I think a lot of the inflation is a symptom of new money being printed. The difference between past events where a lot of new money has been created in the US and this time is the access to financial assets to a large percent of the population. So when we saw this money being created and flooding the system in early pandemic, all that money went to pump up asset prices (stocks at first, then commodities and real estate, now consumer goods).

So we could have economic stagnation (job losses, increasing inflation, etc) without necessarily a drop in the stock market. In fact, stock market might be the only thing that could hedge inflation.

I don't have any better idea of where to park your money, so I continue to hold large equity positions and pray for the best