Deflation Hurts, but Stock Returns Can Take It

Mulligan also noted last week that "deflation today is also unlikely because it is much better detected and understood than in was in the 1930s."

"Today, the Federal Reserve and the public have access to consumer price indices within a few weeks of those prices' actually being experienced by consumers.... [and] Federal Reserve officials are also well aware that they have the power to avoid a sustained deflation," he continues.

Of course there are other factors that come into play for investors considering how much money they will earn or lose, and how much it will actually be worth. That's especially as the Obama administration prepares to take office, with promises to boost taxes on wealth and capital gains. But Fisher also points to dividends as a silver lining in the cloudy sky of equities.

Many major firms, including Bank of America (BAC Quote), Citigroup (C Quote), KB Home (KBH Quote), GM (GM Quote) and Ford (F Quote) have slashed or eliminated dividends this year as they grapple with troubled economics. There has been speculation that GE (GE Quote) may be next. But Gregg S. Fisher notes that over the past 100 years, dividends have remained relatively stable and accounted for more than 50% of profits booked from stock investments.

Says Fisher, "Dividends: the rent you get from your investments while you're waiting for things to turn around."