Inflation has been subdued in the United States for the last three decades. Technological advances, increased globalization, and inflation targeting from the Fed have helped to keep inflation low. In this piece, we analyze historic inflationary environments to understand the protection offered by different types of assets. Using a variety of risk tools, we consider the impact inflation has on an investor’s overall portfolio and their obligations. No single asset class can reliably protect against inflationary environments but through constructing diversified portfolios and understanding risk exposures, we believe an investor can best position themselves for an uncertain future.