"Because of its long-term impact and the potential for counter-intuitive side effects, it's important we understand not only what causes inflation, but how it might hurt us and what strategies we might employ to reduce that possibility of getting hurt.... During inflection parts -- when inflation changes direction (like we're experiencing today) -- markets often react in knee-jerk fashion.... Once we're past the inflection point, equity prices stabilize, and we can return to standard equity valuation measures."