We measure the effects of inflation and growth cycles on the returns of various individual assets. We also explore how the performance of an equity and bond portfolio changes when several diversifiers are added. We use the four-quadrant approach, where we classify periods into the following buckets: Slowing inflation/slowing growth (slowdown), rising growth/slowing inflation (goldilocks), rising growth/rising inflation (overheating), and slowing growth/rising inflation (stagflation). We not only measure average and median returns but look at the full return distribution.