Originally Posted by headshrink
I wasn't. I was checking at the battery with the multimeter.
It's best to check the voltage in the same place when comparing meters. It is not uncommon to have a 1+ volt drop when checking after the regulator/rectifier.
Many bikes come from the manufacturer with undersize wiring and/or connectors. I owned an 02 Triumph Tiger 955 for 40k miles, during which I replaced the wiring between the battery, reg/rect and it netted a 1.1 v increase in charging voltage when running above 3k rpms.