Is Liquidity a Critical Asset Management Tool?

The history of great inflationary periods is for inflation to spike and fall back only to spike again, unfolding over extended periods of time. Don't be distracted by disinflation, the quote, disinflation because that may not be the case. We're closer today than we were in late 2021, but more compression is coming. Would we be surprised by an additional 35 to 40% decline in US equities? No. Does that improve long term returns starting with a better cost basis? Of course.