High variability in share prices and in inflation: Investors will switch to unlisted assets (private equity), real estate, infrastructure, etc.

The series of shocks (health, raw material supplies, inflationary) has led to high variability in share prices. The mismatch between the decline in fossil fuel supply and demand during the energy transition will give rise to drastic fluctuations in energy prices and therefore in inflation. Faced with high variability in both share prices and inflation, investors will legitimately switch to unlisted assets (private equity) that protect against the volatility of stock market indices, and real estate and infrastructure that protect against inflation and whose returns are steady if central banks do not take drastic steps to address inflation.