The article explores how real estate performs in investment portfolios over different timeframes. It suggests that for medium to long-term investors, allocating 10-20% to direct real estate is beneficial. Short-term investors should consider open-end core funds instead. Real estate investment trusts (REITs) are not great substitutes for direct real estate, but can complement it for medium to long-term investments. Including commodities, private equity, and hedge funds in a portfolio can boost performance, but doesn't change the allocation to real estate.