In theory isn’t the Stock Market undervalued when adjusted for inflation?

S&P 500 3 Year Return is at 40.29%

Inflation rate combined over the last 3 years 19.5%

Actual 3 year S&P return adjusted for inflation = ~ 6.6% yearly

S&P average yearly return over last 20 years = 9.7%

Imagine thinking you did well gaining in the past 3 years without considering inflation creaming your buying power