You can easily protect your portfolio while being net long using uncorrelated asset classes like a blend of stocks and bonds, or even long inverse ETFs. Look into risk parity portfolios. No need to keep your foot on the gas and the brake at the same time.
Inverse ETFs are shorts, let's be real for a second :). And I'm well familiar with risk parity.
Bonds+stocks only doesn't protect you from stagflation (inflation up, growth down) or a depression (inflation around zero, growth down).
Bonds+stocks+gold only doesn't protect you from a depression.
Both a depression and a stagflation can easily last for over 5 years, so it should be taken seriously, IMHO.
Related: https://www.artemiscm.com/ (see the paper linked below; note that this is also a sales pitch from a long vol fund, so possibly it's a little too optimistic about the strategy).
