This was one of those "aha" moments so many years ago.
The key to the question for me is leverage not percentage growth. I don't doubt for a minute that a share can have a much greater percentage growth than an IP.
However, property allows me to be exposed with little risk and no margin calls to the tune of millions. Could I sleep at night with that exposure to the ASX or other more volatile markets? The answer is a resounding "No!"
Subsequently, a shares portfolio is something I dabble in (to the tune of tens of thousands and it varies all the time) until I can buy another IP.
When I understood that leverage is the key and not gambling for percentage growth, shares become an income exercise while IPs became my wealth creation exercise.
WOW, well said, I could never word it like you did but unknowingly, in my life I did apply what you implied above!
When investment in a share increased substantially, I sold out, paid heaps of tax, reinvested into cash and leveraged IPs.
Cash IPs since they were in SMSF and no borrowing was allowed then, since then able to increase the portfolio via leveraging and being supplemented with rental income serviceability from previous IPs.
Leveraged IPs, bought via other entities, thus allowing time to do its thing.
I think most forget that each asset class becomes undervalued, on par or overvalued in time. SO being able to switch or offload or rebalance the portfolio is a very hard thing to do (I certainly wouldn't do this with RE!).
BUT you are spot on, I had sleepless nights knowing that my exposure in ASX on an exploration small cap company was now in tune of millions, so we decided to sell. May I say it took a month to sell the shares not to affect the market volatility and knowing that it was channel trending helped.
YET in comparison my exposure in RE was and is so much greater even now, yet I can comfortably sleep at nights!
Thank you for sharing, as some will understand what you mean and some may not!
Other above comments always made me wonder should I be reinvesting into shares, knowing I am unwilling to dedicate the time there, so you certainly answered my curiosity there!