I’ll bite. What non-stock asset has a chance of surpassing inflation? Not commercial real estate at the moment…. And commodities don’t strike me as the non-stock alternatives they’re talking about. If people have inflation+percent bond alternatives, please post.
I think the actual point is more about managing volatility rather than maximizing expected value as the investment horizon becomes more and more short term.
Of course this doesn't apply if you plan to pass it on to your family - which might be what's happening here, besides people sticking to habits.
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