George Patterson

Commodities are one of the best liquid tools for hedging inflation, especially during inflation shocks. They are underappreciated in multi-asset portfolios and provide effective short-term protection when inflation surprises to the upside.

Emerging markets have been ignored for a long time, but long-term GDP growth, improving profitability, and institutional interest make them a strategic growth area. The asset class is out of favor and offers a compelling risk-reward for long-term investors.