A fund manager beating 99% of his peers over the last 10 years warns inflation is set to flare up again — meaning S&P 500 returns will remain effectively flat over the next decade

• Bill Smead is warning stocks will deliver poor long-term returns.
• He said in a recent note that inflation is due to flare up again, and investors aren’t prepared.
• Smead’s fund has beaten 99% of similar funds over the last decade.

The Federal Reserve’s efforts to curb inflation over the last couple of years will all be for naught, says Bill Smead.