Commodities and gold have the highest inflation beta in…

Commodities and gold have the highest inflation beta in regressions on monthly data as shown in Table 12.1 and appear to be the only two assets whose real returns in periods of rising inflation were higher than over the full period. Conversely, 10-year Treasurys have the most negative inflation beta.

— from True North (Ethics, Integrity, Truth, Values)

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