I disagree with the statement that an 80% gain is actually a loss because it grew slower than an alternative investment in commodities.
The use of commodities as a true measure of constant value is an attractive concept, especially over the long run (e.g. 50 years or more). The problem is that commodity prices are volatile, have very long cycles (e.g. 20 years) and can create a distorted view of inherent value specifically because of the factor you describe as “liquidity flowing to historically safe havens.”
