The single most important question in investing this year is whether the rampant inflation of the moment is temporary, as the Federal Reserve believes, or marks a historic shift. I argued last week that we are on the cusp of a major change and long-run inflation is now more likely. How best to protect a portfolio against the losses that rising prices often inflict? The interplay of timing and uncertainty prevents there being a single simple answer. However, there are useful strategies that can be put to work now. If you agree that inflation is more likely, it is important to act, as ordinary bonds are awful investments under inflation, while stocks overall have been poor.