Michael Hartnett of BofA leads the market chorus. I agree with most of the below though I am still unconvinced about the secular nature of global inflation and commodities. China going ex-growth is an enormous problem for that thesis.
Scores on the Doors: commodities 34.5%, oil 17.6%, US$14.6%, cash 0.5%, gold 7.1%, HY-14.9%, IG-17.6%, stocks-18%, govt bonds-18.6%, bitcoin-57% YTD.
Heard on the Street: “Everyone worried about return of capital, not return on capital.”