Higher than desired inflation is now structurally embedded in the global economy, driven by the ‘Four D’s of Inflation’ – Decarbonisation, Deglobalisation, Demographics and, new for 2024, Deficits. Critically, the boom-bust inflation cycle of the 1970s gives a useful historical parallel, providing investors insight into the coming decade. Such an environment of whipsawing volatility and low real returns provides opportunity for those prepared, with Australian equities - by virtue of its make-up - standing to provide a natural hedge to ongoing volatility and structu...