Someone told me that buying the Nasdaq and S&P is too risky.

Turns out his mortgage still has 27 years left.
Both are long-term bets spanning three or four decades—one scares people to death, the other they buy willingly. This gap in perception will ultimately show up in their accounts.
Let's start with liquidity. Once you buy a house, your money is basically locked in; you can't sell it when you need cash, and you definitely can't sell it in an emergency.
In many parts of China, properties have been listed for half a year or a year with no inquiries. With the Nasdaq or S&P, even if they drop, you can sell anytime to cut losses. If housing prices drop, you don't even get a chance to run.
Now look at returns. After Chinese housing prices peaked in 2021, many areas have already seen them halved.
Meanwhile, the Nasdaq has returned over 13% annualized over the past decade, and the S&P 500 nearly 11%.
Betting on the same 10 to 20 years, one is falling, the other is rising.
Not to mention mortgage interest, property fees, maintenance costs—the true holding cost is never just the price of the house itself.
The essence of both is the same: using today's money to bet on the outcome of the next 20 to 30 years.
One is considered prudent, the other speculation.
Perception determines destiny.