Inflation has been tame in recent years. But history shows that’s unlikely to continue forever — and that has major consequences for your portfolio. The chart below from BlackRock shows just how real a threat inflation — and taxes — are to different types of investments over the long haul (h/t to The Reformed Broker for highlighting the chart). As you can see, inflation and taxes eat away at stocks, bonds, and cash, but their impact on bonds and cash has historically left investors with close to — or less than — zero returns.

Source: Blackrock, via Reformed Broker