Frank is in a high tax bracket. He is presently setting up an investment program to provide for his retirement in approximately 30 years. Frank has informed his investment adviser that his major concern is inflation and that, over this 30-year period, inflation will depress the purchasing power of his assets, preventing Frank from continuing the lifestyle he hopes to enjoy. The most appropriate investment recommendation would be:
1) Common stock
2) High-yield preferred stock
3) Municipal bonds
4) Fixed annuities