How Inflation Swindles the Equity Investor

TL;DR — Buffett’s 1977 Fortune essay arguing that stocks behave like bonds with a 12% coupon that does not rise with inflation.

How much weight it carries: A primary source and a classic of investing writing.

Where this came from

• Will Manidis’s “most underrated PDF” thread, July 2023 — routing record: The Most Underrated PDF on the Internet (July 2023)

12 pages. A copy is archived locally against link rot; the header links the original source.