Benjamin Graham：Inflation and Stock Prices
Benjamin Graham《The Intelligent Investor》· Chapter 2, The Investor and Inflation · Investing · History · Cognition
There is no close time connection between inflationary (or deflationary) conditions and the movement of common-stock earnings and prices.
Source：
https://archive.org/details/the-intelligent-investor-benjamin-graham_202508
Locator：Chapter 2, p. 51, paragraph beginning “On this point we can be categorical” · Verified：2026-10-19 · Verification：Exact match
Reading
Inflation does not move stock earnings and prices on a predictable timetable.
Context
Graham rejected the simple story that inflation automatically lifts stock prices. He observed that from 1966 to 1970 the cost of living rose sharply while stock earnings and prices broadly fell. There is no close timing link between inflation and stock returns, so inflation forecasts are a poor timing tool.
Today's question
Is your investment logic built on the simple story that inflation must lift stock prices?
版权仍存续（HarperCollins）；仅摘录一句话并链接 Internet Archive 公开副本，不托管全文。
Your email
Used only to send Originals. No ads, no list selling.
This text is still in copyright. Only a short excerpt is shown; read the full text at the official link above. Copyright