The silly part about that is that it doesn't even look great using the inflation numbers from the gov...which most undertand are not "real"...pun intended.  They're essentially trying to tell you that the market has performed X relative to inflation which they measure as (Y minus all the shit you really need and use in real life). There's a picture of the full equation in the dictionary next to "gaslighting" if you're interested. If you look at purchasing power adjusted, it's much worse....and even that is still with Gov numbers which can't be taken too seriously.

I've even heard Fed Governors admit during interviews that Gov inflation numbers are problematic. One I'm thinking of in particular, when the interviewer asked him "then why do we still pay attention to the Gov data?", he answered "What choice do we have?"  ...and that was a Fed Governor.

If you really think that the market has done that well in real terms over the last 4 years, I have some ocean front property in Nevada I think you might be interested in. I'll give you a great deal.