Stocks have historically done very poorly in a rising rate + high inflationary environment. Though people are well trained to "buy the dips" it hasn't always worked out well. I personally think a policy of capital preservation may well trump equities for years to come as fiat currencies around the world are rapidly debased. This will become more obvious to Americans when the fed inevitably "pivots" and returns to their typical policy of easy liquidity.

I mean sure the fed is pretending like raising rates is going to "fix" the economy just as they pretended price inflation is transitory, but it doesn't take a rocket surgeon to see through these lies. Until interest rates are sustainably well above the rate of price inflation, I see no reason to conclude that equity markets should outperform tangible goods. ...and no I don't suggest buying the latest iphone piece of crap or some new sneakers.