It is about time to think how to protect or optimize our portfolios and control inflation damages.
These are some ideas:

• Months ago, according to media smart investors and real rich people moved part of their wealth in inflation-adjusted Treasury bonds, good for them.
  Inflation-adjusted bonds are no more the bargain they once were.
  
• Gold has gained about 85% since its lows in February 2001, largely because of the declining value of the dollar.
  The gold is recognized as money when paper is losing value.
  
• Oil the "black gold" and energy mutual funds may be a choice for tough guys who can take volatility jumps.
  I would not do it.
  
• Gold funds in gold-mining stocks rise much more than the metal itself.
  A small position in a gold fund may help.
  
• Real estate and real estate funds along with gold are classic inflation hedges.
  Income properties investments are typically held for long-term gain and as a hedge against inflation.
  

All we can do, it is to recognize that inflation is here and it is higher than we think.
Real estate investors actually profit from inflation because with a 30% equity, just a 3% inflationary increase in property value results in a 10% return on investment (ROI) Without even considering normal operating profits (cash flow), tax benefits (depreciation for rentals) and appreciation (making improvements).
This is the whole point with 40% to 50% ROI.
Real estate can be purchased in many forms: single family residential housing, apartments, raw land, shopping centers, industrial buildings, warehouse, etc.
The investment can be direct, or through various kinds of partnerships and investment trusts or various instruments as: Real Estate Investment Trust (REIT) and mutual funds.
This is how we control inflation' damage.