In red: the S&P 500's return, unadjusted for inflation, since 1918.
In black: the S&P 500's return, adjusted for inflation, over the same period.
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Plus it’s not even the real inflation. CPI is price increases. Should be plotted against total money supply: fed debt, state and local debt, corporate debt, mortgages, personal debt, M2, PLUS productivity increases.
That chart’s inflation-adjusted returns highlight why real wealth preservation is the real game—nominal gains can be a mirage. I was just reading about how oil-driven inflation could become a structural tax post-2025, squeezing returns further.
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It’s actually much worse because inflation numbers are never right.