The Worst Year For Stocks Since 1872?

Last year, when it became apparent to everyone that inflation might be on course to rise markedly and sustainably (well, everyone other than the people whose responsibility it is to forecast inflation), analysts rushed to identify the best hedges for a macro environment defined by rising prices. That entailed a wholesale rethink of multi-asset portfolios which, for decades, leaned heavily on bonds as a hedge against comparatively volatile equities. The assumption of a negative stock-bond return