I believe that is also not true. Case Shiller is up barely ~x3 since 1990 including the recent large bump [1]; SP500 appears to be ~x12 since 1990. Inflation-adjusted, according to Wikipedia, Case Shiller National index is up ~25% since 2000.

Also, extreme risks is not what most people aim for in investing when most of their net worth is involved; the utility of money is not linear.

[1] https://fred.stlouisfed.org/series/CSUSHPINSA