Where is this 57.41% number coming from?

Over-levered and overcrowded inflation hedges do not guarantee short-term hedging against inflation.

See Japan's real estate sector. Everybody agrees that real estate is a hedge against inflation -- nobody ever puts that into question somehow.

But if you had bought Japanese real estate anywhere from 1987-2003 (16 years!) you would NOT be up today. This means that in the worst case (1987 buy), you would have underperformed inflation for 35 years.