关于CAPM Including Inflation的一个问题

请问各位大虾，这个到底是为什么呢？
Simple from CAPM will understate(overstate) any assets equilibrium return rate if the correlation of the asset;s return with the inflation rate is less than greater than the product of the correlation of an asset;s return with market return, and the correlation between market return and inflation rate.
虽然，我知道意思是：
但是不明白为什么，论坛币几乎没有，还请高手不吝指点啊！！！

上面那个条件画的不好，请见谅啊，为什么在这个条件下是低估的呢？