It meant "barely kept up with inflation" in the end. In those few instances: after 2 or 3 decades. During the intermediate years you would have spent a great m

It meant "barely kept up with inflation" in the end. In those few instances: after 2 or 3 decades. During the intermediate years you would have spent a great many years looking at absolute carnage. Periodically getting trolled by bear market rallies. "Barely kept up" is therefore very theoretical, because few people have the character to wait it out that long. Many who call themselves long term buy-and-hold, will quietly change their designation after 10 years of watching blood stains drying up. That's exactly why, after such periods, markets are not just cheaply valued but almost literally "empty" and deserted. Btw, we haven't had one of those since the 60s/70s.