It’s one thing to worry about inflation. Serious investors will do something to shape up their portfolios to meet the challenge it presents. So says Vincent Deluard, director of global macro at StoneX. Recent history favored data-collecting social media, search, and advertising companies, which rise and fall based on soft, intangible factors such as engagement. The present and very near future – defined by rising producer and consumer prices, supply-chain snarls, and the retreat of globalism – will favor companies with hard assets, tangible stuff like energy, materials, and industrials, where barriers to entry are even higher in inflationary environments. In conversation with Real Vision’s Maggie Lake, Deluard details his counterintuitively bullish take on the U.S. economy and explains how to balance hard-asset-based and intangibles-based equities inside your portfolio. Recorded February 7, 2022.