[jimbobob]

I think you are looking at the arithmetic average, which isn't very useful for the following reason:

Year 1: 100% gain Year 2: 50% loss

The arithmetic average here is 50%, which the geometric average is 0%. The CAGR listed is going the correct metric to use but that is not 9% after inflation using the date range you provided. I get 7.42% for 1/1/95 - 12/31/14 after inflation and dividends are factored in. Not bad by any stretch of the imagination, though!