The death of equities 1.0 was not
herd mentality based on a crash. The full title of the famous article is "The Death of Equities: How inflation is destroying the stock market." It was a perfectly rational reaction to a 17-year-long period
during which stocks failed to act as a hedge against inflation. In the words of the article,
Stocks were a reasonable hedge when inflation was low. But they proved helpless against the awesome inflation of the past decade. "People no longer think of stocks as an inflation hedge, and based on experience, that's a reasonable conclusion for them to have reached," says Richard Cohn, an associate professor of finance at the University of Illinois.
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.