Mr Smith, a middle$-$aged man, has been saving money for years and is now ready to invest it$.$ He is torn between investing in shares and in real estate. He has heard that both investments can be profitable, but he is also aware of the risks involved. Mr Smith decided to talk to some of his friends about his dilemma. He wanted to get their perspective on the risks and returns of each investment option. One friend said, "Investing in shares can be risky, but it also has the potential for high returns. If you choose the right companies, you can make a lot of money over the long term." Another friend said, "Real estate can also be a good investment, but it is important to do your research and choose a property in a desirable location. Real estate can be a more stable investment than shares, but it can also take longer to see a return on your investment." Mr Smith listened carefully to his friend's advice. He realised that there was no easy answer to his question. Both shares and real estate can be good investments, but it depends on his individual circumstances and risk tolerance. Mr Smith decided to do more research on both investment options before deciding. He also decided to talk to you as a financial advisor to get personalised advice.

Task: Guide Mr$.$ Smith on the pros and cons of investment in real estate and shares in this context. $(15$ Marks$)$