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版权问题，只贴结论。http://seekingalpha.com/article/ ... tionary-environment
Conclusion
Here is a summary of my strategy for investing in an inflationary environment.
A: Investors must outperform the rate of inflation because their nominal gains are taxed as if they are real gains.
B: Given the way that capital gains are taxed investors will benefit from holding their investments for long periods of time.
C: Commodities are the best inflation hedges, and commodities that have a high value to weight ratio should benefit the most.
D: Commodity-stocks are also good inflation hedges if they are chosen wisely. Investors in commodity stocks need to remember that these companies experience inflation both as a tailwind and as a headwind.
E: Bonds are a lousy inflation hedge, and inflation protected bonds cannot protect investors from inflation because the nominal gains that are meant to hedge investors against inflation are taxed.
F: Foreign currencies are lousy inflation hedges, although some are better than others. Currencies in countries that produce commodities should fare slightly better but they are poor substitutes for commodities themselves.
G: Non-commodity stocks are not good inflation hedges in general, yet there may be companies that benefit from prices rising, and there may be others that have their own secular tailwinds that make them solid investments regardless of inflation. |
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发表于 2013-3-14 12:42 PM
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