Retail investors often focus on the returns of risky assets themselves, while ignoring the significant volatility inherent in them. For example, who is more comfortable: someone who owns a house worth 10 million or someone who has 10 million in cash? Five years ago, many would have thought the former was fine, but now everyone has been thoroughly educated by the market, realizing that real estate not only has huge volatility and potential drawdowns but may also lack liquidity, making it hard to cash out. Not to mention that it fails to generate returns compared to cash (the mortgage interest rate can be viewed as a relatively low-risk return for small capital, approximately 3.8%, how much rent can outperform that? The risk-free return for large capital can only be referenced by large time deposits and other fixed terms).