Commodities - The Best Hedge Against Inflation

Commodities are the best hedge against inflation. They provide the best hedge to many of those different events that are negative factors driving the equity markets. And let me point out, they worked as advertised last year. You were up 26% in commodities holding it. It was a pretty difficult year in all the other asset classes. We could very well see another repeat of that year. Our base case is commodities are likely to be up 43% in 2023 and make them the best performing asset class if that's realized.