brk1yn

Actually I was not looking at it with that much granularity janak, but that is a very interesting point.
TBH when i see the words “preserve real value”, “inflation adjusted”, or “grows with inflation”…. or basically anything that even looks similar to these phrases, i always add in inflation.  That is why i missed the 2008 morning where it says “salary and expenses are a wash”.  I am not 100% sure when they want to add it and when they don’t, but I think between Janakisri’s comment and my halfwit attempt at an answer, we may be getting closer.
I think Janak may be right on with regards to “both grow at inflation” versus “salary and expense growth offset eachother” – the former requiring including inflation in the return, the latter not.
I’ll defer to smarter individuals than myself to put the nail in this coffin.