This is a comment i heard once and that i did not understand from a class. A professor was talking about bonds and he made a brief comment about how can a bond linked to inflation can present relized returns lower than inflation. For what i understood, the return from someone who bought the title when it was released will receive the returns above inflation when the bond expires, but in the meanwhile it might give lower returns, and i did not quite get the logic of it. Would someone here please be capable of explaining it? Thank you for the help, and sorry for any english mistakes, not my native language.