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- Bond yields have surged as investors realize the asset is a bad inflation hedge, Jeremy Siegel told CNBC.
- Instead, stocks are a much better hedge and will perform "beautifully" against inflation, he added.
- "Bonds are great hedges against geopolitical risk, against financial crises, but they're very bad against inflation."
The bond market crash of recent weeks stems from the asset class' ineffectiveness against inflation, Wharton professor Jeremy Siegel told CNBC.