For the first time in a decade, commodities outperformed the S&P 500 in 2021 and notched their best year since 2009. Strong near-term demand and lengthier timelines to increase production should keep the asset class climbing higher next year. The mismatch in demand and production expectations can lead to feedback loops in real assets where higher prices beget higher prices until the supply and demand realign. Overall, we favor oil given its necessity as an input in the economic recovery and favorable supply dynamics which may be compounded by evolving energy policies. We also like the prospects for a continued recovery in the real estate market. Being opportunistic and selective in 2022 will be important as we expect rotations within the group. We like industrials and multifamily, along with less economically sensitive sectors such as self-storage and student housing. Higher interest rates will pressure valuations in real estate this year which will put a premium on projects with improving cash flows.