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Adjusted for inflation

Hello @Cullen-Roche,

In a past post you reference a study which forecasts 5-yr annualized returns. I forget the name of the company that drafted the study, but I have attached a screenshot of said forecast.  For USD Cash its forecast is 1.6% for a 5-yr annualized return, and Real Estate and Developed Market Equities both 4.5%.

Can I assume that these presented values are NOT adjusted for inflation?



Uploaded files:
  • 2019_5yr-annum-returns.jpg