Well, the risk and loss of value against inflation in itself does not disqualify something like a savings account from being a form of investment. Perhaps one can argue that it's not much of an investment, but it's a form of investment nonetheless.
Especially at this point in time, I think it's wise to look over our portfolios and make sure that we are taking some action to cover ourselves against inflation. Whether it means taking a greater stake in equity (if you're aggressive) or putting a 10% or more allocation in direct inflation hedge such as TIPS (if you're conservative), I think it's something we should all consider....
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