Investors seek real (in excess of inflation), after-tax return. How return is measured, however, can affect strategy and, therefore, potential outcome. For example, seeking a level of annual cash flow could lead to a focus on income return. But such a focus could reduce diversification and raise exposures to certain risks beyond reasonable levels. Whether investing for income or growth, a focus on total return – income return + price return – is most appropriate. A perspective of the components of return for different assets over time can provide investment implications.