Great catch, Nick. I'm embarrassed that I didn't notice it myself, because I'm tremendously bothered when I see people failing to subtract the risk-free rate of return but calling what they did a "Sharpe ratio."
I very much doubt that Peter meant to mislead anybody, but I've seen many, many marketing materials for low-return assets (especially private real estate, and also hedge funds) in which the same mistake is made, and in many of those cases I expect it's very much intentional, because subtracting the risk-free rate from the average (NET total) return of a low-return asset tends to make it look like a very poor investment.
Thanks for pointing it out.