He wrote: "Stocks tend to get hurt by inflation in its early stages, but then they catch up after the first year or so of an ascending Consumer Price Index. I think we are at this inflection point now.
With few exceptions every one of the stocks I write about is held in the portfolios I manage. This is known as putting your money where your mouth is. In most cases these are long-term holdings.
The news from companies is encouraging: Earnings should continue to increase. Large-size issues, which have trailed mid- and small-cap stocks for five years, should outpace them this year. Large-caps are much cheaper at this stage of the cycle.