Right now I'm trying to hedge against everything - inflation, deflation, hyperinflation, anarchy, war with China...who knows what's coming next?
I just sold one rental property to build our cash reserves; and if the market goes down in 2021 we'll buy back in or maybe get a new place to escape. We have seven-figure holdings in rental real estate (w/no debt), and six figures in stocks, gold, and annuities in addition to the cash from the home sale (and five figures in guns and ammo for the anarchy option), so whatever happens we'll win some and lose some. My biggest concern is what life will look like for the next 5 years. The clock is ticking and we're not getting younger...
(FWIW, when we sold our rental last week, we received multiple above-market offers and accepted an offer within 5 days of listing - a first for me. RE supply is very low, so demand is very high. I think that will change as people lose their jobs - supply will definitely increase with the forced sales and foreclosures.)
I'm expecting a period of asset deflation in 2021 based on a reduction in consumer spending as people exhaust their savings. For the increased dollar supply to cause inflation would require a much higher money velocity than we see now. I don't see demand (pull) or supply (push) being inflationary either b/c of the excess capacity in our system. I do think certain basic necessities will become more expensive by a lot, but it will be offset by a reduction in other costs like rents, energy and wages.