Inflation is a simple topic, in that the basic concepts are
something that everyone can understand. However, inflation is not a
simplistic topic. The composition of inflation and what the
different inflation measures try to represent cannot be summarised
with a single line on a chart or a casual reference to a solitary
data point. Investors very often fail to understand the detail
behind inflation, and end up making bad investment decisions as a
result. The Truth About Inflation does not set out to forecast
inflation, but to help improve its understanding, so that investors
can make better decisions to achieve the real returns that they
need. Starting with a summary of long history of inflation, the
drivers of price change are considered. Many of the "urban myths"
that have built up about inflation are shown to be a consequence of
irrational judgement or political scaremongering. Some behaviour,
like the unhealthy veneration of gold as a means of inflation
protection, is shown to be the result of historical accident. In
the modern era of lower nominal investment returns, inflation
inequality (whereby some groups experience persistently higher
inflation than others) is a very important consideration. This book
sets out the realities of price changes in the modern investing
environment, without using economic equations or jargon. It gives
investors the framework they need to think about inflation and how
to protect themselves against it, whether the aggregate inflation
of the future rises or falls from current levels.
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