Thank you, David and Jeremy, for this insightful analysis on the role of real assets in hedging unexpected inflation.

I completely agree with your point that it’s often the inflation we don’t see coming that poses the biggest challenge for portfolios, especially for those nearing retirement. Your data showing the low correlation between expected and actual inflation (only 0.20 for consumers!) really highlights why simply relying on forecasts can be risky.

I’ve also explored how including commodities and REITs can enhance diversification, even when historical risk-adjusted returns seem less appealing on paper. The discussion here reinforces the importance of viewing real assets as a strategic hedge, rather than a purely tactical bet.

For anyone interested, I’ve shared some additional thoughts and resources about inflation risk and portfolio diversification on my website: https://bunny5.odmtnew.com/.

Thanks again for sharing this thorough research!