Hold On, The S&P 500 Index Is Nowhere Near A Record High

We were surprised by that statement as well - and that is true: if you adjust for inflation, the S&P 500 index is nowhere near its record high. We spotted this stat today, that according to calculations by JP Morgan (JPM), the inflation-adjusted peak for the S&P 500 is 2,065. To get there, stocks would need to rally another 31.6%. (Source)

If you think about it in more detail, is it not surprising that 'all-time high' 'record high' are all based on nominal values and not real values (i.e., adjusted for inflation)?