Via BoA: The price ratio of real assets (real estate, commodities, and collectibles) relative to financial assets (stocks and bonds) fell in 2020 to its lowest level in nearly a century. The investment background in recent years includes: bond and stock bear market, oil shock, food shock, monetary policy instability, loose fiscal discipline, industrial unrest, civil unrest, and war. It is very similar to the stagflation period in the 1970s, and the winning rate of being bullish on real assets is even higher. high.

Personally, I think cryptocurrencies should also be included here. Its attributes have many overlaps with alternative assets such as commodities and collectibles, such as limited supply, high volatility, hedging against inflation, etc.