"Toto, I’ve a feeling we’re not in Kansas anymore!” - Dorothy Gale: The Wizard of Oz

In the 1939 classic The Wizard of Oz, young Kansas native Dorothy Gale is swept up by a tornado and carried to the bizarre, dreamlike land of Oz, where the rules she has lived by all her life suddenly no longer apply.

Investment advisers may be forgiven for thinking that they (and their clients) are also being swept up in a something of a tornado right now.

• After decades of low inflation, we may now be in a world in which inflation is an endemic and recuring phenomenon.
• Arti...