Is the Yield Cap Negative for Equities?

Long-term interest rates should adjust to reflect 4% inflation. I would not, and I'm not happy, putting my equities all the way to 4%. The yield cap is going to come before we get to 4%, he says. Inflation certainly in the beginning needs to be good for commodities particularly. If you think the big story here is secular shift toward inflation, how do you play that? Well, the big story is gold, but it's not a shadow it can stand in. It can't stand in that shadow for very long.