Net of inflation and net of taxes, that's awfully close to zero real after-tax return.

WSJ: Baby Boomers' Investment Returns Will Be Constrained, This Researcher Warns

But he got zero in four areas -- return on equity, cost efficiency, brand management and compliance.

CNN: Confident HSBC lifts dividend 50%

So might the government's requirement that private pension-scheme investors get at least a zero return.

ECONOMIST: Germany's life insurers have gambled away their strength

This risk-averse habit is a legacy of the post-bubble deflation years, when the zero nominal return on cash looked pretty good compared with the alternatives.

ECONOMIST: Japan has long hoped for a bit of inflation��but not this sort

And because they have zero expected return, they are inferior to the rate of risk-free return.

FORBES: The Efficient Frontier

That is clearest in the bond market (those buying German two-year bonds on a yield of zero are assured of exactly that return) but it applies to shares as well.

ECONOMIST: Share prices in Europe may have priced in the bad news

Go out to 10-year Treasuries and the inflation adjusted rate of return currently is a flat zero.

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We may not return specifically to mercantilist models, but whatever comes next will share the essential zero-sum feature.

FORBES: Warren Buffett, Peter Thiel and the Return to Zero-Sum Economics

If the return-of-capital distributions shrink your tax basis down all the way to zero, then you have to start reporting them currently as capital gains.

FORBES: Buying shelter