I was thinking of what asset classes typically do well. So, I thought, what would Ray Dalio or Warren Buffett do? Based on what I found, they are roughly in the same direction - heading towards commodities. Found an excellent graphic of Bridgewater's asset allocation during inflationary events and a PDF of Buffett talking about high inflation environments. FWIW, Berkshire has been getting more OXY (an oil company) shares at the moment as well.