It is hard to miss inflation in the recent numbers, and maybe even more so, the fear that inflation is going to hang around a lot longer than the Federal Reserve and investors would like. You may see it at the pump, in food prices, or the housing market, and for those who follow stocks, you definitely hear about it in the billionaire investor talking points.

Billionaire hedge fund manager Paul Tudor Jones said inflation may be worse than feared for both the markets and society. Bill Ackman called last week for the Federal Reserve to start raising rates as soon as possible. David Tepper said stocks don’t look like a great investment from here, but it all depends on rates.

You get the picture.

Warren Buffett, not fond of short-term calls on the economy or market, had plenty to say earlier in his career about what inflation can do to stock market wealth. Buffett’s view of inflation was heavily influenced by the runaway inflation of the…

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