The problem is there are no non-volatile investments anymore. Real estate? LOL. If you want non-volatility there are plenty of govt bonds paying well under the inflation rate, but I wouldn't describe that as an investment.
Bonds and the like (e.g. savings account) are investments, it's just that they have low reward paired with a low risk. This case demonstrates the utility of that low risk. Certainly falling behind a bit to inflation is a minor concern compared to losing $1M in 10 years.
