Question: When discussing stock and bond return determinants, Malkiel notes that inflation is deadly for bond investors but not stock investors. Which factors determine bond returns

When discussing stock and bond return determinants, Malkiel notes that inflation is deadly for bond investors but not stock investors. Which factors determine bond returns and why does inflation have such a large effect on those returns? equities are meant to provide an inflation hedge. How does the hedge work? Does it always work?

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