In a recent article in the Financial Times, “Why a little knowledge of inflation can be dangerous” Russell Napier muses on the possible return of the circumstances of the 1970s - most particularly inflation. After a good, smart slap at academics and their infatuation with the efficient markets hypothesis for “making it even more likely that lessons from the pre-disinflationary era are not yet priced in,” Napier notes that “investors unburdened by dreams of efficiency and prepared to learn the lessons of history will have a decided advantage in the search for positive real returns.”