When stagflation looms, investors get no satisfaction

In a toxic inflation-stagnation mix, conventional trades and hedges falter; alternatives are unproven

Summer 2022. The dinosaurs of rock rule the airwaves and throwbacks litter the news headlines: heatwaves and cold wars; social and political unrest. And now, possibly, stagflation – the toxic mix of ratcheting rates, stagnant growth and rising inflation that was a major feature of the 1970s economic landscape.

And if history can teach us anything about stagflation, it’s that in conventional asset classes at least, investors really can get no satisfaction.

It’s a “huge risk” for investors, says

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