Any return higher then inflation is adequate because you're at...

Any return higher then inflation is adequate because you're at least making a net return. So any return can be adequate depending on your mindset. Now when you start encompassing the time value of money and benchmarks then average returns should be labelled inadequate. ie If the effort one puts into investing cannot achieve a return greater then say Pie Funds over a set period of time then would it be fair to say one has wasted both his time/effort and his money?