I was talking about high inflation environment. If you bought equities in the begging of 70s, it would take more than a decade to get nominal return. Even the paper you linked explicitly states:

>A large literature has documented the poor inflation hedging properties of the overall stock market. However, certain individual stocks have the ability to be good inflation hedges, even if the overall aggregate market has poor inflation hedging properties

You can position yourself defensively, but investing into a broad market using something like S&P500 or God forbid NASDAQ as an inflation hedge is arguably not a great idea.