenance; buy/sell costs. I may be totally off track - but wondering what people's thoughts are?