The Money Illusion
There's another reason investors overlook the importance of inflation: what psychologists call the "money illusion". If you receive a 2% raise in a year when inflation runs at 4%, you will almost certainly feel better than you will if you take a 2% pay cut during a year when inflation is zero. Yet both changes in your salary leave you virtually identical position -2% worse off after inflation. So long as the nominal (or absolute) change is positive, we view it as a good thing - even if the real (or after inflation) result is negative. And any change in your own salary is more vivid and specific than the generalized change of prices in the economy as a whole. Likewise, investors were delighted to earn 11% on bank certificates of deposit (CDs) in 1980 and are bitterly disappointed to be earning only around 2% in 2003 - even though they were losing money after inflation back then but are keeping up with inflation now. The nominal rate we earn is printed in the bank's ads and posted in its window, where a high number makes us feel good. But inflation eats away at high number in secret. Instead of taking out ads, inflation just takes away our wealth. That's why inflation is so easy to overlook - and why it's so important to measure your investing success not just by what you make, but by how much you keep after inflation.
(Benjamin Graham)
Inflacao no Brasil Hoje
Para demostrar como as acoes brasileiras foram afetadas pela inflacao a partir de 1999 montarei um grafico exatamente como o do livro posto acima.
Estudo feito pela corretora Enfoque da evolucao do Ibov desde 1963 ate a data atual. muito bacana vale a pena conferir. clique no link abaixo.
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