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The Hidden Tax of Inflation
It seems like a lot of the burden of fighting inflation is landing on the people who can at least afford it. That's exactly the reason you don't want to let inflation get out of control because the people who pay the price are not the upper middle class and the wealthy. So I think that equities have been resilient precisely for that reason. They've been able to pass the earnings through. But in the aggregate, the story doesn't hold up.