In order to invest in the inflation solution, we hold investments ... that own important physical assets (electricity-generating dams, ports, pipelines, etc.) that create increasing cash flows and will likely be priced higher in inflationary times. We view investments in companies that own critical physical assets or that cost-effectively produce essential goods and services as important ways to invest during more inflationary times. Over the long term (1926–2011), a dollar invested in the S&P 500 has produced positive after-tax, after-inflation returns, but a dollar invested in T-Bills has lost value after taxes and inflation. Put differently, traditional savers (in bank CDs, T-Bills, etc.) bear the burden of long-term inflation. Because gold has not produced long-term returns comparable to stocks, does not produce earnings or dividends, isn’t essential for the most part, and seems already richly priced, we’re not planning on investing in gold under current or foreseeable conditions.