The Ken French Website's Definition of Industries

So far we've actually been looking at data from 1988 onto the present. What I saw what I did here is that I thought maybe I can get industrials with a longer history. And I took the Ken French website's definition of industries and I mapped them loosely because, you know, they are not quite geeks but they are closely followed. As you can see, the real return starts declining at the inflationary level. Even energy starts bending backward. But nearly all sectors in the long only context, right, will have an upward sloping line.