The Change in the Capital Allocation Ethos

I think a lot of people benefit from having some oil in their portfolio. It can do okay in inflation and more than recession or something was really bad for stuff. But most companies that you own probably don't do that well in inflation, like they can't get their returns on equity up. And so you now have overpriced stocks that are going to have poor returns on equity in real terms which is not good. People don't want it, but I do think that both banks and energy could be a diversifier for you.