I'm extremely worried about inflation.
Pumping trillions of dollars into the economy while doing other things that reduce supply (eg: eliminating oil pipelines) is "Econ 101" in terms of predictability that prices are going to up - WAY up. (Just increasing the cost of oil is going to affect..just about everything, as commodities need to move point A to point B somehow)..
In the meantime, cash and bonds are returning net negative and equities are at least 2X over-valued by most measures.
I fear we may see a return to the 70s. Just as wife and I are starting our 3rd year of retirement.
Adam Taggart of Peak Prosperity (who has some really great guests on his YouTube channel show) called this "the most challenging investment climate of our generation", and I agree. The old rules no longer apply and I see nothing but extreme risk ahead, culminating in potentially a 50+% drop in equities, cash and bonds returning negative real and just about everything going into the shredder. All that quite possible yet in 2021 given economic, tax policy and related factors..
I'm only at <25% equities and even that makes me very nervous in today's market. But cash and bonds are getting creamed and high inflation is going to hit both classes even harder. So there's no port in the storm aside from potentially Gold..and I don't plan to touch crypto with a ten foot pole.