Asset Returns Adjusted for Monetary Expansion and Inflation
Annualized performance relative to net central bank assets and CPI
Asset	Annualized (%)	− Net CB Assets (pp)	− CPI (pp)	− CB - CPI (pp)
nasdaq	13.98	−4.63	11.39	−7.22
sp500	10.93	−7.67	8.34	−10.26
gold	4.91	−13.70	2.32	−16.28
real_estate	2.91	−15.69	0.32	−18.28
10Y US government bond (approx total return)	0.08	−18.52	−2.51	−21.11
cash (0% nominal)	0.00	−18.60	−2.59	−21.19