[vkou]

No, but it generally makes sense to talk about expected investment return over the rate of inflation. Hence, the raw number is meaningless - a 12% return rate in an environment with inflation of 9% is almost as reasonable as a 3% return rate in an environment with inflation of 0%.

[neffy]

That's one of several things to bear in mind - but it's not a straightforward one - the various causes of high inflation tend to mitigate against matching investment rates.

Leaving that aside - even at the time it seemed ridiculous - so learning 20 years later that the "professionals" involved have essentially bet everybody's future, on projecting those kinds of returns for 40 years...

... because we all understand I hope. When this thing blows up - its not going to be pretty.