> Inflation-adjusted CAGR over the past 30 years is 10%. From the numbers given in the article, that looks like a not inflation adjusted value. If I plug a gro

> Inflation-adjusted CAGR over the past 30 years is 10%. From the numbers given in the article, that looks like a not inflation adjusted value. If I plug a growth ratio of 20 over 33 years ($100 invested in the S&P 500 in 1990 becomes $2000 in 2023, the numbers given in the article) into the CAGR formula, I get 9.5%. And the article's numbers are not inflation adjusted, they are raw dollar values. If I assume an average inflation rate of 3% over the same time period, I get an inflation-adjusted growth ratio of 7.54 over 33 years, which if I plug into the CAGR formula gives 6.3%. (I also note that the article explicitly lists growth in the money supply as one of the reasons for the growth in equity market cap.)