"You can prove a lot of things if you cherry pick data to match what you're trying to show and don't look at the whole dataset," he says. "All this proves is what I just told you. I told you, what did I tell you? Didn't I tell you?" He adds: "Mm-hmm. And when did I say will happen when I told you"? That tips outperform nominal bonds in that period because the expectation of the market was for less than inflation."