If there was a word of the year for 2021, it would be “transitory.” Ever since the Fed declared that inflation would be transitory in March 2021, analysts have challenged that assertion and, indeed, have questioned the definition of transitory. Inflation has broad ramification for financial plans, since it affects interest rates, the price of assets and whether cash flows will be sufficient to keep pace with rising prices of goods and services.  Here to discuss that question is James Montier, the co-author of two recent commentaries on the likelihood of transitory inflation and how investors should protect against various outcomes.