Investors who clung to high-quality securities such as consols or the new UK War Loans faced substantial losses, with inflation-adjusted declines reaching -46 percent by 1920. Furthermore, British equities also yielded negative real returns, reported at -27 percent. The economic climate was dire across Europe, with inflation in France and severe hyperinflation in Germany worsening the financial situation for those who retained substantial amounts in francs or Reichsmarks.

By the year 1923, investors in Germany faced devastating outcomes, resulting in total losses of all their securities. This period highlights the drastic impact of inflation and economic instability on investments, underscoring the risks of remaining too invested in any single currency or security during turbulent times. Niall Ferguson discusses these themes in his book, "The Ascent of Money: A Financial History of the World," illustrating how financial history is often marked by such perilous challenges for investors.