Not to mention the inflation rate between 2008 and 2010 was -4% and then 0% for a hot minute thereafter. Factoring that, plus the 4% nominal return, meant that

Not to mention the inflation rate between 2008 and 2010 was -4% and then 0% for a hot minute thereafter. Factoring that, plus the 4% nominal return, meant that the programs yielded something like 8-10% annualized real returns.