Inflation affects the values of stock things like earnings, dividends, book value, and growth. Things like earnings, dividends, book value, and growth affect stock prices. So yes, in the short run inflation may have a negative impact, positive impact, or no particular effect on stock prices. Over the long term, if the economy and market are otherwise doing OK, stocks will absolutely hedge inflation. Like Ben said, in the short term stocks are a voting mechanism, in the long term a weighing mechanism. If they didn't, pretty soon stocks would be paying 20% real dividends from stable prosperous companies and getting rich would be dead simple.
I am ok with the 7 slice portfolio from the link though. It meets the requirements: at least 50% stocks, not more than 50% single country stocks, at least 10% bonds, not more than 40% bonds, significant international exposure. Though I would recommend adding an 8th slice of VSS, thus raising the very import stock allocation and bringing international exposure to Swensen's target 25%.