V5, P63, Exhibit 18
This is a table that I had to memorize…I found it’s a lot easier to understand it by comparing the effects for each asset class, not comparing across asset classes. Please share your approach if you have a better way to grasp it. For your convenience, I describe what’s in the table.
Exhibit 18: Inflation/deflation effects on asset classes. Rows(3 scenarios): inflation at/below expectation, inflation above expectation, deflation. Columns(4 asset classes): cash, bonds, equity, real estate.