Quote by Ron Chernow

The Great Inflation of the 1970s destroyed faith in paper assets, because if you held a bond, suddenly the bond was worth much less money than it was before.

The Great Inflation of the 1970s destroyed faith in paper as

Summary

This quote highlights the impact of the Great Inflation of the 1970s on investor sentiment towards paper assets, particularly bonds. The rapid increase in inflation eroded the value of bonds, creating a situation where people who held these assets witnessed a significant decrease in their worth. As a result, the quote suggests that this experience shattered the trust individuals had in paper assets, as their previously stable and reliable nature was found to be vulnerable to inflationary pressures.

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