I believe MtF's point was that most real estate investors fail to discount with an appropriate illiquidity factor and perhaps overlook the true costs/risks of real estate (especially as your capital structure becomes more complex as a real estate mogul). Most of the squadron bros who were focused solely on any investment (be it RE, equity, debt, Iraqi Dinars, etc) didn't understand how to compare apples to oranges as they considered their investment options. When the light came on, nearly all of them realized that tilting a portfolio too heavily to one strategy brought with it some unanticipated tail risk and unforeseen opportunity cost. ...and second-order effects, as well. Consider your estate plan and how real property (and mortgages) will transfer to your heirs. Probate ain't pretty in some states and trusts cost cash.
I would use personal preference as a cautionary tale, considering folks tend to find comfort in the numbers they've crunched. You can look at it as confirmation bias, but everyone likes to justify their ideas as the right ideas. Assumptions in your cap rate can be way off, just like that equity analyst's assumptions when he misjudged Target's cost of capital and expected dividend in his Gordon growth model. Valuation is valuation at some level, so I believe you can approach real estate just as you would an equity investment. Projecting those cash flows into the future is certainly tricky no matter what you're analyzing.
While stagflation may be an exaggeration of the current environment, having some real assets in your portfolio certainly helps. Rent-producing assets have been a nice addition to those seeking current income, especially against the current economic and demographic backdrops. Rent inflation vs. CPI is a pretty stark contrast (over the last 3-ish years).
11F..., if you enjoy a consumer-centric theme, I would encourage you to investigate a 50/50 portfolio of consumer staples/consumer discretionary from various perspectives, not just total return or income. Being an active retail investor is a tough business, and I appreciate your conviction. If you're curious what type of data you're up against, cruise over to RS Metrics and see the real-time info they're selling.