Only if you are in the winning side and inflation does not destroy valuations. In Germany bond investors were wiped out. In the US bonds maintained wealth rela

Only if you are in the winning side and inflation does not destroy valuations. In Germany bond investors were wiped out. In the US bonds maintained wealth relatively well during the war (inflation adjusted): https://fred.stlouisfed.org/graph/fredgraph.png?g=ATg2 https://fred.stlouisfed.org/graph/fredgraph.png?g=ATg2