First, a good article. And I think for the consensus point of view, it strikes a chord. That frame of reference you’re using is one that presupposes an inflationary environment. It’s natural for us to presume it because inflation is all most of us have ever seen or experienced.
But allow me to offer a different one. In a deflationary environment, your focus isn’t on increasing asset valuation, but preventing decreases in their values. Here, cash is the best defense not because it will gain the most, but because it will lose the least.