Many people with cash and bonds got clobbered by the high inflation of the 1975 to 1983 period with interest rates climbing to 15%....then they fell like a rock..... If you had some 30 year treasuries with 13% coupon, you could sell them for twice face value, or collect 13% interest on them for the next 29 years!....

My very first IRA was 1982 -- $2000 in a 10 year CD at 15%, and the bank gave me a $20 bill for opening the account.