Inflation will return at some point. Maybe not next month or next year, but at some point. So what to buy for long term ownership? I'm not saying these should be bought now, but what assets you would buy with an expectation of higher inflation in the next few years. First, please don't mention gold or commodities. There have been good arguments made gold is essentially a zero-coupon perpetual bond. In any case, I'm not sure whether commodities and gold or certain currencies are good in an inflationary world or not. My guess is as good as yours. Some other ideas, please contribute your own: a) residential housing. Right now there is a glut, but that won't last forever. Housing both generates income and is a long term asset (ie land). You at least want to own your own ie lock in this year's rent. b) companies with pricing power. This includes any sort of brand name, for instance consumer packaged goods companies, especially of necessities. c) royalty collectors. WYN for instance collects royalties from motels. d) distributors. Most distributors are essentially short term lenders. They finance inventory for retailers and manufacturers. They shouldn't be hurt and might be helped by inflation. e) spread skimmers. Schwab and trust companies like Mellon Bank (BK) have large pools of short term cash on which they earn a spread, at least when interest rates are higher. Not now, of course. Brokers in general don't seem likely to be hurt by inflation. f) railroads? the rolling stock is depreciating, but the tracks themselves are irreplaceable. Goes both ways. g) land. If you can afford not to earn income.