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Open original source ↗STOCKS ARE NOT AN INFLATIONARY HEDGE:
Fact: 1968-1982 S&P 500 lost -40% of its value in real terms. https://t.co/zjif4z1XRe
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Two takeaways from May’s BofA fund manager survey: first, equity allocations surged by a record amount on the month, and second, 40% of respondents see a second wave of inflation as the biggest tail risk. The two ideas are connected: stocks are increasingly seen as an inflation hedge
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