True, that is an average. If you invested in certain companies like Apple, Microsoft, Amazon, NVIDiA or Berkshire they generated real returns but many others didn’t by far.
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Over the last 5 years the M2 money supply has grown at a rate of 6.6% on average, the S&P 500 has grown at 13.4% on average.
Clearly inflation is a large portion of the return, but it isn't all of it. The stock market produces real return.