Many “real” assets, including inflation-indexed bonds (linkers), commodities, and real estate, turn out not to be that “real.” While a single linker provides a constant real return by definition, linkers as an asset class have almost no correlation with inflation. Among commodities, only energy has been a decent inflation hedge. Gold, surprisingly, has been a poor inflation hedge. Real estate has some but certainly far from complete inflation-hedging ability. Boring Treasury bills, in contrast, are the best at hedging inflation.
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