I just spent a couple of hours reading through "The Rate of Return on Everything, 1870–2015" by Jorda et al that provides the source material for Policy Tensor's blog article. Unfortunately (or fortunately depending on your view) the real estate returns calculated using a rent-price model are extrapolated from fairly sparse raw data. The authors heavily massaged what data they did have in an attempt to discard outliers and account for negative impacts like expenses and taxes. On the other hand, records for equity and fixed-income investments are considerably more extensive and do not rely on as many fudge factors like survivorship bias to arrive at reasonably serviceable return numbers. As an exercise in global economics, this study is so generalized as to be virtually meaningless to individual investors and may contain significant flaws that are impossible to detect because much of it relies on estimates where gaps in the raw data exist.