The Intelligent Investor
What You Will Learn
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The Importance of Originality in Investing
Benjamin Graham says 69% of the world's capitalistic countries have suffered at least one year of inflation of 25%. So say if you're making a 10% return on your stock portfolio, but inflation's 8%, you've really only made 2% there. In real terms, they're both exactly the same thing. And then obviously in any year where there was 25% inflation, you might look at your stock portfolio and think, holy shit, I made 18% this year. But when inflation's 25%, you actually lost.
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