It's true that the price of stocks should already reflect that there may, or may not, be high inflation in the future. But if you're worried about the risk of

It's true that the price of stocks should already reflect that there may, or may not, be high inflation in the future. But if you're worried about the risk of high inflation, switching to stocks from cash could make sense, even it does not increase your expected return. On the other hand, though stocks represent real assets that should be a protection against inflation, their value is also highly related to general economic conditions, which typically are rather poor when high inflation is causing general chaos. So it's unclear...