The risk of inflation is clearly one of the top market narratives for 2021, and many investors are buying in. But how do you actually build a portfolio to benefit from inflation? Whether it’s energy, real estate, precious metals, or soft commodities, everyone seems to have a different answer. James Davolos, portfolio manager and research analysts at Horizon Kinetics, is responsible for doing just that, in their fund $INFL. In this interview with Ed Harrison, he explains his framework for building a diversified portfolio that benefits from inflation. Davolos also explains what inflation means to him and how he measures it, as everyone seems to have a different definition of what inflation actually is and how best to measure it